Illinois General Assembly - Bill Status for SB2069

Illinois General Assembly - Bill Status for SB2069

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Bill Status of SB2069 94th General Assembly

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Short Description: SHORT-TERM LOAN ACT

Senate Sponsors
Sen. Don Harmon - James A. DeLeo - James F. Clayborne, Jr. - Antonio Munoz - Peter J. Roskam, William R. Haine, Steven J. Rauschenberger, Terry Link and Martin A. Sandoval

Last Action

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

Statutes Amended In Order of Appearance

New Act

205 ILCS 670/21

from Ch. 17, par. 5427

720 ILCS 5/17-1a

from Ch. 38, par. 17-1a

Synopsis As Introduced
Creates the Short-term Loan Act to regulate lenders offering short-term loans (defined as deferred presentment loans and title-secured loans). Requires such a lender to notify the borrower that the borrower is entitled to contact the Division of Financial Institutions of the Department of Financial and Professional Regulation concerning debt management services and improprieties concerning the loan. Sets forth standards and requirements concerning the dispersal of loan proceeds, the written loan agreement, cancellation of future payment obligations, electronic funds transfer, and posting of charges. Prohibits a lender from engaging in other types of business if it does so for the purpose of violating the Act and prohibits the lender from engaging in any unfair or deceptive acts, practices, or advertising. Authorizes the borrower to recover undisclosed or excessive charges. Preempts all administrative rules of the Department of Financial and Professional Regulation concerning short-term loans. Establishes specific standards and requirements for both deferred presentment loans and title-secured loans. Amends the Consumer Installment Loan Act. Provides that the provisions of that Act do not apply to short-term loans. Amends the Criminal Code of 1961. In provisions concerning civil liability for deceptive practices, provides that a lender is not entitled to collect damages of treble on an amount owing from a short-term loan. Effective immediately.

Senate Committee Amendment No. 1

	Deletes reference to:
	205 ILCS 670/21

720 ILCS 5/17-1a

Deletes everything after the enacting clause. Creates the Short-term Loan Act. Contains only a short title.

Actions

Date	Chamber	Action
2/25/2005	Senate	Filed with Secretary by Sen. Don Harmon
2/25/2005	Senate	Chief Co-Sponsor Sen. James A. DeLeo
2/25/2005	Senate	Chief Co-Sponsor Sen. James F. Clayborne, Jr.
2/25/2005	Senate	Chief Co-Sponsor Sen. Antonio Munoz
2/25/2005	Senate	Chief Co-Sponsor Sen. Peter J. Roskam
2/25/2005	Senate	Co-Sponsor Sen. William R. Haine
2/25/2005	Senate	Co-Sponsor Sen. Steven J. Rauschenberger
2/25/2005	Senate	Co-Sponsor Sen. Terry Link
2/25/2005	Senate	Co-Sponsor Sen. Martin A. Sandoval
2/25/2005	Senate	Co-Sponsor Sen. Mattie Hunter
2/25/2005	Senate	First Reading
2/25/2005	Senate	Referred to Rules
3/2/2005	Senate	Assigned to Financial Institutions
3/7/2005	Senate	Sponsor Removed Sen. Mattie Hunter
3/8/2005	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Don Harmon
3/8/2005	Senate	Senate Committee Amendment No. 1 Referred to Rules
3/9/2005	Senate	Senate Committee Amendment No. 1 Rules Refers to Financial Institutions
3/10/2005	Senate	Postponed - Financial Institutions
3/17/2005	Senate	Senate Committee Amendment No. 1 Adopted
3/17/2005	Senate	Do Pass as Amended Financial Institutions; 008-000-000
3/17/2005	Senate	Placed on Calendar Order of 2nd Reading April 6, 2005
4/11/2005	Senate	Second Reading
4/11/2005	Senate	Placed on Calendar Order of 3rd Reading April 12, 2005
5/10/2005	Senate	Motion Filed Sen. Louis S. Viverito; , Cullerton, Hendon, Petka and Roskam, Motion to Re-refer, pursuant to Senate Rule 3-7. Re-referred to the Senate Rules Committee.
5/10/2005	Senate	Motion Prevailed
5/10/2005	Senate	Re-referred to Rules
1/9/2007	Senate	Session Sine Die