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
We are advertising mortgage loans in Illinois, but we are an FDIC-insured bank. Does the Residential Mortgage License Act apply? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We are advertising mortgage loans in Illinois, but we are an FDIC-insured bank. Does the Residential Mortgage License Act apply?

—

by

No, the Residential Mortgage License Act of 1987 does not apply to banks. Banks and their employees are exempt from all provisions of the Act, including its advertising requirements.

For resources related to our guidance, please see:

  • Illinois Residential Mortgage License Act of 1987, 205 ILCS 635/1-3(a) (“No provision of this Act shall apply to an exempt person or entity as defined in items (1) and (1.5) of subsection (d) of Section 1-4 of this Act.”)
  • Illinois Residential Mortgage License Act of 1987, 205 ILCS 635/1-4(d)(1.5) (“‘Exempt person or entity’ shall mean the following: (1) . . . any national bank, federally chartered savings and loan association, federal savings bank, federal credit union; . . . any bank, savings and loan association, savings bank, or credit union organized under the laws of this or any other state; . . .”)
  • Illinois Residential Mortgage License Act of 1987, 205 ILCS 635/1-4(d)(1.5) (“Any employee of a person or entity mentioned in item (1) of this subsection, when acting for such person or entity, or any registered mortgage loan originator when acting for an entity described in subsection (tt) of this Section.”)