Illinois 94th Regular Session Status: Passed Senate

SB 895 — REGULATION-TECH

Last action — Session Sine Die

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

This bill died with 94th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Summary

Amends the Corporate Fiduciary Act. Makes a technical change in the Section concerning the short title of the Act.

Bill Text

What changed in the latest version

172 added · 21 removed

Plain-language change summary

The changes to SB 895 involve the addition of a new section focusing on a "predatory lending database pilot program." This section defines key terms such as "borrower," "lender," and "closing agent," which are essential for understanding and regulating the mortgage process. This amendment is important because it aims to enhance transparency and protect consumers from predatory lending practices, ultimately leading to safer mortgage transactions.

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*LRB09404547LJB34576b* SB0895 94TH GENERAL ASSEMBLY State of Illinois and 2006 SB0895 Introduced 2/18/2005, by Sen.
SB0895 Engrossed LRB094 04547 LJB 34576 b AN ACT concerning regulation.
Jacqueline Y.
Collins - Emil Jones, Jr.
SYNOPSIS AS INTRODUCED:
ILCS 620/1-1 from Ch.
17, par.
1551-1 Amends the Corporate Fiduciary Act.
Makes a technical change in the Section concerning the short title of the Act.
LRB094 04547 LJB 34576 b A BILL FOR SB0895 LRB094 04547 LJB 34576 b AN ACT concerning regulation.
The Corporate Fiduciary Act is amended by changing Section 1-1 as follows:
The Residential Real Property Disclosure Act is amended by changing Section 70 as follows:
(205 ILCS 620/1-1) (from Ch.
(765 ILCS 77/70) Sec.
17, par.
70.
1551-1) Sec.
Predatory lending database pilot program.
1-1.
(a) As used in this Article:
Short Title.
"Borrower" means a person seeking a mortgage loan.
This Act shall be known and and may be cited as the "Corporate Fiduciary Act".
"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.
"Department" means the Department of Financial and Professional Regulation.
"Exempt person" means that term as it is defined in subsections (d)(1) and (d)(1.5) of Section 1-4 of the Residential Mortgage License Act of 1987.
"Lender" means that term as it is defined in subsection (g) of Section 1-4 of the Residential Mortgage License Act.
"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.
"Originator" means a "loan originator" as defined in SB0895 Engrossed - 2 - LRB094 04547 LJB 34576 b subsection (hh) of Section 1-4 of the Residential Mortgage License Act of 1987, except an exempt person.
"Pilot program area" means all areas within Cook County designated as such by the Department due to the high rate of foreclosure on residential home mortgages that is primarily the result of predatory lending practices.
The Department shall designate the pilot program area within 30 days after the effective date of this amendatory Act of the 94th General Assembly.
"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) Inception date.
The Secretary of Financial and Professional Regulation shall declare in writing the date of inception of the pilot program.
The inception date shall be at least 30 days after the date the Secretary issues a declaration establishing that date.
The Secretary’s declaration shall be posted on the Department’s website, and the Department shall communicate the declaration to affected licensees of the Department.
Until the inception date, none of the duties, obligations, contingencies, or consequences of or from the pilot program shall be imposed.
The pilot program shall apply to all mortgage applications made or taken on or after the inception of the pilot program.
(b) A predatory lending database pilot program is established within the pilot program area, effective upon the inception date established by the Secretary of the Department.
The pilot program shall be in effect and operational continue for a total of 4 years after its creation and shall be administered in accordance with Article 3 of this Act.
The database created under this program shall be maintained and administered by the Department.
The database shall be designed SB0895 Engrossed - 3 - LRB094 04547 LJB 34576 b to allow brokers, originators, credit counselors, title insurance companies, and closing agents to submit information to the database online.
The database shall not be 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 credit counselor, title insurance company, or closing agent.
(c) Within 10 days after taking a mortgage application, the broker or originator for any mortgage on residential property within the pilot 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 days after receipt of the information, the Department shall compare that information to credit counseling standards developed by the Department by rule and issue to the borrower and the broker or originator a determination of whether credit counseling is recommended for the borrower.
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The borrower may not waive credit 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 days thereafter, the broker or originator shall re-submit all of the information required under Section 72 and, within 4 days after receipt of the information re-submitted by the broker or originator, the Department shall compare that information to credit counseling standards developed by the Department by rule and shall issue to the borrower and the broker or originator a new determination of whether credit counseling is recommended for the borrower based on the information re-submitted by the broker or originator.
(d) If the Department recommends credit counseling for the borrower under subsection (c), then the Department shall notify the borrower of all 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 days SB0895 Engrossed - 4 - LRB094 04547 LJB 34576 b after receipt of the notice of HUD-certified counseling agencies, the borrower shall select one of those agencies and shall engage in an interview with a counselor associated with that agency.
Within 7 days after interviewing the borrower, the credit 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.
Any costs associated with credit counseling provided under the pilot program shall be paid by the broker or originator.
(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 credit counseling for the borrower in accordance with subsection (c);
or (2) the Department issues a determination that credit counseling is recommended for the borrower and the credit counselor submits all required information to the database in accordance with subsection (d).
(f) Within 10 days after closing, the title insurance company or closing agent must submit to the predatory lending database all of the information required under Section 76 and any other information required by the Department by rule.
(g) The Upon recording the mortgage, the title insurance company or closing agent shall attach to the mortgage must simultaneously file with the recorder a certificate of its compliance with the requirements of this Article, as generated by the database.
If the title insurance company or closing agent fails to attach file the certificate of compliance, then the mortgage is not recordable.
In addition, if any lis pendens for a residential mortgage foreclosure is recorded on the property within the pilot program area, a certificate of service must be simultaneously recorded that affirms that a copy of the lis pendens was filed with the Department.
If the certificate of service is not recorded, then the lis pendens pertaining to the residential mortgage foreclosure in question SB0895 Engrossed - 5 - LRB094 04547 LJB 34576 b 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.
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 pilot program;
(ii) to provide relevant information to a credit counselor providing credit counseling to a borrower under the pilot 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.
(k) Not later than one year after the Department designates the pilot program area and annually thereafter during the existence of the pilot program, the Department shall report to the Governor and to the General Assembly concerning its administration and the effectiveness of the pilot program.
85-858.)
94-280, eff.
1-1-06.) Section 99.
Effective date.
This Act takes effect upon becoming law.
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Action History

  1. Session Sine Die

  2. House Floor Amendment No. 1 Recommends Be Adopted Environment & Energy Committee; 012-000-000

  3. House Floor Amendment No. 1 Rules Refers to Environment & Energy Committee

  4. House Floor Amendment No. 1 Referred to Rules Committee

  5. House Floor Amendment No. 1 Filed with Clerk by Rep. Dan Reitz

  6. Placed on Calendar 2nd Reading - Short Debate

  7. Rules Refers to 2nd Reading

  8. Approved for Consideration Rules Committee; 003-000-000

  9. Final Action Deadline Extended-9(b) January 9, 2007

  10. Rule 19(a) / Re-referred to Rules Committee

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

  12. Second Reading - Short Debate

  13. Housing Affordability Impact Note Filed

  14. Placed on Calendar 2nd Reading - Short Debate

  15. Do Pass / Short Debate State Government Administration Committee; 007-000-000

  16. State Mandates Fiscal Note Filed

  17. Home Rule Note Filed

  18. State Debt Impact Note Filed

  19. Pension Note Filed

  20. Balanced Budget Note Filed

  21. Fiscal Note Filed

  22. Judicial Note Filed

  23. Final Action Deadline Extended-9(b) May 5, 2006

  24. Final Action Deadline Extended-9(b) April 30, 2006

  25. Assigned to State Government Administration Committee

  26. Final Action Deadline Extended-9(b) April 13, 2006

  27. Referred to Rules Committee

  28. First Reading

  29. Added Alternate Chief Co-Sponsor Rep. Barbara Flynn Currie

  30. Chief House Sponsor Rep. Michael J. Madigan

  31. Placed on Calendar Order of First Reading

  32. Arrived in House

  33. Third Reading - Passed; 057-000-000

  34. Placed on Calendar Order of 3rd Reading

  35. Senate Floor Amendment No. 1 Adopted; Sandoval

  36. Recalled to Second Reading

  37. Chief Sponsor Changed to Sen. Martin A. Sandoval

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

  39. Senate Floor Amendment No. 1 Rules Refers to Financial Institutions

  40. Senate Floor Amendment No. 1 Referred to Rules

  41. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Martin A. Sandoval

  42. Placed on Calendar Order of 3rd Reading April 6, 2006

  43. Approved for Consideration Rules

  44. Rule 2-10 Third Reading Deadline Extended to January 9, 2007

  45. Pursuant to Senate Rule 3-9(b) / Referred to Rules

  46. Rule 2-10 Third Reading Deadline Extended to December 31, 2005

  47. Placed on Calendar Order of 3rd Reading ** April 15, 2005

  48. Placed on Calendar Order of 3rd Reading April 7, 2005

  49. Second Reading

  50. Placed on Calendar Order of 2nd Reading April 6, 2005

  51. Do Pass Financial Institutions; 008-000-000

  52. Assigned to Financial Institutions

  53. Referred to Rules

  54. First Reading

  55. Chief Co-Sponsor Sen. Emil Jones, Jr.

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

Sponsors

  • Martin A. Sandoval · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Martin A. Sandoval

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

Third Reading

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 51002
Democrat 5000
Republican 1000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Shadid — Yea
Sieben — Yea
Silverstein — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Axley — Yea
Bomke — Yea
Burzynski — Yea
Cronin — Yea
Forby — Yea
Haine — Yea
Halvorson — Yea
Meeks — Yea
Millner — Yea
Pankau — Yea
Peterson — Yea
Schoenberg — Yea
Brady — Yea
Munoz — Yea
Trotter — Yea
Sullivan — Yea
Petka — Yea
Jacobs — Yea
Clayborne — Yea
Crotty — Yea
Garrett — Yea
Geo-Karis — Yea
Hendon — Yea
Jones, J. — Yea
Watson — Yea
Jones, W. — Yea
Lauzen — Yea
Demuzio — Yea
Link — Yea
Cullerton — Not Voting
Luechtefeld — Yea
Viverito — Yea
Wilhelmi — Yea
Winkel — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Radogno — Yea
Raoul — Yea
Rauschenberger — Not Voting
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

technology
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Frequently asked questions

What does SB 895 do?
Amends the Corporate Fiduciary Act. Makes a technical change in the Section concerning the short title of the Act.
Who sponsors SB 895?
SB 895 is sponsored by Martin A. Sandoval.
What is the current status of SB 895?
This bill died with 94th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 895?
Track SB 895 free on One Click Politics — get push/email alerts when it moves.

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