reglab/housing_qa huggingface dataset:
205 ILCS 635/3-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article III - Operations, Capitalization, Insurance

 (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
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article III - Operations, Capitalization, Insurance

 (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
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article III - Operations, Capitalization, Insurance

 (from Ch. 17, par. 2323-8)Sec. 3-8. Discrimination and redlining prohibited. 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. 100-863, eff. 8-14-18.)
205 ILCS 635/3-9
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article III - Operations, Capitalization, Insurance

 (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
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article III - Operations, Capitalization, Insurance

(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.)
205 ILCS 635/Art. IV heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 ARTICLE IV  SUPERVISION
205 ILCS 635/4-1.5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

Sec. 4-1.5. Residential Finance Regulatory Fund.(a) The aggregate of all moneys collected by the Secretary under this Act shall be paid promptly after receipt of the same, accompanied by a detailed statement thereof, into the State treasury and shall be set apart in the Residential Finance Regulatory Fund, formerly designated the Savings and Residential Finance Regulatory Fund, a special fund created in the State treasury. The amounts deposited into the Fund shall be used for the ordinary and contingent expenses of the Department of Financial and Professional Regulation and the Division of Banking, or their successors, in administering and enforcing the Residential Mortgage License Act of 1987 and other laws, rules, and regulations as may apply to the administration and enforcement of the foregoing laws, rules, and regulations, as amended from time to time. Nothing in this Act shall prevent continuing the practice of paying expenses involving salaries, retirement, social security, and State paid insurance of State officers by appropriation from the General Revenue Fund.(b) Moneys in the Residential Finance Regulatory Fund may be transferred to the Professions Indirect Cost Fund, as authorized under Section 2105-300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.(c) All earnings received from investments of funds in the Residential Finance Regulatory Fund shall be deposited into that Fund and may be used for the same purposes as fees deposited into that Fund.  (Source: P.A. 98-1081, eff. 1-1-15.)
205 ILCS 635/4-3
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-3)Sec. 4-3.     Subpoena power of the Commissioner.     (a) The Commissioner  shall have the power to issue and to serve subpoenas and subpoenas duces  tecum to compel the attendance of witnesses and the production of all  books, accounts, records and other documents and materials relevant to an  examination or investigation.  The Commissioner or his or her duly  authorized representative, shall have power to administer oaths and  affirmations to any person.(b) In the event of noncompliance with a subpoena or subpoena duces  tecum issued or caused to be issued by the Commissioner, the Commissioner  may petition the circuit court of the county in which the person subpoenaed  resides or has its principal place of business for an order requiring the  subpoenaed person to appear and testify and to produce such books,  accounts, records and other documents as are specified in the subpoena  duces tecum.  The court may grant injunctive relief restraining the person  from advertising, promoting, soliciting, entering into, offering to enter  into, continuing, or completing any residential mortgage financing  transaction or residential mortgage servicing transaction.  The court may  grant such other relief, including, but not limited to, the  restraint, by injunction or appointment of a receiver, of any transfer,  pledge, assignment or other disposition of the person's assets or any  concealment, alteration, destruction or other disposition of books,  accounts, records or other documents and materials as  the court deems appropriate, until the person has fully complied with the  subpoena or subpoena duces tecum and the Commissioner has completed an  investigation or examination.(c) When it shall appear to the Commissioner that the compliance with a  subpoena or subpoena duces tecum issued or caused to be issued by the  Commissioner pursuant to this Section is essential to an investigation or  examination, the Commissioner, in addition to the other remedies provided  for herein,  may apply for relief to the circuit court of the county in  which the subpoenaed person resides or has its principal place of business.   The court shall thereupon direct the issuance of an order against the  subpoenaed person requiring sufficient bond conditioned on compliance with  the subpoena or subpoena duces tecum.  The court shall cause to be endorsed  on the order a suitable amount of bond or payment pursuant to which the  person named in the order shall be freed, having a due regard to the nature of the case.(d) In addition, the Commissioner may seek a writ of attachment or an  equivalent order from the circuit court having jurisdiction over the person  who has refused to obey a subpoena, who has refused to give testimony or  who has refused to produce the matters described in the subpoena duces tecum.    (Source: P.A. 85-735.)
205 ILCS 635/4-4
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-4)Sec. 4-4.         Report Required of Licensee; False Statements; Delay;  Penalties.(a) In addition to any reports required under this Act, every  licensee shall file such other reports as the Commissioner shall request.(b) Any licensee or any officer, director, employee or agent of any  licensee who shall fail to file any reports required by this Act, including  those under subsection (a) above, or who shall deliberately, wilfully or  knowingly make, subscribe to or cause to be made any false entry with  intent to deceive the Commissioner or his or her appointees or who shall  purposely cause unreasonable delay in filing such reports, shall be guilty  of a Class 4 Felony.    (Source: P.A. 85-735.)
205 ILCS 635/4-6
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-6)Sec. 4-6.     Investigation of Complaints.     The Commissioner shall at all times maintain staff and facilities  adequate to receive, record and investigate complaints and inquiries made by  any person concerning this Act and any licensees under this Act.  Each  licensee shall open its books, records, documents and offices wherever  situated to the Commissioner or his or her appointees as needed to facilitate  such investigations.    (Source: P.A. 85-735.)
205 ILCS 635/4-8.1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

Sec. 4-8.1.     Confidential information.     In hearings conducted under this Act,  information presented into evidence that was acquired by the licensee when  serving any  individual in connection with a residential mortgage, including all financial  information of the individual, shall be deemed strictly confidential and shall  be made available only as part of the record of a hearing under this Act or  otherwise (i) when the record is required, in its entirety, for purposes of  judicial review or (ii) upon the express written consent of the  individual served, or in the case of his or her death or disability, the  consent of his or her personal representative.    (Source: P.A. 93-561, eff. 1-1-04.)
205 ILCS 635/4-8.2
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

Sec. 4-8.2. Reports of violations. Any person licensed under this Act or  any other person may report to the Commissioner any information to show that a  person subject to this Act is or may be in violation of this Act. A licensee who files a report with the Department of Financial and Professional Regulation that another licensee is engaged in one or more violations pursuant to this Act shall not be the subject of disciplinary action by the Department, unless the Department determines, by a preponderance of the evidence available to the Department, that the reporting person knowingly and willingly participated in the violation that was reported.   (Source: P.A. 97-891, eff. 8-3-12.)
205 ILCS 635/4-8.3
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

Sec. 4-8.3. Annual report. On or before March 1 of each year or the date selected for Mortgage Call Reports under Section 4-9.1 of this Act, each licensee shall file a report with the Secretary that discloses such information as the Secretary requires. A licensee filing a Mortgage Call Report is not required to file an annual report.  Exempt entities as defined in subsection (d) of Section 1-4 shall not file the annual report of mortgage and servicing activity required by this Section.  (Source: P.A. 100-1153, eff. 12-19-18.)
205 ILCS 635/4-9
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-9)Sec. 4-9.     (Repealed).     (Source: P.A. 89-355, eff. 8-17-95.  Repealed by 90-301, eff. 8-1-97.)
205 ILCS 635/4-9.1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

Sec. 4-9.1. Mortgage call reports. Each residential mortgage licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which shall be in the form and shall contain the information that the Nationwide Multistate Licensing System and Registry may require.  (Source: P.A. 100-1153, eff. 12-19-18.)
205 ILCS 635/4-10
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-10)Sec. 4-10. Rules and regulations of the Commissioner.(a) In addition to such powers as may be prescribed by this Act, the  Commissioner is hereby authorized and empowered to promulgate regulations  consistent with the purposes of this Act, including, but not limited to:(1) such rules and regulations in connection with the     activities of licensees as may be necessary and appropriate for the protection of consumers in this State;(2) such rules and regulations as may be necessary     and appropriate to define improper or fraudulent business practices in connection with the activities of licensees in making mortgage loans;(3) such rules and regulations as may define the     terms used in this Act and as may be necessary and appropriate to interpret and implement the provisions of this Act; and(4) such rules and regulations as may be necessary     for the enforcement of this Act.(b) The Commissioner is hereby authorized and empowered to make such  specific rulings, demands, and findings as he or she may deem necessary for the  proper conduct of the mortgage lending industry.(c) A person or entity may make a written application to the Department for a written interpretation of this Act. The Department may then, in its sole discretion, choose to issue a written interpretation. To be valid, a written interpretation must be signed by the Secretary, or his or her designated Director of Financial and Professional Regulation, and the Department's General Counsel. A written interpretation expires 2 years after the date that it was issued.(d) No provision in this Act that imposes liability or establishes violations shall apply to any act taken by a person or entity in conformity with a written interpretation of this Act that is in effect at the time the act is taken, notwithstanding whether the written interpretation is later amended, rescinded, or determined by judicial or other authority to be invalid for any reason.    (Source: P.A. 100-863, eff. 8-14-18.)
205 ILCS 635/4-11
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-11)Sec. 4-11. Costs of Supervision; Examination and Investigative Fees.   The expenses of administering this Act, including investigations and  examinations provided for in this Act shall be borne by and assessed  against entities regulated by this Act.  Subject to the limitations set forth in Section 2-2 of this Act, the Secretary shall establish  fees by regulation in at least the following categories:(1) application fees;(2) investigation of license applicant fees;(3) examination fees;(4) contingent fees;  and such other categories as may be required to administer this Act.  (Source: P.A. 95-1047, eff. 4-6-09.)
205 ILCS 635/4-12
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-12)Sec. 4-12.     Appeal and Review.     (a) Any person or entity affected by a  decision of the Commissioner under any provision of this Act may obtain  review of such decision within the Office of the Commissioner.(b) The Commissioner shall, in accordance with the "Illinois  Administrative Procedure Act", promulgate rules and regulations to provide  for review within the Office of the Commissioner (hereinafter referred to  as "agency review") of his or her decisions affecting the rights of entities  under this Act.  Such review shall provide for, at a minimum:(1) appointment of a hearing officer other than a regular employee of  the Office of the Commissioner;(2) appropriate procedural rules, specific deadlines for filings, and  standards of evidence and of proof;(3) provision for apportioning costs among parties to the appeal.(c) All final agency determinations of appeals to decisions of the  Commissioner may be reviewed in accordance with and under the provisions  of the "Administrative Review Law". Appeals from all final orders and  judgments entered by a court in review of any final administrative decision  of the Commissioner or of any final agency review of a decision of the  Commissioner may be taken as in other civil cases.    (Source: P.A. 85-735.)
205 ILCS 635/4-13
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-13)Sec. 4-13.     Violations of this Act; Commissioner's Orders.     If the  Commissioner finds, as the result of examination, investigation or review  of reports submitted by a licensee that the business and affairs of a  licensee are not being conducted in accordance with this Act, the  Commissioner shall notify the licensee of the correction necessary.  Should  a licensee fail to correct such violations, the Commissioner shall issue an  order requiring immediate correction and compliance with this Act,  specifying a reasonable date for performance.The Commissioner shall promulgate rules and regulations to provide for an  orderly and timely appeal of all orders within the Office of the Commissioner.  Such rules shall include provision for assessment of fees and costs.    (Source: P.A. 85-735.)
205 ILCS 635/4-14
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

 (from Ch. 17, par. 2324-14)Sec. 4-14.     Collection of fees.     Unless exempt from licensure under  this Act, no person engaged in or offering to engage in any act or service,  for which a license under this Act is required, may bring or maintain any  action in any court of this State to collect compensation  for the performance of the licensable services without alleging and proving  that he or she was the holder of a valid Residential Mortgage License under  this Act at all times during the performance of those services.    (Source: P.A. 87-642.)
205 ILCS 635/4-15
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

Sec. 4-15. Enforcement and reporting provisions.  The Attorney General may  enforce any violation of Section 5-6, 5-7, 5-8, 5-9, 5-10, 5-11, 5-12, 5-14, or 5-15 of this Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act.    (Source: P.A. 95-691, eff. 6-1-08.)
205 ILCS 635/4-16
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article IV - Supervision

(205 ILCS 635/4-16)Sec. 4-16. Private right of action. A borrower injured by a violation of the standards, duties, prohibitions, or requirements of Sections 5-6, 5-7, 5-8, 5-9, 5-10, 5-11, 5-12,  5-14, 5-15, and 5-16 of this Act shall have a private right of action.(a) A licensee is not liable for a violation of this Act if:(1)  within 30 days of the loan closing and prior to     receiving any notice from the borrower of the violation, the licensee has made appropriate restitution to the borrower and appropriate adjustments are made to the loan; or(2)  the violation was not intentional and resulted     from a bona fide error in fact, notwithstanding the maintenance of procedures reasonably adopted to avoid such errors, and within 60 days of the discovery of the violation and prior to receiving any notice from the borrower of the violation, the borrower is notified of the violation, appropriate restitution is made to the borrower, and appropriate adjustments are made to the loan.(b) The remedies and rights provided for in this Act are not exclusive, but cumulative, and all other applicable claims are specifically preserved.      (Source: P.A. 95-691, eff. 6-1-08.)
205 ILCS 635/Art. V heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article V - Lending Procedures

 ARTICLE V  LENDING PROCEDURES
205 ILCS 635/5-1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article V - Lending Procedures

 (from Ch. 17, par. 2325-1)Sec. 5-1.         The Commissioner may promulgate rules with respect to  brokering and lending procedures of residential mortgage licensees as  necessary to accomplish the purposes of this Act.    (Source: P.A. 85-735.)
205 ILCS 635/5-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article V - Lending Procedures

Sec. 5-5. (Repealed).        (Source: P.A. 93-863, eff. 8-5-04. Repealed by P.A. 99-331, eff. 1-1-16.)
205 ILCS 635/5-5A
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article V - Lending Procedures

Sec. 5-5A. Violations of the Reverse Mortgage Act. Any violation of the Reverse Mortgage Act by a residential mortgage licensee shall be considered a violation of this Act.  (Source: P.A. 99-331, eff. 1-1-16.)