IL SB3495

Amends the Residential Real Property Disclosure Act to require the Department of Financial and Professional Regulation to use competitive sealed bidding for any contract related to designing, redesigning, maintaining, or administering the predatory lending database program.

Prohibits the Department from using alternative procurement methods such as sole source contracts, emergency contracts, small purchase contracts, or professional services contracts for database-related work.

Establishes a predatory lending database program initially in Cook County (effective July 1, 2008) and expands it to Kane, Peoria, and Will counties (effective July 1, 2010) to track mortgage applications and require borrower counseling when loans meet certain predatory lending standards.

Requires brokers and loan originators to submit mortgage application information within 10 days, with the Department issuing counseling recommendations within 7 days; counseling costs up to $300 must be paid by the broker or originator.

Takes effect immediately upon becoming law.