Date	Chamber	Action
1/13/2009	Senate	Session Sine Die

Statutes Amended In Order of Appearance

815 ILCS 122/1-10

815 ILCS 122/2-5

815 ILCS 122/2-55

815 ILCS 122/4-5

815 ILCS 122/4-30

Synopsis As Introduced
Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.

Senate Committee Amendment No. 1

	Deletes reference to:
	815 ILCS 122/2-5

Further amends the Payday Loan Reform Act. Removes language prohibiting a lender from making periodic payments unless the payments are substantially equal term payments, and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the term. Restores language concerning the biennial report (instead of making it an annual report) containing a compilation of aggregate data concerning the payday loan industry.

House Amendment No. 1
Adds a severability provision.

House Amendment No. 2
In the definition of "payday loan", provides that it is a loan with a finance charge exceeding an annual percentage rate of 75%, instead of 36%.

House Amendment No. 3

	Adds reference to:
	815 ILCS 122/2-5

815 ILCS 122/2-10

Allows a payday lender to charge a consumer a fee not to exceed $1.50 for the verification that the proposed loan agreement is permissible under the Act. Changes the effective date to January 1, 2008.

Actions 

Date	Chamber	Action
2/9/2007	Senate	Filed with Secretary by Sen. Kimberly A. Lightford
2/9/2007	Senate	Chief Co-Sponsor Sen. Jacqueline Y. Collins
2/9/2007	Senate	First Reading
2/9/2007	Senate	Referred to Rules
2/21/2007	Senate	Assigned to Financial Institutions
3/6/2007	Senate	Added as Co-Sponsor Sen. James T. Meeks
3/8/2007	Senate	Postponed - Financial Institutions
3/14/2007	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
3/14/2007	Senate	Senate Committee Amendment No. 1 Referred to Rules
3/14/2007	Senate	Senate Committee Amendment No. 1 Rules Refers to Financial Institutions
3/15/2007	Senate	Senate Committee Amendment No. 1 Adopted
3/15/2007	Senate	Do Pass as Amended Financial Institutions; 005-004-000
3/15/2007	Senate	Placed on Calendar Order of 2nd Reading March 20, 2007
3/21/2007	Senate	Added as Co-Sponsor Sen. Michael Noland
3/22/2007	Senate	Second Reading
3/22/2007	Senate	Placed on Calendar Order of 3rd Reading March 27, 2007
3/27/2007	Senate	Added as Chief Co-Sponsor Sen. Pamela J. Althoff
3/29/2007	Senate	Added as Chief Co-Sponsor Sen. William Delgado
3/29/2007	Senate	Added as Co-Sponsor Sen. David Koehler
3/30/2007	Senate	Rule 2-10 Third Reading Deadline Established As May 31, 2007
4/19/2007	Senate	Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
4/20/2007	Senate	Added as Co-Sponsor Sen. Kwame Raoul
4/20/2007	Senate	Added as Co-Sponsor Sen. Mattie Hunter
4/20/2007	Senate	Added as Co-Sponsor Sen. Carol Ronen
4/20/2007	Senate	Added as Co-Sponsor Sen. Rickey R. Hendon
4/20/2007	Senate	Third Reading - Passed; 044-007-001
4/20/2007	House	Arrived in House
4/20/2007	House	Placed on Calendar Order of First Reading
4/20/2007	House	Chief House Sponsor Rep. Eddie Washington
4/20/2007	House	First Reading
4/20/2007	House	Referred to Rules Committee
4/25/2007	House	Added Alternate Chief Co-Sponsor Rep. Monique D. Davis
4/25/2007	Senate	Added as Co-Sponsor Sen. Dan Kotowski
4/26/2007	House	Alternate Chief Sponsor Changed to Rep. David E. Miller
4/26/2007	House	Added Alternate Chief Co-Sponsor Rep. Eddie Washington
4/30/2007	House	Assigned to Financial Institutions Committee
5/3/2007	House	Alternate Chief Co-Sponsor Removed Rep. Monique D. Davis
5/3/2007	House	Added Alternate Chief Co-Sponsor Rep. Patricia R. Bellock
5/3/2007	House	Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons
5/3/2007	House	Added Alternate Chief Co-Sponsor Rep. John A. Fritchey
5/3/2007	House	Added Alternate Co-Sponsor Rep. Constance A. Howard
5/3/2007	House	Added Alternate Co-Sponsor Rep. Elga L. Jefferies
5/3/2007	House	Added Alternate Co-Sponsor Rep. Charles E. Jefferson
5/3/2007	House	Added Alternate Co-Sponsor Rep. Harry Osterman
5/3/2007	House	Added Alternate Co-Sponsor Rep. Michael K. Smith
5/3/2007	House	Added Alternate Co-Sponsor Rep. Arthur L. Turner
5/3/2007	House	Added Alternate Co-Sponsor Rep. Karen A. Yarbrough
5/3/2007	House	Added Alternate Co-Sponsor Rep. Mary E. Flowers
5/3/2007	House	Added Alternate Co-Sponsor Rep. LaShawn K. Ford
5/3/2007	House	Added Alternate Co-Sponsor Rep. Esther Golar
5/3/2007	House	Added Alternate Co-Sponsor Rep. Deborah L. Graham
5/3/2007	House	Added Alternate Co-Sponsor Rep. Julie Hamos
5/3/2007	House	Added Alternate Co-Sponsor Rep. Greg Harris
5/3/2007	House	Added Alternate Co-Sponsor Rep. Jay C. Hoffman
5/3/2007	House	Added Alternate Co-Sponsor Rep. Thomas Holbrook
5/3/2007	House	Added Alternate Co-Sponsor Rep. Mike Boland
5/3/2007	House	Added Alternate Co-Sponsor Rep. Richard T. Bradley
5/3/2007	House	Added Alternate Co-Sponsor Rep. Daniel J. Burke
5/3/2007	House	Added Alternate Co-Sponsor Rep. Linda Chapa LaVia
5/3/2007	House	Added Alternate Co-Sponsor Rep. Annazette Collins
5/3/2007	House	Added Alternate Co-Sponsor Rep. Marlow H. Colvin
5/3/2007	House	Added Alternate Co-Sponsor Rep. Elizabeth Coulson
5/3/2007	House	Added Alternate Co-Sponsor Rep. William Davis
5/3/2007	House	Added Alternate Co-Sponsor Rep. Barbara Flynn Currie
5/15/2007	House	House Amendment No. 1 Filed with Clerk by Financial Institutions Committee
5/15/2007	House	House Amendment No. 2 Filed with Clerk by Financial Institutions Committee
5/15/2007	House	House Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
5/15/2007	House	House Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote
5/15/2007	House	Remains in Financial Institutions Committee
5/18/2007	House	Committee Deadline Extended-Rule 9(b) May 25, 2007
5/21/2007	House	Added Alternate Co-Sponsor Rep. Robert F. Flider
5/22/2007	House	House Amendment No. 3 Filed with Clerk by Financial Institutions Committee
5/22/2007	House	House Amendment No. 3 Adopted in Financial Institutions Committee; by Voice Vote
5/22/2007	House	Motion Do Pass as Amended - Lost Financial Institutions Committee; 011-004-007
5/22/2007	House	Remains in Financial Institutions Committee
5/25/2007	House	Final Action Deadline Extended-9(b) May 31, 2007
5/31/2007	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	Senate	Session Sine Die

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