IL HB5572

Amends the High Risk Home Loan Act (815 ILCS 137/10) to exclude loans made under the Veteran's Administration Interest Rate Reduction Refinancing Loan (IRRRL) program from the definition of "high risk home loan."

Adds new exemption language stating that "high risk home loan" does not include loans made under the VA IRRRL program, in addition to existing exemptions for business-purpose loans and open-end credit plans.

Maintains existing definitions and thresholds for high-risk loans, including APR thresholds (more than 6 percentage points above Treasury yields for first liens, 8 percentage points for junior mortgages) and points and fees calculations.

Effective upon enactment, allowing VA refinancing loans to operate outside the High Risk Home Loan Act's regulatory framework.