reglab/housing_qa huggingface dataset:
205 ILCS 620/9-3
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IX - Miscellaneous Provisions

Sec. 9-3. (Repealed).        (Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)
205 ILCS 620/9-4
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IX - Miscellaneous Provisions

Sec. 9-4. (Repealed).        (Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)
205 ILCS 620/9-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IX - Miscellaneous Provisions

 (from Ch. 17, par. 1559-5)Sec. 9-5. Applicability of other Acts by reference. Corporate fiduciaries subject to the provisions of this Act shall  continue to be subject to the provisions of other Acts which  govern actions of trustees including, but not limited to:(a) "An Act to provide for the appointment of successor  trustees in land trust agreements", approved August 13, 1965, as amended.(b) "An Act to require disclosure, under certification of  perjury, of all beneficial interests in real property held in a  land trust, in certain cases", approved September 21, 1973, as amended.(c) "An Act in relation to land trusts and the power and  authority of trustees of land trusts to deal with trust  property", approved August 6, 1982, as amended.(d) "An Act concerning the powers of corporations  authorized to accept and execute trusts, to register and hold  securities of fiduciary accounts in bulk and to deposit same with  a depository", approved September 1, 1972, as amended.(e) the "Common Trust Fund Act", approved July 29, 1943, as amended.(f) the Illinois Trust Code.(g) "An Act concerning liability for participation in  breaches of fiduciary obligations", approved July 7, 1931, as amended.  (Source: P.A. 101-48, eff. 1-1-20.)
205 ILCS 620/9-6
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IX - Miscellaneous Provisions

(205 ILCS 620/9-6)Sec. 9-6.     Audits.(a) At least once in each calendar year a  trust company must cause its books and records to  be audited by an  independent  licensed public accountant.  The Commissioner may prescribe the scope  of the audit within generally accepted audit principles and standards.(b) The independent licensed public accountant shall provide a written  audit report to the trust company's board of  directors or to a committee  appointed by the trust company's board of  directors.  If the audit report  is given to  a committee appointed by the trust company's  board of directors, the  committee  shall, within 30 days after the date of receipt of the audit report, provide  the  board of directors with a written summary of the audit findings as detailed  in the audit report.  The trust company's board of directors shall file with the Commissioner a  copy of any written summary of the audit findings provided to the board  pursuant to this subsection within 45 days after receipt by the board of  the written summary.(c) The trust company's board of directors or  committee appointed by  the  board of directors shall cause a copy of the audit report to be filed directly by the  independent licensed public accountant with the Commissioner  within 45 days after the audit report is issued.(d) A trust company that is directly or indirectly owned by a bank  holding company, a financial holding company, or a savings and loan holding  company shall be deemed to be in compliance with the provisions of subsections  (a) through (c) of this Section if the bank holding company, financial holding  company, or savings and loan holding company obtains an audit by an independent  licensed public accountant that includes the trust company and meets the  standards of subsection (a) and, within 45 days after the audit report is  issued, the bank holding company, financial holding company, or savings and  loan holding company causes the independent licensed public accountant to  directly file with the Commissioner the provisions of the audit report relating  to the trust company.    (Source: P.A. 92-485, eff. 8-23-01; 92-685, eff. 7-16-02.)
205 ILCS 635/Art. I heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article I - General Provisions

 ARTICLE I  GENERAL PROVISIONS
205 ILCS 635/1-1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article I - General Provisions

 (from Ch. 17, par. 2321-1)Sec. 1-1.         This Act shall be known and may be cited as the  "Residential Mortgage License Act of 1987".    (Source: P.A. 85-735.)
205 ILCS 635/1-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article I - General Provisions

(205 ILCS 635/1-5)Sec. 1-5. (Repealed).        (Source: P.A. 93-1018, eff. 1-1-05. Repealed by P.A. 100-783, eff. 8-10-18.)
205 ILCS 635/Art. II heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

 ARTICLE II  LICENSING PROCEDURE
205 ILCS 635/2-1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

 (from Ch. 17, par. 2322-1)Sec. 2-1. Licensee name.(a) No person, partnership, association,  corporation, limited liability company, or other entity engaged in the  business regulated by this Act  shall operate such business under a name other than the real names of the entity and  individuals conducting such business. Such business may in addition operate under an assumed corporate name pursuant to  the Business Corporation Act of 1983, an assumed limited  liability company  name  pursuant to the Limited Liability Company Act,  or an assumed business name pursuant to the Assumed Business Name Act.(b) A knowing violation of this Section constitutes an unlawful practice  within the meaning of this Act, and in addition to the administrative relief  available under this Act, may be prosecuted for the commission of a Class A  misdemeanor.  A person who is convicted of a second or subsequent violation  of this Section is guilty of a Class 4 felony.  (Source: P.A. 99-15, eff. 1-1-16.)
205 ILCS 635/2-3A
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

Sec. 2-3A. Residential mortgage license application and issuance.(a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Director and may be changed or updated as necessary by the Director in order to carry out the purposes of this Act.(b) In order to fulfill the purposes of this Act, the Director is authorized to establish relationships or contracts with the Nationwide Multistate Licensing System and Registry or other entities designated by the Nationwide Multistate Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this Act.(c) In connection with an application for licensing, the applicant may be required, at a minimum, to furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant's identity, including:(1) fingerprints for submission to the Federal Bureau        of Investigation or any governmental agency or entity authorized to receive such information for a State, national, and international criminal history background check; and(2) personal history and experience in a form         prescribed by the Nationwide Multistate Licensing System and Registry, including the submission of authorization for the Nationwide Multistate Licensing System and Registry and the Director to obtain:(A) an independent credit report obtained from a                 consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and(B) information related to any administrative,                 civil, or criminal findings by any governmental jurisdiction.(d) For the purposes of this Section, and in order to reduce the points of contact that the Federal Bureau of Investigation may have to maintain for purposes of subsection (c) of this Section, the Director may use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting information from and distributing information to the Department of Justice or any governmental agency.(e) For the purposes of this Section, and in order to reduce the points of contact that the Director may have to maintain for purposes of item (2) of subsection (c) of this Section, the Director may use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the Director.   (Source: P.A. 100-1153, eff. 12-19-18.)
205 ILCS 635/2-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

 (from Ch. 17, par. 2322-5)Sec. 2-5.     Refusal to Issue License.     The Commissioner shall refuse to  license or renew a license if:(1) it is determined that the applicant is not in     compliance with any provisions of the Act; or(2) there is substantial continuity between the     applicant and any violator of this Act; or(3) the Commissioner cannot make the findings     specified in Section 2-2, subsection (a), of this Act.   (Source: P.A. 86-137; 87-642.)
205 ILCS 635/2-6
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

Sec. 2-6. License issuance and renewal; fee.(a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry as adopted by the Director.  Properly completed renewal application forms and filing fees may be received  by the Secretary 60 days prior to the license expiration date, but, to be deemed timely, the completed renewal application forms and filing fees  must be received by the Secretary no later than 30 days prior to the license expiration date.(b) It shall be the responsibility of each licensee to accomplish renewal  of its license. Failure by a licensee to submit a properly completed  renewal application form and fees in a timely fashion, absent a written  extension from the Secretary, will result in the license becoming inactive.(c)  No activity regulated by this Act  shall be conducted by the licensee when a license becomes inactive.  The Commissioner may require the licensee to provide a plan for the disposition of any residential mortgage loans not closed or funded when the license becomes inactive.  The Commissioner may allow a licensee with an inactive license to conduct activities regulated by this Act for the sole purpose of assisting borrowers in the closing or funding of loans for which the loan application was taken from a borrower while the license was active. An  inactive license may be reactivated by the Commissioner upon payment of the renewal fee, and payment  of a reactivation fee equal to the renewal fee.(d) (Blank).(e) A licensee ceasing an activity or activities regulated by this Act  and desiring to no longer be licensed shall so inform the Commissioner in  writing and, at the same time, convey any license issued and all other symbols or  indicia of licensure.  The licensee shall include a plan for the withdrawal  from regulated business, including a timetable for the disposition of the  business, and comply with the surrender guidelines or requirements of the Director.  Upon receipt of such written notice, the Commissioner shall post the cancellation or issue  a certified statement canceling the license.    (Source: P.A. 99-15, eff. 1-1-16; 100-1153, eff. 12-19-18.)
205 ILCS 635/2-7
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

 (from Ch. 17, par. 2322-7)Sec. 2-7.     Waiver of licensing fee.     The Commissioner may waive the  licensing fee upon receipt of:(a) an application for a residential mortgage license in Illinois,(b) an addendum requesting waiver of the fee stating  the grounds in support of such waiver, including but not limited to, not  for profit status, bankruptcy or the showing of undue hardship, and(c) in case of an out-of-state servicer of loans in Illinois,  the following documentation is required:(1) A verification that the firm services only 100 or     fewer loans secured by residential real estate situated in Illinois;(2) An agreement not to originate, purchase or     acquire additional servicing of loans secured by residential real estate situated in Illinois;(3) An agreement to maintain a dedicated toll free     (800) number for exclusive use by the licensee's Illinois customers;(4) An agreement to provide a written notice at least     annually to the licensee's Illinois customers advising them of the dedicated toll free (800) number; and to furnish the Commissioner with a copy of such written notice.A request for waiver of the filing fee must be submitted each  year in conjunction with the license renewal procedure.    (Source: P.A. 90-301, eff. 8-1-97.)
205 ILCS 635/2-8
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

 (from Ch. 17, par. 2322-8)Sec. 2-8.     Additional Full-service Offices.(a) A licensee may apply for authority to open and maintain additional  full-service offices by:(1) Giving the Commissioner prior notice of its intention in such form  as shall be prescribed by the Commissioner.(2) Payment of a fee to be established by regulation.(b) Upon receipt of the notice and fee required in subsection (a) above, the  Commissioner shall issue a certificate for the additional full-service office.(c) The certificate shall be conspicuously posted in the respective  additional full-service offices.    (Source: P.A. 85-735.)
205 ILCS 635/2-9
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

 (from Ch. 17, par. 2322-9)Sec. 2-9.     Posting of license.     The license of a licensee  whose home office is within the State of Illinois or of an  out-of-state licensee shall be conspicuously posted in every  office of the licensee located in Illinois.  Out-of-state  licensees without an Illinois office shall produce the license  upon request.  Licensees originating loans on the Internet shall post on  their Internet web site their license number and the address and telephone  number of the Commissioner.  The license shall state the full name and  address  of the licensee.  The license shall not be transferable or assignable.  A separate certificate shall be issued for posting in each full  service Illinois office.    (Source: P.A. 91-586, eff. 8-14-99.)
205 ILCS 635/2-11
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article II - Licensing Procedure

(205 ILCS 635/2-11) (from Ch. 17, par. 2322-11)Sec. 2-11.     Miscellaneous fees.     In addition to any license fee collected  under this Act, the Commissioner shall by rule and regulation establish a  schedule to apply to assessment and collection of necessary contingent and  miscellaneous fees.    (Source: P.A. 85-735.)
205 ILCS 635/Art. III heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 635/ - Residential Mortgage License Act of 1987.|Article III - Operations, Capitalization, Insurance

 ARTICLE III  OPERATIONS, CAPITALIZATION, INSURANCE
205 ILCS 635/3-1
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. 2323-1)Sec. 3-1. Bonds of licensees.(a) Every licensee, with respect to any person appointed or elected  to any position requiring the receipt of payment, management, or use of money  belonging to a residential mortgage licensee engaged in the activities of  originating, servicing, or purchasing mortgage loans or whose duties permit him  or her to have access to or custody of any of its money or securities or  custody of any money or securities belonging to third parties or whose duties  permit him or her regularly to make entries in the books or other records of a  licensee, shall, before assuming his or her duties, maintain a fidelity bond in  the amount of $100,000 by some fidelity insurance company licensed to do  business in this State.(b) Each bond shall be for any loss the licensee may sustain in money or  other property through the commission of any dishonest or criminal act or  omission by any person required to be bonded, whether committed alone or in  concert with another.  The bond shall be in the form and amount approved  by the Commissioner who may at any time require one or more additional  bonds.  A true copy of every bond, including all riders and endorsements  executed subsequent to the effective date of the bond, shall be filed at  all times with the Commissioner.  Each bond shall provide that a  cancellation thereof shall not become effective unless and until  30 days notice in writing first shall have been given to the Commissioner  unless he or she shall have approved the cancellation earlier.  If the Commissioner believes the licensee's business is being conducted in  an unsafe manner due to the lack of bonds or the inadequacy of bonds,  he or she may proceed against the licensee as provided for in Section 4-5.(c) All licensees shall maintain a bond in accordance with this subsection.  Each bond shall be for the recovery of expenses, fines, or fees due to or  levied by the Commissioner in accordance with this Act.  The bond shall be  payable when the licensee fails to comply with any provisions of this Act and  shall be in the form of a surety or licensure bond in the amount and form as  prescribed by the Commissioner pursuant to rules and regulations.  The bond  shall be payable to the Office of Banks and Real Estate and shall be issued by some insurance company  authorized to do business in this State.  A copy of the bond, including any and  all riders and endorsements executed subsequent to the effective date of the  bond, shall be placed on file with the Office of Banks and Real Estate within 10 days of the  execution thereof.(d) The Commissioner may promulgate rules with respect to bonding  requirements for residential mortgage licensees and their mortgage loan originators that are  reasonable and necessary to accomplish the purposes of this Act.  (Source: P.A. 96-112, eff. 7-31-09.)
205 ILCS 635/3-3
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. 2323-3)Sec. 3-3. Advertising. In addition to such other rules  and policies as the Secretary may adopt to effectuate the purpose of  this Act, the Secretary shall adopt rules 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 Secretary may issue a cease and desist order for any violation of this Section.(b) Mortgage loan advertisements must reference the     Nationwide Multistate Licensing System and Registry's Consumer Access website, except where exempted by the Secretary.(c) No licensee shall advertise its services in     Illinois in any media, whether print or electronic, without including its unique identifier. (Source: P.A. 100-795, eff. 8-10-18.)
205 ILCS 635/3-4
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. 2323-4)Sec. 3-4. Office and staff within the State.(a) A licensee whose principal place of business is located in the State  of Illinois shall  maintain at least one full service office with  staff reasonably adequate to handle efficiently communications, questions,  and all other matters relating to any application for a home mortgage or an  existing home mortgage with respect  to which such licensee is performing services, regardless of kind, for any  borrower or lender, note owner or holder, or for himself or herself while  engaged in the residential  mortgage business. Offices shall not be located in any real estate, retail, or financial business establishment, unless separated from the other business by a separate and distinct area within the establishment. The location and operation of a full service office shall be in compliance with any applicable zoning laws or ordinances and home office or business regulations. The Director may require a licensee operating from a home or residentially zoned office to provide another approved location that is suitable to conduct an examination under Sections 4-2 and 4-7 of the Act.  This subsection (a)  does not limit the Director's authority to examine at any other office, facility or location of the licensee as permitted by the Act.(b) In lieu of maintaining a full service office in the State of  Illinois, and subject to the rules of the Department,  a licensee whose principal place of business is located outside the  State of Illinois may comply with all of the following requirements:(1) provide, upon the Director's request and notice,     an approved location that is suitable to conduct an examination under Sections 4-2 and 4-7 of the Act.  This subsection (b) does not limit the Director's authority to examine at any other office, facility or location of the licensee as permitted by the Act.(2)  submit a certified audit as required in Section     3-2 of this Act evidencing a minimum net worth of $150,000, which must be maintained at all times, and shall submit and maintain a fidelity bond in the amount of $100,000. (Source: P.A. 96-112, eff. 7-31-09.)