(815 ILCS 175/15-5.15)
Sec. 15-5.15. Loan broker.
(a) "Loan Broker" means any person who, in return for a fee, commission, or other compensation from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person.
(b) Loan broker does not include any of the following:
(1) Any bank, savings bank, trust company, savings
and loan association, credit union or any other financial institution regulated by any agency of the United States or authorized to do business in this State.
(2) Any person authorized to sell and service loans
for the federal National Mortgage Association or the federal Home Loan Mortgage Corporation, issue securities backed by the Government National Mortgage Association, make loans insured by the federal Department of Housing and Urban Development, make loans guaranteed by the federal Veterans Administration, or act as a correspondent of loans insured by the federal Department of Housing and Urban Development or guaranteed by the federal Veterans Administration.
(3) Any insurance producer or company authorized to
do business in this State.
(4) Any person arranging financing for the sale of
the person's product.
(5) Any person authorized to conduct business under
the Residential Mortgage License Act of 1987.
(6) Any person authorized to do business in this
State and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate.
(Source: P.A. 92-308, eff. 1-1-02.)
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Last modified: February 18, 2015