Bill Status of HB 1061   94th General Assembly

Short Description:  HOME BUILDERS-MORTGAGES

House Sponsors
Rep. JoAnn D. Osmond-Robin Kelly

Last Action  View All Actions

DateChamber Action
  4/11/2005HouseTabled By Sponsor Rep. JoAnn D. Osmond

Statutes Amended In Order of Appearance
205 ILCS 635/3-11 new
815 ILCS 505/2VV new

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Provides that: the soliciting and sale of mortgages by a home builder shall be conducted only by persons who have been licensed under the Act and shall be subject to the Act; a home builder transacting mortgage business in this State shall be licensed under the Act and shall be subject to the Act; and a licensee may not pay, directly or indirectly, any commission, service fee, brokerage fee, or other valuable consideration to any person for services as a home builder. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that a home builder may not: (1) offer any incentives to a consumer for the purpose of influencing his or her selection of a mortgage lender; (2) offer his or her products or services on the condition or requirement that the consumer obtain a mortgage from a particular mortgage lender; (3) require a consumer to negotiate or purchase a mortgage from a particular mortgage lender as a condition to purchasing the home, or renewing any contract between the home builder and the consumer; (4) require a consumer to pay a separate charge or fee if he or she does not select a mortgage lender suggested by the home builder; or (5) use any advertisement that would mislead or suggest that the consumer is required to use a particular mortgage lender. Requires a home builder to clearly and conspicuously disclose, on any written advertisement or promotional or informational material, the nature of any relationship he or she has with a mortgage lender.

Actions 
DateChamber Action
  2/4/2005HouseFiled with the Clerk by Rep. JoAnn D. Osmond
  2/7/2005HouseFirst Reading
  2/7/2005HouseReferred to Rules Committee
  2/16/2005HouseAssigned to Registration and Regulation Committee
  3/9/2005HouseAdded Chief Co-Sponsor Rep. Robin Kelly
  3/9/2005HouseDo Pass / Short Debate Registration and Regulation Committee; 016-000-000
  3/10/2005HousePlaced on Calendar 2nd Reading - Short Debate
  4/5/2005HouseMotion Filed Rep. JoAnn D. Osmond; Table House Bill 1061 Pursuant to Rule 60(b)
  4/8/2005HouseSecond Reading - Short Debate
  4/8/2005HouseHeld on Calendar Order of Second Reading - Short Debate
  4/11/2005HouseTabled By Sponsor Rep. JoAnn D. Osmond

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