Date	Chamber	Action
7/14/2011	Senate	Public Act . . . . . . . . . 97-0143

Statutes Amended In Order of Appearance

205 ILCS 635/1-3

from Ch. 17, par. 2321-3

205 ILCS 635/1-4

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. In a provision concerning definitions, that an "exempt person or entity" shall also mean 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 or its own investment without intent to make, acquire, or resell more than 3 residential mortgage loans in any one calendar year. Makes other changes. Effective immediately.

Senate Committee Amendment No. 1
Provides that an individual acting as a mortgage loan originator under this Act shall be subject to a determination by the U.S. Department of Housing and Urban Development through final rulemaking or other authorized agency determination under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Makes corresponding changes.

Actions 

Date	Chamber	Action
2/9/2011	Senate	Filed with Secretary by Sen. Michael W. Frerichs
2/9/2011	Senate	First Reading
2/9/2011	Senate	Referred to Assignments
2/23/2011	Senate	Assigned to Financial Institutions
3/15/2011	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Michael W. Frerichs
3/15/2011	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/16/2011	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
3/17/2011	Senate	Senate Committee Amendment No. 1 Adopted
3/17/2011	Senate	Do Pass as Amended Financial Institutions; 010-000-000
3/17/2011	Senate	Placed on Calendar Order of 2nd Reading March 29, 2011
4/8/2011	Senate	Second Reading
4/8/2011	Senate	Placed on Calendar Order of 3rd Reading April 11, 2011
4/14/2011	Senate	Third Reading - Passed; 055-000-000
4/14/2011	House	Arrived in House
4/14/2011	House	Placed on Calendar Order of First Reading
4/14/2011	House	Chief House Sponsor Rep. Thomas Holbrook
4/14/2011	House	First Reading
4/14/2011	House	Referred to Rules Committee
5/3/2011	House	Assigned to Housing Committee
5/12/2011	House	Do Pass / Short Debate Housing Committee; 013-000-000
5/12/2011	House	Placed on Calendar 2nd Reading - Short Debate
5/16/2011	House	Second Reading - Short Debate
5/16/2011	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/17/2011	House	Third Reading - Short Debate - Passed 114-000-000
5/17/2011	Senate	Passed Both Houses
6/15/2011	Senate	Sent to the Governor
7/14/2011	Senate	Governor Approved
7/14/2011	Senate	Effective Date July 14, 2011
7/14/2011	Senate	Public Act . . . . . . . . . 97-0143

Back To Top