Bill Status of HB5353  94th General Assembly

Short Description:  ANTI-PREDATORY LENDING

House Sponsors
Rep. Randall M. Hultgren

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
5 ILCS 140/7from Ch. 116, par. 207
765 ILCS 77/Art. 3 heading
765 ILCS 77/70
765 ILCS 77/72
765 ILCS 77/74
765 ILCS 77/76


Synopsis As Introduced
Amends the Predatory Lending Database Article of the Residential Real Property Disclosure Act. Changes certain references in the Article from "predatory lending database" to "anti-predatory lending database" and from "broker" and "originator" to "licensee". Changes time limits for taking various actions under the Act. Changes the conditions under which a licensee must resubmit information to the Department of Financial and Professional Regulation because of changes in the terms or other aspects of a loan. Provides that the licensee shall electronically transfer to the anti-predatory lending database all disclosure documents provided to the borrower. Makes changes regarding: information a licensee must submit for inclusion in the anti-predatory lending database for each loan for which the licensee takes an application; information a credit counselor must submit for inclusion in the anti-predatory lending database and other duties relating to review of the data entered the anti-predatory lending database by the licensee and comparison of the data to the application information and materials provided by the borrower; and information a title insurance company or closing agent must submit for inclusion in the anti-predatory lending database. Makes other changes. Amends the Freedom of Information Act to make a conforming change. Effective immediately.

Actions 
DateChamber Action
  1/26/2006HouseFiled with the Clerk by Rep. Randall M. Hultgren
  1/26/2006HouseFirst Reading
  1/26/2006HouseReferred to Rules Committee
  1/9/2007HouseSession Sine Die