reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.130 - Notice of Changes by Licensee

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Each licensee shall, upon any change in the information contained in its
			 application for license, file an amendment to that application setting forth
			 the changed information. The amendments shall be filed within 10 business days
			 after the occurrence of the event that results in the information becoming
			 inaccurate or incomplete.
b) Any
			 amendment that cannot be submitted through NMLS shall be filed directly with
			 the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.140 - Licensee Website and Toll-Free Telephone Service

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee shall maintain a secured-access website and
				toll-free telephone service consistent with the provisions of Sections 5-55 and
				5-65 of the Act. The secured-access website and toll-free telephone service
				shall, at a minimum, provide borrowers and cosigners with capabilities
				reasonably adequate for efficiently handling communications, questions, and
				other matters relating to an existing loan. In determining whether the
				secured-accessed website and toll-free telephone service are provided in a
				reasonably adequate manner, the Director will consider consumer complaints
				received regarding the licensee and information obtained from examinations
				conducted and reports filed pursuant to the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.150 - Alternative Repayment and Loan Forgiveness Options

Current through Register Vol. 48, No. 28, July 12, 2024
Licensees must provide complete information to borrowers about
				alternative repayment and loan forgiveness options, the application processes
				for those options, the differences between those options and forbearance, and
				the consequences of those options and forbearance, consistent with Sections
				5-30, 5-35, 5-40, and 5-45 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.160 - Account Information, Payment Processing, Cosigner Payments

Current through Register Vol. 48, No. 28, July 12, 2024
a) Licensees must
			 maintain detailed account information for each student loan borrower and
			 cosigner, on the licensee's website, accessible to the borrower and cosigner,
			 as applicable, through a secure login system. The licensee must maintain
			 account history for each loan serviced and a report of all loans for each
			 borrower serviced by the licensee.
b) Licensees must credit borrower and
			 cosigner payments promptly and accurately, including, but not limited to, by
			 providing same-day crediting of electronic payments, if made before the posted
			 cut-off time for same-day crediting, and crediting of paper check payments on
			 the date received by the licensee.
c) Licensees must apply payments made by
			 cosigners only to a loan for which the payor has cosigned, unless specifically
			 directed otherwise by the cosigner/payor.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.170 - Books and Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) Licensees
			 must maintain a general ledger, maintain a cash receipt and disbursement
			 journal, and reconcile bank accounts at least monthly.
b) Licensees shall maintain, for each student
			 loan serviced, the following information:
1)
			 the student loan application, if available;
2) disclosure statements sent to the
			 borrower;
3) the promissory note or
			 loan agreement;
4) the complete
			 loan history;
5) qualified written
			 requests;
6) instructions from the
			 borrower, if any, on how to apply overpayments;
7) statements of account sent to the
			 borrower; and
8) any additional
			 records the Director may designate.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.180 - Record Retention

Current through Register Vol. 48, No. 28, July 12, 2024
Licensees must maintain all applicable records required by the
				Act and this Part for a minimum of 3 years after a serviced loan has been paid
				in full or assigned to collection, or the servicing rights have been sold,
				assigned, or transferred, unless prohibited by contract with the
				lender.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.210 - Preparation of Independent Audit Report

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee shall annually cause its books and accounts to be
				audited by a certified public accountant not connected with the licensee. The
				audit shall be filed with the Division within 105 days after the end of the
				licensee's fiscal year. The audit shall be sufficiently comprehensive in scope
				to permit the expression of an opinion on the financial statements, which shall
				be prepared in accordance with generally accepted accounting principles and
				shall be conducted in accordance with generally accepted auditing
				standards.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1010 - STUDENT LOAN SERVICING RIGHTS ACT › Section 1010.220 - Examination

Current through Register Vol. 48, No. 28, July 12, 2024
a) Licensees shall
			 be examined from time to time pursuant to Section 20-15(a) of the Act. As part
			 of each regularly scheduled examination, the Director shall evaluate and rate
			 licensees in accordance with uniform rating factors.
b) Ratings include, but are not limited to:
1) The highest rating of 1 is assigned to a
			 licensee that maintains a strong compliance management system (CMS) and takes
			 active steps to prevent any violations of law and consumer harm.
2) The rating of 2 is assigned to a licensee
			 that maintains a CMS that is satisfactory at managing consumer compliance risk
			 in the licensee's products and services and substantially limiting violations
			 of law and consumer harm.
3) The
			 rating of 3 reflects a CMS deficient at managing consumer compliance risk in
			 the licensee's products and services and at limiting violations of law and
			 consumer harm.
4) The rating of 4
			 reflects a CMS seriously deficient at managing consumer compliance risk in the
			 licensee's products and services and/or at preventing violations of law and
			 consumer harm.
5) The rating of 5
			 reflects a CMS critically deficient at managing consumer compliance risk in the
			 licensee's products and services and/or at preventing violations of law and
			 consumer harm.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart A - DEFINITIONS › Section 1050.100 - High Risk Home Loan Definitions; Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 150 of the High Risk Home Loan Act (Act)
				  [815 ILCS
				  137/150 ], Sections
				  1050.155,
				  1050.190,
				  1050.195,
				  1050.197,
				  1050.198
				  and
				  1050.199
				  of this Part do not apply to loans closed on or after January 1,
				  2004.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart B - FEES › Section 1050.210 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Method of
				Payment of Fees
The fees listed in this Section shall be payable to the
				  Department, or to the Nationwide Mortgage Licensing System and Registry for
				  transfer to the Department as approved by the Director. The Director may
				  specify the form of payment to the Department or to the NMLS, which may include
				  certified check, money order, credit card, or other forms authorized by the
				  Director. The Director may specify that fees be paid separately or combined,
				  and may pro-rate fees for implementation of the NMLS. The NMLS shall be
				  authorized to collect and process transaction fees or other fees related to
				  licensees or other persons subject to the Act.
b) Residential Mortgage License
1) Investigation Fee: The applicant shall pay
				a non-refundable fee of $1,500 or such non-refundable amount as authorized by
				the Director that, when combined with the license fee set forth in subsection
				(b)(2)(A), totals an amount equal to $2,700 annually or the amount authorized
				by Section 2-2 of the Act.
2)
				License Fee:
A) Initial Licensure: For each
				application for an initial Illinois Residential Mortgage License on which the
				Director has made the findings that a license shall be issued, the applicant
				shall pay a non-refundable license fee of $1,200, plus the investigation fee
				set forth in subsection (b)(1), or such non-refundable amount as authorized by
				the Director that, when combined with the investigation fee set forth in
				subsection (b)(1), totals an amount equal to $2,700 annually or the amount
				authorized by Section 2-2 of the Act.
B) License Renewal: For each application for
				an annual renewal of an Illinois Residential Mortgage License, the applicant
				shall pay a non-refundable license fee of $2,700, or the total amount set forth
				in subsections (b)(1) and (b)(2)(A).
C) Amended License: The licensee shall pay a
				non-refundable fee of $500 for each Notice of Change of Ownership or Control
				amended license that is required by Subpart D.
D) Notice of Change: The licensee shall pay a
				non-refundable fee of $50 with each Notice of Change of Officers or Directors
				or Change of Name or Address or Change of Activity.
E) Duplicate License: The licensee shall pay
				a non-refundable fee of $50 for each duplicate original license
				issued.
F) Returned Payment: Any
				licensee or person who delivers a check or other payment to the Department that
				is returned unpaid by the financial institution upon which it is drawn shall
				pay to the Department, in addition to the amount already owed, a fee of
				$50.
3) Exempt
				Registration Fee: For each application for initial registration or annual
				renewal of registration as authorized by Section 1-3(a-1) of the Act, the
				applicant or registrant shall pay the Department a non-refundable registration
				fee of $2,700.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart C - LICENSING › Section 1050.310 - Application for an Illinois Residential Mortgage License

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any person, association, corporation or
				partnership (other than those entities exempt by Section 1-4(d) of the Act)
				that intends to operate as a licensee shall file an application for an Illinois
				license on a form prescribed by the Director. Each application shall be
				accompanied by an investigation fee, as set forth in Section
				1050.210 of this Part. Upon
				completion of an investigation that the findings set forth in Section 2-2 of
				the Act have been met, a license fee, as set forth in Section
				1050.210 of this Part shall
				be paid to the Department.
b)
				Notwithstanding any other provision of this Part, failure to perfect an
				application, i.e., meet a second request for information within 10 business
				days after the request, shall automatically require the Director to issue a
				denial of the application, except that the Director may upon good cause shown
				grant an extension. An example of good cause may include, but shall not be
				limited to, death or incapacitating illness of the preparer, or catastrophic
				occurrence. Denial under such circumstances shall not affect new applications
				filed after the denial. Upon submission of an additional investigation fee, an
				applicant for a new license or renewal may reapply following denial.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart C - LICENSING › Section 1050.330 - Waiver of License Fee

Current through Register Vol. 48, No. 28, July 12, 2024
Each applicant for a new Illinois Residential Mortgage
				  License and each applicant for a renewal of an Illinois Residential Mortgage
				  License that intends to request a waiver of the licensing fee under Section 2-7
				  of the Act shall file a request on a form prescribed by the
				  Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart C - LICENSING › Section 1050.340 - Full-Service Office

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each
				licensee shall maintain a full-service office consistent with the provisions of
				Sections 3-4 and 1-4(r) of the Act. At a minimum, each licensee shall:
1) Maintain a registered agent in Illinois;
				and
2) Provide a person or persons
				reasonably adequate to handle efficiently communications, questions, and other
				matters relating (Section 3-4 of the Act) to an application for a loan or
				existing loan and provide a toll-free telephone arrangement for doing so. In
				determining whether a licensee handles such matters in a reasonably adequate
				manner, the Director shall consider consumer complaints received regarding the
				licensees and information obtained from examinations conducted and reports
				filed pursuant to the Act. In addition, the Director shall consider whether the
				licensee has:
A) Provided facilities and
				personnel adequate to accommodate a borrower who wishes to bring all documents
				applicable to his or her application for or existing home mortgage to the
				full-service office for examination in conjunction with an inquiry, complaint
				or concern.
B) Maintained a supply
				of all documents required under Subparts G, H, I, J, K, and L of this Part,
				when those Subparts apply to the licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart C - LICENSING › Section 1050.350 - Additional Full-Service Office

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee that intends to operate and maintain an
				  additional full-service office shall file a Notice of Intent to Establish an
				  Additional Full-Service Office, on a form prescribed by the Director, 30 days
				  prior to the proposed operation of the additional office. The notice shall be
				  accompanied by the fee set forth in Section
				  1050.210 of this Part.
				  Additionally, an annual fee shall be paid upon approval of the Application for
				  Renewal of an Illinois Residential Mortgage License pursuant to Section
				  1050.320
				  of this Subpart.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.410 - Net Worth

Current through Register Vol. 48, No. 28, July 12, 2024
a) Amount.
				Except as provided in subsection (c) of this Section, each licensee shall
				maintain net worth of not less than $150,000.
b) Calculation. Net worth shall be defined as
				total assets minus total liabilities, except that total assets shall not
				include the following:
1) That portion of a
				licensee's assets pledged to secure obligation of any person or entity other
				than that of the mortgagee;
2) Any
				asset (except construction loans receivable, secured by first mortgages from
				related companies) due from officers or stockholders having an
				interest;
3) That portion of any
				marketable security (listed or unlisted) not shown at the lower of cost or
				market, except for any shares of Federal National Mortgage Association stock
				required to be held under a servicing agreement, which shall be carried at
				cost;
4) Any real estate held for
				sale or investment if development will not start within 2 years from date of
				acquisition;
5) Any amount in
				excess of the lower of the cost or market value of mortgages in foreclosure,
				construction loans, or foreclosed property acquired through
				foreclosures;
6) Any amount shown
				on the books for investment in and advances to joint ventures, subsidiaries,
				affiliates, and selected companies that is greater than the value of the assets
				at equity;
7) Goodwill or value
				placed on insurance renewals or property management contract renewals or other
				similar intangibles;
8)
				Organization costs;
9) Any
				leasehold improvements not being amortized over the lesser of the expected life
				of the asset or the remaining term of the lease;
10) Commitment fees paid that are not
				recoverable through the closing or selling of loans;
11) The value of any servicing contracts not
				determined in accordance with Financial Accounting Standards Board Statement
				No. 65 and Financial Accounting Standards Board Technical Bulletin 87-3;
				and
12) Any asset may be excluded
				from the calculation of the licensee's net worth upon the Director's finding
				that including the asset undermines or may undermine, in whole or in part, any
				purpose of the Act, as identified at Section 1-2 of the Act. Any report or
				finding made under this subsection (b)(12) shall, in writing, identify which of
				the Act's purposes is or may be undermined and how including the asset results
				in that effect.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.425 - Examination

Current through Register Vol. 48, No. 28, July 12, 2024
a) As part of each
				regularly scheduled examination, the Director shall evaluate and rate
				licensees, for purposes of scheduling the next regular examination, in
				accordance with uniform rating factors.
b) Composite ratings shall include but not be
				limited to:
1) Composite "1". Licensees in
				this group had no violations noted during the examination; any findings or
				comments were of a minor nature. Such licensees evidence strong financial
				condition and management skills.
2)
				Composite "2". Licensees in this group had violations noted that are
				correctable in the normal course of business.
3) Composite "3". Licensees in this category
				exhibit either compliance, financial or operational weaknesses that give cause
				for remedial action to correct the weaknesses.
4) Composite "4". Licensees in this group
				have compliance violations that are not being addressed or resolved by the
				licensee. Licensees in this category require urgent and decisive corrective
				measures.
5) Composite "5". This
				category is reserved for licensees with deficiencies or uncorrected violations
				critical enough to support conservatorship, suspension, or revocation. Some
				examples might include, but are not limited to: ability to demonstrate net
				worth, failure to procure required bonds, fraudulent mortgage practices,
				fraudulent application for licensure, and being subject to other regulators'
				disciplinary or enforcement actions.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.430 - Late Audit Reports

Current through Register Vol. 48, No. 28, July 12, 2024
Audit reports not delivered within 90 days after the date
				  specified in Section 3-2 of the Act, unless extended for cause by the Director,
				  shall cause the licensee to pay a fee at the rate of $50 per calendar day for
				  up to three months. An independent auditor may be appointed by the Director at
				  the expense of the licensee at any time after the
				  90th day. To qualify for an extension of time, a
				  licensee shall apply to the Director in writing at least 15 days prior to the
				  deadline. In determining whether to grant an extension of time, the Director
				  shall consider whether the extension of time is based on conditions beyond the
				  control of the licensee. The Director shall appoint an independent auditor when
				  the licensee is engaged in the activities of residential mortgage lending and
				  has failed after the 90th day to submit the required
				  certified annual audited financial statements, and has not been granted an
				  extension by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.440 - Escrow

Current through Register Vol. 48, No. 28, July 12, 2024
a) Escrow funds
				shall be disclosed as a part of the licensee's financial statement package.
				Escrow funds collected pursuant to Section
				1050.1335 of
				this Part and for payment of real property taxes or any other purpose
				authorized by the mortgage contract shall be maintained in a depository
				institution as described in subsection (b) and may not be commingled with any
				licensee funds.
b) When escrow
				funds have been collected pursuant to Section
				1050.1335 of
				this Part, or when servicing includes maintenance of an escrow (impound)
				account for payment of tax bills and/or hazard insurance premiums, the funds
				collected for the account shall be placed in a federally insured depository
				institution, or a Federal Home Loan Bank, or a Federal Reserve Bank, or other
				similar government-sponsored enterprise, to be removed and used only for:
1) authorized payments from the related
				escrow (impound) account for tax bills and/or hazard insurance
				premiums;
2) refunds to the
				mortgagor;
3) transferring to
				another institution as described in subsection (b);
4) forwarding to the appropriate servicer in
				case of a transfer of servicing;
5)
				any other purpose authorized by the mortgage contract;
6) compliance with a regulatory or court
				order; or
7) payment to a licensee
				pursuant to the provisions of Section
				1050.1335 of
				this Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.450 - Audit Workpapers

Current through Register Vol. 48, No. 28, July 12, 2024
Upon request from the Director, a licensee shall forward
				  authorization to release workpapers of the licensee's independent auditor to
				  the Director within two days after receipt of the request.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.470 - Proceedings Affecting a License

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee shall be required to provide notification to
				  the Director within two days after the licensee becomes the subject of any
				  other Federal or State governmental agency's proceedings that which could
				  affect the licensee's authority to do business as a licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.475 - Change in Business Activities

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee shall be required to provide advance written
				  notice to the Director at least 10 business days prior to:
a) Closing a full-service office;
				or
b) Discontinuing brokering,
				originating, or servicing, as defined under the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.480 - Change of Ownership, Control or Name or Address of Licensee

Current through Register Vol. 48, No. 28, July 12, 2024
Prior to a change of ownership or control, a change of name
				  or address or a change of officers or directors, a licensee shall complete and
				  file the appropriate application and the appropriate fee as set forth in
				  Section
				  1050.210 of this Part so
				  that the Director may determine whether such a change would alter the findings
				  for issuance of a new license as set forth in Section 2-2(a) of the Act or
				  would change materially any of the information in the licensee's new license
				  application or license renewal application.
a) Change of Ownership or Control. A
				completed application for a new Illinois Residential Mortgage License shall be
				submitted to the Director, along with payment of the appropriate fee as set
				forth in Section
				1050.210 of this Part, by
				the prospective purchaser at least 10 days prior to the proposed date of the
				change. The Director shall issue either a new license or a finding that the
				proposed change of ownership or control does not require a new
				license.
b) Change of Name or
				Address. At least 10 days before the proposed effective date of the change, a
				licensee shall file with the Director a completed Application for Change of
				Name or Address on a form prescribed by the Director and accompanied by the fee
				set forth in Section
				1050.210 of this Part. The
				Director shall approve the name change unless the Director finds the proposed
				name is the same as, or deceptively similar to, another licensee's name. In
				determining whether a name is deceptively similar, the Director shall consider
				the geographic area in which each licensee operates. If the Director denies an
				Application for Change of Name or Address, the Director shall inform both the
				applicant licensee and the licensee that has the deceptively similar or same
				name. Upon approval of the application and upon receipt of payment of the
				appropriate fee as set forth in Section
				1050.210 of this Part, the
				Director shall issue an amended license.
c) Change of Officers or Directors. Whenever
				one or more of a licensee's principal officers or directors resign, or are
				replaced, or whenever additional principal officers or directors are installed,
				the change shall be reported to the Director within 30 days, or by the end of
				the calendar month in which the change occurred, whichever is later, of the
				effective date of the change. The change shall be reported on a form prescribed
				by the Director, accompanied by the appropriate fee set forth in Section
				1050.210 of this Part. For
				purposes of this Section, "principal officers or directors" shall mean those
				officers who engage in activities covered by the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart D - OPERATIONS AND SUPERVISION › Section 1050.490 - Bonding Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
a) In lieu
				of a paper surety bond, each licensee shall file and maintain an electronic
				surety bond in the NMLS in conformance with Section 3-1 of the Act. The amount
				of the bond shall be not less than $25,000 and in an amount according to the
				scale in subsection (b).
b) Each
				Mortgage Loan Originator must be covered by the electronic surety bond filed
				and maintained by his or her employing licensee pursuant to subsection (a).
				Registered exempt companies or entities shall file and maintain electronic
				surety bonds in the same manner as subsection (a) for the purpose of covering
				their Mortgage Loan Originator employees or sponsored individuals. Licensed
				mortgage brokers and mortgage bankers and exempt company or entity registrants
				must file and maintain an electronic surety bond that provides coverage for
				each sponsored Mortgage Loan Originator in an amount that reflects the dollar
				amount of Illinois mortgage loans applied for or originated by its Mortgage
				Loan Originators during the preceding calendar year. Exempt independent loan
				processing entity registrants must file and maintain an electronic surety bond
				in the same manner as subsection (a) that provides coverage for each sponsored
				Mortgage Loan Originator in the amount of $50,000. The surety bond amount will
				be set for each licensed mortgage broker and mortgage banker and registered
				exempt company or entity in accordance with the following scale, or, for exempt
				independent loan processing entity registrants, the $50,000, based upon
				Illinois residential mortgage loans brokered, processed, underwritten, funded,
				originated, serviced or purchased, as the case may be, during the preceding
				calendar year:
Loans
Bond Amount
$0 - $5,000,000
$25,000
$5,000,001 - $20,000,000
$50,000
$20,000,001 - $50,000,000
$75,000
$50,000,001 - $100,000,000
$100,000
Over $100,000,000
$150,000
The Director may require licensed mortgage brokers and
				  mortgage bankers and registered exempt companies to file reports of Illinois
				  mortgage loan volumes with the Director or NMLS for purposes of determining
				  that the bond is in an amount that complies with the scale in this subsection
				  (b). Based upon these reports, the Director may cause licensed mortgage brokers
				  and mortgage bankers and registered exempt companies to adjust the amount of
				  the bonds to an amount that complies with the scale in subsection (b).
c) Each electronic surety bond
				required pursuant to Section 3-1 of the Act and this Section shall be for a
				perpetual term.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.610 - Filing Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
On or before March 1 of each year, each licensee, except
				  entities engaged solely in loan brokering activities and entities engaged
				  solely in servicing activities, shall file an Annual Report of Mortgage
				  Activity. On or before March 1 of each year, each licensee that brokers loans
				  must file an Annual Report of Mortgage Brokerage Activity. On or before March 1
				  of each year, each licensee that services residential mortgage loans shall file
				  an Annual Report of Mortgage Servicing Activity. On or before March 1 of each
				  year, each licensee that purchases residential mortgage loans shall file an
				  annual report of purchasing activity set forth in Section 1050.655. The
				  Director may require reporting by licensees of mortgage, mortgage brokerage,
				  and mortgage servicing activities to the NMLS, upon the dates established by
				  the NMLS.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.620 - Reporting Forms

Current through Register Vol. 48, No. 28, July 12, 2024
The reports required by Section
				  1050.610 must
				  be filed with the Director on forms prescribed by and obtained from the
				  Director and in accordance with the instructions for filing included with the
				  forms.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.630 - Annual Report of Mortgage Activity

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Each licensee shall report the number and aggregate dollar amount of
				application for, and the number granted and the aggregate dollar amount of,
				loans pursuant to Section 4-8.3 of the Act. This report shall be categorized
				by: residential mortgage loans; construction loans; and home improvement and
				rehabilitation loans. The reporting shall be made by census tract. If the U.S.
				Department of Commerce Census Bureau has not assigned census tracts, the
				reporting shall be by zip code.
b)
				Each licensee shall report the information regarding residential mortgage loans
				pursuant to Section 4-8.3 of the Act by census tract. If the U.S. Department of
				Commerce Census Bureau has not assigned census tracts, then reporting shall be
				by zip code. In addition to the information required to be reported under
				Section 4-8.3 of the Act, each licensee shall furnish the name of any loan
				broker who has had any connection with such loans.
c) Service corporations of savings and loan
				associations and subsidiaries or affiliates of certain banks and foreign
				banking corporations exempted from licensing at Section 1-4(d)(1)(viii) and
				(ix) of the Act (except those that only service or only broker loans), are
				required to file Annual Reports of Mortgage Activity as though they are
				licensees. They shall so file on forms prescribed by and obtained from the
				Director. In lieu of the information required by subsection (a), the service
				corporations of savings and loan associations may submit Federal Home Loan Bank
				Board (FHLBB) Form 1154-0 "Loan Application Register of Mortgage
				Loans".
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.640 - Annual Report of Brokerage Activity

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each licensee and service corporation of
				savings and loan associations and subsidiaries or affiliates of certain banks
				and foreign banking organizations exempted from licensing by Section
				1-4(d)(viii) and (ix) of the Act, which broker residential mortgage loans,
				shall file an Annual Report of Brokerage Activity.
b) The Annual Report of Brokerage Activity
				shall include the names of the loan funders, dollar amount of the loans and
				with whom the licensee had mortgage brokerage agreements including any specific
				loan programs and any aggregate dollar limits.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.650 - Annual Report of Servicing Activity

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee that services home loan mortgages and reports
				  any of these loans as being in default or foreclosure pursuant to Section 4-8.3
				  of the Act shall furnish, in addition to other information requested by the
				  Director the names of the lenders who funded the loan.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.655 - Annual Report of Purchasing Activity

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee that purchases residential mortgage loans shall
				  file an Annual Report of Purchasing Activity. The Annual Report of Purchasing
				  Activity shall include the names of originating entities, dollar amounts for
				  each loan by property address or dollar amount of Illinois loans contained in a
				  multi-state property portfolio, identifying the portfolio, and a total dollar
				  amount for all Illinois loans purchased.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart E - ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY › Section 1050.660 - Verification

Current through Register Vol. 48, No. 28, July 12, 2024
A notarized affidavit or oath, affirmation or declaration
				  under penalty of perjury, attesting to the accuracy and truthfulness of the
				  report must accompany each Annual Report of Mortgage Activity, Annual Report of
				  Brokerage Activity and Annual Servicing Report, and Annual Report of Purchasing
				  Activity submitted to the Director. This verification must be signed by the
				  owner, if the licensee is a sole proprietorship; by all partners, if the
				  licensee is a partnership; by two officers or all directors, if the licensee is
				  a corporation; or by all members, if the licensee is an
				  association.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart F - LOAN DELINQUENCY EXAMINATION › Section 1050.740 - Loan Delinquency Hearing

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Authority. The Director may hold public hearings concerning a licensee that is
				subject to examination pursuant to Section 4-8 of the Act. The hearing shall be
				held in accordance with Section 4-8(c) of the Act.
b) Notice. Written notice of the time, place,
				date and subject of the hearing shall be posted in both the Springfield and
				Chicago offices of the Division at least 10 days prior to the hearing. The
				Director may distribute such notice to other interested persons upon
				request.
c) Testimony. Testimony at
				the public hearings shall be taken in accordance with Section 4-8(c) of the
				Act. Testimony may be either oral or written. If oral, the party proposing to
				testify must complete a witness slip that shall be provided at the hearing. If
				written, the proposed testimony must be received by the Director prior to the
				hearing. Notwithstanding the foregoing, testimony shall be permitted at the
				hearing only if the party proposing to testify has completed, and the Director
				has received, either a written letter of complaint or a consumer complaint form
				as prescribed by the Director.
d)
				Hearings. Hearings held under this Section shall be for informational purposes
				only and shall not be subject to 38 Ill. Adm. Code 100.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.810 - New Loans

Current through Register Vol. 48, No. 28, July 12, 2024
Payment instructions shall be issued in time to reasonably
				  assure receipt by the customer at least 15 days before the first payment is due
				  and shall include, but not be limited to the following:
a) The name, address and telephone number of
				the entity to whom payments are to be made and the name of the person to whom
				inquiries should be directed. Such phone numbers shall be toll free to the
				customer;
b) The exact amount of
				the monthly payment and a plain English explanation of the method of
				calculation; and
c) A clear and
				conspicuous statement as to monthly date of each payment, regardless of
				interval between due date and assessment of any late-payment penalty.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.820 - Transfer of Servicing

Current through Register Vol. 48, No. 28, July 12, 2024
a) No
				licensee shall sell or transfer servicing to, or accept or purchase servicing
				from, any entity other than a licensee or an entity exempt from licensing
				pursuant to Section 1-4(d) of the Act unless specifically authorized by the
				Director.
b) Any licensee who is a
				party to an arrangement for large transfers of servicing shall make certain
				that sufficient staff and facilities are dedicated to the transfers to prevent
				inconvenience to mortgagors.
c)
				Notice to Mortgagor of Transfer. Licensee shall comply with the notice
				requirement set forth in
				12 CFR
				1024.33 (Mortgage Servicing Transfers) (2017,
				no subsequent dates or editions included).
d) Responsibilities of Transferring Licensee.
				Responsibilities of a licensee who transfers or sells servicing on a
				residential mortgage loan shall:
1) Promptly
				providing the insurance carrier or agent with a notice of transfer identifying
				both the policy number and loan number when servicing includes payment of
				hazard insurance premiums;
2)
				Promptly notifying the tax-bill service or taxing authority of the transfer
				when servicing includes payment of real property taxes;
3) Forward to the buying or accepting
				servicer:
A) Escrow (impound)
				balances;
B) Correspondence, bills,
				receipts and documents relating to the transferred loans;
C) Mortgage payments daily, for a period of
				at least 60 days.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.830 - Real Property Tax and Hazard Insurance Payments

Current through Register Vol. 48, No. 28, July 12, 2024
Where servicing includes maintenance of an escrow (impound)
				  account for payment of tax bills and hazard insurance premiums, the licensee
				  shall make a good faith effort to comply with the following guidelines:
a) Tax bills received 30 days before discount
				or penalty dates should be paid on or before those dates;
b) Hazard insurance premium bills received 30
				days before the due date should be paid on or before the due date;
c) To ensure accrual of sufficient funds to
				pay taxes and insurance premiums, a complete analysis of each mortgage escrow
				(impound) account shall be performed at least once every year. No later than 30
				days before the effective date of a change in payment, the customer shall
				receive the analysis, along with a plain English explanation of how the new
				payment amount has been calculated.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.840 - Payment Processing

Current through Register Vol. 48, No. 28, July 12, 2024
A licensee shall process and properly credit to a mortgage
				  loan account any payment from a mortgagor on the same calendar date the payment
				  is physically delivered, either in person or via United States Mail, at the
				  address designated by the licensee for payments. No late fee shall be imposed
				  if the licensee has received the mortgagor's payment in readily identifiable
				  form by 5:00 p.m. on the day on which the payment is due in the amount, manner,
				  location and time indicated by the mortgagee to avoid the imposition of late
				  fees. Upon demand by the Department, the licensee shall produce documentation
				  as to the date on which any payment in question was received by the
				  licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.850 - Toll-Free Telephone Arrangement

Current through Register Vol. 48, No. 28, July 12, 2024
Telephone calls, regarding a mortgage loan account, to a
				  licensee with a telephone area code other than that of the customer shall not
				  be at the customer's expense. When a licensee is not required by the Act or
				  this Part to maintain an Illinois-dedicated "800" telephone number, it still
				  shall be the responsibility of the licensee to provide some form of toll-free
				  telephone arrangement for customer contacts to the licensee during normal
				  business hours.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.860 - Payoff of Outstanding Mortgage Loan

Current through Register Vol. 48, No. 28, July 12, 2024
a) When a check or other negotiable
				instrument received in final payment is deposited in a financial institution,
				the licensee's refund policy shall conform to Section 4-213 of the Uniform
				Commercial Code [
				810 ILCS
				5/4-213 ] time requirements on making such funds
				available for withdrawal by the licensee.
b) Payoff Letter. Within 7 business days of
				receipt of a written request from an entity authorized by the borrower, a
				licensee shall furnish a written notice of the total amount required to pay in
				full on an outstanding mortgage loan, as of a specified date. Such payoff
				letter shall itemize and explain all charges included in the total figure
				stated.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart G - SERVICING › Section 1050.870 - Compliance with Other Laws

Current through Register Vol. 48, No. 28, July 12, 2024
Servicing and foreclosure procedures of a licensee shall
				  comply with applicable federal and State statutes and regulations, including
				  but not limited to, Section 15-1502.5 of the Illinois Mortgage Foreclosure Law
				  [735 ILCS
				  5/15-1502.5].
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart H - ADVERTISING › Section 1050.910 - General Prohibition

Current through Register Vol. 48, No. 28, July 12, 2024
No person, partnership, association, corporation or other,
				  entity except a licensee or an entity exempt from licensing pursuant to Section
				  1-4(d) of the Act, shall cause to be circulated or use any advertising
				  appearing in the State of Illinois or make any representation or give any
				  information to any person that indicates or reasonably implies activity
				  involving the making, servicing or brokering of loans secured by residential
				  real estate located in Illinois.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart H - ADVERTISING › Section 1050.920 - Definition of Advertisement

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
				advertisement is any message, except as provided in subsection (b) of this
				Section, conveyed in any format, including, but not limited to, the Internet,
				and attempting
to induce, directly or indirectly, any person to enter
				into a residential mortgage loan or residential mortgage loan brokerage
				agreement
as defined in Section 1-4(w) of the Act.
b) Small items bearing only the name, address
				and telephone number of the distributing entity shall not be considered
				messages intended to induce any person to enter into a residential mortgage
				loan agreement or residential loan brokerage agreement as defined in the Act
				and shall not be considered advertisements. Examples of these items are
				pencils, pens, buttons, pins, pocket calendars, and balloons. Business cards
				shall be considered an advertisement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 › Subpart H - ADVERTISING › Section 1050.930 - Compliance with Other Laws

Current through Register Vol. 48, No. 28, July 12, 2024
Every advertisement shall comply with Sections 1-3(b) and 3-3
				  of the Act, as well as applicable Federal and State statutes and regulations,
				  including, but not limited, to the Consumer Credit Protection Act (
				  15 USC
				  1601, et seq.) including Title VII (Equal
				  Credit Opportunity Act) and Title I (Truth in Lending Act) of that Act and the
				  Consumer Fraud and Deceptive Business Practices Act [815 ILCS 505
				  ].