90th General Assembly
Summary of SB0497
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
MORTGAGE LICENSEE-LOCATION-EXM                                             

Synopsis of Bill as introduced:
        Amends the Residential Mortgage License Act  of  1987.   Provides      
   that  examinations  of  licensees  shall be conducted for cause rather      
   than  merely  on  a  periodic  basis.   Abolishes  the  exemption  for      
   licensees under the Real Estate License  Act  of  1983.   Requires  an      
   entity to either have a physical presence in Illinois or not originate      
   mortgage  loans  in  its  ordinary  course  of business to qualify for      
   exemption related to volume of business.  Provides that  default  rate      
   provisions  apply only to licensees that service, fund, or make credit      
   decisions regarding mortgage loans.  Prohibits the limitation of fees,      
   if the fees are not in violation of law and are fully disclosed and         
   subject to a written agreement. Requires the Commissioner of Banks and      
   Real Estate to maintain a registry of employees of licensees.               
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          205 ILCS 635/1-3                                                     
          205 ILCS 635/4-1                                                     
          205 ILCS 635/4-2                                                     
          205 ILCS 635/4-8                                                     
          205 ILCS 635/4-10                                                    
        Deletes  provisions  in  the  bill  relating  to   licenses   for      
   affiliates,  registry  of  employees  of  licensees, circumstances for      
   examinations, and delinquency  rates,  abolishing  the  exemption  for      
   licensees  under  the Real Estate License Act of 1983, and prohibiting      
   the Commissioner from issuing rules limiting fees.                          
          FISCAL NOTE, S-AM 1 (Office of Banks & Real Estate)                  
          There would be little or no fiscal impact on the Office of           
          Banks & Real Estate. There may be a decrease in the number of        
          entities authorized to operate in Illinois; there would not be       
          a measurable fiscal impact from those entities choosing to           
          seek State licensure.                                                
          HOUSING AFFORDABILITY IMPACT NOTE                                    
          No fiscal effect on a single-family residence.                       
          STATE MANDATES ACT FISCAL NOTE                                       
          SB 497 fails to create a State mandate.                              
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          205 ILCS 635/3-2                from Ch. 17, par. 2323-2             
          205 ILCS 635/3-4                from Ch. 17, par. 2323-4             
          205 ILCS 635/6-2                from Ch. 17, par. 2326-2             
          205 ILCS 635/3-10 rep                                                
        Further amends the Residential  Mortgage  License  Act  of  1987.      
   Provides  that  a  licensee's  annual  audit  or compilation financial      
   statement shall be filed with  the  Commissioner  of  Banks  and  Real      
   Estate  at the time of the license renewal payment rather than 90 days      
   after the audit or compilation date.  Provides that a  licensee  whose      
   principal place of business is outside of Illinois may submit an audit      
   and  a  fidelity  bond  instead  of maintaining an office in Illinois.      
   Abolishes the requirement that brokers must  disclose  the  source  of      
   funds.   Authorizes  disciplinary  action  against  persons who submit      
   documents containing willful and material misstatements of facts  used      
   in connection with any licensable activity.                                 
          FISCAL NOTE, H-AM 1 (Office of Banks & Real Estate)                  
          SB497 will have a negligible fiscal impact on the agency.            
          FISCAL NOTE, H-AM 1 (Dpt. Commerce & Community Affairs)              
          No fiscal impact on local gov't. or DCCA.                            
          STATE MANDATES ACT FISCAL NOTE, H-AM 1                               
          No change from previous mandates note.                               
Last action on Bill: PUBLIC ACT.............................. 90-0772

   Last action date: 98-08-14

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


 Full Text  Bill Status