Bill Status of HB 2795   98th General Assembly

Short Description:  PAYDAY LOAN SURCHARGE

House Sponsors
Rep. Elgie R. Sims, Jr.

Last Action  View All Actions

DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.826 new
30 ILCS 105/6z-98 new
815 ILCS 122/4-17 new

Synopsis As Introduced
Amends the Payday Loan Reform Act. Imposes a surcharge upon each lender in an amount equal to $1 for each payday loan made by that lender. Provides that the moneys collected from the surcharge shall be deposited into the Small Loan Community Reinvestment Fund, less 2% of those proceeds, which shall be paid into the Tax Compliance and Administration Fund. Amends the State Finance Act to create the Small Loan Community Reinvestment Fund. Provides that moneys in the Fund shall be used by the Department of Commerce and Economic Opportunity to make grants to not-for-profit organizations dedicated to educational tutoring and development, financial literacy, early childhood development, youth mentoring, and senior services.

Actions 
DateChamber Action
  2/22/2013HouseFiled with the Clerk by Rep. Elgie R. Sims, Jr.
  2/26/2013HouseFirst Reading
  2/26/2013HouseReferred to Rules Committee
  3/4/2013HouseAssigned to Consumer Protection Committee
  3/11/2013HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Elgie R. Sims, Jr.
  3/11/2013HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/13/2013HouseHouse Committee Amendment No. 1 Rules Refers to Consumer Protection Committee
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  3/22/2013HouseHouse Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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