State Codes and Statutes
Statutes > Illinois > Chapter205 > 1196 > 020506350HArt_III (205 ILCS 635/3‑3) (from Ch. 17, par. 2323‑3) Sec. 3‑3. Advertising. In addition to such other rules, regulations and policies as the Commissioner may promulgate to effectuate the purpose of this Act, the Commissioner shall prescribe regulations governing the advertising of mortgage loans, including without limitation, the following requirements: (a) Advertising for loans transacted under this Act may not be false, misleading or deceptive. No entity whose activities are regulated under this Act may advertise in any manner so as to indicate or imply that its interest rates or charges for loans are in any way "recommended", "approved", "set" or "established" by the State or by this Act. The Commissioner may issue a cease and desist order for any violation of this Section. (b) All advertisements by a licensee shall contain the name and an office address of such entity, which shall conform to a name and address on record with the Commissioner. (c) No licensee shall advertise its services in Illinois in any media, whether print or electronic, without the words "Illinois Residential Mortgage Licensee". (Source: P.A. 87‑1098.) |
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(2) submit a certified audit as required in Section | ||
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(Source: P.A. 96‑112, eff. 7‑31‑09.) |
(205 ILCS 635/3‑5) (from Ch. 17, par. 2323‑5) Sec. 3‑5. Net worth requirement. A licensee that holds a license on the effective date of this amendatory Act of the 93rd General Assembly shall have and maintain a net worth of not less than $100,000; however, no later than 2 years after the effective date of this amendatory Act of the 93rd General Assembly, the licensee must maintain a net worth of not less than $150,000. A licensee that first obtains a license after the effective date of this amendatory Act of the 93rd General Assembly must have and maintain a net worth of not less than $150,000. Notwithstanding other requirements of this Section, the net worth requirement for a residential mortgage licensee whose only licensable activity is that of brokering residential mortgage loans and that holds a license on the effective date of this amendatory Act of the 93rd General Assembly shall be $35,000; however, no later than 2 years after the effective date of this amendatory Act of the 93rd General Assembly, the licensee must maintain a net worth of not less than $50,000. Such a licensee that first obtains a license after the effective date of this amendatory Act of the 93rd General Assembly must have and maintain a net worth of not less than $50,000. Net worth shall be evidenced by a balance sheet prepared by a certified public accountant in accordance with generally accepted accounting principles and generally accepted auditing standards or by the compilation financial statements authorized under subsection (g) of Section 3‑2. The Commissioner may promulgate rules with respect to net worth definitions and requirements for residential mortgage licensees as necessary to accomplish the purposes of this Act. In lieu of the net worth requirement established by this Section, the Commissioner may accept evidence of conformance by the licensee with the net worth requirements of the United States Department of Housing and Urban Development. (Source: P.A. 93‑561, eff. 1‑1‑04.) |
(205 ILCS 635/3‑7) (from Ch. 17, par. 2323‑7) Sec. 3‑7. Transfer of Servicing; Notices. Whenever the servicing of a residential mortgage is transferred or sold by a licensee, notice shall be given to the mortgagor simultaneous with such transfer and shall include, at the minimum, where and to whom to address the mortgagor's questions relating to the residential mortgage, the exact name, address and telephone number to whom at least the next 3 months payments are to be submitted and the total amount required of the mortgagor by the servicer for each of the months referred to herein. (Source: P.A. 86‑137.) |
(205 ILCS 635/3‑8) (from Ch. 17, par. 2323‑8) Sec. 3‑8. Discrimination and Redlining Prohibited. (a) It shall be considered discriminatory to refuse to grant loans or to vary the terms of loans or the application procedures for loans because of: (i) in the case of the proposed borrower, said borrower's race, color, religion, national origin, age, gender or marital status; or (ii) in the case of a mortgage loan, solely the geographic location of the proposed security. (Source: P.A. 85‑735.) |
(205 ILCS 635/3‑9) (from Ch. 17, par. 2323‑9) Sec. 3‑9. Escrow Funds. The Commissioner may promulgate rules with respect to placement in escrow accounts by any licensee of any money, fund, deposit, check or draft entrusted to it by any persons dealing with it as a residential mortgage licensee. (Source: P.A. 85‑735.) |
(205 ILCS 635/3‑10) (from Ch. 17, par. 2323‑10) Sec. 3‑10. (Repealed). (Source: P.A. 90‑772, eff. 1‑1‑99. Repealed by P.A. 90‑772, eff. 1‑1‑99.) |