HB0527ham001 100TH GENERAL ASSEMBLY

Rep. Margo McDermed

Filed: 3/14/2017

10000HB0527ham001 LRB100 06709 SMS 23356 a

AMENDMENT TO HOUSE BILL 527

AMENDMENT NO. ______. Amend House Bill 527 as follows:

on page 1, line 5, by replacing "1-3 and 1-4" with "1-3, 1-4, and 3-3"; and

on page 25, immediately below line 25, by inserting the following:

"(205 ILCS 635/3-3) (from Ch. 17, par. 2323-3)

Sec. 3-3. Advertising. In addition to such other rules, regulations and policies as the Secretary Commissioner may adopt promulgate to effectuate the purpose of this Act, the Secretary Commissioner shall adopt rules prescribe regulations governing the advertising of mortgage loans, including without limitation, the following requirements:

(a) Advertising for loans transacted under this Act may not be false, misleading, or deceptive. No entity whose activities are regulated under this Act may advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way "recommended", "approved", "set", or "established" by the State or by this Act. The Secretary Commissioner may issue a cease and desist order for any violation of this Section.

(b) Mortgage loan advertisements must reference the Nationwide Mortgage Licensing System and Registry's Consumer Access website, except where exempted by the Secretary. All advertisements by a licensee shall contain the name and an office address of such entity, which shall conform to a name and address on record with the Commissioner.

(c) No licensee shall advertise its services in Illinois in any media, whether print or electronic, without the words "Illinois Residential Mortgage Licensee".

(Source: P.A. 87-1098.)".