An amendment to the Real Property Disclosure Act will create a new predatory lending database. But some worry that it could unintentionally penalize good-guy lenders in targeted neighborhoods.
On June 17, 2005, the Mortgage Escrow Account Act (Act) (765 ILCS 910/1 et seq) was modified from its original form so as to broaden the scope of "mortgage lender" to include savings banks, credit unions, mortgage bankers, and one who services the loan.
On May 17, 2001, the Illinois Office of Banks and Real Estate (office) adopted a new provision to section 345 of the Illinois Administrative Code. 38 Ill Adm Code 345.
On December 15, 2000, the Illinois Office of Banks and Real Estate (OBRE) adopted emergency rules and amendments to sections 345, 1000, and 1050 of the Illinois Administrative Code.
On May 30, 2000, the Illinois Department of Insurance adopted emergency amendments to section 202 of the Illinois Administrative Code. 50 Ill Adm Code 202.
Public Act 91-698, which became effective when signed on May 6, is designed to protect Illinois consumers from predatory lenders by authorizing the Department of Financial Institutions and the Office of Banks and Real Estate to promulgate rules regulatin regulating the activities of lenders they license.