«Credit Services Organization» does not include any of the following: (i) a person authorized to make loans or extensions of credit under the laws of this State or the United States who is subject to regulation and supervision
by this State or the United States, or a lender approved
by the United States Secretary of Housing and Urban Development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. Section 1701 et seq.); (ii) a bank or savings and loan association whose deposits or accounts are eligible for insurance
by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or a subsidiary of such a bank or savings and loan association; (iii) a credit union doing business in this State; (iv) a nonprofit organization exempt from taxation under Section 501 (c)(3) of the Internal Revenue Code of 1986, [FN1] provided that such organization does not charge or receive any money or other valuable consideration
prior to or upon the execution of a contract or other agreement between the buyer and the nonprofit organization; (v) a person
licensed as a real estate broker
by this state if the person is acting within the course and scope of that
license; (vi) a person licensed to practice law in this State acting within the course and scope of the person's practice as an attorney; (vii) a broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation; (viii) a consumer reporting agency; and (ix) a residential mortgage loan broker or banker who is duly licensed under the Illinois Residential Mortgage License Act o
license; (vi) a person
licensed to practice law in this State acting within the course and scope of the person's practice as an
attorney; (vii) a broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation; (viii) a consumer reporting agency; and (ix) a residential mortgage loan broker or banker who is duly
licensed under the Illinois Residential Mortgage
License Act o
License Act of 1987.
79 DOS 99 Matter of DOS v. Pagano - disclosure of agency relationships; failure to appear at hearing; proper business practices; unauthorized practice of law; unearned commissions; vicarious liability; fraudulent practice; jurisdiction; ex parte hearing may proceed upon proof of proper service; DOS has jurisdiction after expiration of respondents»
licenses as acts of misconduct occurred and the proceedings were commenced while the respondents were
licensed; licensee fails to timely provide seller client with agency disclosure form
prior to entering into listing agreement and fails to timely provide agency disclosure form to buyer upon first substantive contact; broker fails to make it clear for which party he is acting; broker violates 19 NYCRR 175.24
by using exclusive right to sell listing agreement without mandatory definitions of «exclusive right to sell» and «exclusive agency»; broker breaches fiduciary duties to seller clients
by misleading them as to buyer's ability to financially consummate the transaction; broker breaches his fiduciary duty to seller
by referring seller to the
attorney who represented the buyers when he knew or should have known such
attorney could not properly protect seller's interests; improper for broker to use listing agreements providing for broker to retain one half of any deposit if forfeited
by buyer as such forfeiture clause could,
by its terms, allow broker to retain part of the deposit when broker did not earn a commission; broker must conduct business under name as it appears on
license; broker engaged in the unauthorized practice of law in preparing contracts for purchase and sale of real estate which did not contain a clause making it subject to the approval of the parties»
attorneys and were not a form recommended
by a joint bar / real estate board committee; broker demonstrated untrustworthiness and incompetency in using sales contract which purported to change the terms of the listing agreement to include a higher commission; broker demonstrated untrustworthiness and incompetency in using contracts of sale which were unclear, ambiguous, vague and incomplete; broker failed to amend purchase agreement to reflect amendment to increase deposit amount; broker demonstrated untrustworthiness in back - dating purchase agreements; broker demonstrated untrustworthiness in participating in scheme to have seller hold undisclosed second mortgage and to mislead first mortgagee about the purchaser's financial ability to purchase; broker demonstrated untrustworthiness
by claiming unearned commission and filing affidavit of entitlement for unearned commission; DOS fails to establish
by substantial evidence that respondent acted as undisclosed dual agent; corporate broker bound
by the knowledge acquired
by and is responsible for acts committed
by its licensees within the actual or apparent scope of their authority; corporate and individual brokers»
licenses revoked, no action taken on application for renewal until proof of payment of sum of $ 2,000.00 plus interests for deposits unlawfully retained
Moreover, if the closing
attorney employed
by the settlement agent disclosed under § 1026.38 (r)(1) has a State - issued settlement agent
license number, but the consumer meets with the
attorney's assistant to fill out any necessary documentation
prior to the closing and to answer questions, the closing
attorney's name is disclosed under § 1026.38 (r)(4) because the assistant is only performing clerical functions.