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    AN ACT concerning business.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The High Risk Home Loan Act is amended  by 
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changing Section 115 as follows:
 



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    (815 ILCS 137/115)



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    Sec. 115. Report of default and foreclosure rates on 
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conventional
loans.

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    (a) On or before October 1 and April 1 of each year, each

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servicer of Illinois residential mortgage loans shall report to 
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the
Secretary of Financial and Professional Regulation, the 
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Director of the Division of Banking, or the Director of the 
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Division of Financial Institutions
Commissioner or the 
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Director
the default and foreclosure data of conventional loans 
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for the 6-month periods
ending June 30 and December 31, 
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respectively.

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    (b) Each servicer shall report the following information:


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        (1) The average quarterly dollar amount of 
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    conventional one to 4
family mortgage loans secured by 
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    Illinois real estate.


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        (2) The average quarterly number of conventional one to 
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    4 family
mortgage loans secured by Illinois real estate.


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        (3) The average quarterly dollar amount of 
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    conventional one to 4
family mortgage loans secured by 
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    Illinois real estate that are in default
over 90 days.


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        (4) The average quarterly number of conventional one to 
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    4 family
mortgage loans secured by Illinois real estate 
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    that are in default over 90
days.


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        (5) The dollar amount of foreclosures on one to 4 
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    family
conventional loans completed during the reporting 
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    period.


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        (6) The number of foreclosures on one to 4 family 
 


 






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    conventional
loans completed during the reporting period.


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        (7) Whether any of the loans where a foreclosure was 
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    completed
were originated less than 18 months before the 
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    completed foreclosure.


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        (8) Whether any of the loans where a foreclosure was 
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    completed
had a note rate greater than 10% for first lien 
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    mortgage loans or greater
than 12% in the case of a junior 
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    lien.

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    (c) An officer of the servicer shall sign the form.

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    (d) On or before October 1, 2006, but following the report 
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due pursuant to this Section for the 6-month period ending June 
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30, 2006, the reporting requirements of this Section shall not 
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apply to a bank chartered under the Illinois Banking Act, a 
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savings bank chartered under the Savings Bank Act, a savings 
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and loan association chartered under the Illinois Savings and 
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Loan Act of 1985, or a credit union chartered under the 
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Illinois Credit Union Act.  The Secretary of Financial and 
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Professional Regulation, the Director of the Division of 
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Banking, or the Director of the Division of Financial 
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Institutions may impose the reporting requirements on an 
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individual bank, savings bank, savings and loan association, or 
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credit union whenever the Secretary or either Director has 
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cause to believe that the financial institution has experienced 
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a rate of defaults or foreclosures on residential mortgage 
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loans that substantially exceeds the rate of defaults or 
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foreclosures experienced by other financial institutions in 
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Illinois.  Such a belief by the Secretary or either Director may 
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be based on examination findings and on data submitted by 
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financial institutions under this Section on or before October 
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1, 2006. The Department of Financial and Professional 
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Regulation may adopt reasonable rules to implement and 
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administer this subsection (d) by establishing the terms and 
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conditions for the imposition of such a reporting requirement 
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on a financial institution.

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(Source: P.A. 93-561, eff. 1-1-04.)

 

 


 






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    Section 99. Effective date. This Act takes effect upon 
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becoming law.