CRITICAL URGENT HB1478 HB4050 & NOW SB1674

Results of negotiation with Speaker Madigan   Speaker Madigan has moved HB1478 and 4050 Rules into one piece of legislation, SB1674, sponsored by Representative Joe Lyon, to make it an issue that will go through the House and Senate before the end of the day, May 31. If this legislation does not pass by then, it will take 3/5 majority instead of simple majority starting June 1, 2007.  We need your help NOW to make these calls and asking for a no vote.

We were presented the actual legislation for the first time at 11:15am on Tuesday, May 29. (What does that tell you?)Larry Gold, Legal Counsel; Jeff Glass, Lobbyist and Marve Stockert, on behalf of the industry met with Speaker Madigan's staff yesterday after we saw the legislation. We gave them alternatives to make the legislation work and we were told that if we did not endorse the bill or at least stay neutral that they were going to remove a $900. roll back of the licensing fees, which was not going to be guaranteed past July of 2008, he in fact did remove the roll back in the version going through the House. We said no and laid out our alternatives and at 7:30pm last night we were told that the Speaker was not interested in any alternatives and that he was going to proceed.

1) There is a fiduciary responsibility on all loans in the state of Illinois, thus private right of action by the consumer, charges by Attorney General or IDFPR can be levied against your personal assets.

2) Stated income loans as we know them to day are gone in the state of Illinois

3) Counseling as was in the new 4050 rules that we made comments on, thus the real estate system will implode.

4) There are many other items, but these are the main three items

5) The full version of SB1674 will be on the front page of our website by Noon today.    Thus we are at this point now, the legislation is going through the House today and we have to make calls now. We are sorry that we don?t have more time, but yesterday is the first anyone saw of this legislation as it is written.   Call your House members and your Senator now!!!!  I'M TALKING RIGHT THIS MINUTE!!! THEY'RE GOING INTO SESSION THIS MORNING!!  DROP EVERYTHING AND CALL RIGHT NOW!!!

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