Illinois § 15-5.15
Full text of Illinois Illinois Compiled Statutes § 15-5.15, with citation guidance and answers to common questions.
§ 15-5.15.
Loan broker. (a) "Loan Broker" means any person who, in return for a fee, commission, or other compensation from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. (b) Loan broker does not include any of the following: (1) Any bank, savings bank, trust company, savings and loan association, credit union or any other financial institution regulated by any agency of the United States or authorized to do business in this State. (2) Any person authorized to sell and service loans for the federal National Mortgage Association or the federal Home Loan Mortgage Corporation, issue securities backed by the Government National Mortgage Association, make loans insured by the federal Department of Housing and Urban Development, make loans guaranteed by the federal Veterans Administration, or act as a correspondent of loans insured by the federal Department of Housing and Urban Development or guaranteed by the federal Veterans Administration. (3) Any insurance producer or company authorized to do business in this State. (4) Any person arranging financing for the sale of the person's product. (5) Any person authorized to conduct business under the Residential Mortgage License Act of 1987. (6) Any person authorized to do business in this State and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate. (Source: P.A. 92-308, eff. 1-1-02.)
Frequently Asked Questions About Illinois § 15-5.15
What does Illinois Compiled Statutes § 15-5.15 cover?
Section 15-5.15 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15-5.15?
A common citation format is "Illinois Compiled Statutes § 15-5.15" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15-5.15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.