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SB1347 Engrossed |
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LRB095 04890 LCT 24954 b |
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| comparable periods of maturity to the loan
maturity as of the |
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| fifteenth day of the month immediately preceding the month
in
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| which the application for the loan is received by the lender or |
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| (ii) the total
points
and fees payable by the consumer at or |
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| before closing will exceed the greater
of
5% of the total loan |
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| amount or $800. The $800 figure shall be adjusted annually
on |
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| January 1 by the annual percentage change in the Consumer Price |
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| Index for
All Urban Consumers for all items published by the |
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| United States Department of
Labor.
"High risk home loan"
does
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| not include a loan that is made primarily for a business |
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| purpose unrelated to
the
residential real property securing the |
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| loan or to an open-end credit plan
subject to
12 CFR 226 (2000, |
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| no subsequent amendments or editions are included).
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| "Home equity loan" means any loan secured by the borrower's |
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| primary
residence where the proceeds are not used as purchase |
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| money for the
residence.
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| "Lender" means a natural or artificial person who |
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| transfers, deals in,
offers, or makes a high risk home loan. |
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| "Lender" includes, but is not limited
to,
creditors and
brokers |
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| who transfer, deal in, offer, or make high risk home loans. |
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| "Lender"
does not include purchasers, assignees, or subsequent |
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| holders of high risk home
loans.
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| "Office" means the Office of Banks and Real Estate.
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| "Points and fees" means all items required to be disclosed |
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| as points and
fees under 12 CFR 226.32 (2000, no subsequent |
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| amendments or editions
included); the premium of any single |
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SB1347 Engrossed |
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LRB095 04890 LCT 24954 b |
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| premium credit life, credit disability,
credit
unemployment, |
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| or any other life or health insurance that is financed directly
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| or
indirectly into the loan; and compensation paid directly or |
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| indirectly to a
mortgage
broker, including a broker that |
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| originates a loan in its own name in a
table-funded
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| transaction, not otherwise included in 12 CFR 226.4. "Points |
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| and fees" does not include: (i) fees paid to the Veterans |
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| Administration required by law; (ii) fees paid to the Federal |
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| Housing Administration required by law; or (iii) fees paid to |
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| the United States Department of Agriculture's Rural |
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| Development Loan Program required by law.
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| "Reasonable" means fair, proper, just, or prudent under the |
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| circumstances.
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| "Servicer" means any entity chartered under the Illinois |
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| Banking Act, the
Savings Bank Act, the Illinois Credit Union |
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| Act, or the Illinois Savings and
Loan Act of 1985 and any |
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| person or entity licensed under the Residential
Mortgage |
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| License Act of 1987, the Consumer Installment Loan Act, or the |
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| Sales
Finance Agency Act who
is responsible for the collection |
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| or remittance for, or has the right or
obligation to collect or |
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| remit for, any lender, note owner, or note holder or
for a |
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| licensee's own account, of payments, interest, principal, and |
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| trust items
(such as hazard
insurance and taxes on a |
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| residential mortgage loan) in accordance with the
terms of the |
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| residential mortgage loan, including loan payment follow-up,
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| delinquency loan follow-up, loan analysis, and any |