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IL HB3864
Bill
Status
Introduced
2/25/2009
Primary Sponsor
Anthony DeLuca
Click for details
AI Summary
- Amends the Residential Mortgage License Act of 1987 to add Section 5-4
- Requires licensees to provide borrowers with a summary of mortgage agreement terms at the time a loan is made or brokered
- Mandates the summary appear on the first page of the mortgage document in a section titled "SUMMARY OF TERMS"
- Specifies the summary must be formatted in bold, 14-point font
Legislative Description
RMLA-MORTGAGE SUMMARY-TERMS
Last Action
Rule 19(a) / Re-referred to Rules Committee
4/3/2009
Committee Referrals
Rules4/3/2009
Consumer Protection3/3/2009
Rules2/26/2009
Full Bill Text
No bill text available