Illinois House Bill 4050 will go live beginning September 1, 2006. A quick definition followed by some links. HB 4050 Defined…
The 94th General Assembly of the State of Illinois passed legislation that established the Predatory Lending Database Pilot Program. The Pilot Program applies to ten ZIP codes within the City of Chicago – 60620, 60621, 60629, 60632, 60636, 60638, 60643, and 60652. The state law also set certain standards that would require borrowers who are applying for financing with an Illinois State-licensed lender to receive counseling from a Counseling Agency that is certified by the U.S. Dept. of Housing and Urban Development (HUD) before getting their financing. Because you have applied for financing through an Illinois State-licensed loan originator, and either because of the characteristics of your loan or because of your credit score, you have been referred for counseling before you can close your loan. In order to complete the counseling and to meet the requirements of the State law, the HUD-certified Counseling Agency must review certain information and enter data regarding your loan transaction into the Pilot Program database.
Links to the Experts…
- Chicago Association of Realtors provides a number of articles.
- Dan Green of The Mortgage Reports writes, HB 4050: Everything You Need to Know. He counts down to go live with, Illinois House Bill 4050 Due Friday and HB 4050: WMC joins the fray and exits Cook County’s Target Zip Codes.
- The Chicago Tribune weighs in with, Foreclosure prevention law goes into effect on Sep 1.
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