Help reading leagalese...(long) - Posted by Eric (IL)

Posted by John Behle on May 16, 2000 at 19:01:51:

That would be my “read” on it too.

Help reading leagalese…(long) - Posted by Eric (IL)

Posted by Eric (IL) on May 12, 2000 at 17:14:48:

Thanks to Kerry_IL for pointing me towards this information. Unfortunately it is written by Germans, then translated poorly into English. I think that what I am reading means I do not need a license, but I’m not positive. Here is the text of Section 1-4.d.2 of the Illinois Residential Morgatge Liscense act of 1987. It defines “exempt”

-Any person or entity that either (i)has a physical presence in Illinois or (ii)does not originate mortgage loans in the ordinary course of business making or acquiring residential mortgage loans with his or her or its own funds for his or her own investment without intent to make, acquire, or resell more than 10 residential mortgage loans in any one calendar year.

Based on what I read I do not need a license to do paper trading in Illinois. I am exempt because a) I have a physical presence in Illinois (live here) b) do not originate mortgage loans and c) do not think I’ll be doing more than 10 loans.

Am I right? Help?