IL HB5565

Amends Section 72 of the Residential Real Property Disclosure Act regarding the predatory lending database program.

Requires brokers and originators to submit specified borrower information when a loan application includes certain risk factors (interest-only payments, negative amortization, prepayment penalties, adjustable rates, or points/fees exceeding 5%).

If none of the risk factors in items (14)-(18) apply to a loan, the broker or originator need only submit the borrower's name, address, social security number or taxpayer identification number, date of birth, and other borrower contact information as required by the Department of Financial and Professional Regulation.

Otherwise requires submission of extensive loan and transaction details including loan terms, credit score, originator information, affiliated service providers, closing costs, and property information for predatory lending database tracking.