Bill Status of SB 2865   99th General Assembly

Short Description:  BUSINESS-TECH

Senate Sponsors
Sen. Jacqueline Y. Collins-Karen McConnaughay

Last Action  View All Actions

DateChamber Action
  1/10/2017SenateSession Sine Die

Statutes Amended In Order of Appearance
815 ILCS 120/1from Ch. 17, par. 851

Synopsis As Introduced
Amends the Illinois Fairness in Lending Act. Makes a technical change in a Section concerning the short title.

Senate Committee Amendment No. 1
Deletes reference to:
815 ILCS 120/1
Adds reference to:
New Act
30 ILCS 105/6z-26

Replaces everything after the enacting clause. Creates the Small Business Lending Act. Contains findings and definitions. Provides that a lender that offers or makes a small business loan, buys a whole or partial interest in a small business loan, arranges a small business loan for a third party, or acts as an agent for a third party in making a small business loan must obtain a license from the Department of Financial and Professional Regulation. Contains provisions regarding: license applications, fees, issuance or denial, renewal, revocation, and surrender; surety bonds; appointments for service of process; investigations by the Department; advertising for small business loans; options for loan payments; loan refinancing; enforcement and penalties; powers of attorney; pledging or sale of loans; documentation from prospective borrowers; referrals; disclosures; prepayment of loans; verification of proposed loan agreements; civil actions; judicial review; partial invalidity; and other matters. Amends the State Finance Act relating to the Financial Institution Fund to provide for disposition of moneys received under the Small Business Lending Act.

Actions 
DateChamber Action
  2/17/2016SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  2/17/2016SenateFirst Reading
  2/17/2016SenateReferred to Assignments
  4/6/2016SenateAssigned to Financial Institutions
  4/6/2016SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
  4/6/2016SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/7/2016SenateAdded as Chief Co-Sponsor Sen. Karen McConnaughay
  4/8/2016SenateRule 2-10 Committee Deadline Established As April 22, 2016
  4/12/2016SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  4/13/2016SenateSenate Committee Amendment No. 1 Adopted
  4/13/2016SenateDo Pass as Amended Financial Institutions; 008-000-002
  4/13/2016SenatePlaced on Calendar Order of 2nd Reading April 14, 2016
  4/22/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
  5/13/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 27, 2016
  5/27/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016
  5/31/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As December 31, 2016
  7/31/2016SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/10/2017SenateSession Sine Die

Back To Top