093_HB2382ham001
LRB093 09194 JLS 12567 a
1 AMENDMENT TO HOUSE BILL 2382
2 AMENDMENT NO. . Amend House Bill 2382 by replacing
3 the title with the following:
4 "AN ACT concerning home loans."; and
5 by replacing everything after the enacting clause with the
6 following:
7 "Section 5. The Residential Mortgage License Act of 1987
8 is amended by adding Section 5-10 as follows:
9 (205 ILCS 635/5-10 new)
10 Sec. 5-10. Disbursement of loan proceeds; limitation. No
11 licensee making a residential mortgage loan shall pay the
12 proceeds of the loan to a home improvement contractor other
13 than:
14 (1) by an instrument payable solely to the borrower
15 or borrowers; or
16 (2) at the election of the borrower or borrowers
17 through a third-party escrow agent in accordance with the
18 terms established in a written agreement signed by the
19 borrower or borrowers and the contractor prior to the
20 disbursement.".