Illinois General Assembly - Bill Status for SB2844
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 Bill Status of SB2844  100th General Assembly


Short Description:  CONSUMER FRAUD-REFUND LOANS

Senate Sponsors
Sen. Jeffrey M. Schoenberg - Jacqueline Y. Collins

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
815 ILCS 505/2XX new
815 ILCS 177/Act rep.


Synopsis As Introduced
Amends the Consumer Fraud and Deceptive Business Practices Act. Makes it an unlawful practice within the meaning of the Act for a facilitator to directly or indirectly charge a refund anticipation loan fee for the making of or in connection with a refund anticipation loan when: (i) the refund anticipation loan is issued to a borrower who is eligible to receive the Illinois Earned Income Tax Credit under Section 12 of the Illinois Income Tax Act; and (ii) the refund anticipation loan has an interest rate in excess of 26% per annum. Sets out disclosure requirements for the facilitator. Provides a formula for calculating the interest rate for a refund anticipation loan. Repeals the Tax Refund Anticipation Loan Disclosure Act.

Actions 
DateChamber Action
  1/20/2006SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg
  1/20/2006SenateFirst Reading
  1/20/2006SenateReferred to Rules
  2/1/2006SenateAssigned to Financial Institutions
  2/3/2006SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  2/9/2006SenatePostponed - Financial Institutions
  2/16/2006SenatePostponed - Financial Institutions
  2/17/2006SenateRule 3-9(a) / Re-referred to Rules
  1/9/2007SenateSession Sine Die

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