HB3369 Summary

• Amends the Residential Mortgage License Act of 1987 to allow licensed entities to operate under assumed business names in addition to their real names, subject to the Business Corporation Act, Limited Liability Company Act, or Assumed Business Name Act.

• Sets the annual investigation and application fee at $2,700 and removes provisions allowing initial license terms to be extended or shortened with prorated fees.

• Changes license renewal procedures to use the Nationwide Mortgage Licensing System and Registry's common renewal date, with applications due no later than 30 days before expiration; failure to renew timely results in license becoming inactive rather than triggering penalty fees.

• Eliminates the requirement to publish notices of license suspension, revocation, or fines in the Illinois Register; requires posting on agency website or Nationwide Mortgage Licensing System and Registry instead.

• Changes terminology from "default rate" to "loan delinquency data" throughout the examination and monitoring provisions related to FHA-insured mortgages.