Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
One of our vendors believes that we need to use a form required by the Illinois Residential Mortgage License Act of 1987, but I don’t think that law applies to financial institutions. Do you agree? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

One of our vendors believes that we need to use a form required by the Illinois Residential Mortgage License Act of 1987, but I don’t think that law applies to financial institutions. Do you agree?

—

by

We agree that the Illinois Residential Mortgage License Act of 1987 does not directly apply to financial institutions. Section 1-3 states that the Act does not apply to an institution that is considered an “exempt person or entity.” 205 ILCS 635/1-3(a). The term “exempt person or entity” is defined to include “any bank, . . . savings bank, or credit union,” as well as their employees.  205 ILCS 635/1-4(d). However, if your organization has subsidiaries that are not banks, you will have to determine whether the Act’s restrictions apply to them.