Bill Status of HB 3951   96th General Assembly

Short Description:  MORTGAGE LOAN ORIGINATORS

House Sponsors
Rep. Brandon W. Phelps

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 635/1-4from Ch. 17, par. 2321-4
205 ILCS 635/Art. VII heading
205 ILCS 635/7-1A new
205 ILCS 635/7-1B new
205 ILCS 635/7-2 new
205 ILCS 635/7-3 new
205 ILCS 635/7-4 new
205 ILCS 635/7-5 new
205 ILCS 635/7-6 new
205 ILCS 635/7-7 new
205 ILCS 635/7-8 new
205 ILCS 635/7-9 new
205 ILCS 635/7-10 new
205 ILCS 635/7-11 new
205 ILCS 635/7-12 new
205 ILCS 635/7-12A new
205 ILCS 635/7-12B new
205 ILCS 635/7-13 new
205 ILCS 635/7-14 new
205 ILCS 635/7-15 new
205 ILCS 635/7-16 new
205 ILCS 635/7-17 new

Synopsis As Introduced
Amends the Residential Mortgage License Act of 1987. States the purpose of the State's participation in the Nationwide Mortgage Licensing System and Registry. Requires that a mortgage loan originator must register with the Director of Financial Institutions of the Department of Financial and Professional Regulation. Contains provisions concerning a mortgage loan originator license, its application, and issuance procedures. Contains provisions concerning pre-licensing education and testing of mortgage loan originators. Contains provisions concerning (1) license renewal standards and (2) continuing education of mortgage loan originators. Contains provisions concerning enforcement of the Act by the Director. Contains provisions concerning the suspension and revocation of licenses. Provides that each mortgage loan originator shall be covered by a surety bond. Contains provisions concerning the confidentiality of information associated with the Registry. Provides that the Director shall have additional investigation and examination authority. Contains provisions concerning the duties, processes, discipline, bond requirements, and prohibited acts with respect to the Registry and mortgage loan originators. Contains provisions concerning privately insured credit unions. Makes other changes. Contains a severability clause. Effective immediately.

Actions 
DateChamber Action
  2/26/2009HouseFiled with the Clerk by Rep. Brandon W. Phelps
  2/26/2009HouseFirst Reading
  2/26/2009HouseReferred to Rules Committee
  3/3/2009HouseAssigned to Executive Committee
  3/13/2009HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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