(205 ILCS 635/3-5) (from Ch. 17, par. 2323-5)
Sec. 3-5.
Net worth requirement.
A licensee that holds a license on the
effective date of this amendatory Act of the 93rd General Assembly shall have and
maintain a net worth of not less than $100,000; however, no later than 2
years after the effective date of this amendatory
Act of the 93rd General Assembly, the licensee must maintain a net worth of not
less than $150,000. A licensee that first obtains a license after the effective
date of this amendatory Act of the 93rd General Assembly must have and maintain
a net worth of not less than $150,000.
Notwithstanding other requirements of this Section, the net worth
requirement for a residential mortgage licensee whose
only licensable
activity is that of brokering residential mortgage loans and that holds a
license on the effective date of this amendatory Act of the 93rd General
Assembly shall be $35,000; however, no later than 2 years after the
effective date of this amendatory
Act of the 93rd General Assembly, the licensee must maintain a net worth of
not less than $50,000. Such a licensee that first obtains a license after the
effective date of this amendatory Act of the 93rd General Assembly
must have and maintain a net worth of not less than $50,000.
Net worth shall be evidenced by a balance sheet prepared by a certified
public accountant in accordance with generally accepted accounting principles
and generally accepted auditing standards or by the compilation financial
statements authorized under subsection (g) of Section 3-2. The Commissioner
may promulgate
rules with respect to net worth definitions
and requirements for residential mortgage licensees as necessary to
accomplish the purposes of this Act. In lieu of the net worth requirement
established by this Section, the Commissioner may accept evidence of
conformance by the licensee with the net worth requirements of the United
States Department of Housing and Urban Development.
(Source: P.A. 93-561, eff. 1-1-04.)
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