ChitownLiving | Chicago Real Estate + Life

Dan Green of The Mortgage Reports warned earlier in the week, and then I received the following communication today from the Chicago Association of Realtors.

All of Cook County Included as HB4050 is Re-Instated Rule making process begins - public comment is being solicited by C.A.R.

As anticipated, the Governor has ordered the Illinois Department of Financial and Professional Regulation to promulgate rules for REVIEW and future implementation on an expanded scope for HB 4050.  These rules should be shared with all of your staff as well as with lenders and other associated parties you work with.  There will be a 45-day review process.  We encourage all of you to organize your thoughts and to prepare written testimony for submission to the Joint Committee on Rules (JCAR).In meetings held in Springfield yesterday, the Public Policy Member Involvement Group (MIG) discussed the issue as well as the expanded scope.  Based on initial review of the rules, staff concluded that REALTOR(R) voices were heard loud and clear on the issue of redlining.  A “frequently asked questions” on both the substance of the rule changes as well as the process of testimony submission and hearings will be posted as a result of this meeting.Under the direction of the MIG, the Governmental Affairs staff from the Illinois Association of REALTORS(R) and the Chicago Association of REALTORS(R) in the next few days will be providing you with information on how to submit your comments to JCAR as well as other steps you can take to make your voices heard on this matter.  We are acting swiftly and fully expect all members to make themselves aware of the expanded scope of the rules. 

This time all borrowers in all of of Cook County are involved in the program.