Illinois 96th Regular Session Status: Passed Senate 3 D cosponsors

SB 3287 — HI RISK HOME LOAN-REVERSE MORT

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 96th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 High Risk Home Loan Act. Provides that "high risk home loan" does not include a loan for reverse mortgage financing of residential real estate, including under programs regulated by the Federal Housing Administration (FHA).

Bill Text

What changed in the latest version

4 added · 18 removed

Plain-language change summary

The amendment to SB 3287 clarifies that reverse mortgage loans are not considered "high risk home loans." This change is significant because it helps protect borrowers seeking reverse mortgages from being classified under stricter regulations that apply to high-risk loans, making it easier for them to access these types of loans for financial support in retirement. This adjustment could help more seniors secure needed funds without facing additional barriers.

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*LRB09618716DRJ35394b* SB3287 96TH GENERAL ASSEMBLY State of Illinois and 2010 SB3287 Introduced 2/9/2010, by Sen.
SB3287 Engrossed LRB096 18716 DRJ 35394 b AN ACT concerning business.
Terry Link SYNOPSIS AS INTRODUCED:
ILCS 137/10 Amends the High Risk Home Loan Act.
Provides that "high risk home loan" does not include a loan for reverse mortgage financing of residential Administration (FHA).g under programs regulated by the Federal Housing LRB096 18716 DRJ 35394 b A BILL FOR SB3287 LRB096 18716 DRJ 35394 b AN ACT concerning business.
Treasury securities having SB3287 - 2 - LRB096 18716 DRJ 35394 b comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application for the loan is received by the lender or (ii) the total points and fees payable by the consumer at or before closing will exceed the greater of 5% of the total loan amount or $800.
Treasury securities having SB3287 Engrossed - 2 - LRB096 18716 DRJ 35394 b comparable periods of maturity to the loan maturity as of the fifteenth day of the month immediately preceding the month in which the application for the loan is received by the lender or (ii) the total points and fees payable by the consumer at or before closing will exceed the greater of 5% of the total loan amount or $800.
SB3287 - 3 - LRB096 18716 DRJ 35394 b "Points and fees" means all items required to be disclosed as points and fees under 12 CFR 226.32 (2000, no subsequent amendments or editions included);
SB3287 Engrossed - 3 - LRB096 18716 DRJ 35394 b "Points and fees" means all items required to be disclosed as points and fees under 12 CFR 226.32 (2000, no subsequent amendments or editions included);
SB3287 - 4 - LRB096 18716 DRJ 35394 b "Total loan amount" has the same meaning as that term is given in 12 CFR 226.32 and shall be calculated in accordance with the Federal Reserve Board's Official Staff Commentary to that regulation.
SB3287 Engrossed - 4 - LRB096 18716 DRJ 35394 b "Total loan amount" has the same meaning as that term is given in 12 CFR 226.32 and shall be calculated in accordance with the Federal Reserve Board's Official Staff Commentary to that regulation.
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Action History

  1. Session Sine Die

  2. Added Alternate Co-Sponsor Rep. Sara Feigenholtz

  3. Added Alternate Co-Sponsor Rep. Kevin Joyce

  4. Added Alternate Co-Sponsor Rep. Michael G. Connelly

  5. Added Alternate Co-Sponsor Rep. Bob Biggins

  6. Added Alternate Co-Sponsor Rep. Linda Chapa LaVia

  7. Added Alternate Co-Sponsor Rep. Jim Durkin

  8. Added Alternate Co-Sponsor Rep. LaShawn K. Ford

  9. Referred to Rules Committee

  10. First Reading

  11. Added Alternate Co-Sponsor Rep. Franco Coladipietro

  12. Added Alternate Co-Sponsor Rep. Randy Ramey, Jr.

  13. Added Alternate Co-Sponsor Rep. Julie Hamos

  14. Added Alternate Chief Co-Sponsor Rep. Dan Reitz

  15. Alternate Co-Sponsor Removed Rep. Jack D. Franks

  16. Added Alternate Co-Sponsor Rep. Elaine Nekritz

  17. Added Alternate Co-Sponsor Rep. John A. Fritchey

  18. Added Alternate Co-Sponsor Rep. Karen May

  19. Added Alternate Co-Sponsor Rep. Jack D. Franks

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

  21. Added Alternate Co-Sponsor Rep. Carol A. Sente

  22. Placed on Calendar Order of First Reading

  23. Chief House Sponsor Rep. Lou Lang

  24. Arrived in House

  25. Third Reading - Passed; 053-001-000

  26. Placed on Calendar Order of 3rd Reading March 10, 2010

  27. Second Reading

  28. Placed on Calendar Order of 2nd Reading March 4, 2010

  29. Do Pass Financial Institutions; 010-001-000

  30. Assigned to Financial Institutions

  31. Referred to Assignments

  32. First Reading

  33. Filed with Secretary by Sen. Terry Link

Sponsors

  • Terry Link · Cosponsor
  • Carol A. Sente · Cosponsor
  • Michael J. Zalewski · Cosponsor
  • Karen May · Cosponsor
  • John A. Fritchey · Cosponsor
  • Elaine Nekritz · Cosponsor
  • Julie Hamos · Cosponsor
  • Jr. Randy Ramey · Cosponsor
  • Franco Coladipietro · Cosponsor
  • La Shawn K. Ford · Cosponsor
  • Jim Durkin · Cosponsor
  • Bob Biggins · Cosponsor
  • Michael G. Connelly · Cosponsor
  • Sara Feigenholtz · Cosponsor
  • Patrick J. Joyce · Cosponsor
  • Chapa LaVia · Cosponsor

Sponsorship breakdown

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0 sponsors · 16 co-sponsors · 167 not signed on · 1 voted No

Sponsors (0)

None.

Co-sponsors (16)

Not signed on (167)

167 members have not signed on to this bill.

Show all 167 →

"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 53 Yea · 1 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 44005
Democrat 8100
Republican 1000
Total 53105
% of votes cast 90%2%0%8%
How each member voted (59)
Member Party Vote
Muñoz — Yea
McCarter — Yea
Meeks — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Demuzio — Yea
Jacobs — Yea
Jones, J. — Yea
Brady — Yea
Sullivan — Yea
Dillard — Yea
Duffy — Yea
Forby — Yea
Hutchinson — Yea
Kotowski — Yea
Lauzen — Yea
Link — Yea
Luechtefeld — Yea
Cullerton — Yea
Noland — Yea
Radogno — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Not Voting
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hendon — Yea
Hultgren — Yea
Pankau — Yea
Raoul — Not Voting
Righter — Not Voting
Risinger — Yea
Rutherford — Not Voting
Sandoval — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Not Voting
Millner — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Nay
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

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

Frequently asked questions

What does SB 3287 do?
Amends the High Risk Home Loan Act. Provides that "high risk home loan" does not include a loan for reverse mortgage financing of residential real estate, including under programs regulated by the Federal Housing Administration (FHA).
Who sponsors SB 3287?
SB 3287 is sponsored by Terry Link, Carol A. Sente, Michael J. Zalewski, Karen May, John A. Fritchey, Elaine Nekritz, Julie Hamos, Randy Ramey, Jr., Franco Coladipietro, La Shawn K. Ford (Democrat), Jim Durkin, Bob Biggins, Michael G. Connelly, Sara Feigenholtz (Democrat), Patrick J. Joyce (Democrat), and Chapa LaVia.
What is the current status of SB 3287?
This bill died with 96th 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 3287?
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