Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart D - OPERATIONS AND SUPERVISION
Section 1050.410 - Net Worth
Current through Register Vol. 48, No. 12, March 22, 2024
a) Amount. Except as provided in subsection (c) of this Section, each licensee shall maintain net worth of not less than $150,000.
b) Calculation. Net worth shall be defined as total assets minus total liabilities, except that total assets shall not include the following:
c) A licensee that engages solely in loan brokering as defined in Section 1-4(o) of the Act is excepted from complying with the net worth requirements of subsection (a) of this Section provided the licensee provides written evidence to the Director of the licensee's conformance with a net worth of $50,000, as required by Section 3-5 of the Act. The allowable components of the $50,000 net worth shall conform pro rata with the net worth requirements of the United States Department of Housing and Urban Development, as set forth in the Audit Guide for Audits of HUD Approved Nonsupervised Mortgagees for Use by Independent Public Accountants and be subject to subsection (b)(12) of this Section. The audit guide for audits of HUD approved non-supervised mortgagees for use by independent public accountants can be obtained by contacting the U.S. Department of Housing and Urban Development, Office of Inspector General, 451 Seventh Street SW, Washington, D.C. 20410. This handbook was last issued August 25, 1997 (no subsequent dates or editions), under the title: Handbook 2000.04 REV-2, Consolidated Audit Guide for Audits of HUD Programs.