Sen. Elgie R. Sims, Jr.
Filed: 11/8/2023
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| 1 | AMENDMENT TO HOUSE BILL 779 | ||||||
| 2 | AMENDMENT NO. ______. Amend House Bill 779, AS AMENDED, | ||||||
| 3 | with reference to page and line numbers of Senate Amendment | ||||||
| 4 | No. 1, as follows: | ||||||
| 5 | on page 35, line 24, by replacing "Mortgage" with | ||||||
| 6 | "Multistate"; and | ||||||
| 7 | on page 36, line 5, by replacing "Mortgage" with "Multistate"; | ||||||
| 8 | and | ||||||
| 9 | on page 37, line 8, by replacing "Mortgage" with "Multistate"; | ||||||
| 10 | and | ||||||
| 11 | by replacing line 6 on page 38 through line 7 on page 39 with | ||||||
| 12 | the following: | ||||||
| 13 | "Section 10-60. Pawnbroker annual report. | ||||||
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| 1 | (a) The Department shall, in conjunction with advice from | ||||||
| 2 | a professional association that represents 50 or more | ||||||
| 3 | licensees, issue an annual report, via an Internet-based | ||||||
| 4 | program, of aggregate pawnbroker activity within 180 days | ||||||
| 5 | after the beginning of the calendar year. The report shall | ||||||
| 6 | contain at a minimum: | ||||||
| 7 | (1) The number of licensed pawnbrokers. | ||||||
| 8 | (2) The total dollar amount financed. | ||||||
| 9 | (3) The total number of pawns for each value threshold | ||||||
| 10 | set forth in subsection (c) of Section 15-10. | ||||||
| 11 | (4) The total dollar amount of extensions. | ||||||
| 12 | (5) The total number of extensions for each value | ||||||
| 13 | threshold set forth in subsection (c) of Section 15-10. | ||||||
| 14 | (6) The average pawn dollar amount for each value | ||||||
| 15 | threshold set forth in subsection (c) of Section 15-10. | ||||||
| 16 | (7) The average monthly finance charge for each value | ||||||
| 17 | threshold set forth in subsection (c) of Section 15-10. | ||||||
| 18 | (8) The percentage of pawns surrendered to law | ||||||
| 19 | enforcement. | ||||||
| 20 | (9) The percentage of total pawns surrendered to law | ||||||
| 21 | enforcement by dollar amount. | ||||||
| 22 | (10) The percentage of pawns redeemed. | ||||||
| 23 | (11) The percentage of pawns extended. | ||||||
| 24 | (12) The total number of pawnbroker employees. | ||||||
| 25 | (13) The total number of licensees reporting. | ||||||
| 26 | (14) The total number of complaints received and | ||||||
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| 1 | resolved by the Department. | ||||||
| 2 | (15) The total number of defaulted pawn transactions | ||||||
| 3 | reported to a credit bureau. | ||||||
| 4 | (16) The total number of defaulted pawn transactions | ||||||
| 5 | sent to a collection agency. | ||||||
| 6 | (17) The total number of defaulted pawn transactions | ||||||
| 7 | resulting in wage garnishment or legal action to collect. | ||||||
| 8 | (18) The total number of pawn transactions reported to | ||||||
| 9 | law enforcement. | ||||||
| 10 | (b) The Secretary may retain qualified persons to prepare | ||||||
| 11 | and report findings (1) identifying pawns and small dollar | ||||||
| 12 | loans that are available to Illinois consumers, (2) collecting | ||||||
| 13 | and analyzing pawns and loan-level data for small dollar | ||||||
| 14 | loans, and (3) compiling aggregate data and trends for pawns | ||||||
| 15 | and small dollar loans used by Illinois consumers. The | ||||||
| 16 | Secretary shall make the report available to the Governor, the | ||||||
| 17 | General Assembly, and the public. | ||||||
| 18 | In this subsection, "pawns and small dollar loans" means | ||||||
| 19 | pawns and lending products with a value of $2,500 or less, | ||||||
| 20 | including, but not limited to, pawns, consumer installment | ||||||
| 21 | loans, and other extensions of credit, whether or not offered | ||||||
| 22 | by entities chartered or licensed in Illinois."; and | ||||||
| 23 | on page 40, line 17, by replacing "subsections (a) and (b)" | ||||||
| 24 | with "subsection (a)"; and | ||||||
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| 1 | on page 42, line 8, by replacing "subsection (b)" with | ||||||
| 2 | "subsection (a)"; and | ||||||
| 3 | on page 42, line 12, by replacing "subsection (b)" with | ||||||
| 4 | "subsection (a)"; and | ||||||
| 5 | on page 42, line 19, by replacing "subsection (b)" with | ||||||
| 6 | "subsection (a)"; and | ||||||
| 7 | on page 42, line 22, by replacing "subsection (b)" with | ||||||
| 8 | "subsection (a)"; and | ||||||
| 9 | on page 43, line 1, by replacing "10-70. 10-70." with | ||||||
| 10 | "10-70."; and | ||||||
| 11 | on page 48, line 26, by replacing "$500 or more and $1,500 or | ||||||
| 12 | less" with "at or above $500 and less than $1,500"; and | ||||||
| 13 | on page 49, line 1, by replacing "of over $1,500" with "at or | ||||||
| 14 | above $1,500"; and | ||||||
| 15 | on page 49, line 2, by replacing "$5,000 or less" with "less | ||||||
| 16 | than $5,000"; and | ||||||
| 17 | on page 49, line 3, by replacing "of over $5,000" with "at or | ||||||
| 18 | above $5,000". | ||||||