SB3035 Summary

• Amends the Residential Mortgage License Act of 1987 to replace references to "Commissioner" with "Secretary" throughout licensing and regulatory provisions.

• Modifies Section 2-4 to reframe license application requirements as prohibited acts and practices for licensees, establishing violations when licensees fail to maintain offices, staff, records, or comply with reporting and examination requirements.

• Restructures prohibited conduct provisions to clarify that licensees cannot engage in discrimination, fraudulent practices, false misrepresentations, or hire unlicensed mortgage loan originators, with violations subject to penalties under Section 4-5.

• Removes HUD loan delinquency data collection requirement from Section 4-8(a) while maintaining the Secretary's authority to conduct examinations and require delinquency reports from licensees.

• Adds exemption in Section 5-9(d) allowing licensees to comply with federal Consumer Financial Protection Bureau disclosure procedures under the Truth in Lending Act and Real Estate Settlement Procedures Act instead of state notice of change in loan terms requirements.