SB1062 95TH GENERAL ASSEMBLY

LRB095 05973 LCT 26065 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1062

Introduced 2/8/2007, by Sen. Martin A. Sandoval - Emil Jones, Jr.

SYNOPSIS AS INTRODUCED:

815 ILCS 205/4b

from Ch. 17, par. 6411

Amends the Interest Act. Makes a technical change in a Section concerning the adoption of certain rules.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Interest Act is amended by changing Section 4b as follows:

(815 ILCS 205/4b) (from Ch. 17, par. 6411)

Sec. 4b. In order to assure compliance with applicable Federal law, any State agency having chartering or licensing powers or regulatory or supervisory authority over a class of creditors affected by this Act may promulgate rules and and regulations to carry out the disclosure and other requirements pertaining to the extension of credit under this Act and the advertising of such extensions of credit.

(Source: P.A. 76-1775.)