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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB2350
Introduced 2/19/2009, by Rep. Kevin Joyce SYNOPSIS AS INTRODUCED:
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205 ILCS 5/32.5 new |
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205 ILCS 105/1-6g new |
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205 ILCS 205/6005.5 new |
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205 ILCS 305/51.5 new |
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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.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB2350 |
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LRB096 09405 MJR 19562 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Banking Act is amended by adding |
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| Section 32.5 as follows:
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| (205 ILCS 5/32.5 new) |
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| Sec. 32.5. Commercial loans; interest limits. A bank |
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| organized under the laws of this State must not make commercial |
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| loans with an effective annual percentage rate of more than 9% |
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| available to a borrower.
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| Section 10. The Illinois Savings and Loan Act of 1985 is |
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| amended by adding Section 1-6g as follows:
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| (205 ILCS 105/1-6g new) |
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| Sec. 1-6g. Commercial loans; interest limits. A savings and |
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| loan association organized under the laws of this State must |
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| not make commercial loans with an effective annual percentage |
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| rate of more than 9% available to a borrower.
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| Section 15. The Savings Bank Act is amended by adding |
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| Section 6005.5 as follows:
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