Mr Investor
07-24-2006, 10:32 PM
Today I was speaking with a new Title/Mortgage company in my area and as we spoke she mention about a new bill, Public Act 94-280 (HB 4050)passed in Chicago, this is what the letter she received from the Illinois Department of Financial and Professional Regulation, Stated.
To Residential Mortgage and Title Insurance Licensees:
As you are aware, Public Act 94-280 (HB 4050) went into effect January 1, 2006. This Act directs the Department of Financial and Professional Regulation to designate the program area for a predatory lending Pilot program by January 31, 2006. Enclosed is a copy of the Department's designation of the Pilot Program area. The Department will also be providing information keyed to Property Index Numbers to licensees who require that information for their operations.
As a reminder, the Pilot Program will not begin until 30 days after the Department declares the program's inception date. You will be notified when the Department determines on what date the program will begin.
The Department recognizes that the important goals of HB 4050 must be accomplished while respecting the stream of commerce your industry represents. I assure you that the Department will make every effort to administer the program smoothly and effectively.
THIS IS A SECOND LETTER THIS MORTGAGE COMPANT RECIEVED FROM THE STATE PERTAINING TO THIS NEW BILL.
Designation of Pilot Are Pursuant to Public Act 94-280 (HB 4050)
The Acting Secretary of Financial and Professional Regulation (the "Secretary") is making this designation of the "Pilot Program Area" as directed in Public Act 94-280 (HB 4050 from the 94th General Assembly). The Secretary is making this designation reviewed information regarding high rates of foreclosure on residential home mortgages that are primarily the result of predatory lending practices in all areas of Cook County for Calendar Years 2003 through 2005, studied the legislative history and intent of HB 4050, and considered the effective implementation of the pilot program. The Secretary will use the designated Pilot Program Area to gather data, to monitor practices, and to identify consumer protection measures. The Pilot Program will in turn assist the department in the education of consumers and prevention of predatory lending practices against targeted consumers and areas, and assist the Department generally in it's deterrence of and enforcement against predatory lending practices by it's regulated industries. Based upon this review, the Secretary herein designates the zip code areas contained in Exhibit A attached hereto as the Pilot Program Area.
Area codes 60620, 60621, 60628, 60629, 60632, 60636, 60638, 60643, 60652.
Now I'm not for sure how all this is to play out but what she stated was this Bill would make it harder to refinance and something about a five year stoppage in those zip code areas.
If anyone else here understand this, please explain it to me.
Dan, If I have this posted in the wrong forum, please remove it to the correct forum and I'll remember for the next time.
To Residential Mortgage and Title Insurance Licensees:
As you are aware, Public Act 94-280 (HB 4050) went into effect January 1, 2006. This Act directs the Department of Financial and Professional Regulation to designate the program area for a predatory lending Pilot program by January 31, 2006. Enclosed is a copy of the Department's designation of the Pilot Program area. The Department will also be providing information keyed to Property Index Numbers to licensees who require that information for their operations.
As a reminder, the Pilot Program will not begin until 30 days after the Department declares the program's inception date. You will be notified when the Department determines on what date the program will begin.
The Department recognizes that the important goals of HB 4050 must be accomplished while respecting the stream of commerce your industry represents. I assure you that the Department will make every effort to administer the program smoothly and effectively.
THIS IS A SECOND LETTER THIS MORTGAGE COMPANT RECIEVED FROM THE STATE PERTAINING TO THIS NEW BILL.
Designation of Pilot Are Pursuant to Public Act 94-280 (HB 4050)
The Acting Secretary of Financial and Professional Regulation (the "Secretary") is making this designation of the "Pilot Program Area" as directed in Public Act 94-280 (HB 4050 from the 94th General Assembly). The Secretary is making this designation reviewed information regarding high rates of foreclosure on residential home mortgages that are primarily the result of predatory lending practices in all areas of Cook County for Calendar Years 2003 through 2005, studied the legislative history and intent of HB 4050, and considered the effective implementation of the pilot program. The Secretary will use the designated Pilot Program Area to gather data, to monitor practices, and to identify consumer protection measures. The Pilot Program will in turn assist the department in the education of consumers and prevention of predatory lending practices against targeted consumers and areas, and assist the Department generally in it's deterrence of and enforcement against predatory lending practices by it's regulated industries. Based upon this review, the Secretary herein designates the zip code areas contained in Exhibit A attached hereto as the Pilot Program Area.
Area codes 60620, 60621, 60628, 60629, 60632, 60636, 60638, 60643, 60652.
Now I'm not for sure how all this is to play out but what she stated was this Bill would make it harder to refinance and something about a five year stoppage in those zip code areas.
If anyone else here understand this, please explain it to me.
Dan, If I have this posted in the wrong forum, please remove it to the correct forum and I'll remember for the next time.