HB4011sam003 96TH GENERAL ASSEMBLY

Sen. Kwame Raoul

Filed: 5/17/2009

09600HB4011sam003 LRB096 05294 MJR 26981 a

AMENDMENT TO HOUSE BILL 4011

AMENDMENT NO. ______. Amend House Bill 4011, AS AMENDED, in Section 5, Sec. 1-4, subsection (d), by deleting the following:

"(7) A nonprofit organization that is recognized as tax exempt under 26 U.S.C. 501(c)(3) whose primary activity is the construction, remodeling, or rehabilitation of homes for sale to and or use by low-income families is exempt from this Section provided that:

(A) the nonprofit organization makes no profit mortgage loans to low-income families; and

(B) no fees accrue directly to the nonprofit organization from those mortgage loans."; and

in Section 5, Sec. 7-1A, by replacing subsection (b) with the following:

"(b) In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the operability date for subsection (a) of this Section shall be as provided in this subsection (b). For this purpose, the Director may require submission of licensing information to the Nationwide Mortgage Licensing System and Registry prior to the operability dates designated by the Director pursuant to items (1) and (2) of this subsection (b).

(1) For all individuals other than individuals described in item (2) of this subsection (b), the operability date as designated by the Director shall be no later than July 31, 2010, or any date approved by the Secretary of the U.S. Department of Housing and Urban Development, pursuant to the authority granted under federal Public Law 110-289, Section 1508.

(2) For all individuals registered as loan originators as of the effective date of this amendatory Act of the 96th General Assembly, the operability date as designated by the Director shall be no later than January 1, 2011, or any date approved by the Secretary of the U.S. Department of Housing and Urban Development, pursuant to the authority granted under Public Law 110-289, Section 1508.

(3) For all individuals described in item (1) or (2) of this subsection (b) who are loss mitigation specialists employed by servicers, the operability date shall be July 31, 2011, or any date approved by the Secretary of the U.S. Department of Housing and Urban Development pursuant to authority granted under Public Law 110-289, Section 1508.".