MADIGAN,R-MOLARO. (COULSON-SAVIANO) 205 ILCS 635/1-3 from Ch. 17, par. 2321-3 205 ILCS 635/1-4 from Ch. 17, par. 2321-4 205 ILCS 635/4-1 from Ch. 17, par. 2324-1 205 ILCS 635/4-2 from Ch. 17, par. 2324-2 205 ILCS 635/4-8 from Ch. 17, par. 2324-8 205 ILCS 635/4-10 from Ch. 17, par. 2324-10 Amends the Residential Mortgage License Act of 1987. Provides that examinations of licensees shall be conducted for cause rather than merely on a periodic basis. Abolishes the exemption for licensees under the Real Estate License Act of 1983. Requires an entity to either have a physical presence in Illinois or not originate mortgage loans in its ordinary course of business to qualify for exemption related to volume of business. Provides that default rate provisions apply only to licensees that service, fund, or make credit decisions regarding mortgage loans. Prohibits the limitation of fees, if the fees are not in violation of law and are fully disclosed and subject to a written agreement. Requires the Commissioner of Banks and Real Estate to maintain a registry of employees of licensees. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 635/1-3 205 ILCS 635/4-1 205 ILCS 635/4-2 205 ILCS 635/4-8 205 ILCS 635/4-10 Deletes provisions in the bill relating to licenses for affiliates, registry of employees of licensees, circumstances for examinations, and delinquency rates, abolishing the exemption for licensees under the Real Estate License Act of 1983, and prohibiting the Commissioner from issuing rules limiting fees. FISCAL NOTE, S-AM 1 (Office of Banks & Real Estate) There would be little or no fiscal impact on the Office of Banks & Real Estate. There may be a decrease in the number of entities authorized to operate in Illinois; there would not be a measurable fiscal impact from those entities choosing to seek State licensure. HOUSING AFFORDABILITY IMPACT NOTE No fiscal effect on a single-family residence. STATE MANDATES ACT FISCAL NOTE SB 497 fails to create a State mandate. HOUSE AMENDMENT NO. 1. Adds reference to: 205 ILCS 635/3-2 from Ch. 17, par. 2323-2 205 ILCS 635/3-4 from Ch. 17, par. 2323-4 205 ILCS 635/6-2 from Ch. 17, par. 2326-2 205 ILCS 635/3-10 rep Further amends the Residential Mortgage License Act of 1987. Provides that a licensee's annual audit or compilation financial statement shall be filed with the Commissioner of Banks and Real Estate at the time of the license renewal payment rather than 90 days after the audit or compilation date. Provides that a licensee whose principal place of business is outside of Illinois may submit an audit and a fidelity bond instead of maintaining an office in Illinois. Abolishes the requirement that brokers must disclose the source of funds. Authorizes disciplinary action against persons who submit documents containing willful and material misstatements of facts used in connection with any licensable activity. FISCAL NOTE, H-AM 1 (Office of Banks & Real Estate) SB497 will have a negligible fiscal impact on the agency. FISCAL NOTE, H-AM 1 (Dpt. Commerce & Community Affairs) No fiscal impact on local gov't. or DCCA. STATE MANDATES ACT FISCAL NOTE, H-AM 1 No change from previous mandates note. 97-02-05 S FIRST READING 97-02-05 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-26 S ASSIGNED TO COMMITTEE LICENSED ACT. 97-03-05 S POSTPONED 97-03-12 S AMENDMENT NO. 01-LICENSED ACT. S 97-03-12 S ADOPTED 97-03-12 S DO PASS AS AMENDED 009-000-000 SLIC 97-03-12 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-13 97-03-13 S SECOND READING 97-03-13 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-14 97-03-17 S THIRD READING - PASSED 054-000-000 97-03-18 H ARRIVE IN HOUSE 97-03-18 H PLACED CALENDAR ORDER OF FIRST READING 97-03-19 H HOUSE SPONSOR SAVIANO 97-03-19 H FIRST READING 97-03-19 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-21 H ASSIGNED TO COMMITTEE REG & REG 97-04-09 H ALTERNATE PRIMARY SPONSOR CHANGED TO FRITCHEY 97-04-09 H ADDED AS A JOINT SPONSOR SAVIANO 97-05-01 H DO PASS/SHORT DEBATE 021-000-000 HREG 97-05-01 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-05-01 H FISCAL NOTE REQUESTED BLACK 97-05-01 H STATE MANDATES FISCAL NOTE REQUESTED BLACK 97-05-01 H HOUSING AFORDABLTY IMPCT NOTE REQUESTED BLACK 97-05-01 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-05 H FISCAL NOTE FILED AS AMENDED BY SA 1 97-05-05 H HOUSING AFORDABILITY IMPCT NOTE FILED 97-05-05 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-08 H STATE MANDATES FISCAL NOTE FILED 97-05-08 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-05-13 H RE-COMMITTED TO COMMITTEE RULES 98-02-25 H ALTERNATE PRIMARY SPONSOR CHANGED TO COULSON 98-03-11 H ASSIGNED TO COMMITTEE REG & REG 98-03-20 H AMENDMENT NO. 01-REGIS REGULAT H 98-03-20 H ADOPTED 98-03-20 H DO PASS AMENDED/SHORT DEBATE 024-000-000 HREG 98-03-20 H PLACED CALENDAR 2ND READING-SHORT DEBATE 98-04-23 H FISCAL NOTE REQUESTED AS AMENDED BY #1/LANG 98-04-23 H STATE MNDT FISCAL NOTE RQSTD AS AMENDED BY #1/LANG 98-04-23 H HOUS AFFORD IMPCT NOTE REQ AS AMENDED BY #1/LANG 98-04-23 H CALENDAR ORDER 2ND READING-SHORT DEBATE 98-04-30 H FISCAL NOTE FILED AS AMENDED BY #1 98-04-30 H STATE MANDATES FISCAL NOTE REQST-WITHDRN LANG 98-04-30 H HOUS AFFORD IMPCT NOTE REQ-WITHDRAWN LANG 98-04-30 H FISCAL NOTE FILED AS AMENDED 98-04-30 H STATE MNDT FISCAL NOTE FILED AS AMENDED 98-04-30 H SECOND READING-SHORT DEBATE 98-04-30 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 98-05-05 H THIRD READING/SHORT DEBATE/PASSED 113-000-002 98-05-06 S SECRETARYS DESK - CONCURRENCE 01 98-05-14 S FILED WITH SECRETARY 98-05-14 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/MADIGAN 98-05-14 S MOTION REFERRED TO SRUL 98-05-14 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/MADIGAN 98-05-14 S RULES REFERS TO SLIC 98-05-19 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/MADIGAN 98-05-19 S BE ADOPTED SLIC/006-000-000 98-05-19 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/MADIGAN 98-05-19 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01/055-000-001 98-05-19 S PASSED BOTH HOUSES 98-06-17 S SENT TO THE GOVERNOR 98-08-14 S GOVERNOR APPROVED 98-08-14 S EFFECTIVE DATE 99-01-01 98-08-14 S PUBLIC ACT.............................. 90-0772 END OF INQUIRY Full Text Bill Summary