HB 527 Illinois House · 100th Regular Session

MORTGAGE LOAN PROCESSING

Summary

Amends the Residential Mortgage License Act of 1987. Provides that an entity engaged solely in independent loan processing or underwriting is exempted from certain licensing requirements. Provides that those entities engaged solely in independent loan processing or underwriting shall submit an annual application for registration as an exempt entity with the Department of Financial and Professional Regulation through the Nationwide Mortgage Licensing System and Registry and comply with specific requirements. Adds those entities to the definition of "exempt person or entity". Excludes independent loan processing or underwriting from the definition of "soliciting, processing, placing, or negotiating a residential mortgage loan", "loan brokering", "brokering", or "brokerage services". Excludes independent loan processing or underwriting from the definition of "originating". Defines "independent loan processing or underwriting". Effective immediately.

Bill status failed 1 of 4 stages cleared

Introduction

Jan 2017

Committee Review

Floor Vote

Governor

Introduced Jan 24, 2017 Last action Jan 8, 2019

Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 8, 2019

House · Failed

Session Sine Die

Mar 31, 2017

House · Referred to committee

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

Mar 14, 2017

House · Referred to committee

House Committee Amendment No. 1 Referred to Rules Committee

Mar 14, 2017

House · Amendment offered

House Committee Amendment No. 1 Filed with Clerk by Rep. Margo McDermed

Feb 24, 2017

House · Reported by committee

To Commercial Law Subcommittee

Feb 9, 2017

House · Referred to committee

Re-assigned to Judiciary - Civil Committee

Feb 2, 2017

House · Referred to committee

Assigned to Executive Committee

Jan 24, 2017

House · Referred to committee

Referred to Rules Committee

0 primary · 1 co-sponsor