Illinois 97th Regular Session Status: Passed Senate 3 D cosponsors

SB 3522 — HOME LOAN PREPAYMENT PENALTIES

Last action — Session Sine Die

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 97th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Residential Mortgage License Act of 1987, the High Risk Home Loan Act, and the Interest Act. Limits the imposition of prepayment penalties in connection with high risk home loans. Limits the size of balloon payments in connection with high risk home loans. Limits the imposition of late fees. Effective January 1, 2013.

Bill Text

What changed in the latest version

342 added · 379 removed

Plain-language change summary

The latest version of SB 3522 introduces specific conditions to limit prepayment penalties on high-risk home loans, ensuring that consumers aren't charged excessive fees beyond a specified time or amount. Additionally, the bill sets caps on total points and fees related to loan transactions, making loans more affordable for borrowers. These changes are important because they provide greater consumer protection against predatory lending practices, especially for those who may be financially vulnerable.

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*LRB09719115JLS64356b* SB3522 97TH GENERAL ASSEMBLY State of Illinois and 2012 SB3522 Introduced 2/8/2012, by Sen.
SB3522 Engrossed LRB097 19115 JLS 64356 b AN ACT concerning business.
Jacqueline Y.
Collins SYNOPSIS AS INTRODUCED:
ILCS 635/5-8 ILCS 137/10 ILCS 137/30 ILCS 137/35 new ILCS 137/35.5 new ILCS 137/55 ILCS 137/80 ILCS 137/80.5 new ILCS 137/80.6 new ILCS 137/90.5 new ILCS 137/145 ILCS 205/4.1a from Ch.
17, par.
6406 Amends the Residential Mortgage License Act of 1987, the High Risk Home Loan Act, and the Interest Act.
Limits the imposition of prepayment penalties in connection with high risk home loans.
Limits the size of balloon payments in connection with high risk home loans.
Limits the imposition of late fees.
Effective January 1, 2013.
LRB097 19115 JLS 64356 b HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY A BILL FOR SB3522 LRB097 19115 JLS 64356 b AN ACT concerning business.
(1) 3% of the total loan amount if the prepayment is SB3522 - 2 - LRB097 19115 JLS 64356 b made within the first 12-month period following the date the loan was made;
(1) 3% of the total loan amount if the prepayment is SB3522 Engrossed - 2 - LRB097 19115 JLS 64356 b made within the first 12-month period following the date the loan was made;
SB3522 - 3 - LRB097 19115 JLS 64356 b "Bona fide discount points" means loan discount points that are knowingly paid by the consumer for the purpose of reducing, and that in fact result in a bona fide reduction of, the interest rate or time price differential applicable to the mortgage.
SB3522 Engrossed - 3 - LRB097 19115 JLS 64356 b "Bona fide discount points" means loan discount points that are knowingly paid by the consumer for the purpose of reducing, and that in fact result in a bona fide reduction of, the interest rate or time price differential applicable to the mortgage.
home equity loan in which (i) at the time of origination, the annual percentage rate exceeds by more than 6 percentage points in the case of a first lien mortgage, or by more than 8 percentage points in the case of a junior mortgage, the yield on U.S.
home equity loan in which (i) at the time of origination, the annual percentage rate exceeds by more than 6 percentage points in the case of a first lien mortgage, or by more than 8 percentage points in the case of a junior mortgage, the average prime offer rate, as defined in Section 129C(b)(2)(B) of the federal Truth in Lending Act, for a comparable transaction as of the date on which the interest rate for the transaction is set, yield on U.S.
Treasury securities having comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application for the loan is received by the lender, or (ii) the loan documents permit the creditor to charge or collect prepayment fees or penalties more than 36 months after SB3522 - 4 - LRB097 19115 JLS 64356 b the transaction closing or such fees exceed, in the aggregate, more than 2% of the amount prepaid, or (iii) the total points and fees payable in connection with the transaction by the consumer at or before closing will exceed the greater of 5% of the total loan amount or $800, except that bona fide loan discount points may be excluded as provided for in Section 35 of this Act.
Treasury securities having comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately SB3522 Engrossed - 4 - LRB097 19115 JLS 64356 b preceding the month in which the application for the loan is received by the lender or (ii) the loan documents permit the creditor to charge or collect prepayment fees or penalties more than 36 months after the transaction closing or such fees exceed, in the aggregate, more than 2% of the amount prepaid, or (iii) the total points and fees payable in connection with the transaction, other than bona fide third-party charges not retained by the mortgage originator, creditor, or an affiliate of the mortgage originator or creditor, by the consumer at or before closing will exceed (1) the greater of 5% of the total loan amount in the case of a transaction for $20,000 or more or (2) the lesser of 8% of the total loan amount or $1,000 (or such other dollar amount as prescribed by federal regulation pursuant to the federal Dodd-Frank Act) in the case of a transaction for less than $20,000, except that, with respect to all transactions, bona fide loan discount points may be excluded as provided for in Section 35 of this Act.
or $800.
For purposes of this definition, the annual percentage rate of interest shall be determined based on the following rate:
"High risk home loan" does not include a loan that is made primarily for a business purpose unrelated to the residential real property securing the loan or to an open-end credit plan subject to 12 CFR 226 (2000, no subsequent amendments or editions are included).
(i) in the case of a fixed rate transaction in which the annual percentage rate will not vary during the term of the loan, the interest rate in effect on the date of consummation of the transaction;
"Home equity loan" means any loan secured by the borrower's SB3522 Engrossed - 5 - LRB097 19115 JLS 64356 b primary residence where the proceeds are not used as purchase money for the residence.
(ii) in the case of a transaction in which the rate of interest varies solely in accordance with an index, the interest rate determined by adding the index rate in effect on the date of consummation of the transaction to the maximum margin permitted at any time during the loan agreement;
and (iii) in the case of any other transaction in which the rate may vary at any time during the term of the loan for any reason, the interest charged on the transaction at the maximum rate that may charged during the term of the loan.
"High risk home loan" does not include a loan that is made primarily for a business purpose unrelated to the residential real property securing the loan or SB3522 - 5 - LRB097 19115 JLS 64356 b to an open-end credit plan subject to 12 CFR 226 (2000, no subsequent amendments or editions are included).
"Home equity loan" means any loan secured by the borrower's primary residence where the proceeds are not used as purchase money for the residence.
all prepayment fees or penalties that are incurred SB3522 - 6 - LRB097 19115 JLS 64356 b by the consumer if the loan refinances a previous loan made or currently held by the same creditor or an affiliate of the creditor;
all prepayment fees or penalties that are incurred by the consumer if the loan refinances a previous loan made or currently held by the same creditor or an affiliate of the creditor;
and premiums or other charges payable at or before closing, including premiums or charges financed directly or indirectly into the loan, for any credit life, credit disability, credit unemployment, credit property, other accident, loss of income, life, or health insurance or payments directly or indirectly for any debt cancellation or suspension agreement or contract, except that insurance premiums or debt cancellation or suspension fees calculated and paid in full on a monthly basis shall not be considered financed by the creditor.
and premiums or other charges payable at or before SB3522 Engrossed - 6 - LRB097 19115 JLS 64356 b closing or financed directly or indirectly into the loan for any credit life, credit disability, credit unemployment, credit property, other accident, loss of income, life, or health insurance or payments directly or indirectly for any debt cancellation or suspension agreement or contract, except that insurance premiums or debt cancellation or suspension fees calculated and paid in full on a monthly basis shall not be considered financed by the creditor.
"Points and fees" does not include any insurance premium provided by an agency of the Federal Government or an agency of a State;
"Points and fees" does not include any insurance premium provided by an agency of the federal government or an agency of a state;
"Servicer" means any entity chartered under the Illinois Banking Act, the Savings Bank Act, the Illinois Credit Union SB3522 - 7 - LRB097 19115 JLS 64356 b Act, or the Illinois Savings and Loan Act of 1985 and any person or entity licensed under the Residential Mortgage License Act of 1987, the Consumer Installment Loan Act, or the Sales Finance Agency Act who is responsible for the collection or remittance for, or has the right or obligation to collect or remit for, any lender, note owner, or note holder or for a licensee's own account, of payments, interest, principal, and trust items (such as hazard insurance and taxes on a residential mortgage loan) in accordance with the terms of the residential mortgage loan, including loan payment follow-up, delinquency loan follow-up, loan analysis, and any notifications to the borrower that are necessary to enable the borrower to keep the loan current and in good standing.
"Servicer" means any entity chartered under the Illinois Banking Act, the Savings Bank Act, the Illinois Credit Union Act, or the Illinois Savings and Loan Act of 1985 and any person or entity licensed under the Residential Mortgage License Act of 1987, the Consumer Installment Loan Act, or the Sales Finance Agency Act who is responsible for the collection SB3522 Engrossed - 7 - LRB097 19115 JLS 64356 b or remittance for, or has the right or obligation to collect or remit for, any lender, note owner, or note holder or for a licensee's own account, of payments, interest, principal, and trust items (such as hazard insurance and taxes on a residential mortgage loan) in accordance with the terms of the residential mortgage loan, including loan payment follow-up, delinquency loan follow-up, loan analysis, and any notifications to the borrower that are necessary to enable the borrower to keep the loan current and in good standing.
For purposes of this Section, any method of computing a refund of unearned scheduled interest is a prepayment penalty if it is less SB3522 - 8 - LRB097 19115 JLS 64356 b favorable to the consumer than the actuarial method as that term is defined by Section 933(d) of the federal Housing and Community Development Act of 1992, 15 U.S.C.
For purposes of this Section, any method of computing a refund of unearned scheduled interest is a prepayment penalty if it is less favorable to the consumer than the actuarial method as that term is defined by Section 933(d) of the federal Housing and Community Development Act of 1992, 15 U.S.C.
For any loan that is subject to the provisions of this Act and is not subject to the provisions of the Home Ownership and Equity Protection Act of 1994, no lender shall make a high risk home loan that includes a penalty provision for payment made:
For any loan that is subject to the provisions of this Act and is not SB3522 Engrossed - 8 - LRB097 19115 JLS 64356 b subject to the provisions of the Home Ownership and Equity Protection Act of 1994, no lender shall make a high risk home loan that includes a penalty provision for payment made:
SB3522 - 9 - LRB097 19115 JLS 64356 b (1) Up to and including 2 bona fide discount points payable by the consumer in connection with the mortgage, but only if the interest rate from which the mortgage's interest rate will be discounted does not exceed by more than one percentage point:
(1) Up to and including 2 bona fide discount points payable by the consumer in connection with the mortgage, but only if the interest rate from which the mortgage's interest rate will be discounted does not exceed by more SB3522 Engrossed - 9 - LRB097 19115 JLS 64356 b than one percentage point:
Paragraphs (1) and (2) shall not apply to discount points SB3522 - 10 - LRB097 19115 JLS 64356 b used to purchase an interest rate reduction unless the amount of the interest rate reduction purchased is reasonably consistent with established industry norms and practices for secondary mortgage market transactions.
Paragraphs (1) and (2) shall not apply to discount points used to purchase an interest rate reduction unless the amount of the interest rate reduction purchased is reasonably consistent with established industry norms and practices for secondary mortgage market transactions.
(815 ILCS 137/35.5 new) Sec.
SB3522 Engrossed - 10 - LRB097 19115 JLS 64356 b (815 ILCS 137/35.5 new) Sec.
No lender shall transfer, deal in, offer, or make a high risk home loan that finances points and fees in excess of 6% of the total loan amount.
No lender shall transfer, deal in, offer, or make a high risk home loan that finances, directly or indirectly, any points and fees.
No lender shall transfer, deal in, offer, or make a high risk home loan that finances any points and fees if the creditor or an affiliate of the creditor is the noteholder of the note being financed.
No lender shall transfer, deal in, offer, or make a high risk home loan that finances any prepayment fee or penalty payable by the consumer in a refinancing transaction if the creditor or an affiliate of the creditor is the noteholder of the note being refinanced in excess of 6% of the total loan amount.
No lender shall transfer, deal in, offer, or make a high risk home loan that finances any prepayment fee or penalty payable by the consumer in a refinancing transaction.
1-1-04.) (815 ILCS 137/80) SB3522 - 11 - LRB097 19115 JLS 64356 b Sec.
1-1-04.) (815 ILCS 137/80) Sec.
(2) the late payment fee shall only be assessed for a payment past due for 15 days or more;
(2) the late payment fee shall only be assessed for a SB3522 Engrossed - 11 - LRB097 19115 JLS 64356 b payment past due for 15 days or more;
If a payment is otherwise a full payment for the applicable period, is paid on its due date or within an applicable grace period, and the only delinquency or insufficiency of payment is attributable to any late fee or delinquency charge assessed on any earlier payment, no late fee or delinquency charge may be SB3522 - 12 - LRB097 19115 JLS 64356 b imposed on the payment.
If a payment is otherwise a full payment for the applicable period, is paid on its due date or within an applicable grace period, and the only delinquency or insufficiency of payment is attributable to any late fee or delinquency charge assessed on any earlier payment, no late fee or delinquency charge may be imposed on the payment.
If, in the case of a loan agreement the terms of which provide that any payment shall first be applied to any past principal balance, the consumer fails to make an installment payment and the consumer subsequently resumes making installment payments but has not paid all past due installments, the creditor may impose a separate late payment charge or fee for any principal due (without deduction due to late fees or related fees) until the default is cured.
If, in the case of a loan agreement the terms of which provide that any payment shall first be applied to any past principal balance, SB3522 Engrossed - 12 - LRB097 19115 JLS 64356 b the consumer fails to make an installment payment and the consumer subsequently resumes making installment payments but has not paid all past due installments, the creditor may impose a separate late payment charge or fee for any principal due (without deduction due to late fees or related fees) until the default is cured.
SB3522 - 13 - LRB097 19115 JLS 64356 b (Source:
(Source:
6406) Sec.
6406) SB3522 Engrossed - 13 - LRB097 19115 JLS 64356 b Sec.
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(c) in the case of any loan made pursuant to the provisions of the Emergency Home Purchase Assistance Act of 1974 (Section 313 of the National Housing Act, Chapter B of Title 12 of the United States Code), in addition to the SB3522 - 14 - LRB097 19115 JLS 64356 b matters referred to in paragraphs (a) and (b) of this Section all charges required or allowed by the Government National Mortgage Association, whether designated as processing fees, commitment fees, loss reserve and marketing fees, discounts, origination fees or otherwise designated.
(c) in the case of any loan made pursuant to the provisions of the Emergency Home Purchase Assistance Act of 1974 (Section 313 of the National Housing Act, Chapter B of Title 12 of the United States Code), in addition to the matters referred to in paragraphs (a) and (b) of this Section all charges required or allowed by the Government National Mortgage Association, whether designated as processing fees, commitment fees, loss reserve and marketing fees, discounts, origination fees or otherwise designated.
(d) in the case of a single payment loan, made for a period of 6 months or less, a regulated financial institution or licensed lender may contract for and receive a maximum charge of $15 in lieu of interest.
SB3522 Engrossed - 14 - LRB097 19115 JLS 64356 b (d) in the case of a single payment loan, made for a period of 6 months or less, a regulated financial institution or licensed lender may contract for and receive a maximum charge of $15 in lieu of interest.
Payments timely received by the lender under a written extension or SB3522 - 15 - LRB097 19115 JLS 64356 b deferral agreement shall not be subject to any delinquency charge.
Payments timely received by the lender under a written extension or deferral agreement shall not be subject to any delinquency charge.
Notwithstanding items (k) and (l) of subsection (1) of Section 4 of this Act, the lender, in the case of any nonexempt residential mortgage loan, as defined in Section 1-4 of the Residential Mortgage License Act of 1987, other than a high risk home loan as defined in Section 10 of the High Risk Home Loan Act, shall have the right to include a prepayment penalty that extends no longer than the fixed rate period of a variable rate mortgage provided that, if a prepayment is made during the fixed rate period and not in connection with the sale or destruction of the dwelling securing the loan, the lender shall receive an amount that is no more than:
Notwithstanding items (k) and (l) of subsection (1) of Section 4 of this Act, the lender, in the case of any nonexempt residential mortgage loan, as defined in Section 1-4 of the Residential Mortgage License Act of 1987, other than a high SB3522 Engrossed - 15 - LRB097 19115 JLS 64356 b risk home loan as defined in Section 10 of the High Risk Home Loan Act, shall have the right to include a prepayment penalty that extends no longer than the fixed rate period of a variable rate mortgage provided that, if a prepayment is made during the fixed rate period and not in connection with the sale or destruction of the dwelling securing the loan, the lender shall receive an amount that is no more than:
SB3522 - 16 - LRB097 19115 JLS 64356 b Where there is a charge in addition to the stated rate of interest payable directly or indirectly by the borrower and imposed directly or indirectly by the lender as a consideration for the loan, or for or in connection with the loan of money, whether paid or payable by the borrower, the seller, or any other person on behalf of the borrower to the lender or to a third party, or for or in connection with the loan of money, other than as hereinabove in this Section provided, whether denominated "points," "service charge," "discount," "commission," or otherwise, and without regard to declining balances of principal which would result from any required or optional amortization of the principal of the loan, the rate of interest shall be calculated in the following manner:
Where there is a charge in addition to the stated rate of interest payable directly or indirectly by the borrower and imposed directly or indirectly by the lender as a consideration for the loan, or for or in connection with the loan of money, whether paid or payable by the borrower, the seller, or any other person on behalf of the borrower to the lender or to a SB3522 Engrossed - 16 - LRB097 19115 JLS 64356 b third party, or for or in connection with the loan of money, other than as hereinabove in this Section provided, whether denominated "points," "service charge," "discount," "commission," or otherwise, and without regard to declining balances of principal which would result from any required or optional amortization of the principal of the loan, the rate of interest shall be calculated in the following manner:
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Action History

  1. Session Sine Die

  2. House Floor Amendment No. 2 Motion to Concur Referred to Assignments; Pursuant to Senate Rule 3-9(b).

  3. House Committee Amendment No. 1 Motion to Concur Referred to Assignments; Pursuant to Senate Rule 3-9(b).

  4. Pursuant to Senate Rule 3-9(b) / Referred to Assignments

  5. House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 007-005-000

  6. House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 007-005-000

  7. House Floor Amendment No. 2 Motion to Concur Assignments Referred to Financial Institutions

  8. House Committee Amendment No. 1 Motion to Concur Assignments Referred to Financial Institutions

  9. House Floor Amendment No. 2 Motion to Concur Referred to Assignments

  10. House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins

  11. House Committee Amendment No. 1 Motion to Concur Referred to Assignments

  12. House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins

  13. Placed on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 31, 2012

  14. Secretary's Desk - Concurrence House Amendment(s) 1, 2

  15. Third Reading - Short Debate - Passed 067-048-002

  16. Placed on Calendar Order of 3rd Reading - Short Debate

  17. House Floor Amendment No. 3 Withdrawn by Rep. Karen A. Yarbrough

  18. House Floor Amendment No. 2 Adopted by Voice Vote

  19. House Floor Amendment No. 2 Home Rule Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  20. House Floor Amendment No. 2 Balanced Budget Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  21. House Floor Amendment No. 2 State Mandates Fiscal Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  22. House Committee Amendment No. 1 State Debt Impact Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  23. House Committee Amendment No. 1 Pension Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  24. House Committee Amendment No. 1 Land Conveyance Appraisal Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  25. House Committee Amendment No. 1 Judicial Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  26. House Committee Amendment No. 1 Housing Affordability Impact Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  27. House Committee Amendment No. 1 Home Rule Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  28. House Committee Amendment No. 1 Correctional Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  29. House Committee Amendment No. 1 Balanced Budget Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  30. House Committee Amendment No. 1 State Mandates Fiscal Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  31. House Committee Amendment No. 1 Fiscal Note Requested as Amended - Withdrawn by Rep. Karen A. Yarbrough

  32. Added as Chief Co-Sponsor Sen. Kimberly A. Lightford

  33. House Floor Amendment No. 2 State Debt Impact Note Filed as Amended

  34. House Floor Amendment No. 2 Fiscal Note Filed as Amended

  35. House Floor Amendment No. 2 Housing Affordability Impact Note Filed as Amended

  36. House Floor Amendment No. 2 Pension Note Filed as Amended

  37. House Floor Amendment No. 2 Land Conveyance Appraisal Note Filed as Amended

  38. Sponsor Removed Sen. Pamela J. Althoff

  39. House Floor Amendment No. 2 Judicial Note Filed as Amended

  40. House Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 005-000-000

  41. House Floor Amendment No. 2 Correctional Note Filed as Amended

  42. House Floor Amendment No. 3 Referred to Rules Committee

  43. House Floor Amendment No. 3 Filed with Clerk by Rep. Karen A. Yarbrough

  44. House Floor Amendment No. 2 Recommends Be Adopted Judiciary I - Civil Law Committee; 007-003-000

  45. House Floor Amendment No. 2 State Debt Impact Note Requested as Amended by Rep. Karen A. Yarbrough

  46. House Floor Amendment No. 2 Pension Note Requested as Amended by Rep. Karen A. Yarbrough

  47. House Floor Amendment No. 2 Land Conveyance Appraisal Note Requested as Amended by Rep. Karen A. Yarbrough

  48. House Floor Amendment No. 2 Judicial Note Requested as Amended by Rep. Karen A. Yarbrough

  49. House Floor Amendment No. 2 Housing Affordability Impact Note Requested as Amended by Rep. Karen A. Yarbrough

  50. House Floor Amendment No. 2 Home Rule Note Requested as Amended by Rep. Karen A. Yarbrough

  51. House Floor Amendment No. 2 Correctional Note Requested as Amended by Rep. Karen A. Yarbrough

  52. House Floor Amendment No. 2 Balanced Budget Note Requested as Amended by Rep. Karen A. Yarbrough

  53. House Floor Amendment No. 2 State Mandates Fiscal Note Requested as Amended by Rep. Karen A. Yarbrough

  54. House Floor Amendment No. 2 Fiscal Note Requested as Amended by Rep. Karen A. Yarbrough

  55. House Committee Amendment No. 1 State Debt Impact Note Requested as Amended by Rep. Karen A. Yarbrough

  56. House Committee Amendment No. 1 Pension Note Requested as Amended by Rep. Karen A. Yarbrough

  57. House Committee Amendment No. 1 Land Conveyance Appraisal Note Requested as Amended by Rep. Karen A. Yarbrough

  58. House Committee Amendment No. 1 Judicial Note Requested as Amended by Rep. Karen A. Yarbrough

  59. House Committee Amendment No. 1 Housing Affordability Impact Note Requested as Amended by Rep. Karen A. Yarbrough

  60. House Committee Amendment No. 1 Home Rule Note Requested as Amended by Rep. Karen A. Yarbrough

  61. House Committee Amendment No. 1 Correctional Note Requested as Amended by Rep. Karen A. Yarbrough

  62. House Committee Amendment No. 1 Balanced Budget Note Requested as Amended by Rep. Karen A. Yarbrough

  63. House Committee Amendment No. 1 State Mandates Fiscal Note Requested as Amended by Rep. Karen A. Yarbrough

  64. House Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Karen A. Yarbrough

  65. Added Alternate Co-Sponsor Rep. Barbara Flynn Currie

  66. Added Alternate Co-Sponsor Rep. Michael J. Zalewski

  67. Added Alternate Co-Sponsor Rep. Constance A. Howard

  68. Added Alternate Co-Sponsor Rep. Jehan A. Gordon

  69. Added Alternate Co-Sponsor Rep. Kenneth Dunkin

  70. Added Alternate Co-Sponsor Rep. Edward J. Acevedo

  71. Added Alternate Co-Sponsor Rep. Sara Feigenholtz

  72. Added Alternate Co-Sponsor Rep. Maria Antonia Berrios

  73. Added Alternate Co-Sponsor Rep. Camille Y. Lilly

  74. Added Alternate Co-Sponsor Rep. Daniel Biss

  75. Added Alternate Co-Sponsor Rep. Elizabeth Hernandez

  76. Added Alternate Co-Sponsor Rep. Cynthia Soto

  77. Added Alternate Co-Sponsor Rep. Kimberly du Buclet

  78. Added Alternate Co-Sponsor Rep. Deborah Mell

  79. Added Alternate Co-Sponsor Rep. La Shawn K. Ford

  80. Added Alternate Chief Co-Sponsor Rep. Kelly M. Cassidy

  81. Added Alternate Chief Co-Sponsor Rep. André M. Thapedi

  82. Added Alternate Chief Co-Sponsor Rep. Luis Arroyo

  83. House Floor Amendment No. 2 Rules Refers to Judiciary I - Civil Law Committee

  84. House Floor Amendment No. 2 Referred to Rules Committee

  85. House Floor Amendment No. 2 Filed with Clerk by Rep. Karen A. Yarbrough

  86. Alternate Chief Sponsor Changed to Rep. Karen A. Yarbrough

  87. Final Action Deadline Extended-9(b) May 31, 2012

  88. Added Alternate Chief Co-Sponsor Rep. Al Riley

  89. Held on Calendar Order of Second Reading - Short Debate

  90. Second Reading - Short Debate

  91. Placed on Calendar 2nd Reading - Short Debate

  92. Do Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 010-000-000

  93. House Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote

  94. House Committee Amendment No. 1 Rules Refers to Judiciary I - Civil Law Committee

  95. Final Action Deadline Extended-9(b) May 29, 2012

  96. Alternate Chief Co-Sponsor Removed Rep. Lou Lang

  97. House Committee Amendment No. 1 Referred to Rules Committee

  98. House Committee Amendment No. 1 Filed with Clerk by Rep. Elaine Nekritz

  99. Added Alternate Chief Co-Sponsor Rep. Lou Lang

  100. Alternate Chief Sponsor Changed to Rep. Elaine Nekritz

  101. Assigned to Judiciary I - Civil Law Committee

  102. Committee Deadline Extended-Rule 9(b) May 18, 2012

  103. Referred to Rules Committee

  104. First Reading

  105. Placed on Calendar Order of First Reading

  106. Chief House Sponsor Rep. Lou Lang

  107. Arrived in House

  108. Third Reading - Passed; 053-000-000

  109. Added as Co-Sponsor Sen. Pamela J. Althoff

  110. Added as Chief Co-Sponsor Sen. Mattie Hunter

  111. Placed on Calendar Order of 3rd Reading

  112. Senate Floor Amendment No. 1 Adopted; J. Collins

  113. Recalled to Second Reading

  114. Added as Chief Co-Sponsor Sen. Iris Y. Martinez

  115. Sponsor Removed Sen. Mattie Hunter

  116. Added as Co-Sponsor Sen. Mattie Hunter

  117. Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 008-000-000

  118. Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions

  119. Senate Floor Amendment No. 1 Referred to Assignments

  120. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins

  121. Placed on Calendar Order of 3rd Reading March 21, 2012

  122. Second Reading

  123. Placed on Calendar Order of 2nd Reading March 6, 2012

  124. Do Pass Financial Institutions; 009-000-000

  125. Assigned to Financial Institutions

  126. Referred to Assignments

  127. First Reading

  128. Filed with Secretary by Sen. Jacqueline Y. Collins

Sponsors

  • Costa Howard · Cosponsor
  • Lisa Hernandez · Cosponsor
  • Du Buclet · Cosponsor
  • La Shawn K. Ford · Cosponsor
  • Deborah Mell · Cosponsor
  • Cynthia Soto · Cosponsor
  • Daniel Biss · Cosponsor
  • Camille Y. Lilly · Cosponsor
  • Maria Antonia Berrios · Cosponsor
  • Sara Feigenholtz · Cosponsor
  • Edward J. Acevedo · Cosponsor
  • Kenneth Dunkin · Cosponsor
  • Jehan A. Gordon · Cosponsor
  • Michael J. Zalewski · Cosponsor
  • Barbara Flynn Currie · Cosponsor
  • Lakesia Collins · Cosponsor

Sponsorship breakdown

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0 sponsors · 16 co-sponsors · 167 not signed on · 8 voted No

Sponsors (0)

None.

Co-sponsors (16)

Not signed on (167)

167 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 67 Yea · 48 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 524003
Democrat 15200
Republican 0600
Total 674803
% of votes cast 57%41%0%3%
How each member voted (118)
Member Party Vote
Brauer — Yea
Brown — Nay
McAsey — Yea
Flowers — Yea
Jackson — Yea
Jakobsson — Yea
Jefferson — Yea
Kay — Nay
Krezwick — Yea
Lang — Yea
Mathias — Yea
Lyons — Yea
McAuliffe — Yea
Mell — Yea
Nekritz — Yea
Bradley — Yea
Poe — Yea
Burke, Daniel — Yea
Burke, Kelly — Yea
Sente — Yea
Soto — Yea
Thapedi — Yea
Turner — Yea
Verschoore — Yea
Harris, Greg — Yea
Hernandez — Yea
Howard — Yea
Williams — Yea
Zalewski — Yea
Jones — Yea
Davis, Monique — Yea
Carli — Yea
Costello — Yea
Currie — Yea
D'Amico — Yea
Dugan — Yea
Farnham — Yea
Golar — Yea
Gordon — Yea
Leitch — Nay
Moffitt — Nay
Brady — Nay
Morthland — Nay
Mulligan — Nay
Mitchell, Bill — Nay
Mitchell, Jerry — Nay
Nybo — Nay
Sullivan — Nay
Osmond — Nay
Senger — Nay
Sommer — Nay
Harris, David — Nay
Tryon — Nay
Unes — Nay
Winters — Nay
Watson — Nay
Cavaletto — Nay
Coladipietro — Nay
Cole — Nay
Connelly — Nay
Cross — Nay
Dunkin — Not Voting
Durkin — Nay
Fortner — Nay
Franks — Not Voting
Gaffney — Nay
Hatcher — Nay
Hays — Nay
Kosel — Nay
Penny — Yea
Phelps — Yea
Pihos — Nay
Pritchard — Nay
Ramey — Yea
Reboletti — Nay
Reis — Nay
Riley — Yea
Roth — Nay
Sacia — Nay
Saviano — Yea
Schmitz — Nay
Yarbrough — Yea
Madigan — Yea
Acevedo — Yea
Arroyo — Yea
Barickman — Nay
Beiser — Nay
Bellock — Nay
Berrios — Yea
Biss — Yea
Mautino — Yea
Bost — Not Voting
May — Yea
Chapa LaVia — Yea
Du Buclet — Yea
Anthony DeLuca Democrat Yea
Bill Cunningham Democrat Yea
Camille Y. Lilly Democrat Yea
Fred Crespo Democrat Yea
Julie A. Morrison Democrat Nay
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Nay
Michelle Mussman Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Halbrook Republican Nay
Chapin Rose Republican Nay
Jil Tracy Republican Nay
Joe C. Sosnowski Republican Nay
Norine K. Hammond Republican Nay
Wayne A. Rosenthal Republican Nay

Official roll call →

Third Reading

Passed 53 Yea · 0 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 41005
Democrat 10000
Republican 2001
Total 53006
% of votes cast 90%0%0%10%
How each member voted (59)
Member Party Vote
Meeks — Not Voting
Millner — Not Voting
Garrett — Yea
Haine — Yea
Muñoz — Yea
Noland — Yea
Link — Yea
Luechtefeld — Yea
McCann — Yea
McCarter — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Brady — Yea
Jacobs — Yea
Johnson, C. — Yea
McGuire — Yea
Johnson, T. — Yea
Clayborne — Yea
Crotty — Yea
Cultra — Yea
Hutchinson — Yea
Sullivan — Yea
Kotowski — Yea
LaHood — Yea
Cullerton — Yea
Landek — Yea
Lauzen — Yea
Jones, J. — Not Voting
Mulroe — Yea
Radogno — Not Voting
Dillard — Yea
Duffy — Yea
Forby — Yea
Frerichs — Yea
Trotter — Yea
Pankau — Yea
Raoul — Yea
Righter — Yea
Sandack — Yea
Sandoval — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Not Voting
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Not Voting
Kevin Schmidt Republican Yea
Sue Rezin Republican Yea

Official roll call →

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 3522 do?
Amends the Residential Mortgage License Act of 1987, the High Risk Home Loan Act, and the Interest Act. Limits the imposition of prepayment penalties in connection with high risk home loans. Limits the size of balloon payments in connection with high risk home loans. Limits the imposition of late fees. Effective January 1, 2013.
Who sponsors SB 3522?
SB 3522 is sponsored by Costa Howard, Hernandez, Lisa, Du Buclet, La Shawn K. Ford, Deborah Mell, Cynthia Soto, Daniel Biss, Camille Y. Lilly (Democrat), Maria Antonia Berrios, Sara Feigenholtz (Democrat), Edward J. Acevedo, Kenneth Dunkin, Jehan A. Gordon, Michael J. Zalewski, Barbara Flynn Currie, and Lakesia Collins (Democrat).
What is the current status of SB 3522?
This bill died with 97th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 3522?
Track SB 3522 free on One Click Politics — get push/email alerts when it moves.

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