Illinois Modifies Several Mortgage Provisions
Notice of Sale
Illinois has amended provisions regarding notice of sale requirements under the judicial sale procedures of a foreclosed property. These provisions are effective immediately.
The modified provision affects foreclosed properties situated in counties with a population of more than three million. Notices of sale must now be published in two different newspapers that circulate to the general public in the county in which the real estate is located. One of these newspapers must be published in the township in which the property is located.
For the full text of House Bill 5176, please refer to http://www.ilga.gov/legislation/100/HB/PDF/10000HB5176lv.pdf.
Mortgage Loan Advertisements
Illinois has also amended provisions under its Residential Mortgage License Act regarding mortgage loan advertisements. These provisions are effective immediately.
Under the new provisions, all advertisements for mortgage loans must reference the Nationwide Multistate Licensing System and Registry’s Consumer Access website unless exempted by the Secretary.
For the full text of Senate Bill 2615, please refer to http://www.ilga.gov/legislation/100/SB/PDF/10000SB2615lv.pdf.
Residential Mortgage License Act
Lastly, Illinois has modified provisions under its Residential Mortgage License Act regarding licensing requirements. These provisions are effective immediately.
Under the new provisions, entities exempt from licensure as independent loan processing entities are required to annually apply to the Secretary through the NMLS for an exempt company registration for the purpose of sponsoring one or more individuals. An independent loan processing entity is not subject to examination by the Secretary.
For the full text of House Bill 4404, please refer to http://www.ilga.gov/legislation/100/HB/PDF/10000HB4404lv.pdf.
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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