Loan broker How to choose ct s o r n a o · 2015. 11. 23. · Follow these tips when selecting a...
Transcript of Loan broker How to choose ct s o r n a o · 2015. 11. 23. · Follow these tips when selecting a...
One of my responsibilities asSecretary of State is to overseethe loan broker industry inIllinois.
My office's Securities Depart-ment ensures that the loanbroker industry complies withall laws and regulations set forthby the state of Illinois throughenforcement of the Illinois LoanBrokers Act of 1995. This fairand effective law protects therights of Illinois consumers aswell as those in the loan brokerindustry in this state.
If you have any questions,please call the IllinoisSecurities Department toll-freeat 800-628-7937.
Jesse WhiteSecretary of State
Loan brokerresponsibilities
How to choosea loan broker
Every person engaged in loanbrokering is required to be registeredwith the Secretary of State's SecuritiesDepartment, unless exempt by law.When the provisions of the Illinois LoanBrokers Act have been complied with,a certificate of registration is issued tothe loan broker authorizing the appli-cant to engage in loan brokering.
A loan broker’s registration must berenewed annually with the Securi-ties Department at least 30 days beforeit expires.
Before a person signs a contract forloan broker services or before the loanbroker receives any consideration uponthe contract, the loan broker mustprovide to the contracting person awritten disclosure document, unlessotherwise exempted. The disclosuredocument must be amended when-ever necessary to prevent it fromcontaining any false or misleadingstatement of a material fact.
Securities Department staff can tell youif a loan broker is registered andwhether he/she is subject to anypublicly disclosed disciplinary actiontaken by the department.
A person may hire a loan broker tohelp obtain a loan. Loan brokersusually procure loans for their clientsusing established contacts or specialknowledge of their field.
Follow these tips when selecting aloan broker:• To be safe, a firm should beestablished for at least three years.
• A broker should have affiliatedoffices and employ broker-salespeople.
• Find out what sources of financing the loan broker provides.
• A professional loan broker should review your unique financialsituation and recommend anappropriate approach for procuring a loan.
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JESSE WHITESecretary of State
Illinois SecuritiesDepartment
Consumer tips For more information
Printed by authority of the State of Illinois November 2015 – 1 – Sec-284.4
Secretary of StateIllinois Securities Department
421 E. Capitol Ave., 2nd FloorSpringfield, IL 62701
217-782-2256
69 W. Washington St.Ste. 1220
Chicago, IL 60602312-793-3384
800-628-7937 (toll-free)888-231-1175 (Spanish line)
• Once you choose a loan broker, do not sign a contract or pay any money until you have researched the loan broker through the Illinois Securities Department.
• Be sure to obtain and read a copy of the written disclosure document, if required.