The Illinois Department of Financial and Professional Regulation news page provides access to the department's news and press releases.
FOR IMMEDIATE RELEASE
Thursday, May 30, 2013
Appellate Court Affirms Denial of License Renewal
CHICAGO, IL – The Illinois Department of Financial and Professional Regulation (IDFPR) today announced that the Illinois Appellate Court has upheld a Division of Banking determination to deny a loan originator license renewal for a licensee who had been convicted of federal tax fraud.
At issue was whether a 2009 amendment to the Residential Mortgage License Act of 1987 (210 ILCS 635/7-3 (West 2010)) (Mortgage License Act), which indicates licenses "shall not be issued to anyone convicted at any time of a felony involving fraud or dishonesty”, was wrongfully applied retroactively when the Department had previously granted the licensee a loan originator license.
The appellate court found that the Department's denial to renew the license was in accordance with the law.
“We are gratified the court agreed that the Department's decision to deny the license renewal in this case was not retroactive discipline but a reflection of amendments to the law changing the requirements for current licensure,” said Manuel Flores, Acting Secretary of Financial and Professional Regulation. "This court opinion also helps to strengthen the integrity of the mortgage-lending profession."