Illinois Amends Provisions Regarding Licensing Requirements Under the RMLA

Governor Rauner of Illinois has signed into law two bills that amend the Illinois Residential Mortgage License Act of 1987 (the Act or RMLA).

HB 4404, (now Public Act 100-0851) added that an entity that is exempt from licensure as an independent loan processing entity is required to apply annually to the Secretary through the Nationwide Multistate Licensing System and Registry for an exempt company registration for the purpose of sponsoring one or more individuals subject to the mortgage loan originator licensing requirements of the Act.

SB 2615, (now Public Act 100-0795) added the new provision that all advertisements for mortgage loans must reference the Nationwide Multistate Licensing System and Registry’s Consumer Access website unless otherwise exempted by the Secretary.

Both of these provisions are in effect immediately.