§ 205 ILCS 635/7-1A Mortgage loan originator license
§ 205 ILCS 635/7-2 State license application and issuance
§ 205 ILCS 635/7-3 Issuance of license
§ 205 ILCS 635/7-4 Pre-licensing and education of mortgage loan originators
§ 205 ILCS 635/7-5 Testing of mortgage loan originators
§ 205 ILCS 635/7-6 Standards for license renewal
§ 205 ILCS 635/7-7 Continuing education for mortgage loan originators
§ 205 ILCS 635/7-8 Authority to require license
§ 205 ILCS 635/7-9 Report to Nationwide Multistate Licensing System and Registry
§ 205 ILCS 635/7-10 Nationwide Multistate Licensing System and Registry information challenge process
§ 205 ILCS 635/7-11 Mortgage loan originator suspension or revocation of registration; refusal to renew; fines
§ 205 ILCS 635/7-12 Surety bond required
§ 205 ILCS 635/7-13 Prohibited acts and practices for mortgage loan originators
§ 205 ILCS 635/7-14 Unique identifier shown
§ 205 ILCS 635/7-15 Examination and investigation of certain mortgage loan originators
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Terms Used In Illinois Compiled Statutes > 205 ILCS 635 > Article VII - Mortgage Loan Originator License Required

  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14