Bill Status of HB 4521   97th General Assembly

Short Description:  RESIDENT MORTGAGE LICENSE

House Sponsors
Rep. Barbara Flynn Currie-Jehan A. Gordon-Monique D. Davis-Elizabeth Hernandez-Maria Antonia Berrios, William Davis, Arthur Turner, Camille Y. Lilly, Kenneth Dunkin and Esther Golar

Senate Sponsors
(Sen. Jacqueline Y. Collins)


Last Action  View All Actions

DateChamber Action
  8/3/2012HousePublic Act . . . . . . . . . 97-0891

Statutes Amended In Order of Appearance
205 ILCS 635/1-4
205 ILCS 635/2-2
205 ILCS 635/2-3A new
205 ILCS 635/2-4from Ch. 17, par. 2322-4
205 ILCS 635/4-5from Ch. 17, par. 2324-5
205 ILCS 635/7-1A
205 ILCS 635/7-11
205 ILCS 635/7-13
215 ILCS 155/23from Ch. 73, par. 1423
765 ILCS 77/70
765 ILCS 77/72
765 ILCS 77/73
765 ILCS 77/74

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. Defines "loan modification" and "short sale facilitation". Authorizes the Director of the Division of Banking of the Department of Financial and Professional Regulation to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry. Provides that residential mortgage license applicants may be required to furnish information to the Nationwide Mortgage Licensing System and Registry. Provides that each application for a license or for the renewal of a license shall be accompanied by an averment stating that the applicant will not charge or collect advance payments from borrowers or homeowners for engaging in loan modification or short sale facilitation. Amends the Residential Real Property Disclosure Act. Provides that, for each loan, a broker or loan originator must submit information concerning the borrower's debt to income ratio for inclusion in the predatory lending database. Effective immediately, except that certain provisions take effect on January 1, 2013.

House Committee Amendment No. 1
Deletes reference to:
765 ILCS 77/73
765 ILCS 77/74
Adds reference to:
205 ILCS 635/3-2from Ch. 17, par. 2323-2
205 ILCS 635/4-8.2

Replaces everything after the enacting clause with substantially similar provisions to the introduced bill, but makes the following changes: (1) further amends the Residential Mortgage License Act of 1987 as follows: (a) provides that "mortgage loan originator" includes an individual engaged in loan modification activities (rather than loan modification and short sale facilitation activities); (b) provides that a mortgage loan originator engaged in loan modification activities shall report those activities to the Department of Financial and Professional Regulation in the manner provided by the Department; (c) provides that each application for a license or for the renewal of a license shall be accompanied by an averment stating that the applicant will not charge or collect advance payments from borrowers or homeowners for engaging in loan modification (rather than loan modification or short sale facilitation); (d) deletes language providing that compilation financial statements submitted by a licensed loan broker in place of an audit conducted by the Secretary of Financial and Professional Regulation shall be prepared by an independent certified public accountant; (e) provides that a licensee who files a report with the Department that another licensee is engaged in one or more violations of the Act shall not be the subject of disciplinary action by the Department, unless the Department determines that the reporting person knowingly and willingly participated in the violation; (f) provides that it is unlawful for any individual who holds a mortgage loan originator license to provide short sale facilitation services unless he or she holds a license under the Real Estate License Act of 2000; (g) removes language providing that a real estate licensee who facilitates a short sale for and is the listing agent for a residential property is exempt from the Act; and (h) makes other changes; and (2) further amends the Residential Real Property Disclosure Act as follows: (a) provides that, for each loan, a broker or loan originator must submit the borrower's total monthly consumer debt (rather than the borrower's debt to income ratio) for inclusion in the predatory lending database; and (b) makes other changes. Effective January 1, 2013.

House Floor Amendment No. 2
Further amends the Residential Real Property Disclosure Act. Provides that, as used in an Article concerning a predatory lending database, "originator" means a "mortgage loan originator" as defined in the Residential Mortgage License Act of 1987, except an exempt person. Provides that, as used in that Article, "exempt person" means any person or entity that does not originate mortgage loans in the ordinary course of business, but makes or acquires residential mortgage loans with his or her own funds for his or her own investment without intent to make, acquire, or resell more than 3 residential mortgage loans in any one calendar year.

Senate Floor Amendment No. 1
Provides that the Act takes effect immediately, except that certain provisions take effect January 1, 2013.

Actions 
DateChamber Action
  1/31/2012HouseFiled with the Clerk by Rep. Marlow H. Colvin
  1/31/2012HouseFirst Reading
  1/31/2012HouseReferred to Rules Committee
  2/7/2012HouseAssigned to Consumer Protection Committee
  2/27/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Marlow H. Colvin
  2/27/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  2/28/2012HouseHouse Committee Amendment No. 1 Rules Refers to Consumer Protection Committee
  2/28/2012HouseHouse Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
  2/28/2012HouseDo Pass as Amended / Short Debate Consumer Protection Committee; 015-006-000
  2/29/2012HousePlaced on Calendar 2nd Reading - Short Debate
  2/29/2012HouseAdded Chief Co-Sponsor Rep. Jehan A. Gordon
  2/29/2012HouseAdded Chief Co-Sponsor Rep. Monique D. Davis
  2/29/2012HouseAdded Chief Co-Sponsor Rep. Elizabeth Hernandez
  2/29/2012HouseAdded Chief Co-Sponsor Rep. Maria Antonia Berrios
  3/1/2012HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Marlow H. Colvin
  3/1/2012HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/5/2012HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
  3/6/2012HouseSecond Reading - Short Debate
  3/6/2012HouseHouse Floor Amendment No. 2 Adopted by Voice Vote
  3/6/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/8/2012HouseThird Reading - Short Debate - Passed 068-047-000
  3/8/2012HouseAdded Co-Sponsor Rep. William Davis
  3/8/2012HouseAdded Co-Sponsor Rep. Arthur Turner
  3/8/2012HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  3/8/2012HouseAdded Co-Sponsor Rep. Kenneth Dunkin
  3/8/2012HouseAdded Co-Sponsor Rep. Esther Golar
  3/21/2012SenateArrive in Senate
  3/21/2012SenatePlaced on Calendar Order of First Reading
  3/21/2012SenateChief Senate Sponsor Sen. John J. Cullerton
  3/21/2012SenateAdded as Alternate Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/21/2012SenateFirst Reading
  3/21/2012SenateReferred to Assignments
  4/11/2012SenateAssigned to Executive
  4/18/2012SenateHeld in Executive
  4/26/2012SenateDo Pass Executive; 011-002-000
  4/26/2012SenatePlaced on Calendar Order of 2nd Reading May 1, 2012
  5/18/2012SenateSecond Reading
  5/18/2012SenatePlaced on Calendar Order of 3rd Reading May 21, 2012
  5/21/2012SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John J. Cullerton
  5/21/2012SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/22/2012SenateSenate Floor Amendment No. 1 Assignments Refers to Executive
  5/23/2012SenateSenate Floor Amendment No. 1 Recommend Do Adopt Executive; 015-000-000
  5/24/2012SenateSponsor Removed Sen. Jacqueline Y. Collins
  5/24/2012SenateAlternate Chief Sponsor Changed to Sen. Jacqueline Y. Collins
  5/25/2012SenateRule 2-10 Third Reading Deadline Established As May 31, 2012
  5/30/2012SenateRecalled to Second Reading
  5/30/2012SenateSenate Floor Amendment No. 1 Adopted; Cullerton
  5/30/2012SenatePlaced on Calendar Order of 3rd Reading
  5/30/2012SenateThird Reading - Passed; 032-021-000
  5/30/2012HouseArrived in House
  5/30/2012HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/31/2012HouseChief Sponsor Changed to Rep. Barbara Flynn Currie
  5/31/2012HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Barbara Flynn Currie
  5/31/2012HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/31/2012HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 005-000-000
  5/31/2012HouseSenate Floor Amendment No. 1 House Concurs 066-052-000
  5/31/2012HousePassed Both Houses
  6/29/2012HouseSent to the Governor
  8/3/2012HouseGovernor Approved
  8/3/2012HouseEffective Date August 3, 2012; - Some Parts Effective January 01, 2013
  8/3/2012HousePublic Act . . . . . . . . . 97-0891

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