Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1055 - MORTGAGE COMMUNITY REINVESTMENT › Subpart A - GENERAL › Section 1055.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Part, the following definitions
				  apply:
"Area median income" means:
the median family income for the Metropolitan Statistical
				  Area (MSA), if a person or geography is located in an MSA; or
the Statewide nonmetropolitan median family income, if a
				  person or geography is located outside an MSA.
"Additional full-service office" means any office established
				  or maintained by a covered mortgage licensee under
				  205 ILCS
				  635/1-3(f) and 2-8.
"Community development" means:
Mortgage products and other efforts to assist low- and
				  moderate-income individuals to acquire or remain in affordable housing;
Community services targeted to low- and moderate-income
				  individuals;
Activities that revitalize or stabilize:
Low- or moderate-income geographies;
Designated disaster areas; or
Distressed or underserved nonmetropolitan middle-income
				  geographies designated by the Board of Governors of the Federal Reserve System,
				  the Federal Deposit Insurance Corporation, the Office of the Comptroller of the
				  Currency; or
Any other area as determined by the Secretary based
				  on:
Rates of poverty, unemployment, and population loss;
				  or
Population Size, Density, and Dispersion. Activities
				  revitalize and stabilize geographies designated based on population size,
				  density, and dispersion if they help to meet essential community and economic
				  development needs, including needs of low- and moderate-income
				  individuals.
"Community development loan" means a loan that:
Has as its primary purpose community development; and
Has not been reported or collected by the covered mortgage
				  licensee for consideration in the covered mortgage licensee's assessment as a
				  home mortgage loan, unless it is a multifamily dwelling loan (as described in
				  Appendix A to 12 CFR 203, the Consumer Financial Protection Bureau's
				  implementing regulations for the Home Mortgage Disclosure Act); and
Benefits the State or a broader regional area that includes
				  the State.
"Community development service" means a service that:
Has as its primary purpose community development; and
Is related to the provision of financial services, including
				  technical services.
"Covered mortgage licensee" means a mortgage lender, licensed
				  under [205 ILCS 635], that has lent or originated 50 or more home mortgage
				  loans in the State in the last calendar year reportable under the Home Mortgage
				  Disclosure Act and also is responsible for underwriting, making credit
				  decisions for, or issuing of commitments for the home mortgage loans.
"Department" means the Illinois Department of Financial and
				  Professional Regulation.
"Geography" means a census tract, or a block numbering area
				  delineated by the United States Bureau of the Census in the most recent
				  decennial census.
"Highly economically disadvantaged areas" means economically
				  distressed areas designated pursuant to
				  26 U.S.C.
				  1391.
"Home Mortgage Disclosure Act" or "HMDA" means the Consumer
				  Financial Protection Bureau's implementing regulations found at 12 CFR
				  1003.
"Home mortgage loan" means a "home improvement loan", or a
				  "home purchase loan" as defined in
				  12 CFR
				  1003.2 of HMDA or a home equity loan or any
				  other extension of credit, including but not limited to a refinance, secured by
				  a residence of the borrower for personal, family, or household purposes.
"Income level" means:
Low-income, an individual income that is less than 50% of the
				  area median income, or a median family income that is less than 50%, in the
				  case of a geography.
Moderate-income, an individual income that is at least 50%
				  and less than 80% of the area median income, or a median family income that is
				  at least 50% and less than 80%, in the case of a geography.
Middle-income, an individual income that is at least 80% and
				  less than 120% of the area median income, or a median family income that is at
				  least 80% and less than 120%, in the case of a geography.
Upper-income, an individual income that is 120% or more of
				  the area median income, or a median family income that is 120% or more, in the
				  case of a geography.
"Loan location" means a home mortgage loan is located in the
				  geography where the property to which the loan relates is situated.
"MSA" means a metropolitan statistical area as defined by the
				  United States Director of the Office of Management and Budget.
"Qualified investment" means a lawful investment, deposit,
				  donation, membership share, or grant that has as its primary purpose community
				  development, and lawful investments in the following:
corporations for the purpose of providing technical
				  assistance to nonprofit housing corporations for the purpose of establishing
				  creditworthiness;
contributions to any private nonprofit organization organized
				  for improving the social and economic conditions, such as community development
				  programs, foreclosure prevention initiatives, and educational institutions
				  focusing on financial literacy initiatives, in communities in the State;
contributions for the purpose of relieving suffering or
				  distress resulting from disaster or other calamity, such as hurricane or flood,
				  occurring in any part of the State; and
contributions to any private nonprofit organization organized
				  for fair housing and fair lending education and training.
"Special Credit Program" means any credit program offered by
				  a covered mortgage licensee to meet special social needs which is in conformity
				  with and explicitly authorized by the Equal Credit Opportunity Act
				  (15 U.S.C.
				  1691(c)) and Regulation B
				  (12 CFR
				  1002.8).
"Unbanked person" means an individual that does not have a
				  checking or savings account with an insured depository institution.
"Underbanked person" means an individual that has a checking
				  or saving account with an insured depository institution but that used
				  financial products or services from a person other than an insured depository
				  institution in the past 12 months.