Rescind HB 4050 Predatory Lending Database Act

Illinois lawmakers have passed House Bill 4050, known as the Predatory Lending Database Act. If House Bill 4050 is not rescinded, it threatens to interfere with a persons right to secure a mortgage by limiting their mortgage options, it makes getting a loan more burdensome if not impossible each time a person applies for a mortgage, and it is a violation of a persons Right to Privacy because numerous people will have access to a individuals personal information.

Lawmakers have weighed their decisions heavily upon media reports that are one sided and never factored into consideration the homeowners who actually benefit from the services provided by the professionals in the real estate industry.

We are seeking to RESCIND HOUSE BILL 4050 so that homeowners have more mortgage options and also to protect the rights of legitimate professionals, individuals and organizations.

Up until now, mortgage brokers, loan originators, real estate brokers, investors, and attorneys have all passively ignored charges leveled by the media and some consumer groups against the real estate industry. We all fully support fair and non-invasive legislation in regards to mortgage fraud. However, we do not support the restriction of choices lawmakers have proposed in this new legislation. The role of legislation is to inform, protect consumers and to not inhibit their choices.

As mortgage brokers, loan originators, real estate brokers, investors, attorneys, and homeowners, we are speaking up and seeking to RESCIND HOUSE BILL 4050.
Sincerely,