HR0369 94TH GENERAL ASSEMBLY

HR0369 LRB094 12183 RXD 45651 r

HOUSE RESOLUTION

WHEREAS, Home builders in Illinois are building contractors engaged in the construction of new homes; and

WHEREAS, A home includes single-family residences and townhouses, but not apartment buildings or condominiums; and

WHEREAS, Mortgage brokers in Illinois help individuals find a mortgage lender and mortgage rate for the purchase of a new home; and

WHEREAS, Home builders at times, in addition to constructing new homes, offer incentives to sign with certain mortgage lender, such incentives include closing cost rebates and home improvement upgrades; and

WHEREAS, Mortgage brokers are licensed by the State for the purpose of transacting mortgage business, and home builders are not licensed by the State; and

WHEREAS, Home builders are not licensed by the State for the purpose of mortgage brokering, therefore, the question of whether or not home builders should be licensed if they choose to offer incentives to sign with a mortgage lender is one that needs to be examined by the Illinois General Assembly; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that there is created the Mortgage Brokering Licensing Task Force, consisting of 6 members appointed as follows: 3 members of the Democratic Caucus of the House of Representatives appointed by the Speaker of the House, and 3 members of the Republican Caucus of the House of Representatives appointed by the Minority Leader of the House; and be it further

RESOLVED, That the Task Force shall investigate whether or not home builders shall be required to be licensed by the State in order to offer incentives to sign with a particular mortgage lender; and be it further

RESOLVED, That the members of the Task Force shall appoint a chairperson, and the meetings of the Task Force shall be held at the call of the chair; and be it further

RESOLVED, That a representative of the Home Builders Association and a representative of the Mortgage Brokers Association be appointed to the Task Force as non-voting members; and be it further

RESOLVED, That a quorum of the Task Force shall be a simple majority of the elected members of the House of Representatives appointed to the Task Force, and that all recommendations and actions of the Task Force be approved by a simple majority of the members of the Task Force; and be it further

RESOLVED, That the Task Force shall submit a written report on its findings to the General Assembly by January 1, 2006.