BURKE-MORROW-GRANBERG-JONES,LOU-SHARP, HAMOS, DAVIS,MONIQUE, LYONS,JOSEPH, BRADLEY, PUGH, HOFFMAN, ACEVEDO, CAPPARELLI, CURRIE, DELGADO, FEIGENHOLTZ, HOWARD, KENNER, LANG, LOPEZ, MCKEON, OSTERMAN, TURNER,ART AND GARRETT. New Act Creates the Predatory Home Loan Practices Act. Prohibits various practices and charges in connection with home loans made to persons with respect to their primary residence. Prohibits the imposition of prepayment penalties, flipping of loans, and lender financing of credit insurance. Imposes limitations on high-cost loans. Prohibits loans unless the lender reasonably believes that the borrower is able to make scheduled payments to repay the loan without respect to the borrower's equity in the property. Authorizes a borrower to obtain damages for violations of the Act. HOUSE AMENDMENT NO. 1. Replaces the title and everything after enacting clause. Creates the Predatory Home Loan Practices Act. Includes provisions of the bill as introduced. Adds restrictions on home-improvement contracts. Pro- vides that remedies under the Act are not exclusive. HOUSING AFFORDABILITY NOTE, H-AM 1 (Housing Development Auth.) It is anticipated that this legislation will decrease the cost of purchasing or owning a home for those that access high cost home loans. However, it is not possible to determine the number of high cost loans that will be avoided because of this Act. Therefore, there is insufficient information available to determine the fiscal effect to the cost of purchasing or owning a single family residence. FISCAL NOTE, H-AM 1 (Dept. of Financial Institutions) There would be a total fiscal impact of $528,207, which would include 9 additional employees. STATE DEBT NOTE, H-AM 1 (Ill. Economic and Fiscal Commission) HB 3007, as amended, would not change the amount of authori- zation for any type of State-issued or State-supported bond, and therefore, would not affect the level of State indebted- ness. HOME RULE NOTE, H-AM 1 (Department of Commerce and Community Affairs) This legislation does not relate to the activities of home rule units of government, and therefore does not preempt home rule authority. FISCAL NOTE, H-AM 1 (Department of Corrections) There would be no corrections population or fiscal impact. CORRECTIONAL NOTE, H-AM 1 (Department of Corrections) Same as DOC fiscal note. HOUSE AMENDMENT NO. 2. Deletes reference to: New Act Adds reference to: 205 ILCS 635/1-4 from Ch. 17, par. 2321-4 205 ILCS 635/1-5 from Ch. 17, par. 2321-5 205 ILCS 635/4-8 from Ch. 17, par. 2324-8 205 ILCS 635/4-8.1 new 205 ILCS 635/4-8.2 new 205 ILCS 635/4-8.3 new 205 ILCS 635/4-8.4 new 205 ILCS 635/4-8.5 new 205 ILCS 635/4-8.6 new 205 ILCS 635/4-8.7 new 205 ILCS 635/4-8.8 new 205 ILCS 635/4-8.9 new 205 ILCS 635/4-8.10 new 205 ILCS 635/4-8.11 new Replaces the title and everything after the enacting clause. Amends the Residential Mortgage License Act of 1987. Increases the size of the Residential Mortgage Board from 5 to 7 members. Provides that one of the additional members shall be a representative of the National Training and Information Center and one shall be a representative of the Woodstock Institute. Requires the board to meet at least 4 times each calendar year. Provides that the Commissioner of Banks and Real Estate or the board shall investigate licensees when there are facts that would constitute grounds for disciplinary action. Provides for hearings and procedures for the hearings. Effective immediately. FISCAL NOTE, H-AM 2 (Office of Banks and Real Estate) This legislation would necessitate the hiring of 7 additional staff to accommodate the expansion of examinations and prose- cutions of licensed entities, as well as enforcement powers provided within the legislation. The estimated total fiscal impact is approximately $428,000 annually. HOUSING AFFORDABILITY NOTE, H-AM 2 (Housing Development Auth.) There is no fiscal impact on a single-family residence. JUDICIAL NOTE, H-AM 2 (Administrative Office of Ill. Courts) There may be an increase in judicial workloads. However, it is not possible to determine what impact the bill will have on the number of judges needed in the State. 99-12-13 H FILED WITH CLERK 99-12-14 H ADDED AS A CO-SPONSOR HAMOS 00-01-05 H FIRST READING 00-01-05 H REFERRED TO HOUSE RULES COMMITTEE RULES 00-01-19 H ASSIGNED TO COMMITTEE EXECUTIVE 00-01-21 H ADDED AS A JOINT SPONSOR GRANBERG 00-02-09 H AMENDMENT NO. 01-EXECUTIVE H 00-02-09 H ADOPTED 00-02-09 H DO PASS AS AMENDED/STANDARD DEBATE 008-004-002 HEXC 00-02-09 H PLACED CAL 2ND READING-STANDARD DEBATE 00-02-10 H FISCAL NOTE REQUESTED AS AMENDED BY HA#1/RUTHERFORD 00-02-10 H HOUS AFFORD IMPCT NOTE REQ AS AMENDED BY HA#1/RUTHERFORD 00-02-10 H CALENDAR ORDER 2ND READING-STANDARD DBT 00-02-10 H ADDED AS A JOINT SPONSOR MORROW 00-02-10 H ADDED AS A JOINT SPONSOR JONES,LOU 00-02-10 H ADDED AS A JOINT SPONSOR SHARP 00-02-10 H ADDED AS A CO-SPONSOR DART 00-02-10 H ADDED AS A CO-SPONSOR DAVIS,MONIQUE 00-02-10 H ADDED AS A CO-SPONSOR LYONS,JOSEPH 00-02-10 H ADDED AS A CO-SPONSOR BRADLEY 00-02-10 H ADDED AS A CO-SPONSOR PUGH 00-02-10 H ADDED AS A CO-SPONSOR HOFFMAN 00-02-10 H ADDED AS A CO-SPONSOR STROGER 00-02-15 H HOUS AFFORD IMPCT NOTE FLD AS AMENDED BY HOUSE AMEND #1 00-02-15 H CALENDAR ORDER 2ND READING-STANDARD DBT 00-02-22 H FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #1 00-02-22 H CALENDAR ORDER 2ND READING-STANDARD DBT 00-02-24 H ST DEBT IMPACT NOTE FILED AS AMENDED BY HOUSE AMEND #1 00-02-24 H AMENDMENT NO. 02-BURKE 00-02-24 H AMENDMENT REFERRED TO HRUL 00-02-24 H CALENDAR ORDER 2ND READING-STANDARD DBT 00-02-24 H ADDED AS A CO-SPONSOR ACEVEDO 00-02-24 H ADDED AS A CO-SPONSOR CAPPARELLI 00-02-24 H ADDED AS A CO-SPONSOR CURRIE 00-02-24 H ADDED AS A CO-SPONSOR DELGADO 00-02-24 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 00-02-24 H ADDED AS A CO-SPONSOR FLOWERS 00-02-24 H ADDED AS A CO-SPONSOR HOWARD 00-02-24 H ADDED AS A CO-SPONSOR KENNER 00-02-24 H ADDED AS A CO-SPONSOR LANG 00-02-24 H ADDED AS A CO-SPONSOR LOPEZ 00-02-24 H ADDED AS A CO-SPONSOR MCKEON 00-02-24 H ADDED AS A CO-SPONSOR OSTERMAN 00-02-24 H ADDED AS A CO-SPONSOR SILVA 00-02-24 H ADDED AS A CO-SPONSOR TURNER,ART 00-02-25 H AMENDMENT NO. 02-BURKE 00-02-25 H RULES REFERS TO HEXC 00-02-25 H CALENDAR ORDER 2ND READING-STANDARD DBT 00-02-28 H HOME RULE NOTE FILED AS AMENDED BY HOUSE AMEND #1 00-02-28 H CALENDAR ORDER 2ND READING-STANDARD DBT 00-02-29 H FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #1 00-02-29 H CORRECTIONAL NOTE FILED AS AMENDED BY HOUSE AMEND #1 00-02-29 H FISCAL NOTE REQUESTED AS AMENDED BY HA#2/RUTHERFORD 00-02-29 H HOUS AFFORD IMPCT NOTE REQ AS AMENDED BY HA#2/RUTHERFORD 00-02-29 H ADDED AS A CO-SPONSOR GARRETT 00-02-29 H SECOND READING-STANDARD DEBATE 00-02-29 H HELD CAL ORDER 2ND READING-STANDARD DBT 00-03-01 H AMENDMENT NO. 02-BURKE 00-03-01 H RECOMMENDS BE ADOPTED HEXC/008-007-000 00-03-01 H AMENDMENT NO. 02-BURKE 00-03-01 H ADOPTED 00-03-01 H FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #2 00-03-01 H HELD CAL ORDER 2ND READING-STANDARD DBT 00-03-02 H HOUS AFFORD IMPCT NOTE FLD AS AMENDED BY HOUSE AMEND #2 00-03-02 H JUDICIAL NOTE REQUESTED AS AMENDED BY HA #2/PERSICO 00-03-02 H HELD CAL ORDER 2ND READING-STANDARD DBT 00-03-03 H JUDICIAL NOTE FILED AS AMENDED BY HOUSE AMEND #2 00-03-03 H HELD CAL ORDER 2ND READING-STANDARD DBT 00-03-03 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary