HB1704ham001 96TH GENERAL ASSEMBLY

Rep. André M. Thapedi

Filed: 3/4/2009

09600HB1704ham001 LRB096 05312 MJR 22389 a

AMENDMENT TO HOUSE BILL 1704

AMENDMENT NO. ______. Amend House Bill 1704 by replacing everything after the enacting clause with the following:

"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. Homeowner loan assistance.

(a) A licensee that is foreclosing on a loan must pay the clerk of the court of the county that the foreclosure action is commenced in a fee that is to be deposited into the Homeowner Loan Assistance Fund. The fee that the licensee must pay is equal to $5 for every $1,000 that is sought as part of the foreclosure action.

(b) The Homeowner Loan Assistance Fund is created as a special fund in the State treasury. All moneys in the Homeowner Loan Assistance Fund shall be used by the Department to offer loan assistance to homeowners that are facing foreclosure.

Section 10. The State Finance Act is amended by adding Section 5.719 as follows:

(30 ILCS 105/5.719 new)

Sec. 5.719. The Homeowner Loan Assistance Fund.

Section 99. Effective date. This Act takes effect upon becoming law.".