205 ILCS 635/ – Residential Mortgage License Act of 1987 | Midpage

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Illinois Compiled Statutes

635

205 ILCS 635/

Residential Mortgage License Act of 1987

1-1205 Ilcs 635/1-1 1-2Purpose of Act and Policy Statement 1-3Necessity for license; scope of Act 1-4Definitions 1-5205 Ilcs 635/1-5 2-1Licensee name 2-11Miscellaneous fees 2-2Application process; investigation; fee 2-3Application form 2-3AResidential mortgage license application and issuance 2-4Prohibited acts and practices for licensees 2-5Refusal to Issue License 2-6License issuance and renewal; fee 2-7Waiver of licensing fee 2-8Additional Full-service Offices 2-9Posting of license 3-1Bonds of licensees 3-10205 Ilcs 635/3-10 3-11Remote location operations 3-2Annual audit 3-3Advertising 3-4Office and staff within the State 3-5Net worth requirement 3-7Transfer of Servicing; Notices 3-8Discrimination and redlining prohibited 3-9Escrow Funds 4-1.5Residential Finance Regulatory Fund 4-1Commissioner of Banks and Real Estate; functions, powers, and duties 4-10Rules and regulations of the Commissioner 4-11Costs of Supervision; Examination and Investigative Fees 4-12Appeal and Review 4-13Violations of this Act; Commissioner's Orders 4-14Collection of fees 4-15Enforcement and reporting provisions 4-16Private right of action 4-2Examination; prohibited activities 4-3Subpoena power of the Commissioner 4-4205 Ilcs 635/4-4 4-5Suspension, revocation of licenses; fines 4-6Investigation of Complaints 4-7Additional investigation and examination authority 4-8.1Confidential information 4-8.1AConfidentiality 4-8.2Reports of violations 4-8.3Annual report 4-8Delinquency; examination 4-9.1Mortgage call reports 4-9205 Ilcs 635/4-9 5-1205 Ilcs 635/5-1 5-10Comparable monthly payment quotes 5-11Requirement to provide borrower with a copy of all appraisals 5-12.5Shared appreciation agreement consumer counseling and disclosures 5-12Disclosure of refinancing options 5-14Prohibition on equity stripping and loan flipping 5-15Prohibition on financing certain insurance premiums 5-16Prohibition on encouraging default 5-17Severability 5-5205 Ilcs 635/5-5 5-5AViolations of the Reverse Mortgage Act 5-6Verification of borrower's ability to repay 5-7Broker agency relationship 5-8.5Arrearage payments 5-8Prepayment penalties 5-9Notice of change in loan terms 6-1Powers not exclusive 6-2Removal and prohibition 6-3Appointment of receiver or conservator 7-1205 Ilcs 635/7-1 7-10Nationwide Multistate Licensing System and Registry information challenge process 7-11Mortgage loan originator suspension or revocation of registration; refusal to renew; fines 7-12Surety bond required 7-13Prohibited acts and practices for mortgage loan originators 7-14Unique identifier shown 7-15Examination and investigation of certain mortgage loan originators 7-1AMortgage loan originator license 7-2State license application and issuance 7-3Issuance of license 7-4Pre-licensing and education of mortgage loan originators 7-5Testing of mortgage loan originators 7-6Standards for license renewal 7-7Continuing education for mortgage loan originators 7-8Authority to require license 7-9Report to Nationwide Multistate Licensing System and Registry