Illinois 98th Regular Session Status: To Executive

HB 5331 — MORTGAGE LIC/PROP DISCLOSURE

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

This bill died with 98th Regular Session. It reached “To Executive” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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. From the definition of "exempt person or entity", deletes pension trusts, bank trusts, and bank trust companies. Provides that an applicant for a residential mortgage license that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements. Provides that the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. Makes changes concerning which financial statements are required under the Act. Makes other changes. Amends the Residential Real Property Disclosure Act. Throughout the Act, changes references to "HUD-certified counseling" to "HUD-approved counseling". Provides that certain deadlines are counted by business days rather than calendar days. Provides that it is the borrower's responsibility to (rather than "the borrower shall") select a HUD-approved counseling agency. Provides that the selection must take place and the appointment for the interview must be set within 10 business days, although the interview may take place beyond the 10 business day period. Provides that if a lis pendens is recorded, it may be filed with the Department of Financial and Professional Regulation either electronically or by filing a hard copy. Provides that all information entered into the predatory lending database must be true and correct to the best of the originator's knowledge. Provides that the originator shall, prior to closing, correct, update, or amend the data as necessary. Provides that if any corrections become necessary after the file has been accessed by the closing agent or housing counselor, a new file must be entered. Changes the predatory lending database pilot program to the predatory lending database program. Provides if certain exemptions to certain filing and reporting requirements apply, a certificate of exemption is required. Adds to the list of exemptions to the predatory lending database program mortgages secured by certain types of property and mortgages originated by an exempt person or entity. Effective immediately.

Bill Text

What changed in the latest version

415 added · 1235 removed

Plain-language change summary

In the latest version of Bill HB 5331, a new section was added that specifies changes to the Illinois Vehicle Code, particularly related to registration plates and stickers issued by the Secretary of State. This adjustment intends to clarify the process for issuing registration materials for various types of vehicles, which helps streamline vehicle registration in the state. Additionally, prior sections related to the Residential Mortgage License Act were removed, simplifying the bill and removing less relevant legal language. These changes are important because they focus the legislation on current needs while making it easier for residents to understand vehicle registration requirements.

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HB5331 Engrossed LRB098 17462 HEP 54768 b AN ACT concerning regulation.
HB5331 Enrolled LRB098 17462 HEP 54768 b AN ACT concerning regulation.
The Residential Mortgage License Act of 1987 is amended by changing Sections 1-4, 2-2, 2-4, and 3-2 as follows:
If and only if the provisions of House Bill 4075 of the 98th General Assembly that are changed by this amendatory Act of the 98th General Assembly become law, then the Illinois Vehicle Code is amended by changing Section 3-412 as follows:
(205 ILCS 635/1-4) Sec.
(625 ILCS 5/3-412) (from Ch.
1-4.
95 1/2, par.
Definitions.
3-412) Sec.
(a) "Residential real property" or "residential real estate" shall mean any real property located in Illinois, upon which is constructed or intended to be constructed a dwelling.
3-412.
(b) "Making a residential mortgage loan" or "funding a residential mortgage loan" shall mean for compensation or gain, either directly or indirectly, advancing funds or making a commitment to advance funds to a loan applicant for a residential mortgage loan.
Registration plates and registration stickers to be furnished by the Secretary of State.
(c) "Soliciting, processing, placing, or negotiating a residential mortgage loan" shall mean for compensation or gain, either directly or indirectly, accepting or offering to accept an application for a residential mortgage loan, assisting or offering to assist in the processing of an application for a residential mortgage loan on behalf of a borrower, or negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with a lender on behalf of a HB5331 Engrossed - 2 - LRB098 17462 HEP 54768 b borrower including, but not limited to, the submission of credit packages for the approval of lenders, the preparation of residential mortgage loan closing documents, including a closing in the name of a broker.
(a) The Secretary of State upon registering a vehicle subject to annual registration for the first time shall issue or shall cause to be issued to the owner one registration plate for a motorcycle, trailer, semitrailer, moped or truck-tractor, 2 registration plates for other motor vehicles and, where applicable, current registration stickers for motor vehicles of the first division.
(d) "Exempt person or entity" shall mean the following:
The provisions of this Section may be made applicable to such vehicles of the second division, as the Secretary of State may, from time to time, in his discretion designate.
(1) (i) Any banking organization or foreign banking corporation licensed by the Illinois Commissioner of Banks and Real Estate or the United States Comptroller of the Currency to transact business in this State;
On subsequent annual registrations during the term of the registration plate as provided in Section 3-414.1, the Secretary shall issue or cause to be HB5331 Enrolled - 2 - LRB098 17462 HEP 54768 b issued registration stickers as evidence of current registration.
(ii) any national bank, federally chartered savings and loan association, federal savings bank, federal credit union;
However, the issuance of annual registration stickers to vehicles registered under the provisions of Sections 3-402.1 and 3-405.3 of this Code may not be required if the Secretary deems the issuance unnecessary.
(iii) (blank);
(b) Every registration plate shall have displayed upon it the registration number assigned to the vehicle for which it is issued, the name of this State, which may be abbreviated, the year number for which it was issued, which may be abbreviated, the phrase "Land of Lincoln" (except as otherwise provided in this Code), and such other letters or numbers as the Secretary may prescribe.
any pension trust, bank trust, or bank trust company;
However, for apportionment plates issued to vehicles registered under Section 3-402.1 and fleet plates issued to vehicles registered under Section 3-405.3, the phrase "Land of Lincoln" may be omitted to allow for the word "apportioned", the word "fleet", or other similar language to be displayed.
(iv) any bank, savings and loan association, savings bank, or credit union organized under the laws of this or any other state;
Registration plates issued to a vehicle registered as a fleet vehicle may display a designation determined by the Secretary.
(v) any Illinois Consumer Installment Loan Act licensee;
The Secretary may in his discretion prescribe that letters be used as prefixes only on registration plates issued to vehicles of the first division which are registered under this Code and only as suffixes on registration plates issued to other vehicles.
(vi) any insurance company authorized to transact business in this State;
Every registration sticker issued as evidence of current registration shall designate the year number for which it is issued and such other letters or numbers as the HB5331 Enrolled - 3 - LRB098 17462 HEP 54768 b Secretary may prescribe and shall be of a contrasting color with the registration plates and registration stickers of the previous year.
(vii) any entity engaged solely in commercial mortgage lending;
(c) Each registration plate and the required letters and numerals thereon, except the year number for which issued, shall be of sufficient size to be plainly readable from a distance of 100 feet during daylight, and shall be coated with reflectorizing material.
(viii) any service corporation of a savings and loan association or savings bank organized under the laws of this State or the service corporation of a federally chartered savings and loan association or savings bank having its principal place of business in this State, other than a service corporation licensed or entitled to reciprocity under the Real Estate License Act of 2000;
The dimensions of the plate issued to vehicles of the first division shall be 6 by 12 inches.
or (ix) any first tier subsidiary of a bank, the charter of HB5331 Engrossed - 3 - LRB098 17462 HEP 54768 b which is issued under the Illinois Banking Act by the Illinois Commissioner of Banks and Real Estate, or the first tier subsidiary of a bank chartered by the United States Comptroller of the Currency and that has its principal place of business in this State, provided that the first tier subsidiary is regularly examined by the Illinois Commissioner of Banks and Real Estate or the Comptroller of the Currency, or a consumer compliance examination is regularly conducted by the Federal Reserve Board.
(d) The Secretary of State shall issue for every passenger motor vehicle rented without a driver the same type of registration plates as the type of plates issued for a private passenger vehicle.
(1.5) Any employee of a person or entity mentioned in item (1) of this subsection, when acting for such person or entity, or any registered mortgage loan originator when acting for an entity described in subsection (tt) of this Section.
(e) The Secretary of State shall issue for every passenger car used as a taxicab, livery, or in a commercial ridesharing arrangement in which the driver participates in commercial ridesharing arrangements for more than 36 hours in any 2 week (consecutive 14 day) period as set forth in paragraph (1) of subsection (a) of Section 7 of the Ridesharing Arrangements and Consumer Protection Act 18 hours per week, distinctive registration plates.
(1.8) Any person or entity that does not originate mortgage loans in the ordinary course of business, but makes or acquires residential mortgage loans with his or her own funds for his or her or its own investment without intent to make, acquire, or resell more than 3 residential mortgage loans in any one calendar year.
(f) The Secretary of State shall issue for every motorcycle distinctive registration plates distinguishing between motorcycles having 150 or more cubic centimeters piston displacement, or having less than 150 cubic centimeter piston displacement.
(2) (Blank).
HB5331 Enrolled - 4 - LRB098 17462 HEP 54768 b (g) Registration plates issued to vehicles for-hire may display a designation as determined by the Secretary that such vehicles are for-hire, including, but not limited to, vehicles used as taxicabs, liveries, or in commercial ridesharing arrangements for more than 36 hours in any 2 week (consecutive 14 day) period as set forth in paragraph (1) of subsection (a) of Section 7 of the Ridesharing Arrangements and Consumer Protection Act 18 hours per week.
(3) Any person employed by a licensee to assist in the performance of the residential mortgage licensee's activities regulated by this Act who is compensated in any manner by only one licensee.
(h) (Blank).
HB5331 Engrossed - 4 - LRB098 17462 HEP 54768 b (4) (Blank).
(i) The Secretary of State shall issue for every public and private ambulance registration plates identifying the vehicle as an ambulance.
(5) Any individual, corporation, partnership, or other entity that originates, services, or brokers residential mortgage loans, as these activities are defined in this Act, and who or which receives no compensation for those activities, subject to the Commissioner's regulations and the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 and the rules promulgated under that Act with regard to the nature and amount of compensation.
The Secretary shall forward to the Department of Healthcare and Family Services registration information for the purpose of verification of claims filed with the Department by ambulance owners for payment for services to public assistance recipients.
(6) (Blank).
(j) The Secretary of State shall issue for every public and private medical carrier or rescue vehicle livery registration plates displaying numbers within ranges of numbers reserved respectively for medical carriers and rescue vehicles.
(e) "Licensee" or "residential mortgage licensee" shall mean a person, partnership, association, corporation, or any other entity who or which is licensed pursuant to this Act to engage in the activities regulated by this Act.
The Secretary shall forward to the Department of Healthcare and Family Services registration information for the purpose of verification of claims filed with the Department by owners of medical carriers or rescue vehicles for payment for services to public assistance recipients.
(f) "Mortgage loan" "residential mortgage loan" or "home mortgage loan" shall mean any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling as defined in Section 103(v) of the federal Truth in Lending Act, or residential real estate upon which is constructed or intended to be constructed a dwelling.
(k) The Secretary of State shall issue distinctive license HB5331 Enrolled - 5 - LRB098 17462 HEP 54768 b plates or distinctive license plate stickers for every vehicle exempted from subsections (a) and (a-5) of Section 12-503 by subsection (g) of that Section, and by subsection (g-5) of that Section before its deletion by this amendatory Act of the 95th General Assembly.
(g) "Lender" shall mean any person, partnership, association, corporation, or any other entity who either lends or invests money in residential mortgage loans.
The Secretary shall issue these plates or stickers immediately upon receiving the physician's certification required under subsection (g) of Section 12-503.
(h) "Ultimate equitable owner" shall mean a person who, directly or indirectly, owns or controls an ownership interest HB5331 Engrossed - 5 - LRB098 17462 HEP 54768 b in a corporation, foreign corporation, alien business organization, trust, or any other form of business organization regardless of whether the person owns or controls the ownership interest through one or more persons or one or more proxies, powers of attorney, nominees, corporations, associations, partnerships, trusts, joint stock companies, or other entities or devices, or any combination thereof.
New plates or stickers shall also be issued when the certification is renewed as provided in that subsection.
(i) "Residential mortgage financing transaction" shall mean the negotiation, acquisition, sale, or arrangement for or the offer to negotiate, acquire, sell, or arrange for, a residential mortgage loan or residential mortgage loan commitment.
(l) The Secretary of State shall issue distinctive registration plates for low-speed vehicles.
(j) "Personal residence address" shall mean a street address and shall not include a post office box number.
(k) "Residential mortgage loan commitment" shall mean a contract for residential mortgage loan financing.
(l) "Party to a residential mortgage financing transaction" shall mean a borrower, lender, or loan broker in a residential mortgage financing transaction.
(m) "Payments" shall mean payment of all or any of the following:
principal, interest and escrow reserves for taxes, insurance and other related reserves, and reimbursement for lender advances.
(n) "Commissioner" shall mean the Commissioner of Banks and Real Estate, except that, beginning on April 6, 2009 (the effective date of Public Act 95-1047), all references in this HB5331 Engrossed - 6 - LRB098 17462 HEP 54768 b Act to the Commissioner of Banks and Real Estate are deemed, in appropriate contexts, to be references to the Secretary of Financial and Professional Regulation, or his or her designee, including the Director of the Division of Banking of the Department of Financial and Professional Regulation.
(n-1) "Director" shall mean the Director of the Division of Banking of the Department of Financial and Professional Regulation, except that, beginning on July 31, 2009 (the effective date of Public Act 96-112), all references in this Act to the Director are deemed, in appropriate contexts, to be the Secretary of Financial and Professional Regulation, or his or her designee, including the Director of the Division of Banking of the Department of Financial and Professional Regulation.
(o) "Loan brokering", "brokering", or "brokerage service" shall mean the act of helping to obtain from another entity, for a borrower, a loan secured by residential real estate situated in Illinois or assisting a borrower in obtaining a loan secured by residential real estate situated in Illinois in return for consideration to be paid by either the borrower or the lender including, but not limited to, contracting for the delivery of residential mortgage loans to a third party lender and soliciting, processing, placing, or negotiating residential mortgage loans.
(p) "Loan broker" or "broker" shall mean a person, partnership, association, corporation, or limited liability HB5331 Engrossed - 7 - LRB098 17462 HEP 54768 b company, other than those persons, partnerships, associations, corporations, or limited liability companies exempted from licensing pursuant to Section 1-4, subsection (d), of this Act, who performs the activities described in subsections (c), (o), and (yy) of this Section.
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(q) "Servicing" shall mean the collection or remittance for or the right or obligation to collect or remit for any lender, noteowner, noteholder, or for a licensee's own account, of payments, interests, 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;
and includes 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.
"Servicing" includes management of third-party entities acting on behalf of a residential mortgage licensee for the collection of delinquent payments and the use by such third-party entities of said licensee's servicing records or information, including their use in foreclosure.
(r) "Full service office" shall mean an office, provided by the licensee and not subleased from the licensee's employees, and staff in Illinois reasonably adequate to handle efficiently communications, questions, and other matters relating to any application for, or an existing home mortgage secured by residential real estate situated in Illinois with respect to which the licensee is brokering, funding originating, HB5331 Engrossed - 8 - LRB098 17462 HEP 54768 b purchasing, or servicing.
The management and operation of each full service office must include observance of good business practices such as proper signage;
adequate, organized, and accurate books and records;
ample phone lines, hours of business, staff training and supervision, and provision for a mechanism to resolve consumer inquiries, complaints, and problems.
The Commissioner shall issue regulations with regard to these requirements and shall include an evaluation of compliance with this Section in his or her periodic examination of each licensee.
(s) "Purchasing" shall mean the purchase of conventional or government-insured mortgage loans secured by residential real estate situated in Illinois from either the lender or from the secondary market.
(t) "Borrower" shall mean the person or persons who seek the services of a loan broker, originator, or lender.
(u) "Originating" shall mean the issuing of commitments for and funding of residential mortgage loans.
(v) "Loan brokerage agreement" shall mean a written agreement in which a broker or loan broker agrees to do either of the following:
(1) obtain a residential mortgage loan for the borrower or assist the borrower in obtaining a residential mortgage loan;
or (2) consider making a residential mortgage loan to the borrower.
HB5331 Engrossed - 9 - LRB098 17462 HEP 54768 b (w) "Advertisement" shall mean the attempt by publication, dissemination, or circulation to induce, directly or indirectly, any person to enter into a residential mortgage loan agreement or residential mortgage loan brokerage agreement relative to a mortgage secured by residential real estate situated in Illinois.
(x) "Residential Mortgage Board" shall mean the Residential Mortgage Board created in Section 1-5 of this Act.
(y) "Government-insured mortgage loan" shall mean any mortgage loan made on the security of residential real estate insured by the Department of Housing and Urban Development or Farmers Home Loan Administration, or guaranteed by the Veterans Administration.
(z) "Annual audit" shall mean a certified audit of the licensee's books and records and systems of internal control performed by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards.
(aa) "Financial institution" shall mean a savings and loan association, savings bank, credit union, or a bank organized under the laws of Illinois or a savings and loan association, savings bank, credit union or a bank organized under the laws of the United States and headquartered in Illinois.
(bb) "Escrow agent" shall mean a third party, individual or entity charged with the fiduciary obligation for holding escrow funds on a residential mortgage loan pending final payout of HB5331 Engrossed - 10 - LRB098 17462 HEP 54768 b those funds in accordance with the terms of the residential mortgage loan.
(cc) "Net worth" shall have the meaning ascribed thereto in Section 3-5 of this Act.
(dd) "Affiliate" shall mean:
(1) any entity that directly controls or is controlled by the licensee and any other company that is directly affecting activities regulated by this Act that is controlled by the company that controls the licensee;
(2) any entity:
(A) that is controlled, directly or indirectly, by a trust or otherwise, by or for the benefit of shareholders who beneficially or otherwise control, directly or indirectly, by trust or otherwise, the licensee or any company that controls the licensee;
or (B) a majority of the directors or trustees of which constitute a majority of the persons holding any such office with the licensee or any company that controls the licensee;
(3) any company, including a real estate investment trust, that is sponsored and advised on a contractual basis by the licensee or any subsidiary or affiliate of the licensee.
The Commissioner may define by rule and regulation any terms used in this Act for the efficient and clear administration of this Act.
HB5331 Engrossed - 11 - LRB098 17462 HEP 54768 b (ee) "First tier subsidiary" shall be defined by regulation incorporating the comparable definitions used by the Office of the Comptroller of the Currency and the Illinois Commissioner of Banks and Real Estate.
(ff) "Gross delinquency rate" means the quotient determined by dividing (1) the sum of (i) the number of government-insured residential mortgage loans funded or purchased by a licensee in the preceding calendar year that are delinquent and (ii) the number of conventional residential mortgage loans funded or purchased by the licensee in the preceding calendar year that are delinquent by (2) the sum of (i) the number of government-insured residential mortgage loans funded or purchased by the licensee in the preceding calendar year and (ii) the number of conventional residential mortgage loans funded or purchased by the licensee in the preceding calendar year.
(gg) "Delinquency rate factor" means the factor set by rule of the Commissioner that is multiplied by the average gross delinquency rate of licensees, determined annually for the immediately preceding calendar year, for the purpose of determining which licensees shall be examined by the Commissioner pursuant to subsection (b) of Section 4-8 of this Act.
(hh) "Loan originator" means any natural person who, for compensation or in the expectation of compensation, either directly or indirectly makes, offers to make, solicits, places, HB5331 Engrossed - 12 - LRB098 17462 HEP 54768 b or negotiates a residential mortgage loan.
This definition applies only to Section 7-1 of this Act.
(ii) "Confidential supervisory information" means any report of examination, visitation, or investigation prepared by the Commissioner under this Act, any report of examination visitation, or investigation prepared by the state regulatory authority of another state that examines a licensee, any document or record prepared or obtained in connection with or relating to any examination, visitation, or investigation, and any record prepared or obtained by the Commissioner to the extent that the record summarizes or contains information derived from any report, document, or record described in this subsection.
"Confidential supervisory information" does not include any information or record routinely prepared by a licensee and maintained in the ordinary course of business or any information or record that is required to be made publicly available pursuant to State or federal law or rule.
(jj) "Mortgage loan originator" means an individual who for compensation or gain or in the expectation of compensation or gain:
(i) takes a residential mortgage loan application;
or (ii) offers or negotiates terms of a residential mortgage loan.
"Mortgage loan originator" includes an individual engaged in loan modification activities as defined in subsection (yy) of this Section.
A mortgage loan originator engaged in loan HB5331 Engrossed - 13 - LRB098 17462 HEP 54768 b modification activities shall report those activities to the Department of Financial and Professional Regulation in the manner provided by the Department;
however, the Department shall not impose a fee for reporting, nor require any additional qualifications to engage in those activities beyond those provided pursuant to this Act for mortgage loan originators.
"Mortgage loan originator" does not include an individual engaged solely as a loan processor or underwriter except as otherwise provided in subsection (d) of Section 7-1A of this Act.
"Mortgage loan originator" does not include a person or entity that only performs real estate brokerage activities and is licensed in accordance with the Real Estate License Act of 2000, unless the person or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator, or by any agent of that lender, mortgage broker, or other mortgage loan originator.
"Mortgage loan originator" does not include a person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in Section 101(53D) of Title 11, United States Code.
(kk) "Depository institution" has the same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union.
(ll) "Dwelling" means a residential structure or mobile HB5331 Engrossed - 14 - LRB098 17462 HEP 54768 b home which contains one to 4 family housing units, or individual units of condominiums or cooperatives.
(mm) "Immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild, and includes step-parents, step-children, step-siblings, or adoptive relationships.
(nn) "Individual" means a natural person.
(oo) "Loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing, under this Act.
"Clerical or support duties" includes subsequent to the receipt of an application:
(i) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan;
and (ii) communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that the communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.
An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate HB5331 Engrossed - 15 - LRB098 17462 HEP 54768 b lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
(pp) "Nationwide Mortgage Licensing System and Registry" means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators.
(qq) "Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
(rr) "Person" means a natural person, corporation, company, limited liability company, partnership, or association.
(ss) "Real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including:
(1) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(2) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(3) negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing with respect to any such transaction;
(4) engaging in any activity for which a person engaged HB5331 Engrossed - 16 - LRB098 17462 HEP 54768 b in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law;
or (5) offering to engage in any activity, or act in any capacity, described in this subsection (ss).
(tt) "Registered mortgage loan originator" means any individual that:
(1) meets the definition of mortgage loan originator and is an employee of:
(A) a depository institution;
(B) a subsidiary that is:
(i) owned and controlled by a depository institution;
and (ii) regulated by a federal banking agency;
or (C) an institution regulated by the Farm Credit Administration;
and (2) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.
(uu) "Unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.
(vv) "Residential mortgage license" means a license issued pursuant to Section 1-3, 2-2, or 2-6 of this Act.
(ww) "Mortgage loan originator license" means a license issued pursuant to Section 7-1A, 7-3, or 7-6 of this Act.
HB5331 Engrossed - 17 - LRB098 17462 HEP 54768 b (xx) "Secretary" means the Secretary of the Department of Financial and Professional Regulation, or a person authorized by the Secretary or by this Act to act in the Secretary's stead.
(yy) "Loan modification" means, for compensation or gain, either directly or indirectly offering or negotiating on behalf of a borrower or homeowner to adjust the terms of a residential mortgage loan in a manner not provided for in the original or previously modified mortgage loan.
(zz) "Short sale facilitation" means, for compensation or gain, either directly or indirectly offering or negotiating on behalf of a borrower or homeowner to facilitate the sale of residential real estate subject to one or more residential mortgage loans or debts constituting liens on the property in which the proceeds from selling the residential real estate will fall short of the amount owed and the lien holders are contacted to agree to release their lien on the residential real estate and accept less than the full amount owed on the debt.
96-112, eff.
95-202, eff.
7-31-09;
8-16-07;
95-331, eff.
8-21-07;
96-554, eff.
1-1-10;
96-653, eff.
1-1-10;
96-815, eff.
10-30-09;
96-1216, eff.
98HB4075 enrolled.) Section 10.
1-1-11;
If and only if the provisions of House Bill 4075 of the 98th General Assembly that are changed by this amendatory Act of the 98th General Assembly become law, then the Ridesharing Arrangements and Consumer Protection Act is amended by changing Sections 5 and 7 as follows:
97-143, eff.
(625 ILCS 30/5) (from Ch.
7-14-11;
95 1/2, par.
97-891, eff.
905) Sec.
8-3-12.) (205 ILCS 635/2-2) Sec.
5.
2-2.
(a) No unit of local government, whether or not it is a home rule unit, may:
Application process;
(1) license or regulate ridesharing arrangements;
investigation;
(2) impose any tax or fee upon the owner or operator of a HB5331 Enrolled - 6 - LRB098 17462 HEP 54768 b motor vehicle because of its use in a ridesharing arrangement;
fee.
(3) prohibit or regulate the charging of fees for ridesharing arrangements in accordance with Section 6 of this Act.
(a) The Secretary shall issue a license upon completion of HB5331 Engrossed - 18 - LRB098 17462 HEP 54768 b all of the following:
This Act, as it applies to ridesharing arrangements, is declared to be a denial and limitation of the powers of home rule units pursuant to paragraph (g) of Section 6 of Article VII of the Illinois Constitution.
(1) The filing of an application for license with the Director or the Nationwide Mortgage Licensing System and Registry as approved by the Director.
(b) A Other than with respect to paragraph (1) of subsection (a) of Section 7 of this Act and subparagraph (D) of paragraph (1) of subsection (b) of Section 7 of this Act, a unit of local government, whether or not it is a home rule unit, may not license or regulate commercial ridesharing arrangements, dispatchers, or drivers participating in commercial ridesharing arrangements in a manner that is less restrictive than the regulation by the State under this Act.
(2) The filing with the Secretary of a listing of judgments entered against, and bankruptcy petitions by, the license applicant for the preceding 10 years.
This subsection (b) is a limitation under subsection (i) of Section 6 of Article VII of the Illinois Constitution on the concurrent exercise by home rule units of powers and functions exercised by the State.
(3) The payment, in certified funds, of investigation and application fees, the total of which shall be in an amount equal to $2,700 annually.
(c) With respect to subparagraph (D) of paragraph (1) of subsection (b) of Section 7 of this Act, if a unit of local government, whether or not it is a home rule unit, regulates the fare of any vehicle, including a taxicab, used in commercial ridesharing arrangements, that regulation shall apply equally to all vehicles used in commercial ridesharing HB5331 Enrolled - 7 - LRB098 17462 HEP 54768 b arrangements.
To comply with the common renewal date and requirements of the Nationwide Mortgage Licensing System and Registry, the term of initial licenses may be extended or shortened with applicable fees prorated or combined accordingly.
A unit of local government, whether or not it is a home rule unit, may not license or regulate commercial ridesharing arrangements, dispatchers, or drivers participating in commercial ridesharing arrangements in a manner that is inconsistent with paragraph (1) of subsection (a) of Section 7 of this Act or that is inconsistent with subparagraph (D) of paragraph (1) of subsection (b) of Section 7 of this Act.
(4) Except for a broker applying to renew a license, the filing of an audited balance sheet including all footnotes prepared by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards principles which evidences that the applicant meets the net worth requirements of Section 3-5.
This subsection (c) is a limitation under subsection (i) of Section 6 of Article VII of the Illinois Constitution on the concurrent exercise by home rule units of powers and functions exercised by the State.
Notwithstanding the requirements of this subsection, an applicant that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements which include the applicant's HB5331 Engrossed - 19 - LRB098 17462 HEP 54768 b financial statement.
If the consolidating statements are unaudited, the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements.
(5) The filing of proof satisfactory to the Commissioner that the applicant, the members thereof if the applicant is a partnership or association, the members or managers thereof that retain any authority or responsibility under the operating agreement if the applicant is a limited liability company, or the officers thereof if the applicant is a corporation have 3 years experience preceding application in real estate finance.
Instead of this requirement, the applicant and the applicant's officers or members, as applicable, may satisfactorily complete a program of education in real estate finance and fair lending, as approved by the Commissioner, prior to receiving the initial license.
The Commissioner shall promulgate rules regarding proof of experience requirements and educational requirements and the satisfactory completion of those requirements.
The Commissioner may establish by rule a list of duly licensed professionals and others who may be exempt from this requirement.
(6) An investigation of the averments required by Section 2-4, which investigation must allow the Commissioner to issue positive findings stating that the HB5331 Engrossed - 20 - LRB098 17462 HEP 54768 b financial responsibility, experience, character, and general fitness of the license applicant and of the members thereof if the license applicant is a partnership or association, of the officers and directors thereof if the license applicant is a corporation, and of the managers and members that retain any authority or responsibility under the operating agreement if the license applicant is a limited liability company are such as to command the confidence of the community and to warrant belief that the business will be operated honestly, fairly and efficiently within the purpose of this Act.
If the Commissioner shall not so find, he or she shall not issue such license, and he or she shall notify the license applicant of the denial.
The Commissioner may impose conditions on a license if the Commissioner determines that the conditions are necessary or appropriate.
These conditions shall be imposed in writing and shall continue in effect for the period prescribed by the Commissioner.
(b) All licenses shall be issued to the license applicant.
Upon receipt of such license, a residential mortgage licensee shall be authorized to engage in the business regulated by this Act.
Such license shall remain in full force and effect until it expires without renewal, is surrendered by the licensee or revoked or suspended as hereinafter provided.
96-112, eff.
83-1091;
7-31-09;
98HB4075 enrolled.) (625 ILCS 30/7) Sec.
96-1000, eff.
7.
7-2-10;
(a) Commercial ridesharing arrangements are subject to the following license and registration requirements:
97-891, eff.
(1) No person shall participate as a driver in commercial ridesharing arrangements for more than 36 hours in any 2 week (consecutive 14 day) period 18 hours per week without first securing (i) a chauffeur's license issued by the unit of local government where the vehicle used in the commercial ridesharing arrangement is registered;
8-3-12.) HB5331 Engrossed - 21 - LRB098 17462 HEP 54768 b (205 ILCS 635/2-4) (from Ch.
provided, however, that if the person has applied for a chauffeur's license from the unit of local government where the vehicle used in commercial ridesharing arrangements is HB5331 Enrolled - 8 - LRB098 17462 HEP 54768 b registered, then the person shall be allowed to participate as a driver in a commercial ridesharing arrangement for up to 4 weeks from the date the person first applied for the chauffeur's license while the application for the chauffeur's license is pending with the unit of local government;
17, par.
or (ii) if the unit of local government in which the vehicle used in a commercial ridesharing arrangement is registered does not issue chauffeur's licenses, then a chauffeur's license issued by a unit of local government in which the driver provides commercial ridesharing arrangements.
2322-4) Sec.
If no unit of local government in which the vehicle used in a commercial ridesharing arrangement is registered or operated issues chauffeur's licenses or if the driver of the commercial ridesharing arrangement does not participate in commercial ridesharing arrangements for more than 36 hours in any 2 week (consecutive 14 day) period 18 hours per week, then the driver is not required to obtain a chauffeur's license;
2-4.
provided, however, that the dispatcher shall conduct a background check of a prospective driver prior to dispatching commercial ridesharing arrangements to that driver and shall certify in the reports required by subsection (h) of this Section 7 that the driver is participating in a commercial ridesharing arrangement for 18 or fewer than 36 hours in any 2 week (consecutive 14 day) period per week.
Averments of Licensee.
HB5331 Enrolled - 9 - LRB098 17462 HEP 54768 b (2) No person shall perform dispatches without first securing a commercial ridesharing dispatcher's license from the Department of Financial and Professional Regulation.
Each application for license or for the renewal of a license shall be accompanied by the following averments stating that the applicant:
An applicant for a commercial ridesharing dispatcher's license must submit evidence of the insurance required by item (B) of paragraph (1) of subsection (b) of this Section.
(a) Will maintain at least one full service office within the State of Illinois pursuant to Section 3-4 of this Act;
This license must be renewed annually.
(b) Will maintain staff reasonably adequate to meet the requirements of Section 3-4 of this Act;
The fee for this license shall be set by the Department of Financial and Professional Regulation.
(c) Will keep and maintain for 36 months the same written records as required by the federal Equal Credit Opportunity Act, and any other information required by regulations of the Commissioner regarding any home mortgage in the course of the conduct of its residential mortgage business;
The Department of Financial and Professional Regulation shall adopt rules to implement this paragraph.
(d) Will file with the Commissioner or Nationwide Mortgage Licensing System and Registry as applicable, when due, any report or reports which it is required to file under any of the provisions of this Act;
(3) No commercial ridesharing arrangement shall be conducted in a vehicle that does not have distinctive registration plates issued in accordance with the requirements of Section 3-412 of the Illinois Vehicle Code if the driver or the vehicle participates in commercial ridesharing arrangements for more than 36 hours in any 2 week (consecutive 14 day) period 18 hours per week.
(e) Will not engage, whether as principal or agent, in the practice of rejecting residential mortgage applications without reasonable cause, or varying terms or application procedures without reasonable cause, for home mortgages on real estate within any specific geographic area from the terms or procedures generally provided by the HB5331 Engrossed - 22 - LRB098 17462 HEP 54768 b licensee within other geographic areas of the State;
(b)(1) All commercial ridesharing arrangements shall be conducted under the following standards:
(f) Will not engage in fraudulent home mortgage underwriting practices;
(A) A vehicle used for commercial ridesharing arrangements for more than 36 hours in any 2 week (14 consecutive day) period as set forth in paragraph (1) of subsection (a) of this Section 18 hours per week must conform to the age requirements for vehicles used for transporting passengers for hire adopted by the HB5331 Enrolled - 10 - LRB098 17462 HEP 54768 b unit of local government in which the vehicle is registered.
(g) Will not make payment, whether directly or indirectly, of any kind to any in house or fee appraiser of any government or private money lending agency with which an application for a home mortgage has been filed for the purpose of influencing the independent judgment of the appraiser with respect to the value of any real estate which is to be covered by such home mortgage;
Any vehicle used for commercial ridesharing arrangements for more than 36 hours in any 2 week (14 consecutive day) period as set forth in paragraph (1) of subsection (a) of this Section 18 hours per week must pass any safety inspections required by the unit of local government that issued the driver's chauffeur's license for vehicles used in transporting passengers for-hire.
(h) Has filed tax returns (State and Federal) for the past 3 years or filed with the Commissioner an accountant's or attorney's statement as to why no return was filed;
If the unit of local government that issued the driver's chauffeur's license does not require safety inspections for vehicles used in transporting passengers for-hire, or if the driver is not required to have a chauffeur's license under paragraph (1) of subsection (a) of this Section, then the vehicle must pass an annual safety inspection that the dispatcher certifies as meeting the requirements of Section 13-101 of the Illinois Vehicle Code.
(i) Will not engage in any discrimination or redlining activities prohibited by Section 3-8 of this Act;
(B) Dispatchers must carry commercial liability insurance in the amount of $350,000 combined single limit per accident accordance with Section 12-707.01 of the Illinois Vehicle Code with primary coverage for the dispatcher, the driver, and the vehicle used in the commercial ridesharing arrangement during the time period when the driver makes himself, herself, or the vehicle available for dispatch or while a commercial HB5331 Enrolled - 11 - LRB098 17462 HEP 54768 b ridesharing arrangement passenger is in the vehicle.
(j) Will not knowingly make any false promises likely to influence or persuade, or pursue a course of misrepresentation and false promises through agents, solicitors, advertising or otherwise;
Any terms or conditions in the agreement between the dispatcher and driver, or between the dispatcher and passenger, that would act as a waiver of the dispatcher's liability to the driver, the passenger, or to the public, or as an indemnification from the driver or passenger to the dispatcher, are null, void, and unenforceable.
(k) Will not knowingly misrepresent, circumvent or conceal, through whatever subterfuge or device, any of the material particulars or the nature thereof, regarding a transaction to which it is a party to the injury of another party thereto;
(C) Commercial ridesharing arrangements shall be arranged solely through a dispatcher.
(l) Will disburse funds in accordance with its agreements;
No person shall solicit or accept potential passengers' requests for service in a commercial ridesharing arrangement via street hail, hand gestures, or verbal statements.
HB5331 Engrossed - 23 - LRB098 17462 HEP 54768 b (m) Has not committed a crime against the law of this State, any other state or of the United States, involving moral turpitude, fraudulent or dishonest dealing, and that no final judgment has been entered against it in a civil action upon grounds of fraud, misrepresentation or deceit which has not been previously reported to the Commissioner;
No commercial ridesharing arrangement shall pick up or discharge a passenger at any place prohibited by the unit of local government in which the commercial ridesharing arrangement is conducted, or at any designated taxicab stands, queues, or loading zones.
(n) Will account or deliver to the owner upon request any personal property such as money, fund, deposit, check, draft, mortgage, other document or thing of value which it is not in law or equity entitled to retain under the circumstances;
(D) Any vehicle, including a taxicab, used in commercial ridesharing arrangements shall have its fare established by a dispatcher who has provided notice of the amount of the fare to a prospective passenger prior to obtaining the prospective passenger's agreement for the fare.
(o) Has not engaged in any conduct which would be cause for denial of a license;
(E) If a unit of local government has requirements for licensed chauffeurs to provide service in HB5331 Enrolled - 12 - LRB098 17462 HEP 54768 b under-served areas, drivers participating in commercial ridesharing arrangements within that unit of local government shall be subject to the same requirements for providing service in under-served areas.
(p) Has not become insolvent;
(F) If a unit of local government has requirements for licensed chauffeurs to provide wheelchair accessible vehicles, drivers participating in commercial ridesharing arrangements within that unit of local government's jurisdiction shall be subject to the same requirements for providing wheelchair accessible vehicles.
(q) Has not submitted an application for a license under this Act which contains a material misstatement;
(2) No person shall perform dispatches except as follows:
(r) Has not demonstrated by course of conduct, negligence or incompetence in performing any act for which it is required to hold a license under this Act;
(A) Dispatches shall be made only to drivers licensed in accordance with subsection (a) of this Section.
(s) Will advise the Commissioner in writing, or the Nationwide Mortgage Licensing System and Registry as applicable, of any changes to the information submitted on the most recent application for license or averments of record within 30 days of said change.
(B) If distinctive registration plates are required by paragraph (3) of subsection (a) of this Section, then a dispatcher shall ensure that the vehicle has the distinctive registration plates prior to dispatching to that vehicle.
The written notice must be signed in the same form as the application for license being amended;
(c) Any person, other than a passenger, who participates in a commercial ridesharing arrangement in violation of this Section is guilty of a violation of this Section and shall be subject to the penalties adopted by the Department of Financial HB5331 Enrolled - 13 - LRB098 17462 HEP 54768 b and Professional Regulation by administrative rule, including, but not limited to, fines, probation, revocation of licenses, and vehicle impoundment.
HB5331 Engrossed - 24 - LRB098 17462 HEP 54768 b (t) Will comply with the provisions of this Act, or with any lawful order, rule or regulation made or issued under the provisions of this Act;
(d) Any person whose property or person is injured or in danger of injury due to an actual or imminent violation of this Section may file suit in the circuit court having jurisdiction to recover any remedy permitted by law, including damages and injunctive relief.
(u) Will submit to periodic examination by the Commissioner as required by this Act;
(e) A dispatcher shall assume liability, including the costs of defense and indemnification, for a claim in which a dispute exists as to whether the loss or injury giving rise to the claim occurred while a vehicle involved in the incident giving rise to the claim was made available for dispatch or while a commercial ridesharing arrangement passenger is in the vehicle.
(v) Will advise the Commissioner in writing of judgments entered against, and bankruptcy petitions by, the license applicant within 5 days of occurrence;
If it is determined that the claim did not occur when the vehicle involved in the incident giving rise to the claim was either made available for dispatch or while a commercial ridesharing arrangement passenger was in the vehicle, then the vehicle's registered owner's primary automobile liability insurer shall indemnify the dispatcher or its insurer to the extent of the insurer's obligation under the registered owner's primary automobile liability insurance policy, to the extent that payments have been made.
(w) Will advise the Commissioner in writing within 30 days of any request made to a licensee under this Act to repurchase a loan in a manner that completely and clearly identifies to whom the request was made, the loans involved, and the reason therefor;
The dispatcher must notify the registered owner of the vehicle and the registered owner's insurer of the dispute within 25 business days of receiving notice of the accident that gives rise to the claim.
(x) Will advise the Commissioner in writing within 30 days of any request from any entity to repurchase a loan in a manner that completely and clearly identifies to whom the request was made, the loans involved, and the reason for the request;
If a HB5331 Enrolled - 14 - LRB098 17462 HEP 54768 b private passenger motor vehicle's registered owner or its insurer is named as a defendant in a civil action for any loss or injury that occurs during the time the vehicle is made available for dispatch, the dispatcher shall have the duty to defend and indemnify the vehicle's registered owner and its insurers.
(y) Will at all times act in a manner consistent with subsections (a) and (b) of Section 1-2 of this Act;
(f) The Notwithstanding any provision in the vehicle owner's insurance policy or any other provision of this Act, the insurer providing coverage to the owner of a private passenger motor vehicle may exclude any and all coverage and the duty to defend afforded under the owner's insurance policy for any loss or injury that occurs while the vehicle is made available for dispatch or while a commercial ridesharing arrangement passenger is in the vehicle.
(z) Will not knowingly hire or employ a loan originator who is not registered, or mortgage loan originator who is not licensed, with the Commissioner as required under Section 7-1 or Section 7-1A, as applicable, of this Act;
This right to exclude coverage and the duty to indemnify and defend applies to all coverage provided by the registered owner's insurer including, but not limited to:
(aa) Will not charge or collect advance payments from borrowers or homeowners for engaging in loan modification;
(1) liability and physical damage coverage;
HB5331 Engrossed - 25 - LRB098 17462 HEP 54768 b and (bb) Will not structure activities or contracts to evade provisions of this Act.
(2) personal injury protection coverage;
A licensee who fails to fulfill obligations of an averment, to comply with averments made, or otherwise violates any of the averments made under this Section shall be subject to the penalties in Section 4-5 of this Act.
(3) uninsured and underinsured motorist coverage;
(4) medical payment coverage for persons using or occupying the registered vehicle;
(5) comprehensive physical damage coverage;
and (6) collision physical damage coverage.
(g) A dispatcher must, prior to the first use of a vehicle in a commercial ridesharing arrangement, and upon renewal, HB5331 Enrolled - 15 - LRB098 17462 HEP 54768 b cancellation, or change in insurance by the dispatcher, provide the vehicle's registered owner and any driver of the vehicle with a disclosure that contains:
(1) information explaining the insurance requirements of this Section;
(2) information explaining the coverage and coverage limits provided under the dispatcher's insurance policy;
(3) notice that the dispatcher assumes all liability for any loss or injury that occurs while the vehicle is made available for dispatch or while a commercial ridesharing arrangement passenger is in the vehicle;
and (4) notice that the dispatcher provides insurance on the vehicle while the vehicle is made available for dispatch or while a commercial ridesharing arrangement passenger is in the vehicle that is comparable to a standard owner's insurance policy and that the vehicle's registered owner's insurance policy may exclude all coverage and the duty to defend or indemnify any person or organization for liability for any loss or injury that occurs while the vehicle is made available for dispatch or while a commercial ridesharing arrangement passenger is in the vehicle.
(h) For each vehicle used in a commercial ridesharing arrangement a dispatcher must collect, maintain, and make available to the vehicle's registered owner, the vehicle's registered owner's primary automobile liability insurer, and HB5331 Enrolled - 16 - LRB098 17462 HEP 54768 b any government agency as required by law, at the cost of the dispatcher, the following:
(1) records that identify the date and duration the driver makes himself, herself, or the vehicle available for dispatch.
For vehicles with an electronic tracking device, electronic records of the time, initial and final locations of the vehicle, and miles driven when the vehicle is under the control of a person other than the vehicle's registered owner under a commercial ridesharing arrangement;
and (2) in instances where an insurance claim has been filed, any and all information, including payments to the registered owner by the dispatcher, concerning accidents, damages, or injuries.
(i) The Department of Financial and Professional Regulation shall adopt rules to implement this Section.
P.A.
98HB4075 enrolled.) Section 99.
96-112, eff.
7-31-09;
97-891, eff.
8-3-12.) (205 ILCS 635/3-2) (from Ch.
17, par.
2323-2) Sec.
3-2.
Annual audit.
(a) At the licensee's fiscal year-end, but in no case more than 12 months after the last audit conducted pursuant to this Section, except as otherwise provided in this Section, it shall be mandatory for each residential mortgage licensee to cause its books and accounts to be audited by a certified public accountant not connected with such licensee.
The books and records of all licensees under this Act shall be maintained on an accrual basis.
The audit must be sufficiently comprehensive in scope to permit the expression of an opinion on the financial statements, which must be prepared in accordance with generally accepted accounting principles, and must be performed in accordance with generally accepted auditing standards.
Notwithstanding the requirements of this subsection, a licensee that is a first tier subsidiary may submit audited consolidated financial statements of its HB5331 Engrossed - 26 - LRB098 17462 HEP 54768 b parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements which include the licensee's financial statement.
If the consolidating statements are unaudited, the.
The licensee's chief financial officer shall attest to the licensee's financial statements disclosed in the consolidating statements.
(b) As used herein, the term "expression of opinion" includes either (1) an unqualified opinion, (2) a qualified opinion, (3) a disclaimer of opinion, or (4) an adverse opinion.
(c) If a qualified or adverse opinion is expressed or if an opinion is disclaimed, the reasons therefore must be fully explained.
An opinion, qualified as to a scope limitation, shall not be acceptable.
(d) The most recent audit report shall be filed with the Commissioner within 90 days after the end of the licensee's fiscal year, or with the Nationwide Mortgage Licensing System and Registry, if applicable, pursuant to Mortgage Call Report requirements.
The report filed with the Commissioner shall be certified by the certified public accountant conducting the audit.
The Commissioner may promulgate rules regarding late audit reports.
(e) If any licensee required to make an audit shall fail to cause an audit to be made, the Commissioner shall cause the same to be made by a certified public accountant at the HB5331 Engrossed - 27 - LRB098 17462 HEP 54768 b licensee's expense.
The Commissioner shall select such certified public accountant by advertising for bids or by such other fair and impartial means as he or she establishes by regulation.
(f) In lieu of the audit or compilation financial statement required by this Section, a licensee shall submit and the Commissioner may accept any audit made in conformance with the audit requirements of the U.S.
Department of Housing and Urban Development.
(g) With respect to licensees who solely broker residential mortgage loans as defined in subsection (o) of Section 1-4, instead of the audit required by this Section, the Commissioner may accept compilation financial statements prepared at least every 12 months, and the compilation financial statement must be submitted within 90 days after the end of the licensee's fiscal year, or with the Nationwide Mortgage Licensing System and Registry, if applicable, pursuant to Mortgage Call Report requirements.
If a licensee under this Section fails to file a compilation as required, the Commissioner shall cause an audit of the licensee's books and accounts to be made by a certified public accountant at the licensee's expense.
The Commissioner shall select the certified public accountant by advertising for bids or by such other fair and impartial means as he or she establishes by rule.
A licensee who files false or misleading compilation financial statements is guilty of a business offense and shall be fined not less than $5,000.
HB5331 Engrossed - 28 - LRB098 17462 HEP 54768 b (h) The workpapers of the certified public accountants employed by each licensee for purposes of this Section are to be made available to the Commissioner or the Commissioner's designee upon request and may be reproduced by the Commissioner or the Commissioner's designee to enable to the Commissioner to carry out the purposes of this Act.
(i) Notwithstanding any other provision of this Section, if a licensee relying on subsection (g) of this Section causes its books to be audited at any other time or causes its financial statements to be reviewed, a complete copy of the audited or reviewed financial statements shall be delivered to the Commissioner at the time of the annual license renewal payment following receipt by the licensee of the audited or reviewed financial statements.
All workpapers shall be made available to the Commissioner upon request.
The financial statements and workpapers may be reproduced by the Commissioner or the Commissioner's designee to carry out the purposes of this Act.
(Source:
P.A.
97-813, eff.
7-13-12;
97-891, eff.
8-3-12;
98-463, eff.
8-16-13.) Section 10.
The Residential Real Property Disclosure Act is amended by changing Sections 70, 72, 74, 76, 78, and 80 as follows:
(765 ILCS 77/70) Sec.
70.
Predatory lending database program.
HB5331 Engrossed - 29 - LRB098 17462 HEP 54768 b (a) As used in this Article:
"Adjustable rate mortgage" or "ARM" means a closed-end mortgage transaction that allows adjustments of the loan interest rate during the first 3 years of the loan term.
"Borrower" means a person seeking a mortgage loan.
"Broker" means a "broker" or "loan broker", as defined in subsection (p) of Section 1-4 of the Residential Mortgage License Act of 1987.
"Closing agent" means an individual assigned by a title insurance company or a broker or originator to ensure that the execution of documents related to the closing of a real estate sale or the refinancing of a real estate loan and the disbursement of closing funds are in conformity with the instructions of the entity financing the transaction.
"Counseling" means in-person counseling provided by a counselor employed by a HUD-approved HUD-certified counseling agency to all borrowers, or documented telephone counseling where a hardship would be imposed on one or more borrowers.
A hardship shall exist in instances in which the borrower is confined to his or her home due to medical conditions, as verified in writing by a physician, or the borrower resides 50 miles or more from the nearest participating HUD-approved HUD-certified housing counseling agency.
In instances of telephone counseling, the borrower must supply all necessary documents to the counselor at least 72 hours prior to the scheduled telephone counseling session.
HB5331 Engrossed - 30 - LRB098 17462 HEP 54768 b "Counselor" means a counselor employed by a HUD-approved HUD-certified housing counseling agency.
"Credit score" means a credit risk score as defined by the Fair Isaac Corporation, or its successor, and reported under such names as "BEACON", "EMPIRICA", and "FAIR ISAAC RISK SCORE" by one or more of the following credit reporting agencies or their successors:
Equifax, Inc., Experian Information Solutions, Inc., and TransUnion LLC.
If the borrower's credit report contains credit scores from 2 reporting agencies, then the broker or loan originator shall report the lower score.
If the borrower's credit report contains credit scores from 3 reporting agencies, then the broker or loan originator shall report the middle score.
"Department" means the Department of Financial and Professional Regulation.
"Exempt person or entity" means that term as it is defined in subsections (d)(1), (d)(1.5), and (d)(1.8) of Section 1-4 of the Residential Mortgage License Act of 1987.
"First-time homebuyer" means a borrower who has not held an ownership interest in residential property.
"HUD-approved HUD-certified counseling" or "counseling" means counseling given to a borrower by a counselor employed by a HUD-approved HUD-certified housing counseling agency.
"Interest only" means a closed-end loan that permits one or more payments of interest without any reduction of the principal balance of the loan, other than the first payment on HB5331 Engrossed - 31 - LRB098 17462 HEP 54768 b the loan.
"Lender" means that term as it is defined in subsection (g) of Section 1-4 of the Residential Mortgage License Act of 1987.
"Licensee" means that term as it is defined in subsection (e) of Section 1-4 of the Residential Mortgage License Act of 1987.
"Mortgage loan" means that term as it is defined in subsection (f) of Section 1-4 of the Residential Mortgage License Act of 1987.
"Negative amortization" means an amortization method under which the outstanding balance may increase at any time over the course of the loan because the regular periodic payment does not cover the full amount of interest due.
"Originator" means a "loan originator" as defined in subsection (hh) of Section 1-4 of the Residential Mortgage License Act of 1987, except an exempt person, and means a "mortgage loan originator" as defined in subsection (jj) of Section 1-4 of the Residential Mortgage License Act of 1987, except an exempt person.
"Points and fees" has the meaning ascribed to that term in Section 10 of the High Risk Home Loan Act.
"Prepayment penalty" means a charge imposed by a lender under a mortgage note or rider when the loan is paid before the expiration of the term of the loan.
"Refinancing" means a loan secured by the borrower's or borrowers' primary residence where the proceeds are not used as HB5331 Engrossed - 32 - LRB098 17462 HEP 54768 b purchase money for the residence.
"Title insurance company" means any domestic company organized under the laws of this State for the purpose of conducting the business of guaranteeing or insuring titles to real estate and any title insurance company organized under the laws of another State, the District of Columbia, or a foreign government and authorized to transact the business of guaranteeing or insuring titles to real estate in this State.
(a-5) A predatory lending database program shall be established within Cook County.
The program shall be administered in accordance with this Article.
The inception date of the program shall be July 1, 2008.
A predatory lending database program shall be expanded to include Kane, Peoria, and Will counties.
The inception date of the expansion of the program as it applies to Kane, Peoria, and Will counties shall be July 1, 2010.
Until the inception date, none of the duties, obligations, contingencies, or consequences of or from the program shall be imposed.
The program shall apply to all mortgage applications that are governed by this Article and that are made or taken on or after the inception of the program.
(b) The database created under this program shall be maintained and administered by the Department.
The database shall be designed to allow brokers, originators, counselors, title insurance companies, and closing agents to submit information to the database online.
The database shall not be HB5331 Engrossed - 33 - LRB098 17462 HEP 54768 b designed to allow those entities to retrieve information from the database, except as otherwise provided in this Article.
Information submitted by the broker or originator to the Department may be used to populate the online form submitted by a counselor, title insurance company, or closing agent.
(c) Within 10 business days after taking a mortgage application, the broker or originator for any mortgage on residential property within the program area must submit to the predatory lending database all of the information required under Section 72 and any other information required by the Department by rule.
Within 7 business days after receipt of the information, the Department shall compare that information to the housing counseling standards in Section 73 and issue to the borrower and the broker or originator a determination of whether counseling is recommended for the borrower.
The borrower may not waive counseling.
If at any time after submitting the information required under Section 72 the broker or originator (i) changes the terms of the loan or (ii) issues a new commitment to the borrower, then, within 5 business days thereafter, the broker or originator shall re-submit all of the information required under Section 72 and, within 4 business days after receipt of the information re-submitted by the broker or originator, the Department shall compare that information to the housing counseling standards in Section 73 and shall issue to the borrower and the broker or originator a new determination of whether re-counseling is recommended for HB5331 Engrossed - 34 - LRB098 17462 HEP 54768 b the borrower based on the information re-submitted by the broker or originator.
The Department shall require re-counseling if the loan terms have been modified to meet another counseling standard in Section 73, or if the broker has increased the interest rate by more than 200 basis points.
(d) If the Department recommends counseling for the borrower under subsection (c), then the Department shall notify the borrower of all participating HUD-approved HUD-certified counseling agencies located within the State and direct the borrower to interview with a counselor associated with one of those agencies.
Within 10 business days after receipt of the notice of HUD-approved HUD-certified counseling agencies, it is the borrower's responsibility to borrower shall select one of those agencies and shall engage in an interview with a counselor associated with that agency.
The selection must take place and the appointment for the interview must be set within 10 business days, although the interview may take place beyond the 10 business day period.
Within 7 business days after interviewing the borrower, the counselor must submit to the predatory lending database all of the information required under Section 74 and any other information required by the Department by rule.
Reasonable and customary costs not to exceed $300 associated with counseling provided under the program shall be paid by the broker or originator and shall not be charged back to, or recovered from, the borrower.
The Department shall annually calculate to the nearest dollar an HB5331 Engrossed - 35 - LRB098 17462 HEP 54768 b adjusted rate for inflation.
A counselor shall not recommend or suggest that a borrower contact any specific mortgage origination company, financial institution, or entity that deals in mortgage finance to obtain a loan, another quote, or for any other reason related to the specific mortgage transaction;
however, a counselor may suggest that the borrower seek an opinion or a quote from another mortgage origination company, financial institution, or entity that deals in mortgage finance.
A counselor or housing counseling agency that in good faith provides counseling shall not be liable to a broker or originator or borrower for civil damages, except for willful or wanton misconduct on the part of the counselor in providing the counseling.
(e) The broker or originator and the borrower may not take any legally binding action concerning the loan transaction until the later of the following:
(1) the Department issues a determination not to recommend HUD-approved HUD-certified counseling for the borrower in accordance with subsection (c);
or (2) the Department issues a determination that HUD-approved HUD-certified counseling is recommended for the borrower and the counselor submits all required information to the database in accordance with subsection (d).
(f) Within 10 business days after closing, the title insurance company or closing agent must submit to the predatory HB5331 Engrossed - 36 - LRB098 17462 HEP 54768 b lending database all of the information required under Section 76 and any other information required by the Department by rule.
(g) The title insurance company or closing agent shall attach to the mortgage a certificate of compliance with the requirements of this Article, as generated by the database.
If the transaction is exempt, the title insurance company or closing agent shall attach to the mortgage a certificate of exemption, as generated by the database.
If the title insurance company or closing agent fails to attach the certificate of compliance or exemption, whichever is required, then the mortgage is not recordable.
In addition, if any lis pendens for a residential mortgage foreclosure is recorded on the property within the program area, a certificate of service must be simultaneously recorded that affirms that a copy of the lis pendens was filed with the Department.
The lis pendens may be filed with the Department either electronically or by filing a hard copy.
If the certificate of service is not recorded, then the lis pendens pertaining to the residential mortgage foreclosure in question is not recordable and is of no force and effect.
(h) All information provided to the predatory lending database under the program is confidential and is not subject to disclosure under the Freedom of Information Act, except as otherwise provided in this Article.
Information or documents obtained by employees of the Department in the course of HB5331 Engrossed - 37 - LRB098 17462 HEP 54768 b maintaining and administering the predatory lending database are deemed confidential.
Employees are prohibited from making disclosure of such confidential information or documents.
Any request for production of information from the predatory lending database, whether by subpoena, notice, or any other source, shall be referred to the Department of Financial and Professional Regulation.
Any borrower may authorize in writing the release of database information.
The Department may use the information in the database without the consent of the borrower:
(i) for the purposes of administering and enforcing the program;
(ii) to provide relevant information to a counselor providing counseling to a borrower under the program;
or (iii) to the appropriate law enforcement agency or the applicable administrative agency if the database information demonstrates criminal, fraudulent, or otherwise illegal activity.
(i) Nothing in this Article is intended to prevent a borrower from making his or her own decision as to whether to proceed with a transaction.
(j) Any person who violates any provision of this Article commits an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act.
(j-1) A violation of any provision of this Article by a mortgage banking licensee or licensed mortgage loan originator shall constitute a violation of the Residential Mortgage License Act of 1987.
HB5331 Engrossed - 38 - LRB098 17462 HEP 54768 b (j-2) A violation of any provision of this Article by a title insurance company, title agent, or escrow agent shall constitute a violation of the Title Insurance Act.
(j-3) A violation of any provision of this Article by a housing counselor shall be referred to the Department of Housing and Urban Development.
(k) During the existence of the program, the Department shall submit semi-annual reports to the Governor and to the General Assembly by May 1 and November 1 of each year detailing its findings regarding the program.
The report shall include, by county, at least the following information for each reporting period:
(1) the number of loans registered with the program;
(2) the number of borrowers receiving counseling;
(3) the number of loans closed;
(4) the number of loans requiring counseling for each of the standards set forth in Section 73;
(5) the number of loans requiring counseling where the mortgage originator changed the loan terms subsequent to counseling;
(6) the number of licensed mortgage brokers and loan originators entering information into the database;
(7) the number of investigations based on information obtained from the database, including the number of licensees fined, the number of licenses suspended, and the number of licenses revoked;
HB5331 Engrossed - 39 - LRB098 17462 HEP 54768 b (8) a summary of the types of non-traditional mortgage products being offered;
and (9) a summary of how the Department is actively utilizing the program to combat mortgage fraud.
(Source:
P.A.
96-328, eff.
8-11-09;
96-856, eff.
12-31-09;
97-891, eff.
1-1-13.) (765 ILCS 77/72) Sec.
72.
Originator;
required information.
As part of the predatory lending database program, the broker or originator must submit all of the following information for inclusion in the predatory lending database for each loan for which the originator takes an application:
(1) The borrower's name, address, social security number or taxpayer identification number, date of birth, and income and expense information, including total monthly consumer debt, contained in the mortgage application.
(2) The address, permanent index number, and a description of the collateral and information about the loan or loans being applied for and the loan terms, including the amount of the loan, the rate and whether the rate is fixed or adjustable, amortization or loan period terms, and any other material terms.
(3) The borrower's credit score at the time of application.
HB5331 Engrossed - 40 - LRB098 17462 HEP 54768 b (4) Information about the originator and the company the originator works for, including the originator's license number and address, fees being charged, whether the fees are being charged as points up front, the yield spread premium payable outside closing, and other charges made or remuneration required by the broker or originator or its affiliates or the broker's or originator's employer or its affiliates for the mortgage loans.
(5) Information about affiliated or third party service providers, including the names and addresses of appraisers, title insurance companies, closing agents, attorneys, and realtors who are involved with the transaction and the broker or originator and any moneys received from the broker or originator in connection with the transaction.
(6) All information indicated on the Good Faith Estimate and Truth in Lending statement disclosures given to the borrower by the broker or originator.
(7) Annual real estate taxes for the property, together with any assessments payable in connection with the property to be secured by the collateral and the proposed monthly principal and interest charge of all loans to be taken by the borrower and secured by the property of the borrower.
(8) Information concerning how the broker or originator obtained the client and the name of its referral HB5331 Engrossed - 41 - LRB098 17462 HEP 54768 b source, if any.
(9) Information concerning the notices provided by the broker or originator to the borrower as required by law and the date those notices were given.
(10) Information concerning whether a sale and leaseback is contemplated and the names of the lessor and lessee, seller, and purchaser.
(11) Any and all financing by the borrower for the subject property within 12 months prior to the date of application.
(12) Loan information, including interest rate, term, purchase price, down payment, and closing costs.
(13) Whether the buyer is a first-time homebuyer or refinancing a primary residence.
(14) Whether the loan permits interest only payments.
(15) Whether the loan may result in negative amortization.
(16) Whether the total points and fees payable by the borrowers at or before closing will exceed 5%.
(17) Whether the loan includes a prepayment penalty, and, if so, the terms of the penalty.
(18) Whether the loan is an ARM.
All information entered into the predatory lending database must be true and correct to the best of the originator's knowledge.
The originator shall, prior to closing, correct, update, or amend the data as necessary.
If HB5331 Engrossed - 42 - LRB098 17462 HEP 54768 b any corrections become necessary after the file has been accessed by the closing agent or housing counselor, a new file must be entered.
(Source:
P.A.
97-891, eff.
1-1-13.) (765 ILCS 77/74) Sec.
74.
Counselor;
required information.
As part of the predatory lending database program, a counselor must submit all of the following information for inclusion in the predatory lending database:
(1) The information called for in items (1), (6), (9), (11), (12), (13), (14), (15), (16), (17), and (18) of Section 72.
(2) Any information from the borrower that confirms or contradicts the information called for under item (1) of this Section.
(3) The name of the counselor and address of the HUD-approved HUD-certified housing counseling agency that employs the counselor.
(4) Information pertaining to the borrower's monthly expenses that assists the counselor in determining whether the borrower can afford the loans or loans for which the borrower is applying.
(5) A list of the disclosures furnished to the borrower, as seen and reviewed by the counselor, and a comparison of that list to all disclosures required by law.
HB5331 Engrossed - 43 - LRB098 17462 HEP 54768 b (6) Whether the borrower provided tax returns to the broker or originator or to the counselor, and, if so, who prepared the tax returns.
(7) A statement of the recommendations of the counselor that indicates the counselor's response to each of the following statements:
(A) The loan should not be approved due to indicia of fraud.
(B) The loan should be approved;
no material problems noted.
(C) The borrower cannot afford the loan.
(D) The borrower does not understand the transaction.
(E) The borrower does not understand the costs associated with the transaction.
(F) The borrower's monthly income and expenses have been reviewed and disclosed.
(G) The rate of the loan is above market rate.
(H) The borrower should seek a competitive bid from another broker or originator.
(I) There are discrepancies between the borrower's verbal understanding and the originator's completed form.
(J) The borrower is precipitously close to not being able to afford the loan.
(K) The borrower understands the true cost of debt HB5331 Engrossed - 44 - LRB098 17462 HEP 54768 b consolidation and the need for credit card discipline.
(L) The information that the borrower provided the originator has been amended by the originator.
(Source:
P.A.
97-813, eff.
7-13-12.) (765 ILCS 77/76) Sec.
76.
Title insurance company or closing agent;
required information.
As part of the predatory lending database pilot program, a title insurance company or closing agent must submit all of the following information for inclusion in the predatory lending database:
(1) The borrower's name, address, social security number or taxpayer identification number, date of birth, and income and expense information contained in the mortgage application.
(2) The address, permanent index number, and a description of the collateral and information about the loan or loans being applied for and the loan terms, including the amount of the loan, the rate and whether the rate is fixed or adjustable, amortization or loan period terms, and any other material terms.
(3) Annual real estate taxes for the property, together with any assessments payable in connection with the property to be secured by the collateral and the proposed monthly principal and interest charge of all loans to be taken by the borrower and secured by the property of the HB5331 Engrossed - 45 - LRB098 17462 HEP 54768 b borrower as well as any required escrows and the amounts paid monthly for those escrows.
(4) All itemizations and descriptions set forth in the RESPA settlement statement including items to be disbursed, payable outside closing "POC" items noted on the statement, and a list of payees and the amounts of their checks.
(5) The name and license number of the title insurance company or closing agent together with the name of the agent actually conducting the closing.
(6) The names and addresses of all originators, brokers, appraisers, sales persons, attorneys, and surveyors that are present at the closing.
(7) The date of closing, a detailed list of all notices provided to the borrower at closing and the date of those notices, and all information indicated on the Truth in Lending statement and Good Faith Estimate disclosures.
(Source:
P.A.
94-280, eff.
1-1-06.) (765 ILCS 77/78) Sec.
78.
Exemption.
Borrowers applying for reverse mortgage financing of residential real estate including under programs regulated by the Federal Housing Administration (FHA) that require HUD-approved HUD-certified counseling are exempt from the program and may submit a HUD counseling certificate to comply with the program.
A certificate of exemption is required HB5331 Engrossed - 46 - LRB098 17462 HEP 54768 b for recording.
Mortgages secured by non-owner occupied property, commercial property, residential property consisting of more than 4 units, and government property are exempt but require a certificate of exemption for recording.
Mortgages originated by an exempt person or entity are exempt but require a certificate of exemption for recording.
(Source:
P.A.
98-463, eff.
8-16-13.) (765 ILCS 77/80) Sec.
80.
Predatory Lending Database Program Fund.
The Predatory Lending Database Program Fund is created as a special fund in the State treasury.
Subject to appropriation, moneys in the Fund shall be appropriated to the Illinois Housing Development Authority for the purpose of making grants for HUD-approved HUD-certified counseling agencies participating in the Predatory Lending Database Program to assist with implementation and development of the Predatory Lending Database Program.
(Source:
P.A.
95-707, eff.
1-11-08.) Section 99.
HB5331 Engrossed - 47 - LRB098 17462 HEP 54768 b INDEX Statutes amended in order of appearance 205 ILCS 635/1-4 205 ILCS 635/2-2 205 ILCS 635/2-4 from Ch.
17, par.
2322-4 205 ILCS 635/3-2 from Ch.
17, par.
2323-2 765 ILCS 77/70 765 ILCS 77/72 765 ILCS 77/74 765 ILCS 77/76 765 ILCS 77/78 765 ILCS 77/80
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Action History

  1. Total Veto Stands - No Positive Action Taken

  2. Motion Filed Override Governor Veto Rep. Michael J. Zalewski

  3. Placed on Calendar Total Veto November 6, 2014

  4. Governor Vetoed

  5. Sent to the Governor

  6. Added Chief Co-Sponsor Rep. Camille Y. Lilly

  7. Passed Both Houses

  8. House Concurs

  9. Senate Floor Amendment No. 1 House Concurs 100-010-001

  10. Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Business & Occupational Licenses Committee; 012-000-000

  11. Added Chief Co-Sponsor Rep. Marcus C. Evans, Jr.

  12. Senate Floor Amendment No. 1 Motion to Concur Rules Referred to Business & Occupational Licenses Committee

  13. Senate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee

  14. Senate Floor Amendment No. 1 Motion Filed Concur Rep. Michael J. Zalewski

  15. Placed on Calendar Order of Concurrence Senate Amendment(s) 1

  16. Arrived in House

  17. Third Reading - Passed; 048-007-001

  18. Placed on Calendar Order of 3rd Reading

  19. Senate Floor Amendment No. 1 Adopted; Muñoz

  20. Recalled to Second Reading

  21. Senate Floor Amendment No. 1 Recommend Do Adopt Executive; 013-002-000

  22. Senate Floor Amendment No. 1 Assignments Refers to Executive

  23. Senate Floor Amendment No. 1 Referred to Assignments

  24. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz

  25. Alternate Chief Sponsor Changed to Sen. Antonio Muñoz

  26. Placed on Calendar Order of 3rd Reading May 12, 2014

  27. Second Reading

  28. Placed on Calendar Order of 2nd Reading May 8, 2014

  29. Do Pass Financial Institutions; 007-000-000

  30. Assigned to Financial Institutions

  31. Referred to Assignments

  32. First Reading

  33. Chief Senate Sponsor Sen. Jacqueline Y. Collins

  34. Placed on Calendar Order of First Reading April 9, 2014

  35. Arrive in Senate

  36. Third Reading - Short Debate - Passed 114-000-000

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

  38. House Floor Amendment No. 2 Adopted

  39. Second Reading - Short Debate

  40. House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 005-000-000

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

  42. House Floor Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski

  43. Placed on Calendar 2nd Reading - Short Debate

  44. House Committee Amendment No. 1 Tabled Pursuant to Rule 40

  45. Do Pass / Short Debate Business & Occupational Licenses Committee; 010-000-000

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

  47. House Committee Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski

  48. Assigned to Business & Occupational Licenses Committee

  49. Referred to Rules Committee

  50. First Reading

  51. Filed with the Clerk by Rep. Michael J. Zalewski

Sponsors

  • Michael J. Zalewski · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 1 co-sponsors · 182 not signed on · 3 voted No

Sponsors (0)

None.

Co-sponsors (1)

  • Michael J. Zalewski

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"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

Concurrence, Amendment 1

Passed 100 Yea · 10 Nay · 8 Other
Party YeaNayPresentNot Voting
Unaffiliated 69905
Democrat 23103
Republican 8000
Total 1001008
% of votes cast 85%8%0%7%
How each member voted (118)
Member Party Vote
Leitch — Nay
Acevedo — Yea
Anthony — Nay
Arroyo — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Bost — Nay
Brauer — Nay
Brown — Yea
Costello — Yea
Hurley — Yea
Jakobsson — Yea
Jefferson — Yea
Lang — Yea
Senger — Yea
Drury — Yea
Durkin — Yea
Flowers — Yea
Bradley — Yea
McAsey — Yea
Brady — Yea
McAuliffe — Yea
McSweeney — Yea
Mitchell, Bill — Yea
Burke, Daniel — Yea
Mitchell, Christian — Yea
Moffitt — Yea
Burke, Kelly — Yea
Nekritz — Yea
Pihos — Yea
Harris, David — Yea
Smiddy — Yea
Harris, Greg — Yea
Soto — Yea
Stewart — Yea
Tabares — Yea
Thapedi — Yea
Hernandez — Yea
Tryon — Yea
Turner — Yea
Unes — Yea
Verschoore — Yea
Wheeler — Yea
Williams — Yea
Yingling — Yea
Zalewski — Yea
Davis, Monique — Yea
Jones — Yea
Cavaletto — Yea
Cloonen — Yea
Conroy — Yea
Cross — Yea
Currie — Yea
D'Amico — Yea
Franks — Yea
Golar — Yea
Harms — Yea
Hatcher — Yea
Hays — Yea
Jackson — Yea
Kosel — Not Voting
Madigan — Not Voting
Sullivan — Not Voting
Demmer — Nay
Dunkin — Not Voting
Fortner — Nay
Ives — Nay
Kay — Yea
Osmond — Not Voting
Phelps — Yea
Poe — Yea
Pritchard — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Sandack — Yea
Schmitz — Nay
Sente — Yea
Sommer — Nay
Willis — Yea
Chapa LaVia — Yea
Anna Moeller Democrat Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Not Voting
Julie A. Morrison Democrat Nay
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Not Voting
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Not Voting
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
William "Will" Davis Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Jil Tracy Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Wayne A. Rosenthal Republican Yea

Official roll call →

Third Reading

Passed 48 Yea · 7 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 36502
Democrat 11101
Republican 1101
Total 48704
% of votes cast 81%12%0%7%
How each member voted (59)
Member Party Vote
LaHood — Nay
Manar — Yea
Althoff — Yea
Martinez — Yea
Barickman — Yea
Bertino-Tarrant — Yea
Biss — Yea
Bivins — Yea
Bush — Yea
Haine — Yea
Link — Yea
Luechtefeld — Yea
Forby — Yea
Frerichs — Yea
Harris — Yea
Kotowski — Yea
Landek — Yea
Brady — Yea
McCann — Yea
McGuire — Yea
Sullivan — Yea
Jacobs — Yea
Cullerton, T. — Yea
Cullerton — Yea
McCarter — Nay
McConnaughay — Yea
Mulroe — Yea
Muñoz — Yea
Silverstein — Yea
Steans — Yea
Trotter — Yea
Clayborne — Yea
Connelly — Nay
Dillard — Not Voting
Duffy — Nay
Hutchinson — Yea
Noland — Yea
Oberweis — Nay
Radogno — Yea
Raoul — Yea
Righter — Yea
Sandoval — Yea
Van Pelt — Not Voting
Bill Cunningham Democrat Not Voting
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Julie A. Morrison Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Nay
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Michael E. Hastings Democrat Yea
Steve Stadelman Democrat Yea
Chapin Rose Republican Yea
Dave Syverson Republican Nay
Sue Rezin Republican Not Voting

Official roll call →

Third Reading

Passed 114 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 79004
Democrat 27000
Republican 8000
Total 114004
% of votes cast 97%0%0%3%
How each member voted (118)
Member Party Vote
Leitch — Yea
Acevedo — Yea
Anthony — Yea
Arroyo — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Bost — Not Voting
Brauer — Yea
Brown — Yea
McAsey — Yea
Hatcher — Yea
Hurley — Yea
Jakobsson — Yea
Jefferson — Yea
Kosel — Yea
Lang — Yea
McAuliffe — Yea
McSweeney — Yea
Soto — Yea
Stewart — Yea
Tabares — Yea
Bradley — Yea
Brady — Yea
Mitchell, Bill — Yea
Sullivan — Yea
Mitchell, Christian — Yea
Burke, Kelly — Yea
Drury — Yea
Dunkin — Yea
Durkin — Yea
Flowers — Yea
Fortner — Yea
Franks — Yea
Golar — Yea
Harris, David — Yea
Madigan — Yea
Harris, Greg — Yea
Moffitt — Yea
Nekritz — Yea
Phelps — Yea
Hernandez — Yea
Pihos — Yea
Thapedi — Yea
Tryon — Yea
Turner — Yea
Wheeler — Yea
Unes — Yea
Verschoore — Yea
Williams — Yea
Willis — Yea
Davis, Monique — Yea
Jones — Yea
Yingling — Yea
Zalewski — Yea
Burke, Daniel — Not Voting
Cavaletto — Yea
Cloonen — Yea
Conroy — Yea
Costello — Yea
Cross — Yea
Currie — Yea
D'Amico — Yea
Demmer — Yea
Harms — Yea
Hays — Yea
Ives — Yea
Jackson — Yea
Kay — Yea
Osmond — Yea
Poe — Not Voting
Pritchard — Yea
Reboletti — Yea
Reis — Yea
Riley — Not Voting
Sandack — Yea
Schmitz — Yea
Senger — Yea
Sente — Yea
Smiddy — Yea
Sommer — Yea
Chapa LaVia — Yea
Anna Moeller Democrat Yea
Anthony DeLuca Democrat Yea
Camille Y. Lilly Democrat Yea
Elgie R. Sims, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Fred Crespo Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Julie A. Morrison Democrat Yea
Kelly M. Cassidy Democrat Yea
La Shawn K. Ford Democrat Yea
Laura Fine Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Martin J. Moylan Democrat Yea
Michelle Mussman Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robert F. Martwick Democrat Yea
Robyn Gabel Democrat Yea
Sara Feigenholtz Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
William "Will" Davis Democrat Yea
Brad Halbrook Republican Yea
Charles Meier Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Jil Tracy Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Wayne A. Rosenthal Republican Yea

Official roll call →

Subjects

finance housing
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Frequently asked questions

What does HB 5331 do?
Amends the Residential Mortgage License Act of 1987. From the definition of "exempt person or entity", deletes pension trusts, bank trusts, and bank trust companies. Provides that an applicant for a residential mortgage license that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements. Provides that the applicant's chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. Makes changes concerning which financial statements are required under the Act. Makes other changes. Amends the Residential Real Property Disclosure Act. Throughout the Act, changes references to "HUD-certified counseling" to "HUD-approved counseling". Provides that certain deadlines are counted by business days rather than calendar days. Provides that it is the borrower's responsibility to (rather than "the borrower shall") select a HUD-approved counseling agency. Provides that the selection must take place and the appointment for the interview must be set within 10 business days, although the interview may take place beyond the 10 business day period. Provides that if a lis pendens is recorded, it may be filed with the Department of Financial and Professional Regulation either electronically or by filing a hard copy. Provides that all information entered into the predatory lending database must be true and correct to the best of the originator's knowledge. Provides that the originator shall, prior to closing, correct, update, or amend the data as necessary. Provides that if any corrections become necessary after the file has been accessed by the closing agent or housing counselor, a new file must be entered. Changes the predatory lending database pilot program to the predatory lending database program. Provides if certain exemptions to certain filing and reporting requirements apply, a certificate of exemption is required. Adds to the list of exemptions to the predatory lending database program mortgages secured by certain types of property and mortgages originated by an exempt person or entity. Effective immediately.
Who sponsors HB 5331?
HB 5331 is sponsored by Michael J. Zalewski.
What is the current status of HB 5331?
This bill died with 98th Regular Session. It reached “To Executive” 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 HB 5331?
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