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92_HB3103eng HB3103 Engrossed LRB9208308JSpc 1 AN ACT concerning reverse mortgage loans. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Banking Act is amended by adding 5 Section 6.2 as follows: 6 (205 ILCS 5/6.2 new) 7 Sec. 6.2. Reverse mortgage; disclosure. At the time a 8 reverse mortgage loan is made, the lender must provide to the 9 mortgagor a separate document that informs the mortgagor that 10 by obtaining the reverse mortgage the mortgagor's eligibility 11 to obtain a tax deferral under the Senior Citizens Real 12 Estate Tax Deferral Act may be adversely affected. The 13 mortgagor must sign the disclosure document as part of the 14 reverse mortgage transaction. 15 Section 10. The Illinois Savings and Loan Act of 1985 is 16 amended by adding Section 1-6e as follows: 17 (205 ILCS 105/1-6e new) 18 Sec. 1-6e. Reverse mortgage; disclosure. At the time a 19 reverse mortgage loan is made, the lender must provide to the 20 mortgagor a separate document that informs the mortgagor that 21 by obtaining the reverse mortgage the mortgagor's eligibility 22 to obtain a tax deferral under the Senior Citizens Real 23 Estate Tax Deferral Act may be adversely affected. The 24 mortgagor must sign the disclosure document as part of the 25 reverse mortgage transaction. 26 Section 15. The Savings Bank Act is amended by adding 27 Section 1010 as follows: HB3103 Engrossed -2- LRB9208308JSpc 1 (205 ILCS 205/1010 new) 2 Sec. 1010. Reverse mortgage; disclosure. At the time a 3 reverse mortgage loan is made, the lender must provide to the 4 mortgagor a separate document that informs the mortgagor that 5 by obtaining the reverse mortgage the mortgagor's eligibility 6 to obtain a tax deferral under the Senior Citizens Real 7 Estate Tax Deferral Act may be adversely affected. The 8 mortgagor must sign the disclosure document as part of the 9 reverse mortgage transaction. 10 Section 20. The Illinois Credit Union Act is amended by 11 adding Section 46.2 as follows: 12 (205 ILCS 305/46.2 new) 13 Sec. 46.2. Reverse mortgage; disclosure. At the time a 14 reverse mortgage loan is made, the lender must provide to the 15 mortgagor a separate document that informs the mortgagor that 16 by obtaining the reverse mortgage the mortgagor's eligibility 17 to obtain a tax deferral under the Senior Citizens Real 18 Estate Tax Deferral Act may be adversely affected. The 19 mortgagor must sign the disclosure document as part of the 20 reverse mortgage transaction. 21 Section 25. The Residential Mortgage License Act of 1987 22 is amended by adding Section 5-5 as follows: 23 (205 ILCS 635/5-5 new) 24 Sec. 5-5. Reverse mortgage; disclosure. At the time a 25 reverse mortgage loan is made or brokered, a licensee must 26 provide to the mortgagor a separate document that informs the 27 mortgagor that by obtaining the reverse mortgage the 28 mortgagor's eligibility to obtain a tax deferral under the 29 Senior Citizens Real Estate Tax Deferral Act may be adversely 30 affected. The mortgagor must sign the disclosure document as HB3103 Engrossed -3- LRB9208308JSpc 1 part of the reverse mortgage transaction. 2 Section 99. Effective date. This Act takes effect upon 3 becoming law.