Senate Sponsors: MADIGAN,R-MOLARO. House Sponsors: COULSON-SAVIANO 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 END OF INQUIRY Full Text Bill Status