HB 5968 Illinois House · 99th 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 "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

Feb 2016

Committee Review

Floor Vote

Governor

Introduced Feb 11, 2016 Last action Jan 10, 2017

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jan 10, 2017

House · Failed

Session Sine Die

Apr 22, 2016

House · Referred to committee

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

Apr 8, 2016

House · Reported by committee

Committee Deadline Extended-Rule 9(b) April 22, 2016

Mar 23, 2016

House · Referred to committee

Assigned to Executive Committee

Feb 11, 2016

House · Referred to committee

Referred to Rules Committee

0 primary · 1 co-sponsor