HB 5456

Abstract

Amends the Illinois Banking Act and the Illinois Savings and Loan Act of 1985. Provides that upon the conviction of a director or officer of a bank or savings and loan association, or the conviction of a bank or savings and loan association, of the offense of wrongful inducement of abandonment of a residence, the Secretary of the Department of Financial and Professional Regulation shall take control of the financial institution. Amends the Residential Mortgage License Act of 1987. Provides that if a licensee is convicted of wrongful inducement of abandonment, the person's license shall be revoked. Amends the Code of Civil Procedure. Amends provisions setting forth the elements of the offense of wrongful inducement of abandonment (a Class B misdemeanor) by adding language making it a Class A misdemeanor for a mortgagee or a person acting on behalf of a mortgagee to engage in specified prohibited conduct with the intent of inducing a mortgagor or occupant to abandon mortgaged residential real estate or with the intent of obtaining a finding of abandonment of residential real estate. Makes additions to provisions concerning a notice that is required to be sent to mortgagors whose loans are past due. Authorizes a fast-track foreclosure procedure for abandoned residential real estate under specified circumstances. Makes other changes. Effective immediately.