Illinois General Assembly - Full Text of HB2350

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Full Text of HB2350 96th General Assembly

Introduced
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HB2350 96TH GENERAL ASSEMBLY

96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010
HB2350

Introduced 2/19/2009, by Rep. Kevin Joyce

SYNOPSIS AS INTRODUCED:

205 ILCS 5/32.5 new

205 ILCS 105/1-6g new

205 ILCS 205/6005.5 new

205 ILCS 305/51.5 new

    Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Provides that a bank, savings and loan association, savings bank, or credit union organized under the laws of this State must not make commercial loans with an effective annual percentage rate of more than 9% available to a borrower. Effective immediately.

LRB096 09405 MJR 19562 b

FISCAL NOTE ACT MAY APPLY

A BILL FOR

HB2350 LRB096 09405 MJR 19562 b

1     AN ACT concerning financial regulation.

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

4     Section 5. The Illinois Banking Act is amended by adding
5 Section 32.5 as follows:

6     (205 ILCS 5/32.5 new)
7     Sec. 32.5. Commercial loans; interest limits. A bank
8 organized under the laws of this State must not make commercial
9 loans with an effective annual percentage rate of more than 9%
10 available to a borrower.

11     Section 10. The Illinois Savings and Loan Act of 1985 is
12 amended by adding Section 1-6g as follows:

13     (205 ILCS 105/1-6g new)
14     Sec. 1-6g. Commercial loans; interest limits. A savings and
15 loan association organized under the laws of this State must
16 not make commercial loans with an effective annual percentage
17 rate of more than 9% available to a borrower.

18     Section 15. The Savings Bank Act is amended by adding
19 Section 6005.5 as follows:

HB2350 - 2 - LRB096 09405 MJR 19562 b

1     (205 ILCS 205/6005.5 new)
2     Sec. 6005.5. Commercial loans; interest limits. A savings
3 bank organized under the laws of this State must not make
4 commercial loans with an effective annual percentage rate of
5 more than 9% available to a borrower.

6     Section 20. The Illinois Credit Union Act is amended by
7 adding Section 51.5 as follows:

8     (205 ILCS 305/51.5 new)
9     Sec. 51.5. Commercial loans; interest limits. A credit
10 union organized under the laws of this State must not make
11 commercial loans with an effective annual percentage rate of
12 more than 9% available to a borrower.

13     Section 99. Effective date. This Act takes effect upon
14 becoming law.

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