House Sponsors: RYDER-CAPPARELLI-MEYER. Short description: HOME LOAN LENDING-COLLATERAL Synopsis of Bill as introduced: 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. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status