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 122/3-5

815 ILCS 122/4-5

Synopsis As Introduced
Amends the Payday Loan Reform Act. In the definition of "payday loan", deletes an element that the loan have a finance charge exceeding an annual percentage rate of 36%. Provides that a lender may not charge more than $10 (instead of $15.50) per $100 loaned on any payday loan over the term of the loan. In provisions regarding loan terms, provides that, in addition to any administrative fee, a lender may not charge interest on the amount of cash delivered to the consumer in an equivalent greater than 36% per annum and adds other requirements regarding rates. Requires a licensee to have unencumbered assets of at least $50,000 per location. Prohibits placement of a new location within 2,500 feet of any business licensed under the Act. Prohibits a device or agreement that would have the effect of charging or collecting more interest than allowed by the Act, charging interest other than as authorized by the Act, or including any jury trial waiver or mandatory arbitration clause in loan documents. Effective immediately.

Actions 

Date	Chamber	Action
2/15/2008	Senate	Filed with Secretary by Sen. Donne E. Trotter
2/15/2008	Senate	First Reading
2/15/2008	Senate	Referred to Rules
2/28/2008	Senate	Assigned to Financial Institutions
3/3/2008	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
3/6/2008	Senate	Postponed - Financial Institutions
3/12/2008	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Donne E. Trotter
3/12/2008	Senate	Senate Committee Amendment No. 1 Referred to Rules
3/13/2008	Senate	Held in Financial Institutions
3/14/2008	Senate	Rule 3-9(a) / Re-referred to Rules
3/31/2008	Senate	Sponsor Removed Sen. Jacqueline Y. Collins
1/13/2009	Senate	Session Sine Die

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