Illinois Compiled Statutes 205 ILCS 635 Residential Mortgage License Act of 1987. Section 1-5

    (205 ILCS 635/1-5) (from Ch. 17, par. 2321-5)

    Sec. 1-5. Residential Mortgage Board.

    (a) Board composition, compensation. There is created the Residential Mortgage Board composed of 5 members appointed by the Commissioner of Banks and Real Estate. The majority of persons on the Board shall have no financial interest in any residential mortgage business and one member shall be a representative of the Mortgage Banking Trade Association and one member shall be a representative of the Mortgage Broker Trade Association. Members of the Board serving on the effective date of this amendatory Act of 1996 shall continue to serve their unexpired terms as members of the Residential Mortgage Board. Thereafter, on or before January 15 of each year, the Commissioner shall appoint one or more board members, as shall be necessary to maintain a 5 member Board, whose terms shall be for 3 years commencing February 1 of the year in which they are respectively appointed.

    If a vacancy occurs on the Residential Mortgage Board, the Commissioner shall within 60 days appoint a new member who shall hold office for the remainder of the vacated term.

    The Board shall meet at the call of the chairman, who along with a Secretary, shall be selected by the Board from among its members.

    The members of the Board serve at the pleasure of the Commissioner.

    (b) Duties of Board. The Residential Mortgage Board shall assist the Commissioner by:

        (1) submitting recommendations to the Commissioner

    for the efficient administration of this Act; and

        (2) performing other duties as are prescribed by the


    (c) Conflict of interest declarations. Each member of the Residential Mortgage Board shall file annually, no later than February 1, with the Commissioner a statement of his or her current business transactions or other affiliations with any licensee under this Act. The Commissioner may adopt rules to avoid conflicts of interest on the part of members of the Residential Mortgage Board in connection with their position on the Board.

(Source: P.A. 93-1018, eff. 1-1-05.)

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Last modified: February 18, 2015