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| 1 | AMENDMENT TO HOUSE BILL 527
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| 2 | AMENDMENT NO. ______. Amend House Bill 527 as follows:
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| 3 | on page 1, line 5, by replacing "1-3 and 1-4" with "1-3, 1-4, | ||||||
| 4 | and 3-3"; and | ||||||
| 5 | on page 25, immediately below line 25, by inserting the | ||||||
| 6 | following:
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| 7 | "(205 ILCS 635/3-3) (from Ch. 17, par. 2323-3)
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| 8 | Sec. 3-3. Advertising. In addition to such other rules, | ||||||
| 9 | regulations
and policies as the Secretary Commissioner may | ||||||
| 10 | adopt promulgate to effectuate the purpose of
this Act, the | ||||||
| 11 | Secretary Commissioner shall adopt rules prescribe regulations | ||||||
| 12 | governing the
advertising of mortgage loans, including without | ||||||
| 13 | limitation, the following
requirements:
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| 14 | (a) Advertising for loans transacted under this Act may | ||||||
| 15 | not be false,
misleading, or deceptive. No entity whose | ||||||
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| 1 | activities are regulated under
this Act may advertise in | ||||||
| 2 | any manner so as to indicate or imply that its
interest | ||||||
| 3 | rates or charges for loans are in any way "recommended", | ||||||
| 4 | "approved",
"set", or "established" by the State or by this | ||||||
| 5 | Act. The Secretary Commissioner may issue
a cease and | ||||||
| 6 | desist order for any violation of this Section.
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| 7 | (b) Mortgage loan advertisements must reference the | ||||||
| 8 | Nationwide Mortgage Licensing System and Registry's | ||||||
| 9 | Consumer Access website, except where exempted by the | ||||||
| 10 | Secretary. All advertisements by a licensee shall contain | ||||||
| 11 | the name and an
office address of such entity, which shall | ||||||
| 12 | conform to a name and address on
record with the | ||||||
| 13 | Commissioner.
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| 14 | (c) No licensee shall advertise its services in | ||||||
| 15 | Illinois in any media,
whether print or electronic, without | ||||||
| 16 | the words "Illinois Residential
Mortgage Licensee".
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| 17 | (Source: P.A. 87-1098.)".
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