Fabio
89 lines
5.0 KiB
Markdown
89 lines
5.0 KiB
Markdown
---
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type: "Bill"
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title: "RESIDENTIAL MORTGAGE LOANS"
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description: "Amends the Residential Mortgage License Act of 1987. In a provision concerning definitions, that an \"exempt person or entity\" shall also mean any person or entity that does not originate mortgage loans in the ordinary course of business, but makes or acquires residential mortgage loans with his or her own funds for his or her or its own investment without intent to make, acquire, or resell more than 3 residential mortgage loans in any one calendar year. Makes other changes. Effective immediately."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "97th"
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identifier: "SB 1603"
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citation: "Illinois SB 1603 (97th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 29
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vote_count: 2
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first_action: "2011-02-09"
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last_action: "2011-07-14"
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source: "openstates"
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source_identifier: "ocd-bill/1cf3234d-5db8-4288-be2a-6af75ba524be"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=1603&GAID=11&DocTypeID=SB&LegId=57505&SessionID=84&GA=97"
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source_hash: "5f53ae12093cd654224ef30836df1507b7baa5a15165c2b8bd0cb1080ef8c336"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois SB 1603 (97th) — RESIDENTIAL MORTGAGE LOANS
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Amends the Residential Mortgage License Act of 1987. In a provision concerning definitions, that an "exempt person or entity" shall also mean any person or entity that does not originate mortgage loans in the ordinary course of business, but makes or acquires residential mortgage loans with his or her own funds for his or her or its own investment without intent to make, acquire, or resell more than 3 residential mortgage loans in any one calendar year. Makes other changes. Effective immediately.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB1603&GA=97&SessionId=84&DocTypeId=SB&LegID=57505&DocNum=1603&GAID=11&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB1603eng&GA=97&SessionId=84&DocTypeId=SB&LegID=57505&DocNum=1603&GAID=11&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB1603enr&GA=97&SessionId=84&DocTypeId=SB&LegID=57505&DocNum=1603&GAID=11&Session=&print=true)
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## Votes
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- Third Reading — **114–0** (pass) · lower
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- Third Reading — **55–0** (pass) · upper
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## Sponsors
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- Michael W. Frerichs — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2011-02-09** Filed with Secretary by Sen. Michael W. Frerichs `filing`
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- **2011-02-09** First Reading `reading-1`
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- **2011-02-09** Referred to Assignments `referral-committee`
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- **2011-02-23** Assigned to Financial Institutions `referral-committee`
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- **2011-03-15** Senate Committee Amendment No. 1 Filed with Secretary by Sen. Michael W. Frerichs `amendment-introduction`
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- **2011-03-15** Senate Committee Amendment No. 1 Referred to Assignments `referral-committee`
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- **2011-03-16** Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
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- **2011-03-17** Senate Committee Amendment No. 1 Adopted `amendment-passage`
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- **2011-03-17** Do Pass as Amended Financial Institutions; 010-000-000 `committee-passage`
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- **2011-03-17** Placed on Calendar Order of 2nd Reading March 29, 2011
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- **2011-04-08** Second Reading `reading-2`
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- **2011-04-08** Placed on Calendar Order of 3rd Reading April 11, 2011
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- **2011-04-14** Third Reading - Passed; 055-000-000 `reading-3, passage`
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- **2011-04-14** Arrived in House `introduction`
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- **2011-04-14** Placed on Calendar Order of First Reading `reading-1`
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- **2011-04-14** Chief House Sponsor Rep. Thomas Holbrook
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- **2011-04-14** First Reading `reading-1`
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- **2011-04-14** Referred to Rules Committee `referral-committee`
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- **2011-05-03** Assigned to Housing Committee `referral-committee`
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- **2011-05-12** Do Pass / Short Debate Housing Committee; 013-000-000 `committee-passage`
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- **2011-05-12** Placed on Calendar 2nd Reading - Short Debate
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- **2011-05-16** Second Reading - Short Debate `reading-2`
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- **2011-05-16** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2011-05-17** Third Reading - Short Debate - Passed 114-000-000 `reading-3, passage`
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- **2011-05-17** Passed Both Houses
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- **2011-06-15** Sent to the Governor `executive-receipt`
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- **2011-07-14** Governor Approved `executive-signature`
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- **2011-07-14** Effective Date July 14, 2011
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- **2011-07-14** Public Act . . . . . . . . . 97-0143 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1cf3234d-5db8-4288-be2a-6af75ba524be`. Confidence: reported (aggregated from official Illinois legislature records).
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