Bill Status of HB 5542   100th General Assembly

Short Description:  MORTGAGE LICENSE-REPORTING

House Sponsors
Rep. Mark Batinick-Nick Sauer, Jay Hoffman, LaToya Greenwood and Katie Stuart

Senate Sponsors
(Sen. Chuck Weaver-Michael Connelly)


Last Action  View All Actions

DateChamber Action
  12/19/2018HousePublic Act . . . . . . . . . 100-1153

Statutes Amended In Order of Appearance
205 ILCS 635/2-2
205 ILCS 635/2-4from Ch. 17, par. 2322-4
205 ILCS 635/4-8.3
205 ILCS 635/5-9
205 ILCS 635/4-8 rep.

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides for a list of specified activities that constitute violations of the Act (rather than a list of required averments that must be attached to an application for a license under the Act). Provides that a licensee filing a Mortgage Call Report is not required to file a report of applicable annual activities with the Secretary of Financial and Professional Regulation. Provides that specified licensee disclosures do not apply to any licensee providing notices of changes in loan terms pursuant to the federal Consumer Financial Protection Bureau's Know Before You Owe mortgage disclosure procedure (rather than excluding licensees limited to solicit residential mortgage loan applications as approved by the Secretary of Financial and Professional Regulation). Makes conforming changes. Repeals provisions concerning a requirement that the Secretary of Financial and Professional Regulation conduct, as part of an examination of each licensee, a review of the licensee's loan delinquency data. Replaces "Commissioner" with "Secretary" in order to update references to the Secretary of Financial and Professional Regulation. Effective immediately.

House Committee Amendment No. 1
Deletes reference to:
205 ILCS 635/4-8 rep.
Adds reference to:
205 ILCS 635/4-8from Ch. 17, par. 2324-8

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: Removes the repeal of provisions concerning delinquency and examination. Instead, changes those provisions to remove the language requiring that the Secretary of Financial and Professional Regulation obtain from the U.S. Department of Housing and Urban Development that Department's loan delinquency data. Makes other technical changes. Effective immediately.

Senate Floor Amendment No. 1
Adds reference to:
110 ILCS 992/15-15
110 ILCS 992/15-20
110 ILCS 992/15-25
110 ILCS 992/15-30
110 ILCS 992/15-40
110 ILCS 992/20-5
110 ILCS 992/20-30
205 ILCS 635/1-3from Ch. 17, par. 2321-3
205 ILCS 635/1-4
205 ILCS 635/2-3from Ch. 17, par. 2322-3
205 ILCS 635/2-3A
205 ILCS 635/2-6
205 ILCS 635/3-2from Ch. 17, par. 2323-2
205 ILCS 635/4-1from Ch. 17, par. 2324-1
205 ILCS 635/4-5from Ch. 17, par. 2324-5
205 ILCS 635/4-8.1A
205 ILCS 635/4-9.1
205 ILCS 635/7-1A
205 ILCS 635/7-2
205 ILCS 635/7-4
205 ILCS 635/7-5
205 ILCS 635/7-6
205 ILCS 635/7-7
205 ILCS 635/7-8
205 ILCS 635/7-9
205 ILCS 635/7-10
205 ILCS 635/7-13
205 ILCS 635/7-1 rep.

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: Amends the Student Loan Servicing Rights Act and the Residential Mortgage License Act of 1987. Changes "Nationwide Mortgage Licensing System and Registry" to "Nationwide Multistate Licensing System and Registry" throughout the Acts. In the Residential Mortgage License Act of 1987, provides that "exempt person or entity" includes a bona fide nonprofit organization and an employee of a bona fide nonprofit organization when acting on behalf of that organization. Removes the definition of "loan originator". Defines "bona fide nonprofit organization". Removes language concerning operability dates of the mortgage loan originator license requirement. Instead, provides exemptions for an employee of a bona fide nonprofit organization when acting on behalf of the organization from the mortgage loan originator license requirement. Effective immediately.

Actions 
DateChamber Action
  2/16/2018HouseFiled with the Clerk by Rep. Nick Sauer
  2/16/2018HouseFirst Reading
  2/16/2018HouseReferred to Rules Committee
  3/5/2018HouseAssigned to Financial Institutions Committee
  3/29/2018HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Nick Sauer
  3/29/2018HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/9/2018HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
  4/9/2018HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  4/9/2018HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 010-000-000
  4/10/2018HousePlaced on Calendar 2nd Reading - Short Debate
  4/13/2018HouseSecond Reading - Short Debate
  4/13/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/17/2018HouseChief Sponsor Changed to Rep. Mark Batinick
  4/17/2018HouseAdded Chief Co-Sponsor Rep. Nick Sauer
  4/18/2018HouseThird Reading - Short Debate - Passed 111-001-000
  4/19/2018SenateArrive in Senate
  4/19/2018SenatePlaced on Calendar Order of First Reading
  4/19/2018SenateChief Senate Sponsor Sen. Chuck Weaver
  4/19/2018SenateFirst Reading
  4/19/2018SenateReferred to Assignments
  4/25/2018SenateAssigned to Financial Institutions
  5/2/2018SenateDo Pass Financial Institutions; 006-000-000
  5/2/2018SenatePlaced on Calendar Order of 2nd Reading May 3, 2018
  5/10/2018SenateAdded as Alternate Chief Co-Sponsor Sen. Michael Connelly
  5/10/2018SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Chuck Weaver
  5/10/2018SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/15/2018SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
  5/15/2018SenateSecond Reading
  5/15/2018SenatePlaced on Calendar Order of 3rd Reading May 16, 2018
  5/16/2018SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 005-000-000
  5/21/2018SenateRecalled to Second Reading
  5/21/2018SenateSenate Floor Amendment No. 1 Adopted; Weaver
  5/21/2018SenatePlaced on Calendar Order of 3rd Reading
  5/21/2018SenateThird Reading - Passed; 049-000-000
  5/21/2018HouseArrived in House
  5/21/2018HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/21/2018HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Mark Batinick
  5/21/2018HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  7/2/2018HouseRule 19(b) / Re-referred to Rules Committee
  8/16/2018HouseAdded Co-Sponsor Rep. Jay Hoffman
  8/27/2018HouseAdded Co-Sponsor Rep. LaToya Greenwood
  9/4/2018HouseAdded Co-Sponsor Rep. Katie Stuart
  11/7/2018HouseApproved for Consideration Rules Committee; 003-000-000
  11/7/2018HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  11/7/2018HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions Committee
  11/13/2018HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Financial Institutions Committee; 009-000-000
  11/14/2018HouseSenate Floor Amendment No. 1 House Concurs 108-000-000
  11/14/2018House3/5 Vote Required
  11/14/2018HouseHouse Concurs
  11/14/2018HousePassed Both Houses
  12/13/2018HouseSent to the Governor
  12/19/2018HouseGovernor Approved
  12/19/2018HouseEffective Date December 19, 2018
  12/19/2018HousePublic Act . . . . . . . . . 100-1153

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