Senate Sponsors: WALSH,T. House Sponsors: SAVIANO-BUGIELSKI-BASSI-MCAULIFFE Short description: MORTG LENDER-EDUCATION Synopsis of Bill as introduced: Amends the Residential Mortgage License Act of 1987. Provides that an applicant who does not have 3 years experience in real estate finance must complete a program of education in real estate finance and fair lending before receiving a license rather than within 9 months of receiving an initial license. Provides that all persons who take residential mortgage applications employed by a licensee for at least 12 months must complete 3 hours of continuing education each year. SENATE AMENDMENT NO. 1. Adds reference to: 205 ILCS 635/2-9 from Ch. 17, par. 2322-9 205 ILCS 635/4-2 from Ch. 17, par. 2324-2 Requires licensees who originate loans on the Internet to post their license number and the address and telephone number of the Commissioner of Banks and Real Estate on their website. Provides that the Commissioner of Banks and Real Estate shall provide a sufficiently detailed report, rather than a full and detailed report, of each licensee's examination. SENATE AMENDMENT NO. 2. Deletes reference to: 205 ILCS 635/2-4 Deletes provision requiring continuing education for employees of licensees. HOUSE AMENDMENT NO. 1. Adds an immediate effective date. Last action on Bill: PUBLIC ACT.............................. 91-0586 Last action date: 99-08-14 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status