HB 3369

Abstract

Amends the Residential Mortgage License Act of 1987. Provides that the Secretary of Financial and Professional Regulation shall conduct an examination of each licensee that engages in brokering and lending activities, the scope of which shall address the delinquency rate of the licensee's loan portfolio. Provides that licenses shall be renewed every year using the common renewal date of the Nationwide Mortgage Licensing System and Registry as adopted by the Director of the Division of Banking of the Department of Financial and Professional Regulation. Provides that properly completed renewal application forms and filing fees must be received by the Secretary 30 (rather than 60) days prior to the license expiration (rather than renewal) date to be timely received. Removes a provision providing that a license which was not renewed within one year of becoming inactive shall expire. Provides that the Secretary may share with the Residential Mortgage Board non-confidential delinquency rate related information, including any public disciplinary orders against licensees that result from the delinquency rate related examination findings. Removes a provision requiring the publication of a specified notice in the Illinois Register. Makes other changes in provisions concerning licensee names and the application process.