Rep. Jehan A. Gordon
Filed: 4/1/2009
 
 

 




 

 		












09600HB3752ham001

LRB096 09960 MJR 24962 a






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AMENDMENT TO HOUSE BILL 3752 




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    AMENDMENT NO. ______. Amend House Bill 3752  by replacing 
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everything after the enacting clause with the following:


 
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    "Section 5. The Illinois Banking Act is amended  by adding 
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Section 32.2 as follows:
 
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    (205 ILCS 5/32.2  new)
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    Sec. 32.2. State business; prohibition on No Income, No 
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Job, and No Asset Loans. 
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    (a) On and after the effective date of this amendatory Act 
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of the 96th General Assembly, a bank chartered under this Act 
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that does business with the State must not offer either (i) No 
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Income No Asset Loans (NINA Loans) or (ii) No Income, No Job, 
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and No Asset Loans (NINJA Loans).
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    (b) For purposes of this Section:
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    "No Income No Asset Loans" or "NINA Loans" means loans made 
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to borrowers with minimum documentation and authentication 
 


 






09600HB3752ham001
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LRB096 09960 MJR 24962 a




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disclosing a borrower's ability to repay the loan. In a NINA 
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Loan (1)  a borrower's credit score may be used in order to 
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authorize the loan and (2) steady employment or an income 
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source may also be required, however, remuneration or salary 
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are not disclosed.
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    "No Income, No Job, and No Asset Loans" or "NINJA Loans" 
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means loans made to borrowers without any documentation or 
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authentication to prove that the borrower can reasonably adhere 
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to or afford the terms of the loan. In a NINJA Loan, 
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authentication is based on whatever disclosures that the 
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applicant submits to the lender. For purposes of this Section, 
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a NINJA Loan may be considered a form of subprime lending.".