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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3775 Introduced , by Rep. Michael W. Tryon SYNOPSIS AS INTRODUCED:
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Amends the Residential Mortgage License Act of 1987. Provides that a mortgage lender acting on behalf of a borrower may not require that the seller of real property or his or her agent disclose the terms of a private trust agreement regarding the real property that is the subject of the underlying real estate transaction.
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| | A BILL FOR |
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| | HB3775 | | LRB098 15165 ZMM 50142 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Residential Mortgage License Act of 1987 is |
| 5 | | amended by adding Section 5-6.1 as follows:
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| 6 | | (205 ILCS 635/5-6.1 new) |
| 7 | | Sec. 5-6.1. Private trust agreements. A licensee acting on |
| 8 | | behalf of a borrower engaged in a real property transaction may |
| 9 | | not require that the seller of the real property or his or her |
| 10 | | agent disclose the terms of a private trust agreement regarding |
| 11 | | the real property if the seller or his or her agent has |
| 12 | | obtained title insurance in connection with the transaction in |
| 13 | | the manner prescribed by the Title Insurance Act. Nor shall a |
| 14 | | licensee withhold approval or threaten to withhold approval of |
| 15 | | the borrower's residential mortgage loan on the grounds that |
| 16 | | the seller or his or her agent has not disclosed the terms of a |
| 17 | | private trust agreement regarding the real property.
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