The bill allows residential mortgage licensees to permit their employees to work remotely, provided certain conditions are met regarding supervision and access to sensitive customer information. These conditions include having comprehensive written policies to ensure that remote work complies with state and federal regulations, thereby addressing concerns about data security and customer privacy in the mortgage industry. As a result, it modernizes the work environment for mortgage professionals in response to evolving business practices influenced by the COVID-19 pandemic.
Summary
House Bill 3487 amends the Residential Mortgage License Act of 1987, focusing on the operational requirements for residential mortgage licensees in Illinois. One of the key provisions stipulates that every full-service office where residential mortgage activities are conducted must be reported to the Secretary of Financial and Professional Regulation. This change is aimed at enhancing transparency and regulatory oversight in the mortgage industry, ensuring that any entity engaging in mortgage-related activities is properly licensed and monitored.
Contention
Notable points of contention surrounding HB3487 may arise from the balance between facilitating remote work and maintaining regulatory compliance. While proponents praise the bill for adapting to current workplace trends and offering flexibility to mortgage licensees, critics might express concerns over the sufficiency of safeguards put in place to protect consumer information when interacting remotely. Ensuring that remote employees do not compromise security standards could be a contentious issue as stakeholders assess the effectiveness of the proposed regulatory changes.
Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.