HIGH RISK HOME LOAN-REPORTING Senate SponsorsSen. Terry Link House Sponsors(Rep. Daniel J. Burke) 1/9/2007SenateSession Sine Die 815 ILCS 137/115Amends the High Risk Home Loan Act. Provides that, on or before October 1, 2006, but following the reporting requirements due for the 6-month period ending June 30, 2006, the reporting requirements for default and foreclosure rates on conventional loans shall not apply to the listed State-regulated financial institutions. Permits the Secretary of Financial and Professional Regulation or the Director of the Division of Banking to impose reporting requirements whenever the Secretary or Director has cause to believe that a financial institution has experienced a rate of defaults or foreclosures on residential mortgage loans that substantially exceeds the rate of defaults or foreclosures experienced by other financial institutions in Illinois. Effective immediately.Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the original bill with the following changes. Provides that the Department of Financial and Professional Regulation may adopt reasonable rules to implement and administer any reporting requirements by establishing the terms and conditions for the imposition of such reporting requirements on a financial institution. Updates a reference from the Commissioner or Director to the Secretary of Financial and Professional Regulation, the Director of the Division of Banking, or the Director of the Division of Financial Institutions. Effective immediately. 1/12/2006SenateFiled with Secretary by Sen. Terry Link 1/12/2006SenateFirst Reading 1/12/2006SenateReferred to Rules 1/19/2006SenateAssigned to Financial Institutions 1/19/2006SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 1/31/2006SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Terry Link 1/31/2006SenateSenate Committee Amendment No. 1 Referred to Rules 2/1/2006SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions 2/2/2006SenateSenate Committee Amendment No. 1 Adopted 2/2/2006SenateDo Pass as Amended Financial Institutions; 009-000-000 2/2/2006SenatePlaced on Calendar Order of 2nd Reading February 7, 2006 2/2/2006SenateSponsor Removed Sen. Jacqueline Y. Collins 2/7/2006SenateSecond Reading 2/7/2006SenatePlaced on Calendar Order of 3rd Reading February 8, 2006 2/8/2006SenateThird Reading - Passed; 054-000-000 2/8/2006HouseArrived in House 2/8/2006HousePlaced on Calendar Order of First Reading 2/9/2006HouseChief House Sponsor Rep. Daniel J. Burke 2/9/2006HouseFirst Reading 2/9/2006HouseReferred to Rules Committee 1/9/2007SenateSession Sine Die