Date	Chamber	Action
1/13/2009	House	Session Sine Die

Statutes Amended In Order of Appearance

815 ILCS 122/1-10

815 ILCS 122/2-5

815 ILCS 122/2-55

815 ILCS 122/4-5

815 ILCS 122/4-30

Synopsis As Introduced
Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.

House Amendment No. 1

	Deletes reference to:
	815 ILCS 122/2-5

Further amends the Payday Loan Reform Act. Removes language prohibiting a lender from making periodic payments unless the payments are substantially equal term payments, and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the term. Restores language concerning the biennial report (instead of making it an annual report) containing a compilation of aggregate data concerning the payday loan industry.

House Amendment No. 2

	Adds reference to:
	205 ILCS 670/15f new

815 ILCS 122/2-50

Amends Consumer Installment Loan Act. Restricts lending practices by licensees to members of the military or spouses of the members of the military including that: (i) a licensee may not garnish the wages or salaries of a borrower who is a member of the military or is the spouse of a member of the military; (ii) in addition to any rights and obligations provided under the federal Servicemembers Civil Relief Act, a licensee shall suspend and defer collection activity against a borrower who is a member of the military and who has been deployed to a combat or combat support posting, or to the spouse of a borrower who is a member of the military and who has been deployed to a combat or combat support posting, for the duration of the deployment; (iii) a licensee may not knowingly contact the military chain of command of a borrower who is a member of the military in an effort to collect on any loan; (iv) licensees must honor the terms of any repayment plan that they have entered into with any borrower who is a member of the military, including a repayment agreement negotiated through military counselors or third-party credit counselors; and (v) a licensee may not use any military design or insignia on any advertising material or other material distributed to a member of the military or the spouse of member of the military that suggests military approval or endorsement of any product of that licensee. Defines "member of the military". Amends the Payday Loan Reform Act. Provides that the prohibitions and restrictions on lenders of payday loans to members of the military apply to the spouses of the members of the military. Prohibits a lender from using any military design or insignia on any advertising material or other material distributed to a member of the military or the spouse of a member of the military that suggests military approval or endorsement of any product of that lender.

Actions 

Date	Chamber	Action
2/21/2007	House	Filed with the Clerk by Rep. David E. Miller
2/21/2007	House	First Reading
2/21/2007	House	Referred to Rules Committee
2/27/2007	House	Assigned to Financial Institutions Committee
3/2/2007	House	Added Chief Co-Sponsor Rep. Patricia R. Bellock
3/2/2007	House	Added Chief Co-Sponsor Rep. John A. Fritchey
3/20/2007	House	House Amendment No. 1 Filed with Clerk by Financial Institutions Committee
3/20/2007	House	House Amendment No. 2 Filed with Clerk by Financial Institutions Committee
3/20/2007	House	House Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
3/20/2007	House	House Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote
3/20/2007	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 020-000-000
3/21/2007	House	Placed on Calendar 2nd Reading - Short Debate
3/27/2007	House	Added Co-Sponsor Rep. Arthur L. Turner
4/26/2007	House	House Amendment No. 3 Filed with Clerk by Rep. David E. Miller
4/26/2007	House	House Amendment No. 3 Referred to Rules Committee
4/27/2007	House	Third Reading/Final Action Deadline Extended-9(b) May 3, 2007
4/30/2007	House	House Amendment No. 3 Rules Refers to Financial Institutions Committee
5/3/2007	House	Third Reading/Final Action Deadline Extended-9(b) May 10, 2007
5/10/2007	House	Third Reading/Final Action Deadline Extended-9(b) May 18, 2007
5/18/2007	House	Final Action Deadline Extended-9(b) May 25, 2007
5/25/2007	House	House Amendment No. 3 Re-Referred to Rules Committee
5/25/2007	House	Rule 19(a) / Re-referred to Rules Committee
1/13/2009	House	Session Sine Die

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