There Is a Newer Version of the Illinois Compiled Statutes
2005 Illinois Code - 205 ILCS 635/ Residential Mortgage License Act of 1987. Article VII - Registration Of Loan Originators
(205 ILCS 635/7‑1)
Sec. 7‑1.
Registration required; rules and regulations.
Beginning 6 months
after the effective date of this amendatory Act of the 93rd General Assembly,
it is unlawful for any natural person to act or assume to act as a loan
originator, as defined in subsection (hh) of Section 1‑4, without being
registered with the Commissioner unless the natural person is exempt under
items (1) and (1.5) of subsection (d) of Section 1‑4 of this Act. The
Commissioner shall promulgate
rules
prescribing the criteria for the registration and regulation of loan
originators, including but not limited to, qualifications, fees, examination,
education, supervision, and enforcement.
(Source: P.A. 93‑561, eff. 1‑1‑04.)
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