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(765 ILCS 77/74) Sec. 74. Counselor; required information. As part of the predatory lending database program, a counselor must submit all of the following information for inclusion in the predatory lending database: (1) The information called for in items (1), (6), |
| (9), (11), (12), (13), (14), (15), (16), (17), and (18) of Section 72.
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(2) Any information from the borrower that confirms
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| or contradicts the information called for under item (1) of this Section.
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(3) The name of the counselor and address of the
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| HUD-approved housing counseling agency that employs the counselor.
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(4) Information pertaining to the borrower's monthly
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| expenses that assists the counselor in determining whether the borrower can afford the loans or loans for which the borrower is applying.
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(5) A list of the disclosures furnished to the
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| borrower, as seen and reviewed by the counselor, and a comparison of that list to all disclosures required by law.
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(6) Whether the borrower provided tax returns to the
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| broker or originator or to the counselor, and, if so, who prepared the tax returns.
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(7) A statement of the recommendations of the
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| counselor that indicates the counselor's response to each of the following statements:
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(A) The loan should not be approved due to
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(B) The loan should be approved; no material
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(C) The borrower cannot afford the loan.
(D) The borrower does not understand the
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(E) The borrower does not understand the costs
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| associated with the transaction.
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(F) The borrower's monthly income and expenses
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| have been reviewed and disclosed.
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(G) The rate of the loan is above market rate.
(H) The borrower should seek a competitive bid
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| from another broker or originator.
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(I) There are discrepancies between the
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| borrower's verbal understanding and the originator's completed form.
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(J) The borrower is precipitously close to not
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| being able to afford the loan.
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(K) The borrower understands the true cost of
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| debt consolidation and the need for credit card discipline.
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(L) The information that the borrower provided
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| the originator has been amended by the originator.
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(Source: P.A. 97-813, eff. 7-13-12; 98-1081, eff. 1-1-15.)
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