Bill Status of HB 5231   103rd General Assembly

Short Description:  SHARED APPRECIATION AGREEMENTS

House Sponsors
Rep. Margaret Croke

Last Action  View All Actions

DateChamber Action
  4/19/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
205 ILCS 635/1-4
205 ILCS 635/5-12.5 new
765 ILCS 77/72
765 ILCS 77/73

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that, prior to taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided specified counseling regardless of the county in which the property is located. Provides that the borrower may not waive counseling. Provides that the Secretary of Financial and Professional Regulation may adopt rules relating to shared appreciation agreements. Defines "shared appreciation agreement", and includes shared appreciation agreements within the definition of "mortgage loan", "residential mortgage loan", or "home mortgage loan". Amends the Residential Real Property Disclosure Act. Provides that, for each loan for which the originator takes an application, the broker or originator must submit for inclusion in the predatory lending database whether the borrower has entered into a shared appreciation agreement. Provides that a borrower or borrowers subject to specified provisions shall be recommended for counseling if the Department of Financial and Professional Regulation finds the borrower or borrowers are all first-time homebuyers or refinancing a primary residence and the loan is a mortgage that includes a shared appreciation agreement. Effective immediately.

House Committee Amendment No. 1
Adds reference to:
765 ILCS 77/70

Further amends the Residential Real Property Disclosure Act. In provisions concerning the predatory lending database program, modifies a cross-reference to the Residential Mortgage License Act of 1987 in the definition of "exempt person or entity".

House Floor Amendment No. 2
Deletes reference to:
765 ILCS 77/72
765 ILCS 77/73

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill, as amended by House Amendment No. 1, with the following changes. In the changes to the Residential Mortgage License Act of 1987 in provisions about shared appreciation agreement consumer counseling and disclosures, provides that, notwithstanding any provision in the Act to the contrary, before (rather than prior to) taking any legally binding action on a shared appreciation agreement, the borrower or borrowers shall be provided counseling (removing a cross-reference to a definition of counseling in the Residential Real Property Disclosure Act and a reference that the borrower or borrowers shall be provided counseling regardless of the county in which the property is located). Removes changes to the Residential Real Property Disclosure Act from the introduced bill, and further amends the Residential Real Property Disclosure Act by defining "counseling". Effective immediately.

Actions 
DateChamber Action
  2/8/2024HouseFiled with the Clerk by Rep. Margaret Croke
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  2/28/2024HouseAssigned to Financial Institutions and Licensing Committee
  3/4/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
  3/4/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/12/2024HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
  3/12/2024HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions and Licensing Committee; by Voice Vote
  3/12/2024HouseDo Pass as Amended / Short Debate Financial Institutions and Licensing Committee; 012-000-000
  3/13/2024HousePlaced on Calendar 2nd Reading - Short Debate
  3/18/2024HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Margaret Croke
  3/18/2024HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/20/2024HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
  3/20/2024HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 011-000-000
  4/11/2024HouseSecond Reading - Short Debate
  4/11/2024HouseHouse Floor Amendment No. 2 Adopted
  4/11/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/19/2024HouseRule 19(a) / Re-referred to Rules Committee

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