HB0779sam002 103RD GENERAL ASSEMBLY

Sen. Elgie R. Sims, Jr.

Filed: 11/8/2023

10300HB0779sam002 LRB103 04371 RPS 65273 a

AMENDMENT TO HOUSE BILL 779

AMENDMENT NO. ______. Amend House Bill 779, AS AMENDED, with reference to page and line numbers of Senate Amendment No. 1, as follows:

on page 35, line 24, by replacing "Mortgage" with "Multistate"; and

on page 36, line 5, by replacing "Mortgage" with "Multistate"; and

on page 37, line 8, by replacing "Mortgage" with "Multistate"; and

by replacing line 6 on page 38 through line 7 on page 39 with the following:

"Section 10-60. Pawnbroker annual report.

(a) The Department shall, in conjunction with advice from a professional association that represents 50 or more licensees, issue an annual report, via an Internet-based program, of aggregate pawnbroker activity within 180 days after the beginning of the calendar year. The report shall contain at a minimum:

(1) The number of licensed pawnbrokers.

(2) The total dollar amount financed.

(3) The total number of pawns for each value threshold set forth in subsection (c) of Section 15-10.

(4) The total dollar amount of extensions.

(5) The total number of extensions for each value threshold set forth in subsection (c) of Section 15-10.

(6) The average pawn dollar amount for each value threshold set forth in subsection (c) of Section 15-10.

(7) The average monthly finance charge for each value threshold set forth in subsection (c) of Section 15-10.

(8) The percentage of pawns surrendered to law enforcement.

(9) The percentage of total pawns surrendered to law enforcement by dollar amount.

(10) The percentage of pawns redeemed.

(11) The percentage of pawns extended.

(12) The total number of pawnbroker employees.

(13) The total number of licensees reporting.

(14) The total number of complaints received and resolved by the Department.

(15) The total number of defaulted pawn transactions reported to a credit bureau.

(16) The total number of defaulted pawn transactions sent to a collection agency.

(17) The total number of defaulted pawn transactions resulting in wage garnishment or legal action to collect.

(18) The total number of pawn transactions reported to law enforcement.

(b) The Secretary may retain qualified persons to prepare and report findings (1) identifying pawns and small dollar loans that are available to Illinois consumers, (2) collecting and analyzing pawns and loan-level data for small dollar loans, and (3) compiling aggregate data and trends for pawns and small dollar loans used by Illinois consumers. The Secretary shall make the report available to the Governor, the General Assembly, and the public.

In this subsection, "pawns and small dollar loans" means pawns and lending products with a value of $2,500 or less, including, but not limited to, pawns, consumer installment loans, and other extensions of credit, whether or not offered by entities chartered or licensed in Illinois."; and

on page 40, line 17, by replacing "subsections (a) and (b)" with "subsection (a)"; and

on page 42, line 8, by replacing "subsection (b)" with "subsection (a)"; and

on page 42, line 12, by replacing "subsection (b)" with "subsection (a)"; and

on page 42, line 19, by replacing "subsection (b)" with "subsection (a)"; and

on page 42, line 22, by replacing "subsection (b)" with "subsection (a)"; and

on page 43, line 1, by replacing "10-70. 10-70." with "10-70."; and

on page 48, line 26, by replacing "$500 or more and $1,500 or less" with "at or above $500 and less than $1,500"; and

on page 49, line 1, by replacing "of over $1,500" with "at or above $1,500"; and

on page 49, line 2, by replacing "$5,000 or less" with "less than $5,000"; and

on page 49, line 3, by replacing "of over $5,000" with "at or above $5,000".