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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2948
Introduced 2/22/2005, by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
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720 ILCS 5/39-1 |
from Ch. 38, par. 39-1 |
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Amends the Criminal Code of 1961. Makes a technical change in a Section
concerning usury.
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A BILL FOR
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HB2948 |
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LRB094 05407 RLC 35452 b |
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| AN ACT concerning criminal law.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Criminal Code of 1961 is amended by changing |
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| Section 39-1 as follows:
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| (720 ILCS 5/39-1) (from Ch. 38, par. 39-1)
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| Sec. 39-1. Criminal
Usury.
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| (a) Any person commits criminal usury when, in exchange for |
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| either a
loan of money or other property or forbearance from |
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the collection of such
a loan, he knowingly contracts for |
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| or receives from an individual, directly
or indirectly, |
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| interest, discount or other consideration at a rate greater
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| than 20% per annum either before or after the maturity of the |
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| loan. |
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| (b) When a person has in his personal or constructive |
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| possession
records, memoranda, or other documentary record of |
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| usurious loans it shall
be prima facie evidence that he has |
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| violated Subsection 39-1(a) hereof.
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| (Source: P.A. 76-1879.)
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