Ill. Admin. Code tit. 38 § 1055.250

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1055.250 - Effect of Record of Performance on Applications

a) Performance. Among other factors, the Secretary takes into account the record of performance of each covered mortgage licensee, under the covered mortgage licensee community investment provisions of the Illinois Community Reinvestment Act when submitting applications for the following:

1) renewal of a license to conduct business in the State by all covered mortgage licensees;

2) establishment or renewal of any additional full-service office by all covered mortgage licensees;

3) any merger with or acquisition of a covered mortgage licensee or mortgage broker by a covered mortgage licensee or any other proposed change in control of a covered mortgage licensee; and

4) any other approval of the Secretary, provided that there are no other countervailing financial safety and soundness or other policy considerations.

b) Interested parties. In considering a record of performance in applications described in subsection (a), the Secretary takes into account any views expressed by interested parties that are submitted.

c) Denial, deferral, or conditional approval of application. A covered mortgage licensee's record of performance may be the basis for denying, deferring, or conditioning approval of an application listed in subsection (a).

Ill. Admin. Code tit. 38, § 1055.250

Added at 48 Ill. Reg. 7172, effective 5/1/2024