92nd General Assembly
Status of HB2146
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 Full Text  Bill Summary

   New Act                                                                     
   30 ILCS 105/5.545 new                                                       
   205 ILCS 635/1-4          from Ch. 17, par. 2321-4                          
   205 ILCS 635/1-5          from Ch. 17, par. 2321-5                          
   205 ILCS 635/4-1          from Ch. 17, par. 2324-1                          
   205 ILCS 635/4-5          from Ch. 17, par. 2324-5                          
   205 ILCS 635/4-6          from Ch. 17, par. 2324-6                          
   205 ILCS 635/4-8          from Ch. 17, par. 2324-8                          
   205 ILCS 635/4-8.1 new                                                      
   205 ILCS 635/4-8.2 new                                                      
   205 ILCS 635/4-8.3 new                                                      
   205 ILCS 635/4-8.4 new                                                      
   205 ILCS 635/4-8.5 new                                                      
   205 ILCS 635/4-8.6 new                                                      
   205 ILCS 635/4-8.7 new                                                      
   205 ILCS 635/4-8.8 new                                                      
   205 ILCS 635/4-8.9 new                                                      
   205 ILCS 635/4-8.10 new                                                     
   205 ILCS 635/4-8.11 new                                                     
   205 ILCS 635/6-2          from Ch. 17, par. 2326-2                          
   205 ILCS 635/6-4 new                                                        
   815 ILCS 120/2            from Ch. 17, par. 852                             
   815 ILCS 120/3            from Ch. 17, par. 853                             
   815 ILCS 120/5            from Ch. 17, par. 855                             

        Creates the Home Loan Collateral Fund Act. Establishes a  special      
   fund  in  the  State Treasury and provides for the  State Treasurer to      
   use the fund to provide collateral  for  Illinois  citizens  who  need      
   additional  collateral  in  order  to  obtain  a  home  loan  or avoid      
   foreclosure. Amends the Residential  Mortgage  License  Act  of  1987.      
   Changes  the name of the Residential Mortgage Board to the Residential      
   Mortgage Administration  and  Disciplinary  Board  and  increases  the      
   membership  from  5  to 7. Provides for the members to be appointed by      
   the Governor rather than the Commissioner of Banks  and  Real  Estate.      
   Provides for the Board to take disciplinary actions against licensees.      
   Provides  that  equity  stripping and loan flipping constitute grounds      
   for disciplinary action under the Act. Authorizes individual causes of      
   action for persons aggrieved by violations  of  the  Act.  Amends  the      
   Illinois  Fairness in Lending Act to prohibit loan flipping and equity      
   stripping. Effective immediately.                                           
          HOME RULE NOTE (Dept. of Commerce & Community Affairs)               
          In the opinion of DCCA, the legislation does not relate to a         
          home rule unit of local government.                                  
          STATE MANDATES NOTE (Dept. of Commerce & Community Affairs)          
          In the opinion of the Department of Commerce and Community           
          Affairs (DCCA), HB2146 does not meet the definition of a State       
          mandate under the State Mandates Act.                                
   FEB-21-2001  H  FILED WITH CLERK                                               
   FEB-21-2001  H  ADDED AS A JOINT SPONSOR                 CAPPARELLI            
   FEB-21-2001  H  FIRST READING                                                  
   FEB-21-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-23-2001  H  ADDED AS A JOINT SPONSOR                 MEYER                 
   MAR-07-2001  H       ASSIGNED TO COMMITTEE               EXECUTIVE             
   MAR-16-2001  H  DO PASS/STANDARD DEBATE                  007-004-002   HEXC    
   MAR-16-2001  H  PLACED CAL 2ND READING-STANDARD DEBATE                         
   MAR-26-2001  H  STATE MANDATES FISCAL NOTE REQUESTED     BURKE                 
   MAR-26-2001  H  HOME RULE NOTE REQUESTED                 BURKE                 
   MAR-26-2001  H                   JUDICIAL NOTE REQUESTED BURKE                 
   MAR-26-2001  H  CALENDAR ORDER 2ND READING-STANDARD DBT                        
   MAR-28-2001  H  STATE MANDATES FISCAL NOTE FILED                               
   MAR-28-2001  H  HOME RULE NOTE FILED                                           
   MAR-28-2001  H  CALENDAR ORDER 2ND READING-STANDARD DBT                        
   APR-04-2001  H  SECOND READING-STANDARD DEBATE                                 
   APR-04-2001  H  HELD CAL ORDER 2ND READING-STANDARD DBT                        
   APR-06-2001  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


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