92nd General Assembly
Summary of HB2146
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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