Illinois General Assembly - Full Text of SB3522
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Full Text of SB3522  97th General Assembly


Sen. Jacqueline Y. Collins

Filed: 3/14/2012





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2    AMENDMENT NO. ______. Amend Senate Bill 3522 on page 3 by
3replacing lines 21 through 24 with the following:
4"junior mortgage, the average prime offer rate, as defined in
5Section 129C(b)(2)(B) of the federal Truth in Lending Act, for
6a comparable transaction as of the date on which the interest
7rate for the transaction is set, yield on U.S. Treasury
8securities having comparable periods of maturity to the loan
9maturity as of the fifteenth day of the month immediately
10preceding the month in which the application for the loan is
11received by the lender"; and
12on page 4 by replacing lines 3 through 24 with the following:
13"and fees payable in connection with the transaction, other
14than bona fide third-party charges not retained by the mortgage
15originator, creditor, or an affiliate of the mortgage



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1originator or creditor, by the consumer at or before closing
2will exceed (1) the greater of 5% of the total loan amount in
3the case of a transaction for $20,000 or more or (2) the lesser
4of 8% of the total loan amount or $1,000 (or such other dollar
5amount as prescribed by federal regulation pursuant to the
6federal Dodd-Frank Act) in the case of a transaction for less
7than $20,000, except that, with respect to all transactions,
8bona fide loan discount points may be excluded as provided for
9in Section 35 of this Act. or $800. The $800 figure shall be
10adjusted annually on January 1 by the annual percentage change
11in the Consumer Price Index for All Urban Consumers for all
12items published by the United States Department of Labor. "High
13risk home loan" does not"; and
14on page 6 by replacing lines 4 and 5 with the following:
15"closing or financed directly or indirectly into the loan for
16any credit life, credit"; and
17on page 10 by replacing lines 14 through 21 with the following:
18"finances, directly or indirectly, any points and fees. No
19lender shall transfer, deal in, offer, or make a high risk home
20loan that finances any prepayment fee or penalty payable by the
21consumer in a refinancing transaction if the creditor or an
22affiliate of the creditor is the noteholder of the note being



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1refinanced in excess of 6% of the total loan amount.".