Illinois Adopts Residential Mortgage License Act Provisions
The Illinois Department of Financial and Professional Regulation has adopted rules which modify parts of its Residential Mortgage License Act. These provisions are effective immediately.
Independent Loan Processor Licensing
A new provision requires that an independent loan processor entity employ at least one individual licensed as a Mortgage Loan Originator to provide supervision and instruction to individuals performing loan processing services. If only one loan processor is providing services for an independent loan processing entity, that person must be licensed as a Mortgage Loan Originator to fulfill this requirement.
Advertising
One of the new advertising provisions specifies that business cards shall be considered an advertisement under the Act.
Another provision under this section sets out the requirements for advertising residential mortgage services in Illinois. All such advertisements must include, in a manner that is clear and conspicuous to the consumer: 1) the NMLS Consumer Access homepage (www.nmlsconsumeraccess.org); 2) the NMLS Unique Identifier of the licensee, 3) the individual NMLS Unique identifier of the MLO in cases where a Mortgage Loan Originator is also advertised, and 4) the phrase “For licensing information, go to www.nmlsconsumeraccess.org” for advertisements in electronic media.
For the full text of amended Act, please refer to http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=1196&ChapterID=20
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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