Bill Title: Amends the Residential Mortgage License Act of 1987. Provides that no licensee may make, provide, or arrange a mortgage loan with a prepayment penalty (rather than permitting prepayment penalties under specified conditions). Provides that prepayment penalties are prohibited in connection with the sale or destruction of a dwelling secured by a residential mortgage loan. Amends the High Risk Home Loan Act to provide that for any loan that is subject to the provisions of the Act and is not subject to the provisions of the Home Ownership and Equity Protection Act of 1994, no lender shall make a high risk home loan that includes a penalty provision (rather than permitting prepayment penalties under specified conditions). Amends the Interest Act. Deletes a provision providing that notwithstanding specified provisions, the lender, in the case of any nonexempt residential mortgage loan, shall have the right to include a prepayment penalty that meets specified criteria.

Spectrum: Strong Partisan Bill (Democrat 29-2)

Status: (Passed) 2010-06-21 - Public Act . . . . . . . . . 96-0936 [HB0537 Detail]

Text: Latest bill text (Enrolled) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Al Riley [D]	Sponsor	Sponsored Bills	HD-038	FollowTheMoney	Ballotpedia	VoteSmart
Representative Kenneth Dunkin [D]	Sponsor	Sponsored Bills	HD-005	FollowTheMoney	Ballotpedia	VoteSmart
Representative Louis Lang [D]	Sponsor	Sponsored Bills	HD-016	FollowTheMoney	Ballotpedia	VoteSmart
Representative Luis Arroyo [D]	Sponsor	Sponsored Bills	HD-003	FollowTheMoney	Ballotpedia	VoteSmart
Representative Maria Berrios [D]	Sponsor	Sponsored Bills	HD-039	FollowTheMoney	Ballotpedia	VoteSmart
Representative Marlow Colvin [D]	Sponsor	Sponsored Bills	HD-033	FollowTheMoney	Ballotpedia	VoteSmart
Representative Monique Davis [D]	Sponsor	Sponsored Bills	HD-027	FollowTheMoney	Ballotpedia	VoteSmart
Representative Patricia Bellock [R]	Sponsor	Sponsored Bills	HD-047	FollowTheMoney	Ballotpedia	VoteSmart
Representative Patrick Verschoore [D]	Sponsor	Sponsored Bills	HD-072	FollowTheMoney	Ballotpedia	VoteSmart
Representative Paul Froehlich [D]	Sponsor	Sponsored Bills	HD-056	FollowTheMoney	Ballotpedia	VoteSmart
Representative Robert Flider [D]	Sponsor	Sponsored Bills	HD-101	FollowTheMoney	Ballotpedia	VoteSmart
Representative Sandra Pihos [R]	Sponsor	Sponsored Bills	HD-048	FollowTheMoney	Ballotpedia	VoteSmart
Representative Susana Mendoza [D]	Sponsor	Sponsored Bills	HD-001	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jehan Gordon-Booth [D]	Sponsor	Sponsored Bills	HD-092	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Farnham [D]	Sponsor	Sponsored Bills	HD-043	FollowTheMoney	Ballotpedia	VoteSmart
Representative Karen Yarbrough [D]	Sponsor	Sponsored Bills	HD-007	FollowTheMoney	Ballotpedia	VoteSmart
Representative Joseph Lyons [D]	Sponsor	Sponsored Bills	HD-019	FollowTheMoney	Ballotpedia	VoteSmart
Representative Annazette Collins [D]	Sponsor	Sponsored Bills	HD-010	FollowTheMoney	Ballotpedia	VoteSmart
Representative Careen Gordon [D]	Sponsor	Sponsored Bills	HD-075	FollowTheMoney	Ballotpedia	VoteSmart
Representative Charles Jefferson [D]	Sponsor	Sponsored Bills	HD-067	FollowTheMoney	Ballotpedia	VoteSmart
Representative Cynthia Soto [D]	Sponsor	Sponsored Bills	HD-004	FollowTheMoney	Ballotpedia	VoteSmart
Representative Deborah Graham [D]	Sponsor	Sponsored Bills	HD-078	FollowTheMoney	Ballotpedia	VoteSmart
Representative Eddie Jackson [D]	Sponsor	Sponsored Bills	HD-114	FollowTheMoney	Ballotpedia	VoteSmart
Representative Edward Acevedo [D]	Sponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elaine Nekritz [D]	Sponsor	Sponsored Bills	HD-057	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elizabeth Hernandez [D]	Sponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Representative Emily McAsey [D]	Sponsor	Sponsored Bills	HD-085	FollowTheMoney	Ballotpedia	VoteSmart
Representative Esther Golar [D]	Sponsor	Sponsored Bills	HD-006	FollowTheMoney	Ballotpedia	VoteSmart
Representative Fred Crespo [D]	Sponsor	Sponsored Bills	HD-044	FollowTheMoney	Ballotpedia	VoteSmart
Representative John D'Amico [D]	Sponsor	Sponsored Bills	HD-015	FollowTheMoney	Ballotpedia	VoteSmart
Representative Camille Lilly [D]	Sponsor	Sponsored Bills	HD-078	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL HB0537