SB0482ham004 94TH GENERAL ASSEMBLY

Rep. John A. Fritchey

Filed: 4/6/2006

09400SB0482ham004 LRB094 10608 RAS 58143 a

AMENDMENT TO SENATE BILL 482

AMENDMENT NO. ______. Amend Senate Bill 482, AS AMENDED, with reference to page and line numbers of House Amendment No. 2, by replacing lines 29 through 34 on page 3 and line 1 on page 4 with the following:

""Financial institution" means any bank, savings bank, savings and loan association, credit union, trust company, or subsidiary or affiliate thereof mortgage broker, mortgage banker, licensee under the Consumer Installment Loan Act or the Sales Finance Agency Act, or a corporate fiduciary, subsidiary, affiliate, parent company, or holding company of any such licensee, or any institution involved in real estate financing that is regulated by state or federal law."; and

on page 7, immediately below line 10, by inserting the following:

"(e) This Act does not apply to an employee of a financial institution when engaged in an evaluation of real property for the sole use of the financial institution in a transaction that is exempt from the requirements of Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, and the regulations promulgated thereunder.

(f) This Act does not apply to an employee of a licensee under the Consumer Installment Loan Act, the Sales Finance Agency Act, or the Residential Mortgage License Act of 1987 or the subsidiary or affiliate of such licensee, when engaged in an evaluation of real property for the sole use of the licensee."; and

on page 7, lines 11 and 13, by replacing "(e)" with "(g)" each time it appears; and

on page 7, line 16, by replacing "(f)" with "(h)".