Bill Status of SB 1692   97th General Assembly

Short Description:  UCC - FRAUDULENT FINANCING

Senate Sponsors
Sen. Jacqueline Y. Collins-John J. Cullerton

House Sponsors
(Rep. Michael J. Zalewski-Randy Ramey, Jr., Lou Lang and Carol A. Sente)


Last Action  View All Actions

DateChamber Action
  7/25/2012SenatePublic Act . . . . . . . . . 97-0849

Statutes Amended In Order of Appearance
810 ILCS 5/9-501.1 new
810 ILCS 5/9-510
810 ILCS 5/9-516

Synopsis As Introduced
Amends the Uniform Commercial Code. Provides that no person shall file a fraudulent financing statement and assigns civil and criminal penalties for such filings. Provides a procedure for filing a form affidavit to provide notice of a fraudulent financing statement or amendment and provides guidance for when the Secretary of State may terminate the financing statement or amendment based on the affidavit. Provides that a filing office may terminate a record under specified circumstances with notice to the filer of the financing statement or amendment. Provides several circumstances where effective filing does not occur. Effective immediately.

House Committee Amendment No. 2
Deletes reference to:
810 ILCS 5/9-501.1 new
810 ILCS 5/9-510
810 ILCS 5/9-516
Adds reference to:
205 ILCS 405/3.1from Ch. 17, par. 4805
205 ILCS 635/5-8
815 ILCS 137/10
815 ILCS 137/30
815 ILCS 137/35 new
815 ILCS 137/35.5 new
815 ILCS 137/55
815 ILCS 137/80
815 ILCS 137/80.5 new
815 ILCS 137/80.6 new
815 ILCS 137/90.5 new
815 ILCS 137/145
815 ILCS 177/1
815 ILCS 177/5
815 ILCS 177/10
815 ILCS 177/15
815 ILCS 177/20 new
815 ILCS 177/25 new
815 ILCS 177/30 new
815 ILCS 177/35 new
815 ILCS 177/40 new
815 ILCS 205/4.1afrom Ch. 17, par. 6406
815 ILCS 505/2NNN new

Replaces everything after the enacting clause. Amends the Residential Mortgage License Act of 1987, the High Risk Home Loan Act, and the Interest Act. Limits the imposition of prepayment penalties in connection with high risk home loans. Limits the size of balloon payments in connection with high risk home loans. Limits the imposition of late fees. Amends the Tax Refund Anticipation Loan Disclosure Act. Changes the short title of the Act to the Tax Refund Anticipation Loan Reform Act. Makes changes concerning disclosure requirements, prohibited activities, interest rate limits for non-bank refund anticipation loans, and defined terms. Provides a calculation for the refund anticipation loan interest rate. Provides that a person who violates the Tax Refund Anticipation Loan Reform Act commits an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Makes conforming changes in the Currency Exchange Act and the Consumer Fraud and Deceptive Business Practices Act. Contains a severability provision. Effective immediately.

House Floor Amendment No. 4
Deletes reference to:
815 ILCS 177/20 new

Makes a change in the definition of the term "high risk home loan". Provides that a "high risk home loan" does not include certain consumer credit transactions made by a natural person who provides seller financing secured by a principal residence no more than 3 times in a 12-month period. Deletes provisions imposing advertising and marketing requirements upon facilitators with respect to tax anticipation loans. Changes the bill's effective date to January 1, 2013.

Actions 
DateChamber Action
  2/9/2011SenateFiled with Secretary by Sen. A. J. Wilhelmi
  2/9/2011SenateFirst Reading
  2/9/2011SenateReferred to Assignments
  3/2/2011SenateAssigned to Criminal Law
  3/9/2011SenateDo Pass Criminal Law; 008-000-000
  3/9/2011SenatePlaced on Calendar Order of 2nd Reading March 10, 2011
  3/10/2011SenateSecond Reading
  3/10/2011SenatePlaced on Calendar Order of 3rd Reading March 14, 2011
  3/31/2011SenateThird Reading - Passed; 052-000-000
  3/31/2011HouseArrived in House
  4/4/2011HousePlaced on Calendar Order of First Reading
  4/4/2011HouseChief House Sponsor Rep. Kenneth Dunkin
  4/4/2011HouseFirst Reading
  4/4/2011HouseReferred to Rules Committee
  4/11/2011HouseAssigned to Judiciary I - Civil Law Committee
  4/25/2011HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Kenneth Dunkin
  4/25/2011HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/27/2011HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary I - Civil Law Committee
  5/4/2011HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000
  5/4/2011HousePlaced on Calendar 2nd Reading - Short Debate
  5/4/2011HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  5/23/2011HouseSecond Reading - Short Debate
  5/23/2011HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/23/2011HouseRecalled to Second Reading - Short Debate
  5/23/2011HouseHeld on Calendar Order of Second Reading - Short Debate
  5/27/2011HouseFinal Action Deadline Extended-9(b) May 31, 2011
  5/31/2011HouseRule 19(a) / Re-referred to Rules Committee
  4/24/2012HouseAlternate Chief Sponsor Changed to Rep. Michael J. Zalewski
  4/24/2012SenateChief Sponsor Changed to Sen. John J. Cullerton
  4/25/2012HouseAssigned to Judiciary I - Civil Law Committee
  4/27/2012HouseHouse Committee Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski
  4/27/2012HouseHouse Committee Amendment No. 2 Referred to Rules Committee
  4/30/2012HouseHouse Committee Amendment No. 2 Rules Refers to Judiciary I - Civil Law Committee
  5/2/2012HouseAdded Alternate Co-Sponsor Rep. Lou Lang
  5/2/2012HouseAdded Alternate Co-Sponsor Rep. Carol A. Sente
  5/2/2012HouseHouse Committee Amendment No. 2 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
  5/2/2012HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 010-000-000
  5/2/2012HousePlaced on Calendar 2nd Reading - Short Debate
  5/8/2012HouseAdded Alternate Chief Co-Sponsor Rep. Randy Ramey, Jr.
  5/8/2012HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Michael J. Zalewski
  5/8/2012HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  5/10/2012SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  5/10/2012SenateSponsor Removed Sen. Jacqueline Y. Collins
  5/16/2012HouseHouse Floor Amendment No. 4 Filed with Clerk by Rep. Michael J. Zalewski
  5/16/2012HouseHouse Floor Amendment No. 4 Referred to Rules Committee
  5/21/2012HouseHouse Floor Amendment No. 4 Recommends Be Adopted Rules Committee; 004-000-000
  5/21/2012HouseSecond Reading - Short Debate
  5/21/2012HouseHouse Floor Amendment No. 4 Adopted by Voice Vote
  5/21/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/22/2012HouseThird Reading - Short Debate - Passed 118-000-000
  5/22/2012HouseHouse Floor Amendment No. 3 Tabled Pursuant to Rule 40
  5/22/2012SenateSecretary's Desk - Concurrence House Amendment(s) 2, 4
  5/22/2012SenatePlaced on Calendar Order of Concurrence House Amendment(s) 2, 4 - May 23, 2012
  5/24/2012SenateChief Sponsor Changed to Sen. Jacqueline Y. Collins
  5/24/2012SenateAdded as Chief Co-Sponsor Sen. John J. Cullerton
  5/24/2012SenateHouse Committee Amendment No. 2 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
  5/24/2012SenateHouse Committee Amendment No. 2 Motion to Concur Referred to Assignments
  5/24/2012SenateHouse Floor Amendment No. 4 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
  5/24/2012SenateHouse Floor Amendment No. 4 Motion to Concur Referred to Assignments
  5/25/2012SenateHouse Committee Amendment No. 2 Motion to Concur Assignments Referred to Financial Institutions
  5/25/2012SenateHouse Floor Amendment No. 4 Motion to Concur Assignments Referred to Financial Institutions
  5/29/2012SenateHouse Committee Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 007-000-000
  5/29/2012SenateHouse Floor Amendment No. 4 Motion To Concur Recommended Do Adopt Financial Institutions; 007-000-000
  5/30/2012SenateHouse Committee Amendment No. 2 Senate Concurs 055-000-000
  5/30/2012SenateHouse Floor Amendment No. 4 Senate Concurs 055-000-000
  5/30/2012SenatePassed Both Houses
  6/28/2012SenateSent to the Governor
  7/25/2012SenateGovernor Approved
  7/25/2012SenateEffective Date January 1, 2013
  7/25/2012SenatePublic Act . . . . . . . . . 97-0849

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