Full Text of SB2908 93rd General Assembly
SB2908eng 93RD GENERAL ASSEMBLY
|
|
|
SB2908 Engrossed |
|
LRB093 18470 SAS 44184 b |
|
| 1 |
| AN ACT concerning financial regulation.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Residential Mortgage License Act of 1987 is | 5 |
| amended by changing Sections 1-3, 2-3, 2-4, 2-6, 3-1, 3-2, 3-4, | 6 |
| 3-5, 4-1, and 4-5 and by adding Sections 4-9.1 and 4-15 as | 7 |
| follows:
| 8 |
| (205 ILCS 635/1-3) (from Ch. 17, par. 2321-3)
| 9 |
| Sec. 1-3. Necessity for License; Scope of Act.
| 10 |
| (a) No person, partnership, association, corporation or | 11 |
| other entity
shall engage in the business of brokering, | 12 |
| funding, originating, servicing
or purchasing of residential | 13 |
| mortgage loans without first obtaining a
license from the | 14 |
| Commissioner in accordance with the licensing procedure
| 15 |
| provided in this Article I and such regulations as may be | 16 |
| promulgated by
the Commissioner. The licensing provisions of | 17 |
| this Section shall not apply
to any entity engaged solely in | 18 |
| commercial mortgage lending or
to any person, partnership | 19 |
| association, corporation or other entity
exempted pursuant to | 20 |
| Section 1-4, subsection (d), of this Act or in accordance
with | 21 |
| regulations promulgated by the Commissioner hereunder.
| 22 |
| (b) No person, partnership, association, corporation, or | 23 |
| other entity
except a licensee under this Act or an entity | 24 |
| exempt from licensing
pursuant to Section 1-4, subsection (d), | 25 |
| of this Act shall do any business
under any name or title, or | 26 |
| circulate or use any advertising or make any
representation or | 27 |
| give any information to any person, which indicates or
| 28 |
| reasonably implies activity within the scope
of this Act.
| 29 |
| (c) The Commissioner may, through the Attorney General, | 30 |
| request the circuit
court of either Cook or Sangamon County to | 31 |
| issue an injunction to restrain
any person from violating or | 32 |
| continuing to violate any of the foregoing
provisions of this |
|
|
|
SB2908 Engrossed |
- 2 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| Section.
| 2 |
| (d) When the Commissioner has reasonable cause to believe | 3 |
| that any
entity which has not submitted an application for | 4 |
| licensure is conducting
any of the activities described in | 5 |
| subsection (a) hereof, the Commissioner
shall have the power to | 6 |
| examine all books and records of the entity and any
additional | 7 |
| documentation necessary in order to determine whether such
| 8 |
| entity should become licensed under this Act.
| 9 |
| (e) Any person, partnership, association, corporation or | 10 |
| other entity
who violates any provision of this Section commits | 11 |
| a business offense and
shall be fined an amount not to exceed | 12 |
| $25,000
$5,000 .
| 13 |
| (f) Each person, partnership, association, corporation or | 14 |
| other entity
conducting activities regulated by this Act shall | 15 |
| be issued one license.
Each office, place of business or | 16 |
| location at which a residential mortgage
licensee conducts any | 17 |
| part of his or her business must
be recorded with the | 18 |
| Commissioner pursuant to Section 2-8 of this Act.
| 19 |
| (g) Licensees under this Act shall solicit, broker, fund, | 20 |
| originate,
service and purchase residential mortgage loans | 21 |
| only in conformity with the
provisions of this Act and such | 22 |
| rules and regulations as may be promulgated
by the | 23 |
| Commissioner.
| 24 |
| (h) This Act applies to all entities doing business in | 25 |
| Illinois as
residential mortgage bankers, as defined by "An Act | 26 |
| to provide for the
regulation of mortgage bankers", approved | 27 |
| September 15, 1977, as amended,
regardless of whether licensed | 28 |
| under that or any prior Act. Any existing
residential mortgage | 29 |
| lender or residential mortgage broker in Illinois
whether or | 30 |
| not previously licensed, must operate in accordance with this | 31 |
| Act.
| 32 |
| (i) This Act is a successor Act to and a continuance of the | 33 |
| regulation
of residential mortgage bankers provided in, "An Act | 34 |
| to provide for the
regulation of mortgage bankers", approved | 35 |
| September 15, 1977, as amended.
| 36 |
| Entities and persons subject to the predecessor Act shall |
|
|
|
SB2908 Engrossed |
- 3 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| be subject to
this Act from and after its effective date.
| 2 |
| (Source: P.A. 86-137; 87-642.)
| 3 |
| (205 ILCS 635/2-3) (from Ch. 17, par. 2322-3)
| 4 |
| Sec. 2-3. Application form.
| 5 |
| (a) Application for a residential mortgage license must be | 6 |
| made in
accordance with Section 2-6. The application shall be | 7 |
| in writing, under oath,
and on a form obtained from and | 8 |
| prescribed by the Commissioner.
| 9 |
| (b) The application shall contain the name and complete | 10 |
| business and
residential address or addresses of the license | 11 |
| applicant. If the license
applicant is a partnership, | 12 |
| association, corporation or other form of
business | 13 |
| organization, the application shall contain the names and | 14 |
| complete
business and residential addresses of each member, | 15 |
| director and principal
officer thereof. Such application shall | 16 |
| also include a description of the
activities of the license | 17 |
| applicant, in such detail and for such periods,
as the | 18 |
| Commissioner may require, including all of the following:
| 19 |
| (1) An affirmation of financial solvency noting such | 20 |
| capitalization
requirements as may be required by the | 21 |
| Commissioner, and access to such
credit as may be required | 22 |
| by the Commissioner.
| 23 |
| (2) An affirmation that the license applicant or its | 24 |
| members, directors or
principals as may be appropriate, are | 25 |
| at least 18 years of age.
| 26 |
| (3) Information as to the character, fitness, | 27 |
| financial and business
responsibility, background, | 28 |
| experience, and criminal record of any
(i) person, entity, | 29 |
| or ultimate equitable owner that owns or controls,
directly | 30 |
| or indirectly, any amount of
10% or more of any class of | 31 |
| stock of the license
applicant; (ii) person, entity, or | 32 |
| ultimate equitable owner that is not a
depository | 33 |
| institution, as defined in Section 1007.50 of the Savings | 34 |
| Bank
Act, that lends, provides, or infuses, directly or | 35 |
| indirectly, in any way,
funds to or into a license |
|
|
|
SB2908 Engrossed |
- 4 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| applicant, in an amount equal to or more than 10% of
the | 2 |
| license applicant's net worth; (iii) person, entity, or | 3 |
| ultimate equitable
owner that controls, directly or | 4 |
| indirectly, the election of 25% or more of the
members of | 5 |
| the board of directors of a license applicant; or (iv) | 6 |
| person,
entity, or ultimate equitable owner that the | 7 |
| Commissioner finds influences
management of the license | 8 |
| applicant.
| 9 |
| (4) Upon written request by the licensee and | 10 |
| notwithstanding the
provisions of paragraphs (1), (2), and | 11 |
| (3) of this subsection, the Commissioner
may permit the | 12 |
| licensee to omit all or part of the information required by
| 13 |
| those paragraphs if, in lieu of the omitted information, | 14 |
| the licensee submits
an affidavit stating that the | 15 |
| information submitted on the licensee's previous
renewal | 16 |
| application is still true and accurate. The Commissioner | 17 |
| may
promulgate rules prescribing the form and content of | 18 |
| the affidavit that are
necessary to accomplish the purposes | 19 |
| of this Section.
| 20 |
| (5) Such other information as required by regulations | 21 |
| of the
Commissioner.
| 22 |
| (Source: P.A. 89-355, eff. 8-17-95.)
| 23 |
| (205 ILCS 635/2-4) (from Ch. 17, par. 2322-4)
| 24 |
| Sec. 2-4. Averments of Licensee. Each application for | 25 |
| license or for the
renewal of a license shall be accompanied by | 26 |
| the following averments stating
that the applicant:
| 27 |
| (a) Will maintain at least one full service office | 28 |
| within the
State of Illinois pursuant to Section 3-4 of | 29 |
| this Act;
| 30 |
| (b) Will maintain staff reasonably adequate to meet the | 31 |
| requirements of
Section 3-4 of this Act;
| 32 |
| (c) Will keep and maintain for 36 months the same | 33 |
| written records
as required by the federal Equal Credit | 34 |
| Opportunity Act, and any other
information required by | 35 |
| regulations of the Commissioner regarding any home
|
|
|
|
SB2908 Engrossed |
- 5 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| mortgage in the course of the conduct of its residential | 2 |
| mortgage business;
| 3 |
| (d) Will file with the Commissioner, when due, any | 4 |
| report or reports
which it is required to file under any of | 5 |
| the provisions of this Act;
| 6 |
| (e) Will not engage, whether as principal or agent, in | 7 |
| the practice of
rejecting residential mortgage | 8 |
| applications without reasonable cause, or
varying terms or | 9 |
| application procedures without reasonable cause, for home
| 10 |
| mortgages on real estate within any specific geographic | 11 |
| area from the terms
or procedures generally provided by the | 12 |
| licensee within other geographic
areas of the State;
| 13 |
| (f) Will not engage in fraudulent home mortgage | 14 |
| underwriting practices;
| 15 |
| (g) Will not make payment, whether directly or | 16 |
| indirectly, of any kind
to any in house or fee appraiser of | 17 |
| any government or private money lending
agency with which | 18 |
| an application for a home mortgage has been filed for the
| 19 |
| purpose of influencing the independent judgment of the | 20 |
| appraiser with respect
to the value of any real estate | 21 |
| which is to be covered by such home mortgage;
| 22 |
| (h) Has filed tax returns (State and Federal) for the | 23 |
| past 3
years or filed with the Commissioner an accountant's | 24 |
| or attorney's
statement as to why no return was filed;
| 25 |
| (i) Will not engage in any discrimination or redlining | 26 |
| activities
prohibited by Section 3-8 of this Act;
| 27 |
| (j) Will not knowingly make any false promises likely | 28 |
| to influence or
persuade, or pursue a course of | 29 |
| misrepresentation and false promises
through agents, | 30 |
| solicitors, advertising or otherwise;
| 31 |
| (k) Will not knowingly misrepresent, circumvent or | 32 |
| conceal, through
whatever subterfuge or device, any of the | 33 |
| material particulars or the
nature thereof, regarding a | 34 |
| transaction to which it is a party to the
injury of another | 35 |
| party thereto;
| 36 |
| (l) Will disburse funds in accordance with its |
|
|
|
SB2908 Engrossed |
- 6 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| agreements;
| 2 |
| (m) Has not committed a crime against the law of this | 3 |
| State, any other
state or of the United States, involving | 4 |
| moral turpitude, fraudulent or
dishonest dealing, and that | 5 |
| no final judgment has been entered against it in
a civil | 6 |
| action upon grounds of fraud, misrepresentation or deceit | 7 |
| which has
not been previously reported to the Commissioner;
| 8 |
| (n) Will account or deliver to any person any personal | 9 |
| property such as
money, fund, deposit, check, draft, | 10 |
| mortgage, other document or thing of
value, which has come | 11 |
| into its possession, and which is not its property,
or | 12 |
| which it is not in law or equity entitled to retain under | 13 |
| the
circumstances, at the time which has been agreed upon | 14 |
| or is required
by law, or, in the absence of a fixed time, | 15 |
| upon demand of the person
entitled to such accounting and | 16 |
| delivery;
| 17 |
| (o) Has not engaged in any conduct which would be cause | 18 |
| for denial of a
license;
| 19 |
| (p) Has not become insolvent;
| 20 |
| (q) Has not submitted an application for a license | 21 |
| under this Act which
contains a material misstatement;
| 22 |
| (r) Has not demonstrated by course of conduct, | 23 |
| negligence or incompetence
in performing any act for which | 24 |
| it is required to hold a license under this
Act;
| 25 |
| (s) Will advise the Commissioner in writing of any | 26 |
| changes to the
information submitted on the most recent | 27 |
| application for license within 30
days of said change. The | 28 |
| written notice must be signed in the same form as
the | 29 |
| application for license being amended;
| 30 |
| (t) Will comply with the provisions of this Act, or | 31 |
| with any lawful
order, rule or regulation made or issued | 32 |
| under the provisions of this Act;
| 33 |
| (u) Will submit to periodic examination by the | 34 |
| Commissioner as required
by this Act;
| 35 |
| (v) Will advise the Commissioner in writing of | 36 |
| judgments entered
against, and bankruptcy petitions by, |
|
|
|
SB2908 Engrossed |
- 7 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| the license applicant within 5
days of occurrence;
| 2 |
| (w) Will advise the Commissioner in writing within 30 | 3 |
| days when the
license applicant requests a licensee under | 4 |
| this Act to repurchase a loan, and
the circumstances | 5 |
| therefor; and
| 6 |
| (x) Will advise the Commissioner in writing within 30 | 7 |
| days when the
license applicant is requested by another | 8 |
| entity to repurchase a loan, and the
circumstances | 9 |
| therefor ;
.
| 10 |
| (y) Will at all times act in a manner consistent with | 11 |
| subsections (a) and
(b) of Section 1-2 of this Act ;
.
| 12 |
| (z)
(x) Will not knowingly hire or employ a loan | 13 |
| originator who is
not registered with the Commissioner as | 14 |
| required under Section 7-1 of this Act ; and | 15 |
| (z-1) Will not knowingly employ or otherwise permit, | 16 |
| except with prior written consent of the Commissioner, an | 17 |
| individual to serve as an officer, director, or employee | 18 |
| for the licensee if the individual has been convicted of a | 19 |
| felony or any criminal offense relating to dishonesty or | 20 |
| breach of trust .
| 21 |
| A licensee who fails to fulfill obligations of an averment, | 22 |
| to comply with
averments made, or otherwise violates any of the | 23 |
| averments made under this
Section shall be subject to the | 24 |
| penalties in Section 4-5 of this Act.
| 25 |
| (Source: P.A. 93-561, eff. 1-1-04; revised 10-9-03.)
| 26 |
| (205 ILCS 635/2-6) (from Ch. 17, par. 2322-6)
| 27 |
| Sec. 2-6. License issuance and renewal; fee.
| 28 |
| (a) Beginning July 1, 2003, licenses shall be renewed every | 29 |
| year on the
anniversary of the date of issuance of the original | 30 |
| license.
Properly completed renewal application forms and | 31 |
| filing fees must be received
by the Commissioner 60 days prior | 32 |
| to the renewal date.
| 33 |
| (b) It shall be the responsibility of each licensee to | 34 |
| accomplish renewal
of its license; failure of the licensee to | 35 |
| receive renewal forms absent a
request sent by certified mail |
|
|
|
SB2908 Engrossed |
- 8 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| for such forms will not waive said
responsibility. Failure by a | 2 |
| licensee to submit a properly completed
renewal application | 3 |
| form and fees in a timely fashion, absent a written
extension | 4 |
| from the Commissioner, will result in the assessment of
| 5 |
| additional fees, as follows:
| 6 |
| (1) A fee of $750 will be assessed to the licensee 30 | 7 |
| days
after the
proper renewal date and $1,500 each month | 8 |
| thereafter, until the
license is
either renewed or expires | 9 |
| pursuant to Section 2-6, subsections (c) and (d),
of this | 10 |
| Act.
| 11 |
| (2) Such fee will be assessed without prior notice to | 12 |
| the licensee, but
will be assessed only in cases wherein | 13 |
| the Commissioner has in his or her
possession documentation | 14 |
| of the licensee's continuing activity for which
the | 15 |
| unrenewed license was issued.
| 16 |
| (c) A license which is not renewed by the date required in | 17 |
| this Section
shall automatically become inactive. No activity | 18 |
| regulated by this Act
shall be conducted by the licensee when a | 19 |
| license becomes inactive. The Commissioner may require the | 20 |
| licensee to provide a plan for the disposition of any | 21 |
| residential mortgage loans not closed or funded when the | 22 |
| license becomes inactive. The Commissioner may approve the | 23 |
| licensee conducting activities regulated by this Act with an | 24 |
| inactive license for the sole purpose of assisting borrowers in | 25 |
| the closing or funding of loans for which the licensee had an | 26 |
| active license at the time the loan application was taken from | 27 |
| a borrower. An
inactive license may be reactivated by filing a | 28 |
| completed reactivation
application with the Commissioner upon
| 29 |
| , payment of the renewal fee, and payment
of a reactivation fee | 30 |
| equal to the renewal fee.
| 31 |
| (d) A license which is not renewed within one year of | 32 |
| becoming inactive
shall expire.
| 33 |
| (e) A licensee ceasing an activity or activities regulated | 34 |
| by this Act
and desiring to no longer be licensed shall so | 35 |
| inform the Commissioner in
writing and, at the same time, | 36 |
| convey the license and all other symbols or
indicia of |
|
|
|
SB2908 Engrossed |
- 9 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| licensure. The licensee shall include a plan for the withdrawal
| 2 |
| from regulated business, including a timetable for the | 3 |
| disposition of the
business. Upon receipt of such written | 4 |
| notice, the Commissioner shall issue
a certified statement | 5 |
| canceling the license.
| 6 |
| (Source: P.A. 93-32, eff. 7-1-03; 93-561, eff. 1-1-04; revised | 7 |
| 9-23-03.)
| 8 |
| (205 ILCS 635/3-1) (from Ch. 17, par. 2323-1)
| 9 |
| Sec. 3-1. Bonds of licensees.
| 10 |
| (a) Every licensee, with respect to any person appointed or | 11 |
| elected
to any position requiring the receipt of payment, | 12 |
| management, or use of money
belonging to a residential mortgage | 13 |
| licensee engaged in the activities of
originating, servicing, | 14 |
| or purchasing mortgage loans or whose duties permit him
or her | 15 |
| to have access to or custody of any of its money or securities | 16 |
| or
custody of any money or securities belonging to third | 17 |
| parties or whose duties
permit him or her regularly to make | 18 |
| entries in the books or other records of a
licensee, shall, | 19 |
| before assuming his or her duties, maintain a fidelity bond in
| 20 |
| the amount of $100,000 by some fidelity insurance company | 21 |
| licensed to do
business in this State.
| 22 |
| (b) Each bond shall be for any loss the licensee may | 23 |
| sustain in money or
other property through the commission of | 24 |
| any dishonest or criminal act or
omission by any person | 25 |
| required to be bonded, whether committed alone or in
concert | 26 |
| with another. The bond shall be in the form and amount approved
| 27 |
| by the Commissioner who may at any time require one or more | 28 |
| additional
bonds. A true copy of every bond, including all | 29 |
| riders and endorsements
executed subsequent to the effective | 30 |
| date of the bond, shall be filed at
all times with the | 31 |
| Commissioner. Each bond shall provide that a
cancellation | 32 |
| thereof shall not become effective unless and until
30 days | 33 |
| notice in writing first shall have been given to the | 34 |
| Commissioner
unless he or she shall have approved the | 35 |
| cancellation earlier.
If the Commissioner believes the |
|
|
|
SB2908 Engrossed |
- 10 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| licensee's business is being conducted in
an unsafe manner due | 2 |
| to the lack of bonds or the inadequacy of bonds,
he or she may | 3 |
| proceed against the licensee as provided for in Section 4-5.
| 4 |
| (c) All licensees shall maintain a bond in accordance with | 5 |
| this subsection.
Each bond shall be for the recovery of | 6 |
| expenses, fines, or fees due to or
levied by the Commissioner | 7 |
| in accordance with this Act. The bond shall be
payable when the | 8 |
| licensee fails to comply with any provisions of this Act and
| 9 |
| shall be in the form of a surety or licensure bond in the | 10 |
| amount and form as
prescribed by the Commissioner pursuant to | 11 |
| rules and regulations. The bond
shall be payable to the Office | 12 |
| of Banks and Real Estate and shall be issued by some insurance | 13 |
| company
authorized to do business in this State. A copy of the | 14 |
| bond, including any and
all riders and endorsements executed | 15 |
| subsequent to the effective date of the
bond, shall be placed | 16 |
| on file with the Office of Banks and Real Estate within 10 days | 17 |
| of the
execution thereof.
| 18 |
| (d) The Commissioner may promulgate rules with respect to | 19 |
| bonding
requirements for residential mortgage licensees that | 20 |
| are
reasonable and necessary to accomplish the purposes of this | 21 |
| Act.
| 22 |
| (e) The Commissioner may require licensees to maintain a | 23 |
| bond for errors and omissions in performing activities | 24 |
| regulated by this Act.
| 25 |
| (Source: P.A. 89-508, eff. 7-3-96.)
| 26 |
| (205 ILCS 635/3-2) (from Ch. 17, par. 2323-2)
| 27 |
| Sec. 3-2. Annual audit.
| 28 |
| (a) At the licensee's fiscal year-end, but in no
case more | 29 |
| than 12 months after the last audit conducted pursuant to this
| 30 |
| Section, except as otherwise provided in this Section, it shall | 31 |
| be
mandatory for each residential mortgage licensee to
cause | 32 |
| its books and accounts to be audited by a certified public | 33 |
| accountant
not connected with such licensee. The books and | 34 |
| records of all licensees
under this Act shall be maintained on | 35 |
| an accrual basis. The audit must be
sufficiently comprehensive |
|
|
|
SB2908 Engrossed |
- 11 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| in scope to permit
the expression of an opinion on the | 2 |
| financial statements, which must be
prepared in accordance with | 3 |
| generally accepted accounting principles, and
must be | 4 |
| performed in accordance with generally accepted auditing | 5 |
| standards. Notwithstanding
the requirements of this | 6 |
| subsection, a licensee that is a first tier subsidiary
may | 7 |
| submit audited consolidated financial statements of its parent | 8 |
| as long as
the consolidated statements are supported by | 9 |
| consolidating statements. The
licensee's chief financial | 10 |
| officer shall attest to the licensee's financial
statements | 11 |
| disclosed in the consolidating statements.
| 12 |
| (b) As used herein, the term "expression of opinion" | 13 |
| includes either
(1) an unqualified opinion, (2) a qualified | 14 |
| opinion, (3) a disclaimer of
opinion, or (4) an adverse | 15 |
| opinion.
| 16 |
| (c) If a qualified or adverse opinion is expressed or if an | 17 |
| opinion is
disclaimed, the reasons therefore must be fully | 18 |
| explained. An opinion,
qualified as to a scope limitation, | 19 |
| shall not be acceptable.
| 20 |
| (d) The most recent audit report shall be filed with the
| 21 |
| Commissioner within 90 days after the end of the licensee's | 22 |
| fiscal year. The report
filed with the Commissioner shall be | 23 |
| certified by the certified public
accountant conducting the | 24 |
| audit. The Commissioner may promulgate rules
regarding late | 25 |
| audit reports.
| 26 |
| (e) If any licensee required to make an audit shall fail to | 27 |
| cause an
audit to be made, the Commissioner shall cause the | 28 |
| same to be made by a
certified public accountant at the | 29 |
| licensee's expense. The Commissioner
shall select such | 30 |
| certified public accountant by advertising for bids or
by such | 31 |
| other fair and impartial means as he or she establishes by | 32 |
| regulation.
| 33 |
| (f) In lieu of the audit or compilation financial statement | 34 |
| required by this Section, a licensee shall submit and the | 35 |
| Commissioner may
accept any audit made in conformance with the | 36 |
| audit
requirements of the U.S. Department of Housing and Urban |
|
|
|
SB2908 Engrossed |
- 12 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| Development.
| 2 |
| (g) With respect to licensees who solely broker residential | 3 |
| mortgage
loans after the effective date of this amendatory Act | 4 |
| of the 93rd General Assembly, as defined in subsection (o) of | 5 |
| Section 1-4, instead of the audit
required by this Section, the | 6 |
| Commissioner may
accept
for a period no later than 2 years | 7 |
| after the effective date of this amendatory Act of the 93rd | 8 |
| General Assembly compilation financial statements prepared at | 9 |
| least every 12 months, and
the compilation financial statement | 10 |
| must be prepared by an independent
certified public accountant | 11 |
| licensed under the Illinois Public Accounting Act or by an | 12 |
| equivalent state licensing law
with full disclosure in | 13 |
| accordance with generally accepted accounting
principals and | 14 |
| must be submitted within 90 days after the end of
the | 15 |
| licensee's fiscal year. If a
licensee
under this Section fails | 16 |
| to file a compilation as required, the Commissioner
shall cause | 17 |
| an audit of the licensee's books and accounts to be made by a
| 18 |
| certified public accountant at the licensee's expense. The | 19 |
| Commissioner shall
select the certified public accountant by | 20 |
| advertising for bids or by such other
fair and impartial means | 21 |
| as he or she establishes by rule. A licensee who
files false or | 22 |
| misleading compilation financial statements is guilty of a
| 23 |
| business offense and shall be fined not less than $5,000.
| 24 |
| (h) The workpapers of the certified public accountants | 25 |
| employed
by each
licensee for purposes of this Section are to | 26 |
| be made available to the
Commissioner or the Commissioner's | 27 |
| designee upon request and may be
reproduced by the Commissioner | 28 |
| or the Commissioner's designee to enable to
the Commissioner to | 29 |
| carry out the purposes of this Act.
| 30 |
| (i) Notwithstanding any other provision of this Section, if | 31 |
| a licensee
relying on subsection (g) of this Section causes its | 32 |
| books to be audited at any
other time or causes its financial | 33 |
| statements to be reviewed, a complete copy
of the audited or | 34 |
| reviewed financial statements shall be delivered to the
| 35 |
| Commissioner at the time of the annual license renewal payment | 36 |
| following
receipt by the licensee of the audited or reviewed |
|
|
|
SB2908 Engrossed |
- 13 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| financial statements. All workpapers shall be made available to | 2 |
| the
Commissioner upon request. The financial statements and | 3 |
| workpapers may be
reproduced by the Commissioner or the | 4 |
| Commissioner's designee to carry out the
purposes of this Act.
| 5 |
| (Source: P.A. 93-561, eff. 1-1-04.)
| 6 |
| (205 ILCS 635/3-4) (from Ch. 17, par. 2323-4)
| 7 |
| Sec. 3-4. Office and staff within the State.
| 8 |
| (a) A licensee whose principal place of business is located | 9 |
| in the State
of Illinois shall
maintain at least one full | 10 |
| service office with
staff reasonably adequate to handle | 11 |
| efficiently communications, questions,
and all other matters | 12 |
| relating to any application for a home mortgage or an
existing | 13 |
| home mortgage with respect
to which such licensee is performing | 14 |
| services, regardless of kind, for any
borrower or lender, note | 15 |
| owner or holder, or for himself or herself while
engaged in the | 16 |
| residential
mortgage business. The location and operation of a | 17 |
| full service office shall be in compliance with any applicable | 18 |
| zoning laws or ordinances and home office or business | 19 |
| regulations.
| 20 |
| (b) In lieu of maintaining a full service office in the | 21 |
| State of
Illinois,
a licensee whose principal place of business | 22 |
| is located outside the
State of Illinois
must submit a | 23 |
| certified audit as required in Section 3-2 of this Act
| 24 |
| evidencing a minimum net worth of $100,000, which must be | 25 |
| maintained at all
times, and shall submit and maintain a | 26 |
| fidelity bond in the amount of
$100,000.
| 27 |
| (Source: P.A. 89-355, eff. 8-17-95; 90-301, eff. 8-1-97; | 28 |
| 90-772, eff. 1-1-99.)
| 29 |
| (205 ILCS 635/3-5) (from Ch. 17, par. 2323-5)
| 30 |
| Sec. 3-5. Net worth requirement. A licensee that holds a | 31 |
| license on the
effective date of this amendatory Act of the | 32 |
| 93rd General Assembly shall have and
maintain a net worth of | 33 |
| not less than $100,000; however, no later than 2
years after | 34 |
| the effective date of this amendatory
Act of the 93rd General |
|
|
|
SB2908 Engrossed |
- 14 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| Assembly, the licensee must maintain a net worth of not
less | 2 |
| than $150,000. A licensee that first obtains a license after | 3 |
| the effective
date of this amendatory Act of the 93rd General | 4 |
| Assembly must have and maintain
a net worth of not less than | 5 |
| $150,000.
Notwithstanding other requirements of this Section, | 6 |
| the net worth
requirement for a residential mortgage licensee | 7 |
| whose
only licensable
activity is that of brokering residential | 8 |
| mortgage loans and that holds a
license on the effective date | 9 |
| of this amendatory Act of the 93rd General
Assembly shall be | 10 |
| $35,000; however, no later than 2 years after the
effective | 11 |
| date of this amendatory
Act of the 93rd General Assembly, the | 12 |
| licensee must maintain a net worth of
not less than $50,000. | 13 |
| Such a licensee that first obtains a license after the
| 14 |
| effective date of this amendatory Act of the 93rd General | 15 |
| Assembly
must have and maintain a net worth of not less than | 16 |
| $50,000.
Net worth shall be evidenced by a balance sheet | 17 |
| prepared by a certified
public accountant in accordance with | 18 |
| generally accepted accounting principles
and generally | 19 |
| accepted auditing standards or by the compilation financial
| 20 |
| statements authorized under subsection (g) of Section 3-2. The | 21 |
| Commissioner
may promulgate
rules with respect to net worth | 22 |
| definitions
and requirements for residential mortgage | 23 |
| licensees as necessary to
accomplish the purposes of this Act. | 24 |
| In promulgating such rules, the Commissioner may consider | 25 |
| establishing separate net worth requirements for | 26 |
| not-for-profit entities or their affiliates that are serving | 27 |
| economically depressed or financially underserved areas. In | 28 |
| lieu of the net worth requirement
established by this Section, | 29 |
| the Commissioner may accept evidence of
conformance by the | 30 |
| licensee with the net worth requirements of the United
States | 31 |
| Department of Housing and Urban Development.
| 32 |
| (Source: P.A. 93-561, eff. 1-1-04.)
| 33 |
| (205 ILCS 635/4-1) (from Ch. 17, par. 2324-1)
| 34 |
| Sec. 4-1. Commissioner of Banks and Real Estate; functions, | 35 |
| powers, and duties. The functions,
powers, and duties of the |
|
|
|
SB2908 Engrossed |
- 15 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| Commissioner of Banks and Real Estate shall include the | 2 |
| following:
| 3 |
| (a) To issue or refuse to issue any license as provided by | 4 |
| this Act;
| 5 |
| (b) To revoke or suspend for cause any license issued under | 6 |
| this Act;
| 7 |
| (c) To keep records of all licenses issued under this Act;
| 8 |
| (d) To receive, consider, investigate, and act upon | 9 |
| complaints made by
any person in connection with any | 10 |
| residential mortgage licensee in this State;
| 11 |
| (e) To consider and act upon any recommendations from the | 12 |
| Residential
Mortgage Board;
| 13 |
| (f) To prescribe the forms of and receive:
| 14 |
| (1) applications for licenses; and
| 15 |
| (2) all reports and all books and records required to | 16 |
| be made by
any licensee under this Act, including annual | 17 |
| audited financial statements
and annual reports of | 18 |
| mortgage activity;
| 19 |
| (g) To adopt rules and regulations necessary and proper for | 20 |
| the
administration of this Act;
| 21 |
| (h) To subpoena documents and witnesses and compel their | 22 |
| attendance and
production, to administer oaths, and to require | 23 |
| the production of any books,
papers, or other materials | 24 |
| relevant to any inquiry authorized by this Act;
| 25 |
| (i) To require information with regard to any license | 26 |
| applicant
as he or she may deem desirable, with due regard to | 27 |
| the paramount interests
of the public as to the experience, | 28 |
| background, honesty, truthfulness,
integrity, and competency | 29 |
| of the license applicant as to financial
transactions involving | 30 |
| primary or subordinate mortgage financing, and where
the | 31 |
| license applicant is an entity other than an individual, as to | 32 |
| the
honesty, truthfulness, integrity, and competency of any | 33 |
| officer or director
of the corporation, association, or other | 34 |
| entity, or the members of a
partnership;
| 35 |
| (j) To examine the books and records of every licensee | 36 |
| under this Act at
intervals as specified in Section 4-2;
|
|
|
|
SB2908 Engrossed |
- 16 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| (k) To enforce provisions of this Act;
| 2 |
| (l) To levy fees, fines, and charges for services performed | 3 |
| in administering
this Act; the aggregate of all fees collected | 4 |
| by the Commissioner on and after
the effective date of this Act | 5 |
| shall be paid promptly after receipt of the
same, accompanied | 6 |
| by a detailed statement thereof, into the Savings and
| 7 |
| Residential Finance Regulatory Fund; the amounts deposited | 8 |
| into that Fund shall
be used for the ordinary and contingent | 9 |
| expenses of the Office of Banks and
Real Estate. Nothing in | 10 |
| this Act shall prevent continuing the practice of paying
| 11 |
| expenses involving salaries, retirement, social security, and | 12 |
| State-paid
insurance of State officers by appropriation from | 13 |
| the General Revenue Fund.
| 14 |
| (m) To appoint examiners, supervisors, experts, and | 15 |
| special assistants as
needed to effectively and efficiently | 16 |
| administer this Act; and
| 17 |
| (n) To conduct hearings for the purpose of:
| 18 |
| (1) appeals of orders of the Commissioner;
| 19 |
| (2) suspensions or revocations of licenses, or fining | 20 |
| of licensees;
| 21 |
| (3) investigating:
| 22 |
| (i) complaints against licensees; or
| 23 |
| (ii) annual gross delinquency rates; and
| 24 |
| (4) carrying out the purposes of this Act ;
.
| 25 |
| (o) To exercise exclusive visitorial power over a licensee | 26 |
| and to permit a foreign residential mortgage regulator with an | 27 |
| appropriate supervisory interest in the parent or affiliate of | 28 |
| a licensee to exercise exclusive visitorial power over a | 29 |
| licensee; | 30 |
| (p) To enter into cooperative agreements with state | 31 |
| regulatory authorities of other states to provide for | 32 |
| examination of corporate offices or branches of those states | 33 |
| and to accept reports of such examinations; | 34 |
| (q) To assign an examiner or examiners to monitor the | 35 |
| affairs of a licensee with whatever frequency the Commissioner | 36 |
| determines appropriate and to charge the licensee for |
|
|
|
SB2908 Engrossed |
- 17 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| reasonable and necessary expenses of the Commissioner, if in | 2 |
| the opinion of the Commissioner an emergency exists or appears | 3 |
| likely to occur; and | 4 |
| (r) To impose civil penalties of up to $50 per day against | 5 |
| a licensee for failing to respond to a regulatory request or | 6 |
| reporting requirement.
| 7 |
| (Source: P.A. 89-355, eff. 8-17-95; 89-508, eff. 7-3-96.)
| 8 |
| (205 ILCS 635/4-5) (from Ch. 17, par. 2324-5)
| 9 |
| Sec. 4-5. Suspension, revocation of licenses; fines.
| 10 |
| (a) Upon written notice to a licensee, the Commissioner may | 11 |
| suspend
or revoke any license issued pursuant to this Act if he | 12 |
| or she shall make a
finding of one or more of the following in | 13 |
| the notice that:
| 14 |
| (1) Through separate acts or an act or a course of | 15 |
| conduct, the licensee
has violated any provisions of this | 16 |
| Act, any rule or regulation
promulgated by the Commissioner | 17 |
| or of any other law, rule or regulation of
this State or | 18 |
| the United States.
| 19 |
| (2) Any fact or condition exists which, if it had | 20 |
| existed at the time of
the original application for such | 21 |
| license would have warranted the
Commissioner in refusing | 22 |
| originally to issue such license.
| 23 |
| (3) If a licensee is other than an individual, any | 24 |
| ultimate
equitable owner, officer, director, or member of | 25 |
| the licensed partnership,
association, corporation, or | 26 |
| other entity has so acted or failed to act as
would be | 27 |
| cause for suspending or revoking a license to that party as | 28 |
| an
individual.
| 29 |
| (b) No license shall be suspended or revoked, except as | 30 |
| provided in this
Section, nor shall any licensee be fined | 31 |
| without notice of his or her right
to a hearing as provided in | 32 |
| Section 4-12 of this Act.
| 33 |
| (c) The Commissioner, on good cause shown that an emergency | 34 |
| exists, may
suspend any license for a period not
exceeding 180 | 35 |
| days, pending investigation. Upon a showing that a
licensee has |
|
|
|
SB2908 Engrossed |
- 18 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| failed to meet the experience or educational requirements of
| 2 |
| Section 2-2 or the requirements of subsection (g) of Section | 3 |
| 3-2, the
Commissioner shall suspend, prior to hearing as | 4 |
| provided in Section 4-12, the
license until those requirements | 5 |
| have been met.
| 6 |
| (d) The provisions of subsection (e) of Section 2-6 of this | 7 |
| Act
shall not affect a licensee's civil or criminal liability
| 8 |
| for acts committed prior to surrender of a license.
| 9 |
| (e) No revocation, suspension or surrender of any license | 10 |
| shall impair
or affect the obligation of any pre-existing | 11 |
| lawful contract between the
licensee and any person.
| 12 |
| (f) Every license issued under this Act shall remain in | 13 |
| force and effect
until the same shall have expired without | 14 |
| renewal, have been surrendered,
revoked or suspended in | 15 |
| accordance with the provisions of this Act, but the
| 16 |
| Commissioner shall have authority to reinstate a suspended | 17 |
| license or to
issue a new license to a licensee whose license | 18 |
| shall have been revoked if
no fact or condition then exists | 19 |
| which would have warranted the
Commissioner in refusing | 20 |
| originally to issue such license under this Act.
| 21 |
| (g) Whenever the Commissioner shall revoke or suspend a | 22 |
| license issued
pursuant to this Act or fine a licensee under | 23 |
| this Act, he or she shall
forthwith execute in duplicate a | 24 |
| written order to that effect. The
Commissioner shall publish | 25 |
| notice of such order in the Illinois Register
and a newspaper | 26 |
| of general circulation in the county in which the license
is | 27 |
| located and shall forthwith serve a copy of such order upon the
| 28 |
| licensee. Any such order may be reviewed in the manner provided | 29 |
| by
Section 4-12 of this Act.
| 30 |
| (h) When the Commissioner finds any person in violation of | 31 |
| the grounds
set forth in subsection (i), he or she may enter an | 32 |
| order imposing one or
more of the following penalties:
| 33 |
| (1) Revocation of license;
| 34 |
| (2) Suspension of a license subject to reinstatement | 35 |
| upon satisfying all
reasonable conditions the Commissioner | 36 |
| may specify;
|
|
|
|
SB2908 Engrossed |
- 19 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| (3) Placement of the licensee or applicant on probation | 2 |
| for a period of
time and subject to all reasonable | 3 |
| conditions as the Commissioner may specify;
| 4 |
| (4) Issuance of a reprimand;
| 5 |
| (5) Imposition of a fine not to exceed $25,000 for each
| 6 |
| count of
separate offense; and
| 7 |
| (6) Denial of a license.
| 8 |
| (i) The following acts shall constitute grounds for which | 9 |
| the
disciplinary actions specified in subsection (h) above may | 10 |
| be taken:
| 11 |
| (1) Being convicted or found guilty, regardless of | 12 |
| pendency of an
appeal, of a crime in any jurisdiction which | 13 |
| involves fraud, dishonest
dealing, or any other act of | 14 |
| moral turpitude;
| 15 |
| (2) Fraud, misrepresentation, deceit or negligence in | 16 |
| any mortgage
financing transaction;
| 17 |
| (3) A material or intentional misstatement of fact on | 18 |
| an initial or
renewal application;
| 19 |
| (4) Failure to follow the Commissioner's regulations | 20 |
| with respect to
placement of funds in escrow accounts;
| 21 |
| (5) Insolvency or filing under any provision of the | 22 |
| Bankruptcy Code
as a debtor;
| 23 |
| (6) Failure to account or deliver to any person any | 24 |
| property such as any
money, fund, deposit, check, draft, | 25 |
| mortgage, or other document or thing of
value, which has | 26 |
| come into his or her hands and which is not his or her
| 27 |
| property or which he or she is not in law or equity | 28 |
| entitled to retain,
under the circumstances and at the time | 29 |
| which has been agreed upon or is
required by law or, in the | 30 |
| absence of a fixed time, upon demand of the
person entitled | 31 |
| to such accounting and delivery;
| 32 |
| (7) Failure to disburse funds in accordance with | 33 |
| agreements;
| 34 |
| (8) Any misuse, misapplication, or misappropriation of | 35 |
| trust funds
or escrow funds;
| 36 |
| (9) Having a license, or the equivalent, to practice |
|
|
|
SB2908 Engrossed |
- 20 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| any profession or
occupation revoked, suspended, or | 2 |
| otherwise acted against, including the
denial of licensure | 3 |
| by a licensing authority of this State or another
state, | 4 |
| territory or country for fraud, dishonest dealing or any | 5 |
| other act
of moral turpitude;
| 6 |
| (10) Failure to issue a satisfaction of mortgage when | 7 |
| the residential
mortgage has been executed and proceeds | 8 |
| were not disbursed to the benefit
of the mortgagor and when | 9 |
| the mortgagor has fully paid licensee's costs
and | 10 |
| commission;
| 11 |
| (11) Failure to comply with any order of the | 12 |
| Commissioner or rule made
or issued under the provisions of | 13 |
| this Act;
| 14 |
| (12) Engaging in activities regulated by this Act | 15 |
| without a current,
active license unless specifically | 16 |
| exempted by this Act;
| 17 |
| (13) Failure to pay in a timely manner any fee, charge | 18 |
| or fine under
this Act;
| 19 |
| (14) Failure to maintain, preserve, and keep available | 20 |
| for examination,
all books, accounts or other documents | 21 |
| required by the provisions of this
Act and the rules of the | 22 |
| Commissioner;
| 23 |
| (15) Refusal to permit an investigation or examination | 24 |
| of the licensee's
or its affiliates' books and records or | 25 |
| refusal to comply with the
Commissioner's subpoena or | 26 |
| subpoena duces tecum;
| 27 |
| (16) A pattern of substantially underestimating the | 28 |
| maximum closing costs;
| 29 |
| (17) Failure to comply with or violation of any | 30 |
| provision of this Act.
| 31 |
| (j) A licensee shall be subject to the disciplinary actions | 32 |
| specified in
this Act for violations of subsection (i) by any | 33 |
| officer, director,
shareholder, joint venture, partner, | 34 |
| ultimate equitable owner, or employee
of the licensee.
| 35 |
| (k) Such licensee shall be subject to suspension or | 36 |
| revocation for
employee actions only if there is a pattern of |
|
|
|
SB2908 Engrossed |
- 21 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| repeated violations by
employees or the licensee has knowledge | 2 |
| of the violations.
| 3 |
| (l) Procedure for surrender of license:
| 4 |
| (1) The Commissioner may, after 10 days notice by | 5 |
| certified mail to the
licensee at the address set forth on | 6 |
| the license, stating the contemplated
action and in general | 7 |
| the grounds therefor and the date, time and place of
a | 8 |
| hearing thereon, and after providing the licensee with a | 9 |
| reasonable
opportunity to be heard prior to such action, | 10 |
| fine such licensee an amount
not exceeding $25,000
$10,000 | 11 |
| per violation, or revoke or suspend any license
issued | 12 |
| hereunder if he or she finds that:
| 13 |
| (i) The licensee has failed to comply with any | 14 |
| provision of this Act or
any order, decision, finding, | 15 |
| rule, regulation or direction of the
Commissioner | 16 |
| lawfully made pursuant to the authority of this Act; or
| 17 |
| (ii) Any fact or condition exists which, if it had | 18 |
| existed at the time
of the original application for the | 19 |
| license, clearly would have warranted
the Commissioner | 20 |
| in refusing to issue the license.
| 21 |
| (2) Any licensee may surrender a license by delivering | 22 |
| to the
Commissioner written notice that he or she thereby | 23 |
| surrenders such license,
but surrender shall not affect the | 24 |
| licensee's civil or criminal liability
for acts committed | 25 |
| prior to surrender or entitle the licensee to a return
of | 26 |
| any part of the license fee.
| 27 |
| (Source: P.A. 93-561, eff. 1-1-04.)
| 28 |
| (205 ILCS 635/4-9.1 new) | 29 |
| Sec. 4-9.1. Annual report of mortgage activity. On or | 30 |
| before March 1 of each year, each licensee, except residential | 31 |
| mortgage loan brokers, shall file a report with the | 32 |
| Commissioner that shall disclose the following information | 33 |
| with respect to the immediately preceding calendar year: | 34 |
| (a) A list of home mortgages granted, issued, originated or | 35 |
| closed during the report period, with respect to which such |
|
|
|
SB2908 Engrossed |
- 22 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| licensee has had any connection. This list shall show each | 2 |
| census tract, in regions where such census tracts have been | 3 |
| established, and by zip code in all other regions, the number | 4 |
| and aggregate dollar amount of applications for, and the number | 5 |
| granted and aggregate dollar amount of: | 6 |
| (1) Conventional mortgage loans; | 7 |
| (2) Mortgage loans issued under the National Housing | 8 |
| Act, Title 12, United States Code, Chapter 13; and | 9 |
| (3) Mortgage loans guaranteed under the provisions of | 10 |
| the Federal Veteran's Benefit Act, Title 38, United States | 11 |
| Code, Chapter 37, Subchapter II. | 12 |
| (b) List by zip code in those areas having no census tract: | 13 |
| (1) The total number of home mortgages on real estate | 14 |
| situated in this State with respect to which the licensee | 15 |
| has had any connection and which are in default on the last | 16 |
| day of the reporting period; and | 17 |
| (2) The total number of claims paid during the | 18 |
| reporting period on home mortgages with respect to which | 19 |
| the licensee has had any connection, including the date of | 20 |
| the first default thereon and the date each such | 21 |
| foreclosure proceeding was instituted. | 22 |
| (c) If the Commissioner finds that another report that the | 23 |
| licensee is required to compile is equivalent to the Annual | 24 |
| Report of Mortgage Activity, then the Commissioner may accept | 25 |
| that report as fulfilling the reporting requirements of this | 26 |
| Section. The report required pursuant to the Home Mortgage | 27 |
| Disclosure Act of 1975, 12 U.S.C., 2801 et seq. and Federal | 28 |
| Reserve Board Regulation C, 12 C.F.R. Part 203, is an example | 29 |
| of a report that the Commissioner may find fulfills the | 30 |
| requirements of this Section, if the Commissioner finds the | 31 |
| report equivalent to the Annual Report of Mortgage Activity. | 32 |
| (d) The Commissioner may also require by rules that | 33 |
| licensees report such additional information as is necessary to | 34 |
| assure strict compliance with this Act. | 35 |
| Notwithstanding the exemption from licensure provided for | 36 |
| service corporations of certain savings institutions and |
|
|
|
SB2908 Engrossed |
- 23 - |
LRB093 18470 SAS 44184 b |
|
| 1 |
| subsidiaries or affiliates of certain banks and foreign banking | 2 |
| corporations in clauses (viii) and (ix) of paragraph (1) of | 3 |
| subsection (d) of Section 1-4, such service corporations, | 4 |
| subsidiaries or affiliates shall file the annual report of | 5 |
| mortgage activity required by this Section. | 6 |
| (205 ILCS 635/4-15 new) | 7 |
| Sec. 4-15. Returned checks; fees. Any person who delivers a | 8 |
| check or other payment to the Commissioner that is returned to | 9 |
| the Commissioner unpaid by the financial institution upon which | 10 |
| it is drawn shall pay to the Commissioner, in addition to the | 11 |
| amount already owed to the Commissioner, a fee of $50. The | 12 |
| Commissioner shall notify the person that payment of fees and | 13 |
| fines shall be paid to the Commissioner by certified check or | 14 |
| money order within 30 calendar days of the notification. If, | 15 |
| after the expiration of 30 days from the date of the | 16 |
| notification, the person has failed to submit the necessary | 17 |
| remittance, the Commissioner shall automatically terminate the | 18 |
| license or certificate of registration or deny the application, | 19 |
| without a hearing. If, after termination or denial, the person | 20 |
| seeks a license or certificate of registration, he or she shall | 21 |
| apply to the Commissioner for restoration or issuance of the | 22 |
| license or certificate of registration and pay all expenses of | 23 |
| processing this application. The Commissioner may establish a | 24 |
| fee for the processing of an application for restoration of a | 25 |
| license to pay all the expenses of processing this application. | 26 |
| The Commissioner may waive the fees due under this Section in | 27 |
| individual cases where the Commissioner finds that the fees | 28 |
| would be unreasonable or unnecessarily burdensome.
|
|