SB 1167 - Very Much Like SB 1674
Word from IAMB, is that after many hours of negotiations with the Speaker Madigan's office, the language similar to IL SB 1674 is rearing its head in another existing bill - IL SB 1167. All of the common sense recommendations submitted by association were set aside and as it looks right now a bill similar to SB 1674, as far as the stated income loans and personal liability are concerned, is coming to fruition.
The amendment will be filed and there will be Executive Committee action in the Senate also next week.
More Soon!
* July 16th Update: The Full text ( .pdf) of the the recent amendment SB 1167 is now available.
* July 19th Update: SB 1167 passes exec committee and heads to a second reading
* July 26th Update: SB 1167 passes House
* July 31st Update: Similar Measure passes in MN. BofA Effectively Pulls Out.
* July 31st Update: SB 1167 passes out of Fin. Institutions Cmte.
* August 7th Update: SB 1167 passes IL Assembly
* November 2nd Upate: SB 1167 Signed into Law
posted by Kit Mueller at 3:32 PM
4 Comments:
Has anyone contacted talk radio? I am sure Chicago talk show hosts on WLS would eat this up. Government having all your personal info and requiring counseling. That would fire them up for sure!!! I would call or e-mail sooner rather than later!!
the text of the new bill "SB 1167" can be found here:
http://www.iamb.org/downloads/SB1167.pdf
Executive Committee for SB 1167 Passed 10-0-0. Proponents: AG's Office, Dept. of Professional Reg., Mortgage Brokers, Credit Union. Realitors were neutral.
This needs to stop. I think a grass roots effort can be created to expose these anti free market government elitists for what they are and make them explain themselves.
Here is how I just blogged about it
http://proprietornation.blogspot.com/2007/07/my-business-mortgages-is-frankly-hard.html
Like I said, my favorite Reagan quote applies...
"the nine most dangerous words in the English language are, 'I'm from the government and I'm here to help'"
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