House Sponsors: COLVIN-HOWARD-YARBROUGH-FLOWERS-BROSNAHAN, HOFFMAN, MILLER, FRITCHEY, FEIGENHOLTZ, JEFFERSON, TURNER,ART, DART AND LYONS,JOSEPH. Senate Sponsors: SULLIVAN Short description: TAX REFUND ANTICIPATION LOANS Synopsis of Bill as introduced: Create the Tax Refund Anticipation Loan Act. Requires persons engaged in the business of making or facilitating tax refund anticipation loans to register with the Department of Financial Institutions. Provides that certain disclosures regarding interest and fees must be made in conjunction with tax refund anticipation loans. Authorizes the Department of Financial Institutions to impose civil penalties for violation. Provides borrowers a private remedy. Authorizes the award of attorney's fees. Provides that certain violations constitute a Class A misdemeanor. Effective July 1, 2002. HOME RULE NOTE (Illinois Department of Commerce and Community Affairs) HB 4106 concerns the Department of Financial Institutions and private industry. The legislation does not affect a unit of local government, nor does it pre-empt home rule powers. Therefore, in the opinion of DCCA, HB 4106 does not pre-empt home rule authority. HOUSE AMENDMENT NO. 1. Replaces everything after the enacting clause. Creates the Tax Refund Anticipation Loan Disclosure Act. Requires persons who make tax refund anticipation loans to make specific disclosures to borrowers concerning fees, the date loan proceeds will be disbursed, and the average time within which refunds may be expected with regard to electronically filed tax returns. Eliminates the role of the Department of Financial Institutions. Effective July 1, 2002. HOUSE AMENDMENT NO. 2. Changes the term "creditor" to "facilitator" and the term "debtor" to "borrower". Excludes licensees under the Consumer Installment Loan Act from the scope of the Act. Requires disclosure of a fee schedule rather than of the fee for a tax refund anticipation loan. Effective January 1, 2003. HOUSE AMENDMENT NO. 3. Changes the term "creditor" to "facilitator" and the term "debtor" to "borrower". Excludes licensees under the Consumer Installment Loan Act from the scope of the Act. Requires disclosure of a fee schedule rather than of the fee for a tax refund anticipation loan. Requires disclosure of the estimated date that loan proceeds will be paid if the loan is approved. Effective January 1, 2003. FISCAL NOTE, H-AM 3 (Attorney General) This bill will not have a measurable fiscal impact on the Attorney General Office. Because the number of referrals DFI may make under this Act is unknown, it is difficult to precisely predict a fiscal impact, although it is not expected that fiscal impact would be significant. Last action on Bill: PUBLIC ACT.............................. 92-0664 Last action date: JUL-16-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0 END OF INQUIRY Full Text Bill Status