Illinois General Assembly - Bill Status for SB1440
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 Bill Status of SB1440  99th General Assembly

Short Description:  REAL ESTATE LIC ACT-AUCTIONEER

Senate Sponsors
Sen. Jacqueline Y. Collins

House Sponsors
(Rep. Arthur Turner - William Davis - Camille Y. Lilly - La Shawn K. Ford - Marcus C. Evans, Jr., Pamela Reaves-Harris and Elgie R. Sims, Jr.)

Last Action
DateChamber Action
  8/10/2015SenatePublic Act . . . . . . . . . 99-0331

Statutes Amended In Order of Appearance
225 ILCS 454/1-10
225 ILCS 454/5-32


Synopsis As Introduced
Amends the Real Estate License Act of 2000. Provides that a grandfathered auctioneer must only hold a real estate auction certification if the grandfathered auctioneer performs licensed activities in a transaction in which a licensed auctioneer with a real estate certification is providing specified limited services. Defines "grandfathered auctioneer". Effective immediately.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause with the provisions of the introduced bill, but with the following changes: Provides that a grandfathered auctioneer must only hold a real estate auction certification if the grandfathered auctioneer sells or leases real estate at auction in a transaction in which a licensed auctioneer with a real estate certification is providing specified limited services. Effective immediately.

House Committee Amendment No. 1
Deletes reference to:
225 ILCS 454/1-10
225 ILCS 454/5-32
Adds reference to:
New Act
20 ILCS 105/4.01from Ch. 23, par. 6104.01
205 ILCS 5/5a rep.
205 ILCS 5/6.1 rep.
205 ILCS 5/6.2 rep.
205 ILCS 205/1010 rep.
205 ILCS 305/46from Ch. 17, par. 4447
205 ILCS 305/46.1 rep.
205 ILCS 305/46.2 rep.
205 ILCS 635/5-5A new
205 ILCS 635/5-5 rep.
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z

Replaces everything after the enacting clause. Creates the Reverse Mortgage Act. Establishes requirements for lenders of reverse mortgages, establishes disclosure requirements, requires a 3-day cooling-off period before a borrower can be bound by the loan terms, and prohibits certain activities by lenders. Amends the Attorney General Act. Provides that the Office of the Attorney General shall develop documents regarding reverse mortgage loans for the purpose of consumer education. Provides that only the Attorney General may enforce violations of the Act. Amends the Illinois Act on the Aging, the Illinois Banking Act, the Savings Bank Act, the Illinois Credit Union Act, and the Residential Mortgage License Act of 1987 to remove references to non-recourse reverse mortgage loans. Amends the Residential Mortgage License Act of 1987. Provides that any violation of the Reverse Mortgage Act by a residential mortgage licensee shall be considered a violation of the Residential Mortgage License Act of 1987. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that any person who knowingly violates the Reverse Mortgage Act commits an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act.

House Committee Amendment No. 2
Makes changes to the notice required and the requirements of lenders under the Act. Provides that no lender may (1) offer an annuity to the borrower before the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement; (2) refer the borrower to anyone for the purchase of an annuity before the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage agreement; or (3) provide marketing information or annuity sales leads to anyone regarding the prospective borrower or borrower before the closing of the reverse mortgage or before the expiration of the right of the borrower to rescind the reverse mortgage loan. Provides that the provisions of the Act shall not prohibit a borrower from using the loan proceeds to purchase products or services from a lender that is a financial institution in the ordinary course of the financial institution's business.

House Committee Amendment No. 3
Defines "business day" as any calendar day except Saturday, Sunday, or a State or federal holiday.

Actions 
DateChamber Action
  2/20/2015SenateFiled with Secretary by Sen. John M. Sullivan
  2/20/2015SenateFirst Reading
  2/20/2015SenateReferred to Assignments
  3/3/2015SenateAssigned to Licensed Activities and Pensions
  3/10/2015SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan
  3/10/2015SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/11/2015SenateSenate Committee Amendment No. 1 Assignments Refers to Licensed Activities and Pensions
  3/11/2015SenateSenate Committee Amendment No. 1 Adopted
  3/12/2015SenateDo Pass as Amended Licensed Activities and Pensions; 008-000-000
  3/12/2015SenatePlaced on Calendar Order of 2nd Reading March 17, 2015
  3/18/2015SenateSecond Reading
  3/18/2015SenatePlaced on Calendar Order of 3rd Reading March 19, 2015
  3/26/2015SenateThird Reading - Passed; 049-000-000
  3/27/2015HouseArrived in House
  4/13/2015HouseChief House Sponsor Rep. Robert Rita
  4/14/2015HouseFirst Reading
  4/14/2015HouseReferred to Rules Committee
  5/12/2015HouseAlternate Chief Sponsor Changed to Rep. Arthur Turner
  5/13/2015HouseFinal Action Deadline Extended-9(b) May 22, 2015
  5/13/2015HouseAssigned to Financial Institutions Committee
  5/13/2015HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Arthur Turner
  5/13/2015HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/13/2015HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Arthur Turner
  5/13/2015HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  5/13/2015HouseHouse Committee Amendment No. 3 Filed with Clerk by Rep. Arthur Turner
  5/13/2015HouseHouse Committee Amendment No. 3 Referred to Rules Committee
  5/14/2015HouseAdded Alternate Chief Co-Sponsor Rep. Marcus C. Evans, Jr.
  5/18/2015HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
  5/18/2015HouseHouse Committee Amendment No. 2 Rules Refers to Financial Institutions Committee
  5/18/2015HouseHouse Committee Amendment No. 3 Rules Refers to Financial Institutions Committee
  5/19/2015HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  5/19/2015HouseHouse Committee Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote
  5/19/2015HouseHouse Committee Amendment No. 3 Adopted in Financial Institutions Committee; by Voice Vote
  5/19/2015HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 017-000-000
  5/20/2015HousePlaced on Calendar 2nd Reading - Short Debate
  5/21/2015HouseSecond Reading - Short Debate
  5/21/2015HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/21/2015SenateChief Sponsor Changed to Sen. Jacqueline Y. Collins
  5/22/2015HouseAdded Alternate Chief Co-Sponsor Rep. La Shawn K. Ford
  5/22/2015HouseAdded Alternate Chief Co-Sponsor Rep. Camille Y. Lilly
  5/22/2015HouseAdded Alternate Chief Co-Sponsor Rep. William Davis
  5/22/2015HouseFinal Action Deadline Extended-9(b) May 31, 2015
  5/28/2015HouseThird Reading - Short Debate - Passed 116-000-000
  5/28/2015HouseAdded Alternate Co-Sponsor Rep. Pamela Reaves-Harris
  5/28/2015HouseAdded Alternate Co-Sponsor Rep. Elgie R. Sims, Jr.
  5/28/2015SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2, 3
  5/28/2015SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2, 3 - May 29, 2015
  5/28/2015SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
  5/28/2015SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/28/2015SenateHouse Committee Amendment No. 2 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
  5/28/2015SenateHouse Committee Amendment No. 2 Motion to Concur Referred to Assignments
  5/28/2015SenateHouse Committee Amendment No. 3 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
  5/28/2015SenateHouse Committee Amendment No. 3 Motion to Concur Referred to Assignments
  5/29/2015SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions
  5/29/2015SenateHouse Committee Amendment No. 2 Motion to Concur Assignments Referred to Financial Institutions
  5/29/2015SenateHouse Committee Amendment No. 3 Motion to Concur Assignments Referred to Financial Institutions
  5/29/2015SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 007-000-000
  5/29/2015SenateHouse Committee Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 007-000-000
  5/29/2015SenateHouse Committee Amendment No. 3 Motion To Concur Recommended Do Adopt Financial Institutions; 007-000-000
  5/31/2015SenateHouse Committee Amendment No. 1 Senate Concurs 058-000-000
  5/31/2015SenateHouse Committee Amendment No. 2 Senate Concurs 058-000-000
  5/31/2015SenateHouse Committee Amendment No. 3 Senate Concurs 058-000-000
  5/31/2015SenateSenate Concurs 058-000-000
  5/31/2015SenatePassed Both Houses
  6/29/2015SenateSent to the Governor
  8/10/2015SenateGovernor Approved
  8/10/2015SenateEffective Date January 1, 2016
  8/10/2015SenatePublic Act . . . . . . . . . 99-0331

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