Governor Rauner signs Senate Bill 776 into law as Public Act 100-0509

On September 15, 2017, Governor Rauner signed Senate Bill 776 into law as Public Act 100-0509. Public Act 100-0509 modernizes and streamlines several of the processes under the current Anti-Predatory Lending Database (APLD) Program. These changes to the APLD, will make it more user friendly for both industry and borrowers while still providing borrowers with the knowledge necessary to make sound financial decisions about home ownership. Public Act 100-0509 reduces the number of fields of information collected. This reduction of fields will assist in the creation of an interface that would connect the APLD to loan origination software to reduce entry. Consistent with this legislation streamlining the current APLD, the Department has recently repealed the original APLD Pilot Program Rules [38 IAC 346] as part of Governor Rauner’s “Cutting the Red Tape Initiative.”