Illinois General Assembly - Bill Status for SB 1674

Deletes everything after the enacting clause. Reinserts the contents of the engrossed bill with the following changes. Amends the Home Equity Assurance Act. Provides that a governing commission with no less than $4,000,000 in its guarantee fund, may, if authorized by referendum, establish a Foreclosure Prevention Loan Fund to provide low interest emergency loans to eligible applicants that may be forced into foreclosure proceedings. Provides that if a majority of the voters on the public question approve the creation of a Foreclosure Prevention Loan Fund, the commission shall establish the program and administer the program with funds collected under the Guaranteed Home Equity Program, subject to specified conditions. Amends the Predatory Lending Database Article of the Residential Real Property Disclosure Act, the State Finance Act, and the Residential Mortgage License Act of 1987. Provides that the program area for the predatory lending database program is Cook County. Provides for inception dates for the program in specified areas of Cook County. Provides that the program shall be operational through April 30, 2013. Adds standards for recommending borrowers for counseling. Deletes provisions giving the Department of Financial and Professional Regulation authority to adopt rules regarding the determination of the program area, the inception date, and certain other matters. Adds and changes provisions regarding: definitions; contracts; confidentiality; costs; information to be submitted by a broker or loan originator for inclusion in the predatory lending database; exemptions; and other matters. Creates the Predatory Lending Database Program Fund as a special fund in the State treasury. Provides that moneys in the Fund shall appropriated to the Department of Financial and Professional Regulation to make grants to assist with implementation and development for the counseling agencies providing counseling to borrowers under the program. Provides that, during calendar years 2008 through 2012, each entity licensed under the Residential Mortgage License Act of 1987 shall pay, in addition to the license fees imposed under the Residential Mortgage License Act of 1987, an additional annual fee of $300. Provides that the additional annual fees shall be deposited into the Predatory Lending Database Program Fund. Amends the Illinois Banking Act. Provides that the amount of money from time to time deposited into the Bank and Trust Company Fund shall be used: (i) to offset the ordinary administrative expenses of the Commissioner of Banks and Real Estate or (ii) as a credit against specified fees (rather than the amounts to be used only to offset the ordinary administrative expenses of the Commissioner). Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, and the Savings Bank Act to provide that for the fiscal year beginning July 1, 2007, the Commissioner must adopt rules to adjust regulatory fee rates to those in effect prior to the escalation in published rates unless an audit by the Auditor General of banking regulatory oversight activities requires a different rate to be set. Amends the Illinois Savings and Loan Act of 1985. Provides that the amounts deposited into the Savings and Residential Finance Regulatory Fund shall be used for the ordinary and contingent expenses of the Commissioner, in administering the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Residential Mortgage License Act of 1987. Provides that when the amount remaining in the Fund at the end of a fiscal year exceeds 25% of the total actual administrative and operational expenses incurred under the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Residential Mortgage License Act of 1987 for that fiscal year, the excess must be credited to the appropriate institutions and entities and applied against their regulatory fees for the subsequent fiscal year. Amends the Illinois Credit Union Act to make changes in provisions concerning regulatory fees. Provides that when the balance in the Credit Union Fund at the end of a calendar year exceeds 25% of the actual administrative and operational expenses under the Act for that year, such excess shall be credited to credit unions and applied against their regulatory fees for the subsequent year. Specifies that the Department of Financial and Professional Regulation shall adopt rules as to the required yearly continuing education of loan originators who are required to register under the Act. Provides that the Department shall adopt these rules before the end of fiscal year 2009. Provides that the Attorney General may enforce violations of certain provisions under the Consumer Fraud and Deceptive Business Practices Act. Provides that a borrower injured by a violation of certain standards, duties, prohibitions, or requirements in the Act shall have a private right of action. Provides that no licensee shall make, provide, or arrange for a residential mortgage loan without verifying the borrower's reasonable ability to pay the principal and interest on the loan, real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Provides for the fiduciary duty of a broker. Prohibits prepayment penalties. Provides that a licensee shall provide notice of change in loan terms to a borrower. Provides that when comparing different loans, the licensee must not state or imply that monthly loan payments, if they include amounts escrowed for payment of property taxes and homeowner's insurance, are comparable with monthly loan payments that do not include these amounts. Requires lenders to provide the borrower with a complete copy of any appraisal. Prohibits licensees from making verbal promises to refinance on more favorable terms. Prohibits the following activities by a loan broker or lender: (i) equity stripping and loan flipping and (ii) encouraging default. Amends the Mortgage Rescue Fraud Act to change definitions for "distressed property purchaser" and "distressed property conveyance". Amends the Residential Real Property Disclosure Act. Excludes the Predatory Lending Database Program Fund from a provision that allows the Governor to transfer moneys from certain special funds into the General Revenue Fund. Amends the Residential Mortgage License Act of 1987 to provide that each entity licensed under the Act shall pay, in addition to the license fees imposed under the Residential Mortgage License Act of 1987, an additional annual fee of $300. The additional annual fee shall be deposited into the Predatory Lending Database Program Fund. Amends the Interest Act. Provides that certain provisions of the Interest Act apply to a residential mortgage loan. Makes other changes. Contains a severability clause. Effective immediately.

Date	Chamber	Action
1/13/2009	Senate	Session Sine Die

Date	Chamber	Action
2/9/2007	Senate	Filed with Secretary by Sen. Jacqueline Y. Collins
2/9/2007	Senate	First Reading
2/9/2007	Senate	Referred to Rules
2/21/2007	Senate	Assigned to Financial Institutions
3/15/2007	Senate	Do Pass Financial Institutions; 009-000-000
3/15/2007	Senate	Placed on Calendar Order of 2nd Reading March 20, 2007
3/20/2007	Senate	Second Reading
3/20/2007	Senate	Placed on Calendar Order of 3rd Reading March 21, 2007
3/21/2007	Senate	Third Reading - Passed; 059-000-000
3/21/2007	House	Arrived in House
3/21/2007	House	Placed on Calendar Order of First Reading
3/27/2007	House	Chief House Sponsor Rep. Monique D. Davis
3/27/2007	House	First Reading
3/27/2007	House	Referred to Rules Committee
4/26/2007	House	Added Alternate Chief Co-Sponsor Rep. LaShawn K. Ford
4/30/2007	House	Assigned to Financial Institutions Committee
5/15/2007	House	House Amendment No. 1 Filed with Clerk by Financial Institutions Committee
5/15/2007	House	House Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
5/15/2007	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 020-000-000
5/16/2007	House	Placed on Calendar 2nd Reading - Short Debate
5/17/2007	House	Alternate Chief Co-Sponsor Removed Rep. LaShawn K. Ford
5/17/2007	House	Added Alternate Chief Co-Sponsor Rep. Mike Boland
5/17/2007	House	Added Alternate Chief Co-Sponsor Rep. Kenneth Dunkin
5/17/2007	House	Added Alternate Chief Co-Sponsor Rep. Karen A. Yarbrough
5/17/2007	House	Added Alternate Chief Co-Sponsor Rep. Annazette Collins
5/17/2007	House	Alternate Chief Co-Sponsor Changed to Rep. Karen A. Yarbrough
5/17/2007	House	Alternate Chief Co-Sponsor Changed to Rep. Karen A. Yarbrough
5/29/2007	House	Second Reading - Short Debate
5/29/2007	House	Held on Calendar Order of Second Reading - Short Debate
5/29/2007	House	House Amendment No. 2 Filed with Clerk by Rep. Joseph M. Lyons
5/29/2007	House	House Amendment No. 2 Referred to Rules Committee
5/30/2007	House	House Amendment No. 2 Rules Refers to Financial Institutions Committee
5/30/2007	House	House Amendment No. 2 Recommends Be Adopted Financial Institutions Committee; 015-000-000
5/30/2007	House	House Amendment No. 2 Fiscal Note Requested as Amended by Rep. LaShawn K. Ford
5/30/2007	House	Alternate Chief Co-Sponsor Removed Rep. Mike Boland
5/30/2007	House	Alternate Chief Co-Sponsor Removed Rep. Annazette Collins
5/30/2007	House	Added Alternate Co-Sponsor Rep. Mike Boland
5/30/2007	House	Added Alternate Co-Sponsor Rep. Annazette Collins
5/30/2007	House	House Amendment No. 3 Filed with Clerk by Rep. Joseph M. Lyons
5/30/2007	House	House Amendment No. 3 Referred to Rules Committee
5/30/2007	House	House Amendment No. 3 Recommends Be Adopted Rules Committee; 003-001-000
5/30/2007	House	Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons
5/30/2007	House	Added Alternate Chief Co-Sponsor Rep. Daniel J. Burke
5/30/2007	House	House Amendment No. 2 Fiscal Note Requested as Amended - Withdrawn by Rep. LaShawn K. Ford
5/30/2007	House	House Amendment No. 3 Fiscal Note Requested as Amended by Rep. Brent Hassert
5/30/2007	House	House Amendment No. 2 Withdrawn by Rep. Joseph M. Lyons
5/30/2007	House	House Amendment No. 3 Adopted by Voice Vote
5/30/2007	House	Note / Motion Filed - Note Act Does Not Apply Rep. Joseph M. Lyons
5/30/2007	House	Motion Prevailed 066-050-000
5/30/2007	House	House Amendment No. 3 Fiscal Note Request as Amended is Inapplicable Rep. Brent Hassert
5/30/2007	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/30/2007	House	Removed from Short Debate Status
5/30/2007	House	Placed on Calendar Order of 3rd Reading - Extended Debate
5/30/2007	House	Third Reading - Consideration Postponed
5/30/2007	House	Placed on Calendar - Consideration Postponed May 30, 2007
5/30/2007	House	Third Reading - Extended Debate - Passed 062-052-002
5/30/2007	House	Alternate Chief Co-Sponsor Changed to Rep. Joseph M. Lyons
5/30/2007	House	Alternate Chief Co-Sponsor Removed Rep. Kenneth Dunkin
5/30/2007	House	Added Alternate Chief Co-Sponsor Rep. Mike Boland
5/30/2007	House	Alternate Co-Sponsor Removed Rep. Mike Boland
5/30/2007	House	Alternate Chief Co-Sponsor Changed to Rep. Daniel J. Burke
5/30/2007	House	Added Alternate Co-Sponsor Rep. Kenneth Dunkin
5/31/2007	Senate	Secretary's Desk - Concurrence House Amendment(s) 01,03
5/31/2007	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 01,03 - June 1, 2007
5/31/2007	Senate	House Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
5/31/2007	Senate	House Amendment No. 1 Motion to Concur Referred to Rules
5/31/2007	Senate	House Amendment No. 3 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
5/31/2007	Senate	House Amendment No. 3 Motion to Concur Referred to Rules
5/31/2007	Senate	Added as Chief Co-Sponsor Sen. Michael Noland
5/31/2007	Senate	Added as Chief Co-Sponsor Sen. David Koehler
5/31/2007	Senate	Judicial Note Filed as amended by House Amendment No. 3, from the Supreme Court of Illinois, Administrative Office of the Illinois Courts.
5/31/2007	Senate	Housing Affordability Impact Note Filed as amended by House Amendment No. 3, from the Illinois Housing Development Authority.
5/31/2007	Senate	Added as Chief Co-Sponsor Sen. Mattie Hunter
6/5/2007	Senate	Judicial Note Filed as amended by House Amendment No. 3, from the Supreme Court of Illinois, Administrative Office of the Illinois Courts.
6/6/2007	Senate	Housing Affordability Impact Note Filed as amended by House Amendment No. 3, from the Illinois Housing Development Authority.
6/22/2007	Senate	Fiscal Note Filed as amended by House Amendment No. 3, from the Illinois Department of Financial and Professional Regulation.(Dated May 31, 2007)
6/22/2007	Senate	Fiscal Note Filed as amended by House Amendment No. 3, from the Illinois Department of Financial and Professional Regulation.(Dated June 20, 2007)
12/3/2007	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Rules
1/13/2009	Senate	Session Sine Die

	Judicial Note (Admin Office of the Illinois Courts)
	This legislation would neither increase nor decrease the number of judges needed in the judicial branch.

	Housing Affordability Impact Note (Housing Development Authority)
	This legislation will have no effect on constructing, purchasing, owning, or selling a single-family residence.

	Fiscal Note (Financial & Professional Regulation)
	SB 1674 has an approximate annual negative fiscal impact of $7,860,000 on the Illinois Department of Financial and Professional Regulation.

	Adds reference to:
	30 ILCS 105/5.675 new