|Applicable law provides that brokers or originators shall enter all required data into the Anti-Predatory Lending Database (APLD) within ten days after taking a mortgage application.
765 ILCS 77/70(c) states
“Within 10 business days after taking a mortgage application, the broker or originator for any mortgage on residential property within the program area must submit to the predatory lending database all of the information required under Section 72 and any other information required by the Department by rule.”
The Department may take disciplinary action, including the imposition of fines, for violations of the data entry requirements. In addition, compliance with these requirements will be included in the examination process.
If you have questions regarding this notice, please contact Ira Tangy at 312-793-4532 in the Department's Division of Banking.