Illinois General Assembly - Bill Status for HB0856
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 Bill Status of HB0856  96th General Assembly


House Sponsors
Rep. Kevin Joyce

Last Action
DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 635/3-7from Ch. 17, par. 2323-7

Synopsis As Introduced
Amends the Residential Mortgage Licensing Act of 1987. Provides that whenever a licensee seeks to transfer or sell the servicing of a residential mortgage, the licensee must retain a 25% interest in the servicing of the residential mortgage. Effective immediately.

House Committee Amendment No. 1
Deletes reference to:
205 ILCS 635/3-7from Ch. 17, par. 2323-7
Adds reference to:
205 ILCS 5/32.5 new
205 ILCS 105/1-6g new
205 ILCS 205/6005.5 new
205 ILCS 305/51.5 new

Replaces everything after the enacting clause. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Provides that a bank, savings and loan association, savings bank, or credit union organized under the laws of the State that is a lender for a residential mortgage must retain a permanent 25% interest in the value of the loan.

DateChamber Action
  2/9/2009HouseFiled with the Clerk by Rep. Kevin Joyce
  2/10/2009HouseFirst Reading
  2/10/2009HouseReferred to Rules Committee
  2/18/2009HouseAssigned to Financial Institutions Committee
  3/10/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
  3/10/2009HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  3/10/2009HouseMotion Do Pass as Amended - Lost Financial Institutions Committee; 003-013-000
  3/10/2009HouseRemains in Financial Institutions Committee
  3/13/2009HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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