HB4695ham001 97TH GENERAL ASSEMBLY

Rep. Eddie Lee Jackson, Sr.

Filed: 3/27/2012

09700HB4695ham001 LRB097 18788 JLS 68103 a

AMENDMENT TO HOUSE BILL 4695

AMENDMENT NO. ______. Amend House Bill 4695 by replacing everything after the enacting clause with the following:

"Section 5. The Consumer Installment Loan Act is amended by changing Section 11 as follows:

(205 ILCS 670/11) (from Ch. 17, par. 5411)

Sec. 11. Books and records - Reports.

(a) Every licensee shall retain and use in his business or at another location approved by the Director such records as are required by the Director to enable the Director to determine whether the licensee is complying with the provisions of this Act and the rules and regulations promulgated pursuant to this Act. Every licensee shall preserve the records of any loan for at least 2 years after making the final entry for such loan. Accounting systems maintained in whole or in part by mechanical or electronic data processing methods which provide information equivalent to that otherwise required and follow generally accepted accounting principles are acceptable for that purpose, if approved by the Director in writing.

(b) Each licensee shall annually, on or before the first day of March, file a report with the Director giving such relevant information as the Director may reasonably require concerning the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee. The report must be received by the Department on or before March 1. The report shall be made under oath and in a form prescribed by the Director. Whenever a licensee operates 2 or more licensed offices or whenever 2 or more affiliated licensees operate licensed offices, a composite report of such group of licensed offices may be filed in lieu of individual reports. The Director may make and publish annually an analysis and recapitulation of such reports. The Director may fine each licensee $25 for each day beyond March 1 such report is filed.

(c) A licensee shall include in the report filed on or before the first day of March of each year in accordance with subsection (b) of this Section the following information:

(1) the number of post-judgment body attachment orders issued in civil actions initiated by the licensee and arising from loans made by the licensee under this Act;

(2) for any post-judgment body attachment order reported under item (1) of this subsection, the civil court and case number in which the body attachment order was issued;

(3) for any post-judgment body attachment order reported under item (1) of this subsection, the amount of the cash bond, if any, posted by the judgment debtor; and

(4) for any post-judgment body attachment order reported under item (1) of this subsection, a copy of the order, if any, providing for the disposition of the cash bond.

(Source: P.A. 92-398, eff. 1-1-02.)

Section 10. The Collection Agency Act is amended by adding Section 8d as follows:

(225 ILCS 425/8d new)

Sec. 8d. Post-judgment body attachments; reports. A licensee shall annually, on or before the first day of March, file a report with the Secretary containing the following information:

(1) the number of post-judgment body attachment orders issued in civil actions initiated by the licensee and arising from collection activities by the licensee under this Act;

(2) for any post-judgment body attachment order reported under this Section, the civil court and case number in which the body attachment order was issued;

(3) for any post-judgment body attachment order reported under this Section, the amount of the cash bond, if any, posted by the judgment debtor; and

(4) for any post-judgment body attachment order reported under this Section, a copy of the order, if any, providing for the disposition of the cash bond.

The Secretary may fine a licensee $25 for each day beyond March 1 the report is filed.

Section 15. The Payday Loan Reform Act is amended by changing Section 2-55 as follows:

(815 ILCS 122/2-55)

Sec. 2-55. Information, reporting, and examination.

(a) A licensee shall keep and use books, accounts, and records that will enable the Secretary to determine if the licensee is complying with the provisions of this Act and maintain any other records as required by the Secretary.

(b) A licensee shall collect and maintain information annually for a report that shall disclose in detail and under appropriate headings:

(1) the total number of payday loans made during the preceding calendar year;

(2) the total number of payday loans outstanding as of December 31 of the preceding calendar year;

(3) the minimum, maximum, and average dollar amount of payday loans made during the preceding calendar year;

(4) the average annual percentage rate and the average term of payday loans made during the preceding calendar year; and

(5) the total number of payday loans paid in full, the total number of loans that went into default, and the total number of loans written off during the preceding calendar year; and .

(6) the number of post-judgment body attachment orders issued in civil actions initiated by the licensee and arising from loans made by the licensee under this Act;

(A) for any post-judgment body attachment order reported under item (6) of this subsection, the civil court and case number in which the body attachment order was issued;

(B) for any post-judgment body attachment order reported under item (6) of this subsection, the amount of the cash bond, if any, posted by the judgment debtor; and

(C) for any post-judgment body attachment order reported under item (6) of this subsection, a copy of the order, if any, providing for the disposition of the cash bond.

The report shall be verified by the oath or affirmation of the owner, manager, or president of the licensee. The report must be filed with the Secretary no later than March 1 of the year following the year for which the report discloses the information specified in this subsection (b). The Secretary may impose upon the licensee a fine of $25 per day for each day beyond the filing deadline that the report is not filed.

(c) No later than July 31 of the second year following the effective date of this Act, the Department shall publish a biennial report that contains a compilation of aggregate data concerning the payday lending industry and shall make the report available to the Governor, the General Assembly, and the general public.

(d) The Department shall have the authority to conduct examinations of the books, records, and loan documents at any time.

(Source: P.A. 94-13, eff. 12-6-05.)".