Bill Title: Amends the Illinois Act on the Aging. Provides that the Department on Aging has the power and duty to develop the content and format of a statement regarding non-recourse reverse mortgage loans under a specified provision of the Illinois Banking Act. Provides that the statement shall provide independent consumer information regarding the potential benefits and risks associated with non-recourse reverse mortgages, potential alternatives to non-recourse reverse mortgages, and the availability of independent counseling services, including services provided by nonprofit agencies certified by the federal government to provide required counseling for non-recourse reverse mortgages insured by the federal government. Amends the Illinois Banking Act. Provides that a reverse mortgage may be subject to any additional terms and conditions imposed by a lender that are required under the provisions of the federal Housing and Community Development Act of 1987 to enable the lender to obtain federal government insurance on mortgage borrowers 62 years of age or older if the loans are to be insured under that Act. Makes changes to provisions concerning the definition of a "reverse mortgage" and other definitions, repayment obligations under a reverse mortgage, disclosure requirements, restrictions on cross-selling, and certification requirements. Repeals a provision that regulated reverse mortgages. Amends the Savings Bank Act. Repeals a provision concerning reverse mortgage disclosures. Amends the Illinois Credit Union Act. Removes a provision concerning credit unions making reverse mortgages. Removes the definition of "real estate". Amends the Residential Mortgage License Act of 1987. Makes corresponding changes requiring licensees to follow the requirements of the Illinois Banking Act.

Spectrum: Moderate Partisan Bill (Democrat 9-1)

Status: (Vetoed) 2016-11-30 - Bill Dead - Amendatory Veto [SB1281 Detail]

Text: Latest bill text (Veto Message) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Linda Holmes [D]	Primary	Sponsored Bills	SD-042	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jacqueline Collins [D]	Cosponsor	Sponsored Bills	SD-016	FollowTheMoney	Ballotpedia	VoteSmart
Senator Patricia Van Pelt [D]	Cosponsor	Sponsored Bills	SD-005	FollowTheMoney	Ballotpedia	VoteSmart
Senator Kimberly Lightford [D]	Cosponsor	Sponsored Bills	SD-004	FollowTheMoney	Ballotpedia	VoteSmart
Senator Emil Jones [D]	Cosponsor	Sponsored Bills	SD-014	FollowTheMoney	Ballotpedia	VoteSmart
Senator Napoleon Harris [D]	Cosponsor	Sponsored Bills	SD-015	FollowTheMoney	Ballotpedia	VoteSmart
Senator David Koehler [D]	Cosponsor	Sponsored Bills	SD-046	FollowTheMoney	Ballotpedia	VoteSmart
Senator William McCann [R]	Cosponsor	Sponsored Bills	SD-050	FollowTheMoney	Ballotpedia	VoteSmart
Representative Jay Hoffman [D]	Primary	Sponsored Bills	HD-113	FollowTheMoney	Ballotpedia	VoteSmart
Representative LaShawn Ford [D]	Cosponsor	Sponsored Bills	HD-008	FollowTheMoney	Ballotpedia	VoteSmart

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