PROHIB PREPAYMENT PENALTIES
Summary
Amends the Residential Mortgage License Act of 1987. Provides that no licensee may make, provide, or arrange a mortgage loan with a prepayment penalty (rather than permitting prepayment penalties under specified conditions). Provides that prepayment penalties are prohibited in connection with the sale or destruction of a dwelling secured by a residential mortgage loan. Amends the High Risk Home Loan Act to provide that for any loan that is subject to the provisions of the Act and is not subject to the provisions of the Home Ownership and Equity Protection Act of 1994, no lender shall make a high risk home loan that includes a penalty provision (rather than permitting prepayment penalties under specified conditions). Amends the Interest Act. Deletes a provision providing that notwithstanding specified provisions, the lender, in the case of any nonexempt residential mortgage loan, shall have the right to include a prepayment penalty that meets specified criteria.
Bill status
signed
all 5 stages cleared
Introduction
Apr 2009
Committee Review
May 2010
House Passage
May 2010
Senate Passage
May 2010
Signed into Law
Jun 2010
Introduced Apr 15, 2009
Signed Jun 21, 2010
Floor votes · Senate May 5, 2010 · House May 26, 2010
How they voted
55–1
Passed
Total votes 56
May 5, 2010
D
Democratic35
100% Yea
R
Republican21
95% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
101
Key actions
16
Committee
25
Amendments
20
Jun 21, 2010
Signed into law
Governor Approved
lower
May 26, 2010
Lower · Passed
Passed Both Houses
lower
May 26, 2010
Introduced
Senate Floor Amendment No. 4 House Concurs 108-001-001
lower
May 26, 2010
Introduced
Senate Floor Amendment No. 3 House Concurs 108-001-001
lower
May 26, 2010
Introduced
Senate Floor Amendment No. 2 House Concurs 108-001-001
lower
May 26, 2010
Lower · Passed
Senate Committee Amendment No. 1 House Concurs 108-001-001
lower
May 24, 2010
Lower · Passed
Senate Floor Amendment No. 4 Motion to Concur Recommends Be Adopted Executive Committee; 010-000-000
lower
May 24, 2010
Lower · Passed
Senate Floor Amendment No. 3 Motion to Concur Recommends Be Adopted Executive Committee; 010-000-000
lower
May 24, 2010
Lower · Passed
Senate Floor Amendment No. 2 Motion to Concur Recommends Be Adopted Executive Committee; 010-000-000
lower
May 24, 2010
Lower · Passed
Senate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Executive Committee; 010-000-000
lower
May 7, 2010
Committee
Senate Floor Amendment No. 4 Motion to Concur Rules Referred to Executive Committee
lower
May 7, 2010
Committee
Senate Floor Amendment No. 3 Motion to Concur Rules Referred to Executive Committee
lower
May 7, 2010
Committee
Senate Floor Amendment No. 2 Motion to Concur Rules Referred to Executive Committee
lower
May 7, 2010
Committee
Senate Committee Amendment No. 1 Motion to Concur Rules Referred to Executive Committee
lower
May 6, 2010
Committee
Senate Floor Amendment No. 4 Motion to Concur Referred to Rules Committee
lower
May 6, 2010
Committee
Senate Floor Amendment No. 3 Motion to Concur Referred to Rules Committee
lower
May 6, 2010
Committee
Senate Floor Amendment No. 2 Motion to Concur Referred to Rules Committee
lower
May 6, 2010
Committee
Senate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
lower
May 6, 2010
Introduced
Senate Floor Amendment No. 4 Motion Filed Concur Rep. Lou Lang
lower
May 6, 2010
Introduced
Senate Floor Amendment No. 3 Motion Filed Concur Rep. Lou Lang
lower
May 6, 2010
Introduced
Senate Floor Amendment No. 2 Motion Filed Concur Rep. Lou Lang
lower
May 6, 2010
Lower · Passed
Senate Committee Amendment No. 1 Motion Filed Concur Rep. Lou Lang
lower
May 5, 2010
Introduced
Placed on Calendar Order of Concurrence Senate Amendment(s) 1, 2, 3, 4
lower
May 5, 2010
Introduced
Arrived in House
lower
May 5, 2010
Upper · Passed
Senate Floor Amendment No. 4 Adopted; Lightford
upper
May 5, 2010
Upper · Passed
Senate Floor Amendment No. 3 Adopted; Lightford
upper
May 5, 2010
Upper · Passed
Senate Floor Amendment No. 2 Adopted; Lightford
upper
May 5, 2010
Introduced
Senate Floor Amendment No. 4 Be Approved for Consideration Assignments
upper
May 5, 2010
Introduced
Senate Floor Amendment No. 3 Recommend Do Adopt Executive; 013-000-000
upper
May 5, 2010
Committee
Senate Floor Amendment No. 4 Referred to Assignments
upper
May 5, 2010
Introduced
Senate Floor Amendment No. 4 Filed with Secretary by Sen. Kimberly A. Lightford
upper
May 5, 2010
Introduced
Senate Floor Amendment No. 3 Assignments Refers to Executive
upper
May 5, 2010
Committee
Senate Floor Amendment No. 3 Referred to Assignments
upper
May 5, 2010
Introduced
Senate Floor Amendment No. 3 Filed with Secretary by Sen. Kimberly A. Lightford
upper
May 5, 2010
Introduced
Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 010-000-000
upper
May 5, 2010
Senate · Passed
Senate Vote: pass (55-1)
senate
May 4, 2010
Introduced
Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions
upper
May 4, 2010
Committee
Senate Floor Amendment No. 2 Referred to Assignments
upper
May 4, 2010
Introduced
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
upper
Apr 28, 2010
Upper · Passed
Do Pass as Amended Executive; 008-001-004
upper
Apr 28, 2010
Upper · Passed
Senate Committee Amendment No. 1 Adopted
upper
Apr 28, 2010
Upper · Passed
Senate Committee Amendment No. 1 Assignments Refers to Executive
upper
Apr 28, 2010
Committee
Senate Committee Amendment No. 1 Referred to Assignments
upper
Apr 28, 2010
Introduced
Senate Committee Amendment No. 1 Filed with Secretary by Sen. John J. Cullerton
upper
Apr 23, 2010
Upper · Passed
Rule 2-10 Committee Deadline Established As May 7, 2010
upper
Apr 22, 2010
Committee
Re-assigned to Executive
upper
May 8, 2009
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Apr 22, 2009
Committee
Assigned to Financial Institutions
upper
Apr 15, 2009
Committee
Referred to Assignments
upper
Apr 15, 2009
Introduced
Arrive in Senate
upper
0 primary · 3 co-sponsors
Sponsors
No sponsor information available.
Ask Maddy
·
AI policy assistant
Ask Maddy about HB 537
Scope: IL
Hi! I can help you understand HB 537. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline