Synopsis As Introduced Amends the Illinois Banking Act and the Illinois Savings and Loan Act of 1985. Provides for a civil penalty of $50,000 for violations of law in connection with reverse mortgage loans made to elderly persons. Requires the penalty to be paid into the Community Senior Services and Resources Fund. Effective immediately.
Deletes everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Provides that a licensee must act in good faith in all relations with a borrower. Provides that no licensee shall employ fraudulent or deceptive acts or practices in the making of a reverse mortgage loan, including deceptive marketing and sales efforts. Effective immediately.