Bill Status of HB 4404   100th General Assembly

Short Description:  RES MORTGAGE-LOAN PROCESSING

House Sponsors
Rep. Margo McDermed, David McSweeney, William Davis, Mark Batinick, André Thapedi, Michael J. Zalewski and Carol Sente

Senate Sponsors
(Sen. Paul Schimpf)


Last Action  View All Actions

DateChamber Action
  8/14/2018HousePublic Act . . . . . . . . . 100-0851

Statutes Amended In Order of Appearance
205 ILCS 635/1-4

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that "soliciting, processing, placing, or negotiating a residential mortgage loan" excludes independent loan processing as permitted by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

House Committee Amendment No. 1
Replaces everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Provides that entities solely engaged in loan processing do not need to obtain a mortgage license.

House Floor Amendment No. 2
Adds reference to:
205 ILCS 635/1-3from Ch. 17, par. 2321-3

Replaces everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Changes reference to "Nationwide Mortgage Licensing System and Registry" to reference to "Nationwide Multistate Licensing System and Registry". Provides that an entity that is exempt from licensure under specified provisions of the Act as an independent loan processing entity shall annually apply to the Secretary of Financial and Professional Regulation through the Nationwide Multistate Licensing System and Registry for an exempt company registration for specified purpose. Provides that a loan processor who performs clerical or support duties under the supervision of a licensed mortgage loan originator sponsored by an independent loan processing entity shall be exempt from his or her own licensing as a mortgage loan originator. Provides that an independent loan processing entity shall not be subject to examination by the Secretary. Provides that the Secretary may adopt rules to implement the provisions. Provides that an entity engaged solely in providing loan processing services through the sponsoring of individuals acting under specified provisions of the Act is included in the definition of "exempt person or entity". Effective immediately.

Actions 
DateChamber Action
  1/30/2018HouseFiled with the Clerk by Rep. Margo McDermed
  1/30/2018HouseFirst Reading
  1/30/2018HouseReferred to Rules Committee
  3/21/2018HouseAssigned to Executive Committee
  3/23/2018HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margo McDermed
  3/23/2018HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/9/2018HouseHouse Committee Amendment No. 1 Rules Refers to Executive Committee
  4/9/2018HouseMotion Filed to Suspend Rule 21 Executive Committee; Rep. Barbara Flynn Currie
  4/9/2018HouseMotion to Suspend Rule 21 - Prevailed
  4/10/2018HouseHouse Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote
  4/10/2018HouseDo Pass as Amended / Short Debate Executive Committee; 010-000-000
  4/10/2018HousePlaced on Calendar 2nd Reading - Short Debate
  4/17/2018HouseAdded Co-Sponsor Rep. David McSweeney
  4/17/2018HouseAdded Co-Sponsor Rep. William Davis
  4/17/2018HouseAdded Co-Sponsor Rep. Mark Batinick
  4/17/2018HouseAdded Co-Sponsor Rep. André Thapedi
  4/17/2018HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Margo McDermed
  4/17/2018HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/19/2018HouseAdded Co-Sponsor Rep. Michael J. Zalewski
  4/19/2018HouseAdded Co-Sponsor Rep. Carol Sente
  4/23/2018HouseHouse Floor Amendment No. 2 Rules Refers to Executive Committee
  4/24/2018HouseHouse Floor Amendment No. 2 Recommends Be Adopted Executive Committee; 008-000-000
  4/25/2018HouseSecond Reading - Short Debate
  4/25/2018HouseHouse Floor Amendment No. 2 Adopted
  4/25/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/26/2018HouseThird Reading - Short Debate - Passed 110-000-000
  5/1/2018SenateArrive in Senate
  5/1/2018SenatePlaced on Calendar Order of First Reading
  5/1/2018SenateChief Senate Sponsor Sen. Paul Schimpf
  5/1/2018SenateFirst Reading
  5/1/2018SenateReferred to Assignments
  5/2/2018SenateAssigned to Financial Institutions
  5/9/2018SenateDo Pass Financial Institutions; 005-000-000
  5/9/2018SenatePlaced on Calendar Order of 2nd Reading May 10, 2018
  5/10/2018SenateSecond Reading
  5/10/2018SenatePlaced on Calendar Order of 3rd Reading May 15, 2018
  5/23/2018SenateThird Reading - Passed; 057-000-000
  5/23/2018HousePassed Both Houses
  6/21/2018HouseSent to the Governor
  8/14/2018HouseGovernor Approved
  8/14/2018HouseEffective Date August 14, 2018
  8/14/2018HousePublic Act . . . . . . . . . 100-0851

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