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As of January 1, 2024, mortgage companies soliciting consumers in Illinois will need to ensure their marketing materials do not run afoul of the state’s new law designed to protect consumers from being misled.
The new law provides that any marketing materials from a mortgage company with no connection to the consumer’s existing mortgage company must comply with certain requirements intended to avoid misleading recipients of any such materials. As a result, any solicitation must clearly identify the name of the soliciting mortgage company and may not include language implying a response is required. The name of the consumer’s current mortgage company may not be used in any way to suggest the solicitation is from that company. Further, any such solicitations must be accompanied by language communicating that the solicitation is not from, or affiliated with, the consumer’s actual mortgage company.
The legislation, which went into effect on January 1, 2024, may be viewed in its entirety by visiting Illinois House Bill 2094.
Discover how Propel™ streamlines DSCR loan production. Generate compliant DSCR documentation nationwide, close faster, and scale investor lending with seamless integration and compliance-first automation.
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Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.