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Regulatory Alert

CURRENT PROPOSED STATE OF ILLINOIS RULES AFFECTING SMALL BUSINESS

If any of the following proposed regulations impact your business, let us know!   Click here to submit comments on how the proposed rulemakings will impact your business or industry.   

Following are  proposed rules of possible interest to small businesses published in the Illinois Register.  During the comment period, individuals have an opportunity to express their support or opposition to the rule.  To submit comments or to learn more about the proposed rules, contact Katy Khayyat at the Department of Commerce and Economic Opportunity Business Information Center via e-mail at Katy.Khayyat@Illinois.gov  or call (800) 252-2923 or (217) 785-8020. 

To get more information on Illinois Rules and Regulations, how to file a complaint about a burdensome or excessive state rule, go to www.ilsmallbiz.biz/regflex
 

 

 

 

The following regulation will impact currency exchange businesses:

 

The Department of Financial and Professional Regulation proposed amendments to the Part titled Currency Exchange Act (38 IAC 120; 40 Ill. Reg. 5233).  The amendments add new definitions (“controlling person”, “licensed location”, and “licensee”) added to the Currency Exchange Act by Public Act 99-445, make numerous technical revisions to reflect the new terminology, repeal a provision barring a licensee from cashing a check or money order which is undated or post-dated, and prescribe a new fine schedule.  Categories of fines include those for technical licensure compliance violations (e.g., not submitting a timely annual report), between $200 and $250; violations regarding disclosures to customers (e.g., failure to post a license and fees), between $250 and $500; nonfinancial operational violations (e.g., recordkeeping violations), between $250 and $1000; and financial violations (e.g., charging excessive rates to customers, violating anti-money laundering requirements), between $500 and $1000.  Multiple violations within the same category of fines within three consecutive examination periods may result in fines up to the statutory limit, or the Department may take further measures permitted by law, such as suspension or revocation of a license.  The Department will allow licensees an opportunity to correct any violation within 15 days after due notice is given the licenses, after which there will be a follow-up investigation by the Department.  The Department may reduce or dismiss a fine.  

 

 

 

Bottom Line:  These amendments are being promulgated to implement the changes found in Section 1 and 19 of the Currency Exchange Act, as amended by PA 99-445.  Amendments to Section 120.270 will create a violations subsection addressing fine categories and another for corrective action, which will give the licensee an opportunity to remedy and mitigate certain violations.  Also Section 120.100 will be repealed at this time, because Section 3 of the Currency Exchange Act, as amended by PA 99-445, covers this subject matter, rendering this Section of the rule obsolete.  For questions or to submit comments on the impact of this rule, contact Craig Cellini at Craig.Cellini@Illinois.gov, or call (217) 785-0813. Click here to submit comments.

 

 

 

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The following regulation will impact mortgage loan originators:

 

The Department of Financial and Professional Regulation proposed amendments to the Part titled Residential Mortgage License Act of 1987 (38 IAC 1050; 40 Ill. Reg. 5243).  The rulemaking prescribes additional pre-licensing and continuing education (CE) requirements for Mortgage Loan Originators (MLOs).  Pre-licensing education, en addition to the hours required by law, shall comprise 3 hours of training regarding State Acts and rules (e.g. Residential Mortgage Licensing Act of 1987, High Risk Home Loan Act, Anti-Predatory Lending database provision of the Residential real Property Disclosure Act).  Effective 1/1/7, CE requirements, in addition to existing statutory requirements, shall also include 3 hours of training on the same subject matter to also be required for pre-licensing. 

 

 

 

Bottom Line:  The Division of Banking will be implementing the Uniform State Test *UST) standard by adding pre-license education (PE) and/or continuing education (CE) hours for mortgage loan originators of Section 1050.370 of this Part.

 

The Residential Mortgage License Act of 1987 (Act) [205 ILCS 635] provides in Section 7-3(4) that Mortgage Loan Originators (MLO) must pass a written test meeting test requirements described in Section 7-5 of the Act prior to issuance of their Illinois MLO License.  This requirement is mandated by the federal SAFE Act.  Section 7-5 of the Act provides that the MLO test must be a qualified written test developed by the Nationwide Mortgage Licensing System and Registry (NMLS) and administered by a test provider approved by the NMLS based upon reasonable standards.  Illinois’ proposed amendments will meet this standard.  Adopting the UST will achieve testing uniformity with the vast majority of states, which will increase competition in the mortgage marketplace in Illinois.   For questions or to submit comments on the impact of this rule, contact Craig Cellini at Craig.Cellini@Illinois.gov, or call (217) 785-0813.
Click here to submit comments.

 

 

 

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The following proposed regulation will impact small businesses seeking Capital Development Board construction contracts:

 

The Chief Procurement Officer for the Capital Development Board proposed an amendment to the Part titled Chief Procurement Officer for Capital Development Board (44 IAC 8; 40 Ill. Reg. 6294) raising the small purchase limit for construction projects to $100,000.  The current threshold, annually adjusted for inflation, is $44,100. 

 

 

Bottom Line:  The proposed amendment implements the changes to the small purchase threshold as recommended by the Procurement Policy Board at their December 2, 2015 meeting.  The amendment raises the small purchase threshold for construction from $30,000 (currently $44,100) as adjusted by CPI increases) to $100,000.  To submit comments to the Chief procurement Officer for the Capital Development Board, contact Margaret vanDijk, Chief Procurement Officer for the Capital Development Board, 401 South Spring, Room 318, Stratton Office Building, Springfield, IL 62706.  For questions, call (217) 558-2156 or email Margaret.vanDijk@illinois.gov.

Click here to submit comments.