Illinois General Assembly - Bill Status for HB0600

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Bill Status of HB0600 94th General Assembly

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Short Description: SHORT-TERM LOAN ACT

House Sponsors
Rep. James H. Meyer - Sandra M. Pihos

Last Action

Date	Chamber	Action
1/9/2007	House	Session Sine Die

Statutes Amended In Order of Appearance

New Act

20 ILCS 1205/8

from Ch. 17, par. 109

815 ILCS 505/2E

from Ch. 121 1/2, par. 262E

Synopsis As Introduced
Creates the Short-term Loan Act. Provides for the regulation of entities that make payday loans and motor vehicle title loans having a term of fewer than 93 days and in an amount that does not exceed $1,000. Limits charges that may be imposed in connection with the loans. Requires lenders to obtain a license from the Director of the Division of Financial Institutions in the Department of Financial and Professional Regulation. Amends the Financial Institutions Code to require the Director of the Division of Financial Institutions to establish a complaint registry regarding licensees under the Short-term Loan Act. Amends the Consumer Fraud and Deceptive Business Practices Act to provide that 3 or more violations of the Short-term Loan Act constitute a violation of the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2006.

Actions

Date	Chamber	Action
1/27/2005	House	Filed with the Clerk by Rep. James H. Meyer
1/27/2005	House	First Reading
1/27/2005	House	Referred to Rules Committee
2/2/2005	House	Assigned to Consumer Protection Committee
2/3/2005	House	Added Chief Co-Sponsor Rep. Sandra M. Pihos
3/10/2005	House	Rule 19(a) / Re-referred to Rules Committee
1/9/2007	House	Session Sine Die

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