RYDER-CAPPARELLI-MEYER. New Act 30 ILCS 105/5.545 new 205 ILCS 635/1-4 from Ch. 17, par. 2321-4 205 ILCS 635/1-5 from Ch. 17, par. 2321-5 205 ILCS 635/4-1 from Ch. 17, par. 2324-1 205 ILCS 635/4-5 from Ch. 17, par. 2324-5 205 ILCS 635/4-6 from Ch. 17, par. 2324-6 205 ILCS 635/4-8 from Ch. 17, par. 2324-8 205 ILCS 635/4-8.1 new 205 ILCS 635/4-8.2 new 205 ILCS 635/4-8.3 new 205 ILCS 635/4-8.4 new 205 ILCS 635/4-8.5 new 205 ILCS 635/4-8.6 new 205 ILCS 635/4-8.7 new 205 ILCS 635/4-8.8 new 205 ILCS 635/4-8.9 new 205 ILCS 635/4-8.10 new 205 ILCS 635/4-8.11 new 205 ILCS 635/6-2 from Ch. 17, par. 2326-2 205 ILCS 635/6-4 new 815 ILCS 120/2 from Ch. 17, par. 852 815 ILCS 120/3 from Ch. 17, par. 853 815 ILCS 120/5 from Ch. 17, par. 855 Creates the Home Loan Collateral Fund Act. Establishes a special fund in the State Treasury and provides for the State Treasurer to use the fund to provide collateral for Illinois citizens who need additional collateral in order to obtain a home loan or avoid foreclosure. Amends the Residential Mortgage License Act of 1987. Changes the name of the Residential Mortgage Board to the Residential Mortgage Administration and Disciplinary Board and increases the membership from 5 to 7. Provides for the members to be appointed by the Governor rather than the Commissioner of Banks and Real Estate. Provides for the Board to take disciplinary actions against licensees. Provides that equity stripping and loan flipping constitute grounds for disciplinary action under the Act. Authorizes individual causes of action for persons aggrieved by violations of the Act. Amends the Illinois Fairness in Lending Act to prohibit loan flipping and equity stripping. Effective immediately. HOME RULE NOTE (Dept. of Commerce & Community Affairs) In the opinion of DCCA, the legislation does not relate to a home rule unit of local government. STATE MANDATES NOTE (Dept. of Commerce & Community Affairs) In the opinion of the Department of Commerce and Community Affairs (DCCA), HB2146 does not meet the definition of a State mandate under the State Mandates Act. FEB-21-2001 H FILED WITH CLERK FEB-21-2001 H ADDED AS A JOINT SPONSOR CAPPARELLI FEB-21-2001 H FIRST READING FEB-21-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-23-2001 H ADDED AS A JOINT SPONSOR MEYER MAR-07-2001 H ASSIGNED TO COMMITTEE EXECUTIVE MAR-16-2001 H DO PASS/STANDARD DEBATE 007-004-002 HEXC MAR-16-2001 H PLACED CAL 2ND READING-STANDARD DEBATE MAR-26-2001 H STATE MANDATES FISCAL NOTE REQUESTED BURKE MAR-26-2001 H HOME RULE NOTE REQUESTED BURKE MAR-26-2001 H JUDICIAL NOTE REQUESTED BURKE MAR-26-2001 H CALENDAR ORDER 2ND READING-STANDARD DBT MAR-28-2001 H STATE MANDATES FISCAL NOTE FILED MAR-28-2001 H HOME RULE NOTE FILED MAR-28-2001 H CALENDAR ORDER 2ND READING-STANDARD DBT APR-04-2001 H SECOND READING-STANDARD DEBATE APR-04-2001 H HELD CAL ORDER 2ND READING-STANDARD DBT APR-06-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary