Sen. Kwame Raoul

Filed: 5/17/2009

 

 


 

 


 
09600HB4011sam003 LRB096 05294 MJR 26981 a

1
AMENDMENT TO HOUSE BILL 4011

2     AMENDMENT NO. ______. Amend House Bill 4011, AS AMENDED, in
3 Section 5, Sec. 1-4, subsection (d), by deleting the following:
4     "(7) A nonprofit organization that is recognized as tax
5     exempt under 26 U.S.C. 501(c)(3) whose primary activity is
6     the construction, remodeling, or rehabilitation of homes
7     for sale to and or use by low-income families is exempt
8     from this Section provided that:
9             (A) the nonprofit organization makes no profit
10         mortgage loans to low-income families; and
11             (B) no fees accrue directly to the nonprofit
12         organization from those mortgage loans."; and
 
13 in Section 5, Sec. 7-1A, by replacing subsection (b) with the
14 following:
15     "(b) In order to facilitate an orderly transition to
16 licensing and minimize disruption in the mortgage marketplace,
17 the operability date for subsection (a) of this Section shall

 

 

09600HB4011sam003 - 2 - LRB096 05294 MJR 26981 a

1 be as provided in this subsection (b). For this purpose, the
2 Director may require submission of licensing information to the
3 Nationwide Mortgage Licensing System and Registry prior to the
4 operability dates designated by the Director pursuant to items
5 (1) and (2) of this subsection (b).
6         (1) For all individuals other than individuals
7     described in item (2) of this subsection (b), the
8     operability date as designated by the Director shall be no
9     later than July 31, 2010, or any date approved by the
10     Secretary of the U.S. Department of Housing and Urban
11     Development, pursuant to the authority granted under
12     federal Public Law 110-289, Section 1508.
13         (2) For all individuals registered as loan originators
14     as of the effective date of this amendatory Act of the 96th
15     General Assembly, the operability date as designated by the
16     Director shall be no later than January 1, 2011, or any
17     date approved by the Secretary of the U.S. Department of
18     Housing and Urban Development, pursuant to the authority
19     granted under Public Law 110-289, Section 1508.
20         (3) For all individuals described in item (1) or (2) of
21     this subsection (b) who are loss mitigation specialists
22     employed by servicers, the operability date shall be July
23     31, 2011, or any date approved by the Secretary of the U.S.
24     Department of Housing and Urban Development pursuant to
25     authority granted under Public Law 110-289, Section
26     1508.".