It Ain't All Big Hair and Cadillacs

Governor’s Acts Decisively; suspends HB4050

Calls for a “system that effectively fights predatory lending and protects homebuyers”
CHICAGO, IL -- (January 20, 2007) –

The Chicago Association of REALTORS® (CAR) has been notified that Governor Rod R. Blagojevich has directed the Illinois Department of Financial and Professional Regulation (IDFPR) to “immediately suspend” the Illinois Predatory Lending Database Pilot Program, also known as HB 4050 effective immediately. A full text of his statement can be found at www.idfpr.com.

The Illinois Department of Financial and Professional Regulation has acted accordingly and the full text of the re-designation of the zip codes as no zip codes or areas whatsoever can be found at http://wwwidfpr.com/forms/memo/011907PubAct94280.PDF

"On behalf of our Board and our 17,500 members, including the over 1000 real estate professionals and their clients and families who were impacted by this statute,” began Alex Chaparro, President of CAR, “I am encouraged by the Governors actions to suspend HB4050 a statute REALTORS®, community leaders, and other advocates across Illinois have opposed since its inception.”

Chaparro continued; “I will encourage our members and those who worked so hard to rescind the bill to work just as hard to assist the Illinois General Assembly and the Governors office as well as the advocates for HB4050 to develop an open process to find a better solution in tackling the states foreclosure and mortgage fraud problems and to preserve buyers’ rights and their options towards buying a home. "

The Illinois Association of REALTORS® as well as the Chicago Association of REALTORS® is closely monitoring the actions of the Governor, as well as those of the Illinois General Assembly in the wake of this directive. For more information, the Association urges you to monitor www.chicagorealtor.com and www.idfpr.com regularly.

The Chicago Association of REALTORS® (C.A.R.), the "Voice for Real Estate™" in Chicago since 1883, represents more than 17,500 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions, and residential sales.