Illinois Compiled Statutes 205 Financial Regulation: Article VII - Mortgage Loan Originator License Required
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-1
Registration required; rules and regulations. Beginning 6 months after the effective date of this amendatory Act of the 93rd General Assembly, it is unlawful for...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-1A
Mortgage loan originator license. (a) It is unlawful for any individual to act or assume to act as a mortgage loan originator, as defined in...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-2
State license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-3
Issuance of license. The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings: (1) The...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-4
Pre-licensing and education of mortgage loan originators. (a) In order to meet the pre-licensing education requirement referred to in item (4) of Section 7-3 of...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-5
Testing of mortgage loan originators. (a) In order to meet the written test requirement referred to in item (5) of Section 7-3, an individual shall...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-6
Standards for license renewal. (a) The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-7
Continuing education for mortgage loan originators. (a) In order to meet the annual continuing education requirements referred to in Section 7-6, a licensed mortgage loan...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-8
Authority to require license. In addition to any other duties imposed upon the Director by law, the Director shall require mortgage loan originators to be...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-9
Report to Nationwide Mortgage Licensing System and Registry. Subject to State privacy laws, the Director is required to report regularly violations of this Act, as...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-10
Nationwide Mortgage Licensing System and Registry information challenge process. The Director shall establish a process whereby mortgage loan originators may challenge information entered into the...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-11
Mortgage loan originator suspension or revocation of registration; refusal to renew; fines. (a) In addition to any other action authorized by this Act or any...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-12
Surety bond required. (a) Each mortgage loan originator shall be covered by a surety bond in accordance with this Section. In the event that the...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-13
Prohibited acts and practices for mortgage loan originators. It is a violation of this Act for an individual subject to this Act to: (1) Directly...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-14
Unique identifier shown. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms,...
- Illinois Residential Mortgage License Act of 1987. - 205 ILCS 635, Section 7-15
Examination and investigation of certain mortgage loan originators. The activities requiring a licensee of a mortgage loan originator that are sponsored by an exempt entity...
Last modified: February 18, 2015