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Anti-Predatory Lending Database Program
Cook County Anti-Predatory Lending Program

Edward Balcsik
Attorney at Law
773 275-0754
Fax: 773 275-7115


Anti-Predatory Lending Database Program

What is the Anti-Predatory Lending Database Program?
An Illinois Law that requires all mortgages in Cook County to have a Certificate of Compliance or Certificate of Exemption, generated by the Database, affixed to it in order to be recorded. The Cook County Recorder will not record a mortgage without a certificate.


When does the Anti-Predatory Lending Database Program begin?
It starts on July 1, 2008.


To whom does the Anti-Predatory Lending Database Program apply?
All mortgages, commercial or residential, which are to be recorded in Cook County.


Who is responsible for obtaining the Certificate of Compliance or Exemption?
The Law requires the loan originator (lender)to submit the required information to the Database.


What happens to the "required information"?
The required information is reviewed by the Illinois Department of Financial and Professional Regulation. They will determine if a Certification of Exemption will be issued or whether the borrower will need to attend counseing.


Who will be sent for counseling?
First time homebuyers and other borrowers receiving loans on their principal residence but only if at least one of the following five conditions exist:

1. loan permits interest only payments;
2. loan allows negative amortization;
3. total points and fees are in excess of 5% of the loan amount;
4. loan includes a prepayment penalty; or
5. the loan is an adjustable rate loan with an initial period of 3 years or less.


Is there a fee for the Certificates?
No fee is imposed by the State of Illinois or IDFPR for the issuance of certificates, however closing agents may charge fees to compensate them for their time spent obtaining the certificates.


Are any loan originators Exempt from the Act?

Yes, any entity not required to be licensed under the Residential Mortgage License Act. This include most banks and other depository financial institutions. It also includes most private lenders (including most seller financing), is exempt from the Act. Exempt entities still must obtain a Certificate of Exemption from the closing agent to record their mortgages.




NOTE: The answers above are intended to be a brief summaries of the law only. Parts of the answer may or MAY NOT be applicable to your situation and/or your local jurisdiction(s). Any information provided DOES NOT constitute legal advice and should be supplemented with the advice of an attorney licensed to practice law in your locality.
 

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Radon Disclosure

Effective 1 January 2008 the sale of a house or condo unit is subject to another disclosure reuirement. Sellers now must give a Radon Disclosure.
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