92nd General Assembly
Summary of HB0047
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 Full Text  Bill Status
House Sponsors:
BURKE-MADIGAN,MJ-CAPPARELLI-MORROW-DAVIS,MONIQUE, 
   YARBROUGH, JONES,LOU, COLLINS, SOTO, DELGADO AND MENDOZA.

Short description: 
MORTGAGE LICENSE DISCIPLINE                                                

Synopsis of Bill as introduced:
        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  upon  the      
   Commissioner's motion, upon the motion  of  the  Residential  Mortgage      
   Board,  or  upon  the  verified  complaint  of any person establishing      
   grounds for disciplinary action, the Commissioner of  Banks  and  Real      
   Estate   shall  investigate  licensees.   Provides  for  hearings  and      
   procedures for the hearings.  Effective immediately.                        
          FISCAL NOTE (Office of Banks and Real Estate)                        
          There would be an estimated annual cost of $50,280, $50,000 for      
          additional hearings that might be necessitated by this Act and       
          $280 for two additional board members to attend four meetings.       
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes 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                                              
          Adds reference to:                                                   
          New Act                                                              
        Replaces the title and  everything  after  the  enacting  clause.      
   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. Effective immediately.                   
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          New Act                                                              
          Adds reference to:                                                   
          205 ILCS 5/2                    from Ch. 17, par. 302                
          205 ILCS 5/6.2 new                                                   
          205 ILCS 5/6.3 new                                                   
          205 ILCS 5/6.4 new                                                   
          205 ILCS 5/6.5 new                                                   
          205 ILCS 5/6.6 new                                                   
          205 ILCS 5/6.7 new                                                   
          205 ILCS 5/6.8 new                                                   
          205 ILCS 5/6.9 new                                                   
          205 ILCS 5/6.10 new                                                  
          205 ILCS 5/6.11 new                                                  
          205 ILCS 5/6.12 new                                                  
          205 ILCS 5/6.13 new                                                  
          205 ILCS 5/6.14 new                                                  
          205 ILCS 5/6.15 new                                                  
          205 ILCS 5/6.16 new                                                  
          205 ILCS 5/6.17 new                                                  
          205 ILCS 5/6.18 new                                                  
          205 ILCS 105/1-10.39 new                                             
          205 ILCS 105/1-10.40 new                                             
          205 ILCS 105/1-10.41 new                                             
          205 ILCS 105/1-10.42 new                                             
          205 ILCS 105/5-17 new                                                
          205 ILCS 105/5-18 new                                                
          205 ILCS 105/5-19 new                                                
          205 ILCS 105/5-20 new                                                
          205 ILCS 105/5-21 new                                                
          205 ILCS 105/5-22 new                                                
          205 ILCS 105/5-23 new                                                
          205 ILCS 105/5-24 new                                                
          205 ILCS 105/5-25 new                                                
          205 ILCS 105/5-26 new                                                
          205 ILCS 105/5-27 new                                                
          205 ILCS 105/5-28 new                                                
          205 ILCS 105/5-29 new                                                
          205 ILCS 105/5-30 new                                                
          205 ILCS 105/5-31 new                                                
          205 ILCS 105/5-32 new                                                
          205 ILCS 105/5-33 new                                                
          205 ILCS 205/1007.125 new                                            
          205 ILCS 205/1007.130 new                                            
          205 ILCS 205/1007.135 new                                            
          205 ILCS 205/1007.140 new                                            
          205 ILCS 205/6015 new                                                
          205 ILCS 205/6016 new                                                
          205 ILCS 205/6017 new                                                
          205 ILCS 205/6018 new                                                
          205 ILCS 205/6019 new                                                
          205 ILCS 205/6020 new                                                
          205 ILCS 205/6021 new                                                
          205 ILCS 205/6022 new                                                
          205 ILCS 205/6023 new                                                
          205 ILCS 205/6024 new                                                
          205 ILCS 205/6025 new                                                
          205 ILCS 205/6026 new                                                
          205 ILCS 205/6027 new                                                
          205 ILCS 205/6028 new                                                
          205 ILCS 205/6029 new                                                
          205 ILCS 205/6030 new                                                
          205 ILCS 205/6031 new                                                
          205 ILCS 305/1.1                from Ch. 17, par. 4402               
          205 ILCS 305/66.1 new                                                
          205 ILCS 305/66.2 new                                                
          205 ILCS 305/66.3 new                                                
          205 ILCS 305/66.4 new                                                
          205 ILCS 305/66.5 new                                                
          205 ILCS 305/66.6 new                                                
          205 ILCS 305/66.7 new                                                
          205 ILCS 305/66.8 new                                                
          205 ILCS 305/66.9 new                                                
          205 ILCS 305/66.10 new                                               
          205 ILCS 305/66.11 new                                               
          205 ILCS 305/66.12 new                                               
          205 ILCS 305/66.13 new                                               
          205 ILCS 305/66.14 new                                               
          205 ILCS 305/66.15 new                                               
          205 ILCS 635/1-4                from Ch. 17, par. 2321-4             
          205 ILCS 635/5-2 new                                                 
          205 ILCS 635/5-3 new                                                 
          205 ILCS 635/5-4 new                                                 
          205 ILCS 635/5-5 new                                                 
          205 ILCS 635/5-6 new                                                 
          205 ILCS 635/5-7 new                                                 
          205 ILCS 635/5-8 new                                                 
          205 ILCS 635/5-9 new                                                 
          205 ILCS 635/5-10 new                                                
          205 ILCS 635/5-11 new                                                
          205 ILCS 635/5-12 new                                                
          205 ILCS 635/5-13 new                                                
          205 ILCS 635/5-14 new                                                
          205 ILCS 635/5-15 new                                                
          205 ILCS 635/5-16 new                                                
          205 ILCS 635/5-17 new                                                
          205 ILCS 635/5-18 new                                                
          205 ILCS 660/2                  from Ch. 17, par. 5202               
          205 ILCS 660/16.6 new                                                
          205 ILCS 660/16.7 new                                                
          205 ILCS 660/16.8 new                                                
          205 ILCS 660/16.9 new                                                
          205 ILCS 660/16.10 new                                               
          205 ILCS 660/16.11 new                                               
          205 ILCS 660/16.12 new                                               
          205 ILCS 660/16.13 new                                               
          205 ILCS 660/16.14 new                                               
          205 ILCS 660/16.15 new                                               
          205 ILCS 660/16.16 new                                               
          205 ILCS 660/16.17 new                                               
          205 ILCS 660/16.18 new                                               
          205 ILCS 660/16.19 new                                               
          205 ILCS 660/16.20 new                                               
          205 ILCS 670/17.1 new                                                
          205 ILCS 670/17.2 new                                                
          205 ILCS 670/17.3 new                                                
          205 ILCS 670/17.4 new                                                
          205 ILCS 670/17.5 new                                                
          205 ILCS 670/17.6 new                                                
          205 ILCS 670/17.7 new                                                
          205 ILCS 670/17.8 new                                                
          205 ILCS 670/17.9 new                                                
          205 ILCS 670/17.10 new                                               
          205 ILCS 670/17.11 new                                               
          205 ILCS 670/17.12 new                                               
          205 ILCS 670/17.13 new                                               
          205 ILCS 670/17.14 new                                               
          205 ILCS 670/17.15 new                                               
          205 ILCS 670/17.16 new                                               
          205 ILCS 670/17.17 new                                               
          205 ILCS 670/17.18 new                                               
          205 ILCS 670/17.19 new                                               
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends  the Illinois Banking Act, the Illinois Savings and Loan Act of      
   1985, the Savings Bank Act, the Residential Mortgage  License  Act  of      
   1987, the Illinois Credit Union Act, the Sales Finance Agency Act, and      
   the Consumer Installment Loan Act. Provides for the regulation of high      
   risk  home loans. Provides that a "high risk home loan" is a loan that      
   (1) has an APR that is more than 6 percentage points, in the case of a      
   first mortgage lien or more than 8 percentage points, in the case of a      
   junior mortgage lien, higher than the yield on certain  U.S.  Treasury      
   securities  or  (2) has points and fees payable by the consumer of the      
   greater of 5% of the loan or $800. Limits the conditions under which a      
   lender may  make  a  high  risk  mortgage  loan.  Limits  payments  to      
   contractors. Prohibits refinancing in certain instances. Prohibits the      
   financing of prepaid insurance products and warranties. Authorizes the      
   Commissioner  of  Banks  and  Real  Estate to conduct examinations and      
   require remedial action by lenders who have unusually high foreclosure      
   rates. Effective immediately.                                               
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


   END OF INQUIRY 
                                                                               



 Full Text  Bill Status