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SB1674 Engrossed |
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LRB095 04901 MJR 24966 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Residential Mortgage License Act of 1987 is |
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| amended by adding Section 7-2 as follows:
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| (205 ILCS 635/7-2 new) |
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| Sec. 7-2. Continuing education required; course review. |
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| The Department of Financial and Professional Regulation shall |
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| adopt rules as to the required yearly continuing education of |
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| loan originators. All continuing education courses and the |
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| providers of continuing education courses shall be approved by |
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| the Secretary pursuant to this Section. Continuing education |
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| courses and the providers of continuing education courses shall |
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| be subject to a review by a panel appointed by the Secretary. |
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| The panel shall consist of no less than 5 persons appointed by |
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| the Secretary. Two of the members of the panel shall be |
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| representatives of major trade associations representing the |
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| mortgage industry. The Secretary shall consider the |
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| recommendations of the panel prior to approving or disapproving |
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| continuing education courses or the providers of continuing |
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| education courses.
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