Rep. André M. Thapedi

Filed: 3/4/2009

 

 


 

 


 
09600HB1704ham001 LRB096 05312 MJR 22389 a

1
AMENDMENT TO HOUSE BILL 1704

2     AMENDMENT NO. ______. Amend House Bill 1704 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Residential Mortgage License Act of 1987 is
5 amended by adding Section 5-4 as follows:
 
6     (205 ILCS 635/5-4 new)
7     Sec. 5-4. Homeowner loan assistance.
8     (a) A licensee that is foreclosing on a loan must pay the
9 clerk of the court of the county that the foreclosure action is
10 commenced in a fee that is to be deposited into the Homeowner
11 Loan Assistance Fund. The fee that the licensee must pay is
12 equal to $5 for every $1,000 that is sought as part of the
13 foreclosure action.
14     (b) The Homeowner Loan Assistance Fund is created as a
15 special fund in the State treasury. All moneys in the Homeowner
16 Loan Assistance Fund shall be used by the Department to offer

 

 

09600HB1704ham001 - 2 - LRB096 05312 MJR 22389 a

1 loan assistance to homeowners that are facing foreclosure.
 
2     Section 10. The State Finance Act is amended by adding
3 Section 5.719 as follows:
 
4     (30 ILCS 105/5.719 new)
5     Sec. 5.719. The Homeowner Loan Assistance Fund.
 
6     Section 99. Effective date. This Act takes effect upon
7 becoming law.".