Public Act 103-0292
HB2094 EnrolledLRB103 27736 SPS 54113 b HB2094 Enrolled LRB103 27736 SPS 54113 b
HB2094 Enrolled LRB103 27736 SPS 54113 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Findings. The General Assembly finds that the
need to protect homeowners from unscrupulous actors seeking to
take advantage of homeowners by soliciting mortgage
refinancing through deceptive practices is warranted,
particularly following the unethical practices that led to the
2008 subprime mortgage crisis. These protections will
especially serve new homeowners not familiar with the process
and elderly homeowners who may be more susceptible to
deceptive mortgage marketing materials. In addition, they will
serve to protect the homeowners' actual mortgage companies
that have no affiliation with the solicitors and have had no
part in helping the solicitors obtain the homeowners' mortgage
information.
Section 5. The Consumer Fraud and Deceptive Business
Practices Act is amended by changing Section 2AAA as follows:
(815 ILCS 505/2AAA)
Sec. 2AAA. Mortgage marketing materials.
(a) No person may send marketing materials to a consumer
indicating that the person is connected to the consumer's
HB2094 Enrolled LRB103 27736 SPS 54113 b
mortgage company, indicating that there is a problem with the
consumer's mortgage, or stating that the marketing materials
contain information concerning the consumer's mortgage, unless
that person sending the marketing materials is actually
employed by the consumer's mortgage company or an affiliate of
the consumer's mortgage company.
(a-5) Any marketing materials from a mortgage company not
connected to the consumer's mortgage company must comply with
the following requirements:
(1) no language may be used to state or imply that any
response by a consumer who is not an existing customer is
required, imminently or otherwise, including, but not
limited to, the use of the terms "urgent", "action
required", "materials inspected", "time sensitive", or
"important account information enclosed";
(2) the name of the solicitor's mortgage company must
be prominently stated:
(A) in the body of the text;
(B) at the head of the letter or message in a font
bigger than the body of the text; and
(C) on any envelope;
(3) the name of the consumer's mortgage company may
not be used to state or insinuate in any way that the
marketing material is from the consumer's mortgage company
rather than the solicitor's mortgage company, and can only
be used in the body of the text and when accompanied by
clear language explaining that the solicitation is not
from or affiliated with the consumer's mortgage company,
and is merely a solicitation. The name of the consumer's
mortgage company shall not be visible through an envelope
window, appear on the envelope itself, or appear in an
email subject line; and
(4) the text must clearly state if the consumer's
mortgage company had no part in helping the solicitor
obtain the homeowner's mortgage information.
(b) Any person who violates this Section commits an
unlawful practice within the meaning of this Act.
(Source: P.A. 95-508, eff. 1-1-08; 95-876, eff. 8-21-08;
96-328, eff. 8-11-09.)