Illinois Compiled Statutes 205 ILCS 635/2-7 – Waiver of licensing fee
Current as of: 2024 | Check for updates
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The Commissioner may waive the licensing fee upon receipt of:
(a) an application for a residential mortgage license in Illinois,
(b) an addendum requesting waiver of the fee stating the grounds in support of such waiver, including but not limited to, not for profit status, bankruptcy or the showing of undue hardship, and
(c) in case of an out-of-state servicer of loans in Illinois, the following documentation is required:
(1) A verification that the firm services only 100 or
(a) an application for a residential mortgage license in Illinois,
Terms Used In Illinois Compiled Statutes 205 ILCS 635/2-7
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) an addendum requesting waiver of the fee stating the grounds in support of such waiver, including but not limited to, not for profit status, bankruptcy or the showing of undue hardship, and
(c) in case of an out-of-state servicer of loans in Illinois, the following documentation is required:
(1) A verification that the firm services only 100 or
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fewer loans secured by residential real estate situated in Illinois;
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(2) An agreement not to originate, purchase or
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acquire additional servicing of loans secured by residential real estate situated in Illinois;
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(3) An agreement to maintain a dedicated toll free
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(800) number for exclusive use by the licensee’s Illinois customers;
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(4) An agreement to provide a written notice at least
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annually to the licensee’s Illinois customers advising them of the dedicated toll free (800) number; and to furnish the Commissioner with a copy of such written notice.
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A request for waiver of the filing fee must be submitted each year in conjunction with the license renewal procedure.