HIGH RISK HOME LOAN-REPORTING

Amends the High Risk Home Loan Act. Provides that, on or before October 1, 2006, but following the reporting requirements due for the 6-month period ending June 30, 2006, the reporting requirements for default and foreclosure rates on conventional loans shall not apply to the listed State-regulated financial institutions. Permits the Secretary of Financial and Professional Regulation or the Director of the Division of Banking to impose reporting requirements whenever the Secretary or Director has cause to believe that a financial institution has experienced a rate of defaults or foreclosures on residential mortgage loans that substantially exceeds the rate of defaults or foreclosures experienced by other financial institutions in Illinois. Effective immediately.