HB3864 96TH GENERAL ASSEMBLY

LRB096 09957 MJR 20121 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB3864

Introduced 2/26/2009, by Rep. Emily McAsey

SYNOPSIS AS INTRODUCED:

205 ILCS 635/5-4 new

Amends the Residential Mortgage License Act of 1987. Provides that at the time a mortgage loan is made or brokered, a licensee must provide to the borrower, in the mortgage document, a summary of the terms of the mortgage agreement. The summary must be listed on the first page of the document in an area titled "SUMMARY OF TERMS". The summary must be listed in bold, 14-point font.

A BILL FOR

AN ACT concerning financial regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Residential Mortgage License Act of 1987 is amended by adding Section 5-4 as follows:

(205 ILCS 635/5-4 new)

Sec. 5-4. Mortgage document; summary of terms required. At the time a mortgage loan is made or brokered, a licensee must provide to the borrower, in the mortgage document, a summary of the terms of the mortgage agreement. The summary must be listed on the first page of the document in an area titled "SUMMARY OF TERMS". The summary must be listed in bold, 14-point font.