Sen. Michael W. Frerichs
Filed: 3/15/2011
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1603 




2    AMENDMENT NO. ______. Amend Senate Bill 1603 as follows:


 
3on page 1, line 21, by replacing "items (1) and (1.5) of" with 
4"items (1) and (1.5) of"; and 
 
5on page 2, immediately below line 4, by inserting the 
6following:
7    "Effective January 1, 2011, no provision of this Act shall 
8apply to an exempt person or entity as defined in item (1.8) of 
9subsection (d) of Section 1-4 of this Act. Notwithstanding 
10anything to the contrary in the preceding sentence, an 
11individual acting as a mortgage loan originator who is not 
12employed by and acting for an entity described in item (1) of 
13subsection (tt) of Section 1-4 of this Act shall be subject to 
14the mortgage loan originator licensing requirements of Article 
15VII of this Act, and provided that an individual acting as a 
16mortgage loan originator under item 1.8 of subsection (d) of 
 
 
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1Section 1-4 of this Act shall be further subject to a 
2determination by the U.S. Department of Housing and Urban 
3Development through final rulemaking or other authorized 
4agency determination under the federal Secure and Fair 
5Enforcement for Mortgage Licensing Act of 2008.".