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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status