Bill Status of SB 3535   97th General Assembly

Short Description:  LOAN LICENSING & FEES

Senate Sponsors
Sen. Kimberly A. Lightford

Last Action  View All Actions

DateChamber Action
  1/8/2013SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 405/1from Ch. 17, par. 4802
205 ILCS 405/3from Ch. 17, par. 4804
205 ILCS 405/3.4 new
205 ILCS 405/7from Ch. 17, par. 4814
205 ILCS 670/0.5 new
205 ILCS 670/1from Ch. 17, par. 5401
205 ILCS 670/9from Ch. 17, par. 5409
205 ILCS 670/10from Ch. 17, par. 5410
205 ILCS 670/12.5 rep.
205 ILCS 670/19.2 rep.
815 ILCS 122/2-55
815 ILCS 122/3-5
815 ILCS 122/3-7 new
815 ILCS 122/4-5
815 ILCS 122/4-10
815 ILCS 122/4-45 rep.

Synopsis As Introduced
Amends the Currency Exchange Act, the Consumer Installment Loan Act, and the Payday Loan Reform Act. Provides that a business licensed under one of those Acts may offer any product or service that is permitted under any of those Acts, so long as the business is licensed under the appropriate Act. Further amends the Currency Exchange Act. Provides that a licensee who holds more than one community currency exchange license may hold the aggregate minimum liquid funds required for all the licensee's locations in a single account in the licensee's name. Further amends the Consumer Installment Loan Act. Provides that the Director of Financial Institutions may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that an examination of the books and records of a licensee by the Director shall take no more than 4 hours to complete and must occur during a single business day. Repeals provisions concerning a limited purpose branch and the prohibition against accepting certain checks. Makes other changes. Further amends the Payday Loan Reform Act. Provides that an examination of the books and records of a licensee by the Secretary of Financial and Professional Regulation shall take no more than 4 hours to complete and must occur during a single business day. Provides that a licensee must pay an annual fee of $450 (now $1,000). Provides that the Secretary may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that the Secretary may approve the conduct of other businesses in a licensee's place of business, unless the Secretary finds that the conduct will conceal or facilitate evasion of violation of the Act. Repeals a provision concerning the superiority of the Act over any other State financial regulation laws. Makes other changes.

Actions 
DateChamber Action
  2/8/2012SenateFiled with Secretary by Sen. Kimberly A. Lightford
  2/8/2012SenateFirst Reading
  2/8/2012SenateReferred to Assignments
  2/22/2012SenateAssigned to Financial Institutions
  3/1/2012SenatePostponed - Financial Institutions
  3/8/2012SenatePostponed - Financial Institutions
  3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012
  3/27/2012SenatePostponed - Financial Institutions
  3/30/2012SenateRule 3-9(a) / Re-referred to Assignments
  1/8/2013SenateSession Sine Die

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