Illinois General Assembly - Bill Status for SB2865

Illinois General Assembly - Bill Status for SB2865

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Bill Status of SB2865 99th General Assembly

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Short Description: BUSINESS-TECH

Senate Sponsors
Sen. Jacqueline Y. Collins - Karen McConnaughay

Last Action

Date	Chamber	Action
1/10/2017	Senate	Session Sine Die

Statutes Amended In Order of Appearance

from Ch. 17, par. 851

Synopsis As Introduced
Amends the Illinois Fairness in Lending Act. Makes a technical change in a Section concerning the short title.

Senate Committee Amendment No. 1

	Deletes reference to:
	815 ILCS 120/1

	Adds reference to:
	New Act

30 ILCS 105/6z-26

Replaces everything after the enacting clause. Creates the Small Business Lending Act. Contains findings and definitions. Provides that a lender that offers or makes a small business loan, buys a whole or partial interest in a small business loan, arranges a small business loan for a third party, or acts as an agent for a third party in making a small business loan must obtain a license from the Department of Financial and Professional Regulation. Contains provisions regarding: license applications, fees, issuance or denial, renewal, revocation, and surrender; surety bonds; appointments for service of process; investigations by the Department; advertising for small business loans; options for loan payments; loan refinancing; enforcement and penalties; powers of attorney; pledging or sale of loans; documentation from prospective borrowers; referrals; disclosures; prepayment of loans; verification of proposed loan agreements; civil actions; judicial review; partial invalidity; and other matters. Amends the State Finance Act relating to the Financial Institution Fund to provide for disposition of moneys received under the Small Business Lending Act.

Actions

Date	Chamber	Action
2/17/2016	Senate	Filed with Secretary by Sen. Jacqueline Y. Collins
2/17/2016	Senate	First Reading
2/17/2016	Senate	Referred to Assignments
4/6/2016	Senate	Assigned to Financial Institutions
4/6/2016	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
4/6/2016	Senate	Senate Committee Amendment No. 1 Referred to Assignments
4/7/2016	Senate	Added as Chief Co-Sponsor Sen. Karen McConnaughay
4/8/2016	Senate	Rule 2-10 Committee Deadline Established As April 22, 2016
4/12/2016	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
4/13/2016	Senate	Senate Committee Amendment No. 1 Adopted
4/13/2016	Senate	Do Pass as Amended Financial Institutions; 008-000-002
4/13/2016	Senate	Placed on Calendar Order of 2nd Reading April 14, 2016
4/22/2016	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
5/13/2016	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 27, 2016
5/27/2016	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016
5/31/2016	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As December 31, 2016
7/31/2016	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
1/10/2017	Senate	Session Sine Die