![\"\"](\"http:\/\/chicagopressrelease.com\/wp-content\/uploads\/2010\/01\/quinn-signs-anti-predatory-lending-bill-300x211.jpg\" "\\"quinn-signs-anti-predatory-lending-bill\\"")
Gov. Pat Quinn today signed a bill into law to help protect homebuyers across Illinois.<\/p>\nGov. Pat Quinn today signed a bill into law to help protect homebuyers across Illinois.<\/p>\n
Senate Bill 1894 increases the education requirements for real estate agents in Illinois and expands an anti-predatory lending program to three new counties.<\/p>\n
\u201cHomeownership is a cornerstone of our economy,\u201d said Gov. Quinn.<\/p>\n
\u201cThis important new law helps protect Illinois\u2019 homebuyers from unscrupulous lenders and ensures that our real estate agents have comprehensive, up-to-date training.\u201d <\/span><\/p>\n Under the legislation, the education requirement to become a real estate agent in Illinois increases from 45 to 120 hours by eliminating the \u201csalesperson\u201d licensure category and establishing \u201cbroker\u201d as the new entry-level license.<\/p>\n Additionally, the new law requires real estate brokers to complete 12 hours of continuing education every renewal period (two years). The bill also creates the licensure category of \u201cmanaging broker,\u201d which requires 165 hours of education and 24 hours of continuing education every renewal period.<\/p>\n Senate Bill 1894\u2019s stringent education requirements help ensure that Illinois\u2019 real estate agents are fully trained and up-to-date on Illinois\u2019 real estate laws and homebuyer protections.<\/p>\n The legislation also expands the state\u2019s anti-predatory lending database program to three counties that have among the state\u2019s highest foreclosure rates – Kane, Will and Peoria. Under current law the program only applies to Cook County.<\/p>\n The program requires lenders to provide loan information to the State to determine if the homebuyer should receive loan counseling, prior to approval of the loan. The types of loans that qualify a homebuyer for counseling are those that frequently result in foreclosures.<\/p>\n These include: (1) the loan permits interest-only payments; (2) The loan may result in negative amortization; (3) the total points and fees payable by the borrower at or before closing will exceed five percent; (4) the loan includes a prepayment penalty; or (5) the loan is an adjustable rate mortgage which allows adjustments of the interest rate in the first three years.<\/p>\n Senate Bill 1894 also includes a provision that allows municipalities to place a lien on an abandoned residential property to help cover the cost of clean-up. The legislation was sponsored by Rep. Kevin A. McCarthy (D-Orland Park) and Sen. William R. Haine (D-Alton).<\/p>\n \u201cThe signing of Senate Bill 1894 provides significant protections to the citizens of Illinois. Maintaining the professionalism of real estate brokers across the state, instituting programs to stop predatory lending, and assisting municipalities in cleaning up abandoned or foreclosed properties will help all of Illinois rebound from the economic difficulties we have faced,\u201d said Rep. McCarthy.<\/p>\n Also today, Governor Quinn signed Senate Bills 253 and 332.<\/p>\n Gov. Pat Quinn today signed a bill into law to help protect homebuyers across Illinois. Senate Bill 1894 increases the education requirements for real estate agents in Illinois and expands an anti-predatory lending program to three new counties. \u201cHomeownership is a cornerstone of our economy,\u201d said Gov. Quinn. \u201cThis important new law helps protect Illinois\u2019 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-132483","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/132483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=132483"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/132483\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=132483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=132483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=132483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/img><\/a>
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