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91_SB0445sam001
LRB9102296JSksam
1 AMENDMENT TO SENATE BILL 445
2 AMENDMENT NO. . Amend Senate Bill 445 on page 1,
3 lines 2 and 6, by changing "2-2 and 2-4" each time it appears
4 to "2-2, 2-4, 2-9, and 4-2"; and
5 on page 6 by inserting immediately below line 6 the
6 following:
7 "(205 ILCS 635/2-9) (from Ch. 17, par. 2322-9)
8 Sec. 2-9. Posting of license. The license of a licensee
9 whose home office is within the State of Illinois or of an
10 out-of-state licensee shall be conspicuously posted in every
11 office of the licensee located in Illinois. Out-of-state
12 licensees without an Illinois office shall produce the
13 license upon request. Licensees originating loans on the
14 internet shall post on their internet web site their license
15 number and the address and telephone number of the
16 Commissioner. The license shall state the full name and
17 address of the licensee. The license shall not be
18 transferable or assignable. A separate certificate shall be
19 issued for posting in each full service Illinois office.
20 (Source: P.A. 86-137; 87-642.)
21 (205 ILCS 635/4-2) (from Ch. 17, par. 2324-2)
-2- LRB9102296JSksam
1 Sec. 4-2. Examination; prohibited activities.
2 (a) The business affairs of a licensee under this Act
3 shall be examined for compliance with this Act as often as
4 the Commissioner deems necessary and proper. The
5 Commissioner shall promulgate rules with respect to the
6 frequency and manner of examination. The Commissioner shall
7 appoint a suitable person to perform such examination. The
8 Commissioner and his appointees may examine the entire books,
9 records, documents, and operations of each licensee and may
10 examine any of the licensee's officers, directors, employees
11 and agents under oath.
12 (b) The Commissioner shall prepare a sufficiently full
13 and detailed report of each licensee's examination, shall
14 issue a copy of such report to each licensee's principals,
15 officers, or directors and shall take appropriate steps to
16 ensure correction of violations of this Act.
17 (c) Affiliates of a licensee shall be subject to
18 examination by the Commissioner on the same terms as the
19 licensee, but only when reports from, or examination of a
20 licensee provides for documented evidence of unlawful
21 activity between a licensee and affiliate benefiting,
22 affecting or deriving from the activities regulated by this
23 Act.
24 (d) The expenses of any examination of the licensee and
25 affiliates shall be borne by the licensee and assessed by the
26 Commissioner as established by regulation.
27 (e) Upon completion of the examination, the Commissioner
28 shall issue a report to the licensee. The examination
29 report, and the work papers of the report shall belong to the
30 Commissioner's office and may not be disclosed to anyone
31 other than the licensee, law enforcement officials or other
32 regulatory agencies that shall be defined in rules
33 promulgated by the Commissioner, or to a party presenting a
34 lawful subpoena to the Office of the Commissioner. Reports
-3- LRB9102296JSksam
1 required of licensees by the Commissioner under this Act and
2 results of examinations performed by the Commissioner under
3 this Act shall be the property of only the licensee and the
4 Commissioner. Access under this Act to the books and records
5 of each licensee shall be limited to the Commissioner and his
6 agents as provided in this Act and to the licensee and its
7 authorized agents and designees. No other person shall have
8 access to the books and records of a licensee under this Act.
9 (f) The Commissioner, deputy commissioners, and
10 employees of the Office of Banks and Real Estate shall be
11 subject to the restrictions provided in Section 2.5 of the
12 Office of Banks and Real Estate Act including, without
13 limitation, the restrictions on (i) owning shares of stock or
14 holding any other equity interest in an entity regulated
15 under this Act or in any corporation or company that owns or
16 controls an entity regulated under this Act; (ii) being an
17 officer, director, employee, or agent of an entity regulated
18 under this Act; and (iii) obtaining a loan or accepting a
19 gratuity from an entity regulated under this Act.
20 (g) After the initial examination for those licensees
21 whose only mortgage activity is servicing fewer than 1,000
22 Illinois residential loans, the examination required in
23 subsection (a) may be waived upon submission of a letter from
24 the licensee's independent certified auditor that the
25 licensee serviced fewer than 1,000 Illinois residential loans
26 during the year in which the audit was performed.
27 (Source: P.A. 89-355, eff. 8-17-95; 89-508, eff. 7-3-96;
28 90-301, eff. 8-1-97.)".