093_HB2382ham002

 










                                     LRB093 09194 JLS 13994 a

 1                    AMENDMENT TO HOUSE BILL 2382

 2        AMENDMENT NO.     .  Amend House Bill 2382  by  replacing
 3    the title with the following:

 4        "AN ACT concerning home loans."; and

 5    by  replacing  everything  after the enacting clause with the
 6    following:

 7        "Section 5.  The Residential Mortgage License Act of 1987
 8    is amended by adding Section 5-10 as follows:

 9        (205 ILCS 635/5-10 new)
10        Sec. 5-10.  Disbursement of loan proceeds; limitation. No
11    licensee making a residential mortgage  loan  shall  pay  the
12    proceeds  of the loan to a home improvement contractor unless
13    the disbursement is  made  pursuant  to  an  instrument  that
14    requires the signature of all of the borrowers and all of the
15    contractors.".