(205 ILCS 635/Art. II heading)
(205 ILCS 635/2-1) (from Ch. 17, par. 2322-1)
Sec. 2-1. Licensee name.
(a) No person, partnership, association,
corporation, limited liability company, or other entity engaged in the
business regulated by this Act
shall operate such business under a name other than the real names of the entity and
individuals conducting such business. Such business may in addition operate under an assumed corporate name pursuant to
the Business Corporation Act of 1983, an assumed limited
liability company
name
pursuant to the Limited Liability Company Act,
or an assumed business name pursuant to the Assumed Business Name Act.
(b) A knowing violation of this Section constitutes an unlawful practice
within the meaning of this Act, and in addition to the administrative relief
available under this Act, may be prosecuted for the commission of a Class A
misdemeanor. A person who is convicted of a second or subsequent violation
of this Section is guilty of a Class 4 felony.
(Source: P.A. 99-15, eff. 1-1-16.)
(205 ILCS 635/2-2)
Sec. 2-2. Application process; investigation; fee.
(a) The Secretary shall issue a license upon completion of all of the
following:
The Secretary may impose conditions on a license if the Secretary determines that the conditions are necessary or appropriate. These conditions shall be imposed in writing and shall continue in effect for the period prescribed by the Secretary.
(b) All licenses shall be issued to the license applicant.
Upon receipt of such license, a residential mortgage licensee shall be
authorized to engage in the business regulated by this Act. Such license
shall remain in full force and effect until it expires without renewal, is
surrendered by the licensee or revoked or suspended as hereinafter provided.
(Source: P.A. 99-15, eff. 1-1-16; 100-1153, eff. 12-19-18.)
(205 ILCS 635/2-3) (from Ch. 17, par. 2322-3)
Sec. 2-3. Application form.
(a) Application for a residential mortgage license must be made in
accordance with Section 2-6 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry. The application shall be in writing, under oath,
and on a form obtained from and prescribed by the Commissioner, or may be submitted electronically, with attestation, to the Nationwide Multistate Licensing System and Registry.
(b) The application shall contain the name and complete business and
residential address or addresses of the license applicant. If the license
applicant is a partnership, association, corporation or other form of
business organization, the application shall contain the names and complete
business and residential addresses of each member, director and principal
officer thereof. Such application shall also include a description of the
activities of the license applicant, in such detail and for such periods,
as the Commissioner may require, including all of the following:
(Source: P.A. 100-1153, eff. 12-19-18.)
(205 ILCS 635/2-3A)
Sec. 2-3A. Residential mortgage license application and issuance.
(a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Director and may be changed or updated as necessary by the Director in order to carry out the purposes of this Act.
(b) In order to fulfill the purposes of this Act, the Director is authorized to establish relationships or contracts with the Nationwide Multistate Licensing System and Registry or other entities designated by the Nationwide Multistate Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this Act.
(c) In connection with an application for licensing, the applicant may be required, at a minimum, to furnish to the Nationwide Multistate Licensing System and Registry information concerning the applicant's identity, including:
(d) For the purposes of this Section, and in order to reduce the points of contact that the Federal Bureau of Investigation may have to maintain for purposes of subsection (c) of this Section, the Director may use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting information from and distributing information to the Department of Justice or any governmental agency.
(e) For the purposes of this Section, and in order to reduce the points of contact that the Director may have to maintain for purposes of item (2) of subsection (c) of this Section, the Director may use the Nationwide Multistate Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the Director.
(Source: P.A. 100-1153, eff. 12-19-18.)
(205 ILCS 635/2-4) (from Ch. 17, par. 2322-4)
Sec. 2-4. Prohibited acts and practices for licensees. It is a violation of this Act for a licensee subject to this Act to:
A licensee who fails to comply with this Section
or otherwise violates any of the provisions of this
Section shall be subject to the penalties in Section 4-5 of this Act.
(Source: P.A. 100-1153, eff. 12-19-18.)
(205 ILCS 635/2-5) (from Ch. 17, par. 2322-5)
Sec. 2-5.
Refusal to Issue License.
The Commissioner shall refuse to
license or renew a license if:
(Source: P.A. 86-137; 87-642.)
(205 ILCS 635/2-6)
Sec. 2-6. License issuance and renewal; fee.
(a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry as adopted by the Director.
Properly completed renewal application forms and filing fees may be received
by the Secretary 60 days prior to the license expiration date, but, to be deemed timely, the completed renewal application forms and filing fees must be received by the Secretary no later than 30 days prior to the license expiration date.
(b) It shall be the responsibility of each licensee to accomplish renewal
of its license. Failure by a licensee to submit a properly completed
renewal application form and fees in a timely fashion, absent a written
extension from the Secretary, will result in the license becoming inactive.
(c) No activity regulated by this Act
shall be conducted by the licensee when a license becomes inactive. The Commissioner may require the licensee to provide a plan for the disposition of any residential mortgage loans not closed or funded when the license becomes inactive. The Commissioner may allow a licensee with an inactive license to conduct activities regulated by this Act for the sole purpose of assisting borrowers in the closing or funding of loans for which the loan application was taken from a borrower while the license was active. An
inactive license may be reactivated by the Commissioner upon payment of the renewal fee, and payment
of a reactivation fee equal to the renewal fee.
(d) (Blank).
(e) A licensee ceasing an activity or activities regulated by this Act
and desiring to no longer be licensed shall so inform the Commissioner in
writing and, at the same time, convey any license issued and all other symbols or
indicia of licensure. The licensee shall include a plan for the withdrawal
from regulated business, including a timetable for the disposition of the
business, and comply with the surrender guidelines or requirements of the Director. Upon receipt of such written notice, the Commissioner shall post the cancellation or issue
a certified statement canceling the license.
(Source: P.A. 99-15, eff. 1-1-16; 100-1153, eff. 12-19-18.)
(205 ILCS 635/2-7) (from Ch. 17, par. 2322-7)
Sec. 2-7.
Waiver of licensing fee.
The Commissioner may waive the
licensing fee upon receipt of:
(a) an application for a residential mortgage license in Illinois,
(b) an addendum requesting waiver of the fee stating
the grounds in support of such waiver, including but not limited to, not
for profit status, bankruptcy or the showing of undue hardship, and
(c) in case of an out-of-state servicer of loans in Illinois,
the following documentation is required:
A request for waiver of the filing fee must be submitted each
year in conjunction with the license renewal procedure.
(Source: P.A. 90-301, eff. 8-1-97.)
(205 ILCS 635/2-8) (from Ch. 17, par. 2322-8)
Sec. 2-8.
Additional Full-service Offices.
(a) A licensee may apply for authority to open and maintain additional
full-service offices by:
(1) Giving the Commissioner prior notice of its intention in such form
as shall be prescribed by the Commissioner.
(2) Payment of a fee to be established by regulation.
(b) Upon receipt of the notice and fee required in subsection (a) above, the
Commissioner shall issue a certificate for the additional full-service office.
(c) The certificate shall be conspicuously posted in the respective
additional full-service offices.
(Source: P.A. 85-735.)
(205 ILCS 635/2-9) (from Ch. 17, par. 2322-9)
Sec. 2-9.
Posting of license.
The license of a licensee
whose home office is within the State of Illinois or of an
out-of-state licensee shall be conspicuously posted in every
office of the licensee located in Illinois. Out-of-state
licensees without an Illinois office shall produce the license
upon request. Licensees originating loans on the Internet shall post on
their Internet web site their license number and the address and telephone
number of the Commissioner. The license shall state the full name and
address
of the licensee. The license shall not be transferable or assignable.
A separate certificate shall be issued for posting in each full
service Illinois office.
(Source: P.A. 91-586, eff. 8-14-99.)
(205 ILCS 635/2-11) (from Ch. 17, par. 2322-11)
Sec. 2-11.
Miscellaneous fees.
In addition to any license fee collected
under this Act, the Commissioner shall by rule and regulation establish a
schedule to apply to assessment and collection of necessary contingent and
miscellaneous fees.
(Source: P.A. 85-735.)
Structure Illinois Compiled Statutes