Bill Status of SB 2069   94th General Assembly

Short Description:  SHORT-TERM LOAN ACT

Senate Sponsors
Sen. Don Harmon-James A. DeLeo-James F. Clayborne, Jr.-Antonio Munoz-Peter J. Roskam, William R. Haine, Steven J. Rauschenberger, Terry Link and Martin A. Sandoval

Last Action  View All Actions

DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
205 ILCS 670/21from Ch. 17, par. 5427
720 ILCS 5/17-1afrom Ch. 38, par. 17-1a

Synopsis As Introduced
Creates the Short-term Loan Act to regulate lenders offering short-term loans (defined as deferred presentment loans and title-secured loans). Requires such a lender to notify the borrower that the borrower is entitled to contact the Division of Financial Institutions of the Department of Financial and Professional Regulation concerning debt management services and improprieties concerning the loan. Sets forth standards and requirements concerning the dispersal of loan proceeds, the written loan agreement, cancellation of future payment obligations, electronic funds transfer, and posting of charges. Prohibits a lender from engaging in other types of business if it does so for the purpose of violating the Act and prohibits the lender from engaging in any unfair or deceptive acts, practices, or advertising. Authorizes the borrower to recover undisclosed or excessive charges. Preempts all administrative rules of the Department of Financial and Professional Regulation concerning short-term loans. Establishes specific standards and requirements for both deferred presentment loans and title-secured loans. Amends the Consumer Installment Loan Act. Provides that the provisions of that Act do not apply to short-term loans. Amends the Criminal Code of 1961. In provisions concerning civil liability for deceptive practices, provides that a lender is not entitled to collect damages of treble on an amount owing from a short-term loan. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
205 ILCS 670/21
720 ILCS 5/17-1a

Deletes everything after the enacting clause. Creates the Short-term Loan Act. Contains only a short title.

Actions 
DateChamber Action
  2/25/2005SenateFiled with Secretary by Sen. Don Harmon
  2/25/2005SenateChief Co-Sponsor Sen. James A. DeLeo
  2/25/2005SenateChief Co-Sponsor Sen. James F. Clayborne, Jr.
  2/25/2005SenateChief Co-Sponsor Sen. Antonio Munoz
  2/25/2005SenateChief Co-Sponsor Sen. Peter J. Roskam
  2/25/2005SenateCo-Sponsor Sen. William R. Haine
  2/25/2005SenateCo-Sponsor Sen. Steven J. Rauschenberger
  2/25/2005SenateCo-Sponsor Sen. Terry Link
  2/25/2005SenateCo-Sponsor Sen. Martin A. Sandoval
  2/25/2005SenateCo-Sponsor Sen. Mattie Hunter
  2/25/2005SenateFirst Reading
  2/25/2005SenateReferred to Rules
  3/2/2005SenateAssigned to Financial Institutions
  3/7/2005SenateSponsor Removed Sen. Mattie Hunter
  3/8/2005SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Don Harmon
  3/8/2005SenateSenate Committee Amendment No. 1 Referred to Rules
  3/9/2005SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions
  3/10/2005SenatePostponed - Financial Institutions
  3/17/2005SenateSenate Committee Amendment No. 1 Adopted
  3/17/2005SenateDo Pass as Amended Financial Institutions; 008-000-000
  3/17/2005SenatePlaced on Calendar Order of 2nd Reading April 6, 2005
  4/11/2005SenateSecond Reading
  4/11/2005SenatePlaced on Calendar Order of 3rd Reading April 12, 2005
  5/10/2005SenateMotion Filed Sen. Louis S. Viverito; , Cullerton, Hendon, Petka and Roskam, Motion to Re-refer, pursuant to Senate Rule 3-7. Re-referred to the Senate Rules Committee.
  5/10/2005SenateMotion Prevailed
  5/10/2005SenateRe-referred to Rules
  1/9/2007SenateSession Sine Die

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