Illinois Changes Mortgage Loan Advertisement Laws

On August 10, 2018, the Illinois Senate passed Senate Bill 2615 amending Section 3.3 of the Residential Mortgage License Act of 1987. The bill added new requirements for mortgage loan advertisements.

Illinois now requires that mortgage loan advertisements reference the Nationwide Multistate Licensing System (NMLS) and the NMLS Registry’s Access website.  The previous law merely required that advertisements contain the name and address of the Illinois residential mortgage licensee.  The new law also mandates advertisements include the licensee’s unique NMLS identifier.  Under the previous version, the licensee only needed the advertisement to state that the licensee was an “Illinois Residential Mortgage Licensee.”

The newly amended law is effective immediately.

The revised portion of Section 3.3 of the Residential Mortgage License Act of 1987 can be found here.