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91_HB1740ham001
LRB9103434WHdvam01
1 AMENDMENT TO HOUSE BILL 1740
2 AMENDMENT NO. . Amend House Bill 1740 by replacing
3 the title with the following:
4 "AN ACT to amend the Illinois Loan Brokers Act of 1995 by
5 changing Section 15-80."; and
6 by replacing everything after the enacting clause with the
7 following:
8 "Section 5. The Illinois Loan Brokers Act of 1995 is
9 amended by changing Section 15-80 as follows:
10 (815 ILCS 175/15-80)
11 Sec. 15-80. Persons exempt from registration and other
12 duties; burden of proof thereof.
13 (a) The following persons are exempt from the
14 registration and bonding requirements of Section 15-10,
15 15-15, 15-20, 15-25, 15-30, 15-35, 15-40, and 15-75 of this
16 Act:
17 (1) Any attorney while engaging in the practice of
18 law.
19 (2) Any certified public accountant licensed to
20 practice in Illinois, while engaged in practice as a
21 certified public accountant and whose service in relation
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1 to procurement of a loan is incidental to his or her
2 practice.
3 (3) Any person licensed to engage in business as a
4 real estate broker or salesperson in Illinois while
5 rendering services in the ordinary course of a
6 transaction in which a license as a real estate broker or
7 salesperson is required.
8 (4) Any dealer, salesperson or investment adviser
9 registered under the Illinois Securities Law of 1953, or
10 an investment advisor, representative, or any person who
11 is regularly engaged in the business of offering or
12 selling securities in a transaction exempted under
13 subsection C, H, M, R, Q, or S of Section 4 of the
14 Illinois Securities Law of 1953 or subsection G of
15 Section 4 of the Illinois Securities Law of 1953 provided
16 that such person is registered under the federal
17 securities law.
18 (4.1) An associated person described in subdivision
19 (h)(2) of Section 15 of the Federal 1934 Act.
20 (4.2) An investment adviser registered pursuant to
21 Section 203 of the Federal 1940 Investment Advisors Act.
22 (4.3) A person described in subdivision (a)(11) of
23 Section 202 of the Federal 1940 Investment Advisors Act.
24 (5) Any person whose fee is wholly contingent on
25 the successful procurement of a loan from a third party
26 and to whom no fee, other than a bona fide third party
27 fee, is paid before the procurement.
28 (6) Any person who is a creditor, or proposed to be
29 a creditor, for any loan.
30 (7) (Blank).
31 (8) Any person regulated by the Department of
32 Financial Institutions or the Office of Banks and Real
33 Estate, or any insurance producer or company authorized
34 to do business in this State.
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1 (b) As used in this Section, "bona fide third party fee"
2 includes fees for:
3 (1) Credit reports, appraisals and investigations.
4 (2) If the loan is to be secured by real property,
5 title examinations, an abstract of title, title
6 insurance, a property survey and similar purposes.
7 (c) As used in this Section, "successful procurement of
8 a loan" means that a binding commitment from a creditor to
9 advance money has been received and accepted by the borrower.
10 (d) The burden of proof of any exemption provided in
11 this Act shall be on the party claiming the exemption.
12 (Source: P.A. 89-209, eff. 1-1-96; 89-508, eff. 7-3-96;
13 90-70, eff. 7-8-97.)
14 Section 99. Effective date. This Act takes effect upon
15 becoming law.".