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Fabio 5941153bb7 Legislation: batch B — IL IN KS KY LA MA MD ME MI MN 
Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 17:27:20 -04:00

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type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags
type title description jurisdiction legislature session identifier citation classification subjects status primary_sponsors version_count action_count vote_count first_action last_action source source_identifier source_url source_hash vintage source_snapshot retrieved_at confidence tags
Bill FIN REG-RESIDENTIAL MORTGAGE Amends the Residential Mortgage Act of 1987. In provisions pertaining to applications for a residential mortgage license and disclosing information about any person, entity, or ultimate equitable owner that owns or controls stock ownership, requires reporting any class of stock of the license applicant (now 10% of any class of stock). Requires an applicant or licensee to aver with his or her license application or renewal that he or she will not knowingly employ or permit an individual to serve as an officer, director, or employee for the licensee if the individual has been convicted of a felony or any criminal offense relating to dishonesty or breach of trust unless the Commissioner of Banks and Real Estate has waived this requirement. Provides that the Commissioner may require a plan for the disposition of any residential mortgage loans not closed or funded when the licensee becomes inactive. Provides that the Commissioner may no longer require licensees to maintain a bond for errors and omissions in performing activities regulated by the Act. Provides that, beginning 2 years after the effective date of this amendatory Act, mortgage brokers and licensees may no longer substitute compilation financial statements with certain audits. Requires a licensee's corporate or full service branch office to comply with any applicable zoning laws or ordinances and home office or business regulations. Provides that the Commissioner may, in making rules with respect to net worth, establish separate requirements for not for profit entities or their affiliates that are serving economically depressed or financially underserved areas. Expands the Commissioner's functions, powers, and duties. Reinstates a Section to require licensees to submit annual reports of mortgage activity to the Commissioner. Creates a returned check policy for residential mortgage licensees and applicants. Increases certain fines. us/states/il Illinois General Assembly 93rd SB 2908 Illinois SB 2908 (93rd)
bill
enacted
3 40 3 2004-02-06 2004-08-24 openstates ocd-bill/0c8190f1-fc09-4b94-8d6a-08a3f5488dbc http://ilga.gov/legislation/BillStatus.asp?DocNum=2908&GAID=3&DocTypeID=SB&LegId=9966&SessionID=3&GA=93 0550c358de61b09b00e6b57b2da1406d4c8a088764652f512803c256b650216a 2026-07-01 https://data.openstates.org/daily/2026-07-01/public.pgdump 2026-07-06 reported
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us-il

Illinois SB 2908 (93rd) — FIN REG-RESIDENTIAL MORTGAGE

Amends the Residential Mortgage Act of 1987. In provisions pertaining to applications for a residential mortgage license and disclosing information about any person, entity, or ultimate equitable owner that owns or controls stock ownership, requires reporting any class of stock of the license applicant (now 10% of any class of stock). Requires an applicant or licensee to aver with his or her license application or renewal that he or she will not knowingly employ or permit an individual to serve as an officer, director, or employee for the licensee if the individual has been convicted of a felony or any criminal offense relating to dishonesty or breach of trust unless the Commissioner of Banks and Real Estate has waived this requirement. Provides that the Commissioner may require a plan for the disposition of any residential mortgage loans not closed or funded when the licensee becomes inactive. Provides that the Commissioner may no longer require licensees to maintain a bond for errors and omissions in performing activities regulated by the Act. Provides that, beginning 2 years after the effective date of this amendatory Act, mortgage brokers and licensees may no longer substitute compilation financial statements with certain audits. Requires a licensee's corporate or full service branch office to comply with any applicable zoning laws or ordinances and home office or business regulations. Provides that the Commissioner may, in making rules with respect to net worth, establish separate requirements for not for profit entities or their affiliates that are serving economically depressed or financially underserved areas. Expands the Commissioner's functions, powers, and duties. Reinstates a Section to require licensees to submit annual reports of mortgage activity to the Commissioner. Creates a returned check policy for residential mortgage licensees and applicants. Increases certain fines.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

  1. Introduced (filed) — source
  2. Engrossed (committee substitute) — source
  3. Enrolled (enrolled) — source

Votes

  • Third Reading — 110–0 (pass) · lower
  • Third Reading — 54–0 (pass) · upper
  • Concurrence — 46–0 (pass) · upper

Sponsors

  • William R. Haine — primary (person)

Timeline

The legislative action history — every referral, reading, and vote.

  • 2004-02-06 Filed with Secretary by Sen. M. Maggie Crotty filing
  • 2004-02-06 First Reading reading-1
  • 2004-02-06 Referred to Rules referral-committee
  • 2004-02-18 Assigned to Financial Institutions referral-committee
  • 2004-02-20 Chief Sponsor Changed to Sen. William R. Haine
  • 2004-02-26 Do Pass Financial Institutions; 009-000-000 committee-passage
  • 2004-02-26 Placed on Calendar Order of 2nd Reading March 2, 2004
  • 2004-03-24 Senate Floor Amendment No. 1 Filed with Secretary by Sen. William R. Haine amendment-introduction
  • 2004-03-24 Senate Floor Amendment No. 1 Referred to Rules referral-committee
  • 2004-03-24 Second Reading reading-2
  • 2004-03-24 Placed on Calendar Order of 3rd Reading March 25, 2004
  • 2004-03-25 Third Reading - Passed; 054-000-000 reading-3, passage
  • 2004-03-25 Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) amendment-failure
  • 2004-03-26 Arrived in House introduction
  • 2004-03-26 Placed on Calendar Order of First Reading reading-1
  • 2004-04-01 Chief House Sponsor Rep. James H. Meyer
  • 2004-04-01 First Reading reading-1
  • 2004-04-01 Referred to Rules Committee referral-committee
  • 2004-05-17 Assigned to Financial Institutions Committee referral-committee
  • 2004-05-17 Motion to Suspend Rule 25 - Prevailed
  • 2004-05-18 Committee/3rd Reading Deadline Extended-Rule 9(b) May 31, 2004
  • 2004-05-19 House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee amendment-introduction
  • 2004-05-19 House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote amendment-passage
  • 2004-05-19 Do Pass as Amended / Short Debate Financial Institutions Committee; 011-000-000 committee-passage
  • 2004-05-19 Placed on Calendar 2nd Reading - Short Debate
  • 2004-05-25 Second Reading - Short Debate reading-2
  • 2004-05-25 Placed on Calendar Order of 3rd Reading - Short Debate
  • 2004-05-26 Third Reading - Short Debate - Passed 110-000-005 reading-3, passage
  • 2004-05-26 Secretary's Desk - Concurrence House Amendment(s) 01
  • 2004-05-26 Placed on Calendar Order of Concurrence House Amendment(s) 01 - May 27, 2004.
  • 2004-05-26 House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. William R. Haine filing
  • 2004-05-26 House Committee Amendment No. 1 Motion to Concur Referred to Rules referral-committee
  • 2004-05-28 House Committee Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions referral-committee
  • 2004-05-29 House Committee Amendment No. 1 Motion to Concur Be Adopted Financial Institutions; 007-000-000
  • 2004-05-29 House Committee Amendment No. 1 Senate Concurs 046-000-000
  • 2004-05-29 Passed Both Houses
  • 2004-06-25 Sent to the Governor executive-receipt
  • 2004-08-24 Governor Approved executive-signature
  • 2004-08-24 Effective Date January 1, 2005
  • 2004-08-24 Public Act . . . . . . . . . 93-1018 became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/0c8190f1-fc09-4b94-8d6a-08a3f5488dbc. Confidence: reported (aggregated from official Illinois legislature records).

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