Public Act 100-0795
 
SB2615 EnrolledLRB100 16030 XWW 31149 b


  
    AN ACT concerning regulation.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Residential Mortgage License Act of 1987 is 
amended  by changing Section 3-3 as follows:
 



    (205 ILCS 635/3-3)  (from Ch. 17, par. 2323-3)



    Sec. 3-3. Advertising. In addition to such other rules, 
regulations
and policies as the Secretary Commissioner may 
adopt promulgate to effectuate the purpose of
this Act, the 
Secretary Commissioner shall adopt rules prescribe regulations 
governing the
advertising of mortgage loans, including without 
limitation, the following
requirements:

    (a) Advertising for loans transacted under this Act may not 
be false,
misleading, or deceptive.  No entity whose activities 
are regulated under
this Act may advertise in any manner so as 
to indicate or imply that its
interest rates or charges for 
loans are in any way "recommended", "approved",
"set", or 
"established" by the State or by this Act.  The Secretary 
Commissioner may issue
a cease and desist order for any 
violation of this Section.

    (b) Mortgage loan advertisements must reference the 
Nationwide Multistate Licensing System and Registry's Consumer 
Access website, except where exempted by the Secretary. All 
advertisements by a licensee shall contain the name and an

office address of such entity, which shall conform to a name 
and address on
record with the Commissioner.

    (c) No licensee shall advertise its services in Illinois in 
any media,
whether print or electronic, without including its 
unique identifier the words "Illinois Residential
Mortgage 
Licensee".

(Source: P.A. 87-1098.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.