Sec. 15-5.15. Loan broker.

243 words·~1 min read·/il/chapter-815/act-175/15-5-15

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)"Loan Broker" means any person who, in return for a fee, commission, or other compensation from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person.

(b)Loan broker does not include any of the following:

(1)Any bank, savings bank, trust company, savings and loan association, credit union or

any other financial institution regulated by any agency of the United States or authorized to do business in this State.

(2)Any person authorized to sell and service loans for the federal National Mortgage

Association or the federal Home Loan Mortgage Corporation, issue securities backed by the Government National Mortgage Association, make loans insured by the federal Department of Housing and Urban Development, make loans guaranteed by the federal Veterans Administration, or act as a correspondent of loans insured by the federal Department of Housing and Urban Development or guaranteed by the federal Veterans Administration.

(3)Any insurance producer or company authorized to do business in this State.

(4)Any person arranging financing for the sale of the person's product.

(5)Any person authorized to conduct business under the Residential Mortgage License Act

of 1987.

(6)Any person authorized to do business in this State and regulated by the Department

of Financial Institutions or the Office of Banks and Real Estate.