HB 5331

  • Illinois House Bill
  • 98th Regular Session
  • Introduced in House May 15, 2014
  • Passed House Apr 08, 2014
  • Passed Senate May 15, 2014
  • Governor

Mortgage Lic/Prop Disclosure

Abstract

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 Sponsors (1)

Votes


Actions


Nov 21, 2014

House

Total Veto Stands - No Positive Action Taken

Nov 17, 2014

House

Motion Filed Override Governor Veto Rep. Michael J. Zalewski

Nov 06, 2014

House

Placed on Calendar Total Veto November 6, 2014

Aug 25, 2014

House

Governor Vetoed

Jun 27, 2014

House

Sent to the Governor

May 30, 2014

House

House Concurs

House

Passed Both Houses

House

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

House

Added Chief Co-Sponsor Rep. Camille Y. Lilly

May 28, 2014

House

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

House

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

House

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

May 19, 2014

House

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

House

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

May 15, 2014

Senate

Third Reading - Passed; 048-007-001

House

Arrived in House

House

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

Senate

Recalled to Second Reading

Senate

Senate Floor Amendment No. 1 Adopted; Muñoz

Senate

Placed on Calendar Order of 3rd Reading

May 14, 2014

Senate

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

Senate

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

Senate

Senate Floor Amendment No. 1 Referred to Assignments

Senate

Senate Floor Amendment No. 1 Assignments Refers to Executive

May 13, 2014

Senate

Alternate Chief Sponsor Changed to Sen. Antonio Muñoz

May 08, 2014

Senate

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

Senate

Second Reading

May 07, 2014

Senate

Do Pass Financial Institutions; 007-000-000

Senate

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

Apr 23, 2014

Senate

Assigned to Financial Institutions

Apr 09, 2014

Senate

First Reading

Senate

Referred to Assignments

Apr 08, 2014

Senate

Placed on Calendar Order of First Reading April 9, 2014

House

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

Senate

Arrive in Senate

Senate

Chief Senate Sponsor Sen. Jacqueline Y. Collins

Apr 07, 2014

House

Second Reading - Short Debate

House

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

House

House Floor Amendment No. 2 Adopted

House

Placed on Calendar Order of 3rd Reading - Short Debate

Mar 27, 2014

House

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

House

Placed on Calendar 2nd Reading - Short Debate

House

House Floor Amendment No. 2 Referred to Rules Committee

Mar 26, 2014

House

House Committee Amendment No. 1 Tabled Pursuant to Rule 40

House

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

Mar 21, 2014

House

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

House

House Committee Amendment No. 1 Referred to Rules Committee

Mar 13, 2014

House

Assigned to Business & Occupational Licenses Committee

Feb 10, 2014

House

Referred to Rules Committee

House

First Reading

Feb 07, 2014

House

Filed with the Clerk by Rep. Michael J. Zalewski

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML
Enrolled HTML

Related Documents

Document Format
Governor's Message
Senate Amendment 001
House Amendment 002
House Amendment 001

Sources

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