On January 19, 2007, Governor Rod R. Blagojevich ordered the Illinois Department of Financial and Professional Regulations (IDFPR) to immediately suspend the Illinois Predatory Lending Database Pilot Program, also known as HB 4050. The Governor also instructed the Department to continue developing a system that effectively meets the goals of fighting predatory lending and protecting Illinois homebuyers. Click here for the Governor's order and here for the Secretary of the IDFPR's announcement withdrawing all previously designated zip codes from the Pilot Program.

Note that the following audit in DocMagic will continue to be triggered if a property has a zip code located within the previously designated Pilot Program Area until the decision to suspend the Program is final:

"THE PROPERTY IS LOCATED IN THE IL PREDATORY LENDING DATABASE PILOT PROGRAM AREA (HB 4050; 765 ILCS 77/70)"

You may read The Compliance Wizard's August, 2006 article regarding this Pilot Program here. Please contact DocMagic's Compliance Department if you have any questions.