Rep. Eddie Lee Jackson, Sr.

Filed: 3/27/2012

 

 


 

 


 
09700HB4695ham001LRB097 18788 JLS 68103 a

1
AMENDMENT TO HOUSE BILL 4695

2    AMENDMENT NO. ______. Amend House Bill 4695 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Consumer Installment Loan Act is amended by
5changing Section 11 as follows:
 
6    (205 ILCS 670/11)  (from Ch. 17, par. 5411)
7    Sec. 11. Books and records - Reports.
8    (a) Every licensee shall retain and use in his business or
9at another location approved by the Director such records as
10are required by the Director to enable the Director to
11determine whether the licensee is complying with the provisions
12of this Act and the rules and regulations promulgated pursuant
13to this Act. Every licensee shall preserve the records of any
14loan for at least 2 years after making the final entry for such
15loan. Accounting systems maintained in whole or in part by
16mechanical or electronic data processing methods which provide

 

 

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1information equivalent to that otherwise required and follow
2generally accepted accounting principles are acceptable for
3that purpose, if approved by the Director in writing.
4    (b) Each licensee shall annually, on or before the first
5day of March, file a report with the Director giving such
6relevant information as the Director may reasonably require
7concerning the business and operations during the preceding
8calendar year of each licensed place of business conducted by
9the licensee. The report must be received by the Department on
10or before March 1. The report shall be made under oath and in a
11form prescribed by the Director. Whenever a licensee operates 2
12or more licensed offices or whenever 2 or more affiliated
13licensees operate licensed offices, a composite report of such
14group of licensed offices may be filed in lieu of individual
15reports. The Director may make and publish annually an analysis
16and recapitulation of such reports. The Director may fine each
17licensee $25 for each day beyond March 1 such report is filed.
18    (c) A licensee shall include in the report filed on or
19before the first day of March of each year in accordance with
20subsection (b) of this Section the following information:
21        (1) the number of post-judgment body attachment orders
22    issued in civil actions initiated by the licensee and
23    arising from loans made by the licensee under this Act;
24        (2) for any post-judgment body attachment order
25    reported under item (1) of this subsection, the civil court
26    and case number in which the body attachment order was

 

 

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1    issued;
2        (3) for any post-judgment body attachment order
3    reported under item (1) of this subsection, the amount of
4    the cash bond, if any, posted by the judgment debtor; and
5        (4) for any post-judgment body attachment order
6    reported under item (1) of this subsection, a copy of the
7    order, if any, providing for the disposition of the cash
8    bond.
9(Source: P.A. 92-398, eff. 1-1-02.)
 
10    Section 10. The Collection Agency Act is amended by adding
11Section 8d as follows:
 
12    (225 ILCS 425/8d new)
13    Sec. 8d. Post-judgment body attachments; reports. A
14licensee shall annually, on or before the first day of March,
15file a report with the Secretary containing the following
16information:
17        (1) the number of post-judgment body attachment orders
18    issued in civil actions initiated by the licensee and
19    arising from collection activities by the licensee under
20    this Act;
21        (2) for any post-judgment body attachment order
22    reported under this Section, the civil court and case
23    number in which the body attachment order was issued;
24        (3) for any post-judgment body attachment order

 

 

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1    reported under this Section, the amount of the cash bond,
2    if any, posted by the judgment debtor; and
3        (4) for any post-judgment body attachment order
4    reported under this Section, a copy of the order, if any,
5    providing for the disposition of the cash bond.
6    The Secretary may fine a licensee $25 for each day beyond
7March 1 the report is filed.
 
8    Section 15. The Payday Loan Reform Act is amended by
9changing Section 2-55 as follows:
 
10    (815 ILCS 122/2-55)
11    Sec. 2-55. Information, reporting, and examination.
12    (a) A licensee shall keep and use books, accounts, and
13records that will enable the Secretary to determine if the
14licensee is complying with the provisions of this Act and
15maintain any other records as required by the Secretary.
16    (b) A licensee shall collect and maintain information
17annually for a report that shall disclose in detail and under
18appropriate headings:
19        (1) the total number of payday loans made during the
20    preceding calendar year;
21        (2) the total number of payday loans outstanding as of
22    December 31 of the preceding calendar year;
23        (3) the minimum, maximum, and average dollar amount of
24    payday loans made during the preceding calendar year;

 

 

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1        (4) the average annual percentage rate and the average
2    term of payday loans made during the preceding calendar
3    year; and
4        (5) the total number of payday loans paid in full, the
5    total number of loans that went into default, and the total
6    number of loans written off during the preceding calendar
7    year; and .
8        (6) the number of post-judgment body attachment orders
9    issued in civil actions initiated by the licensee and
10    arising from loans made by the licensee under this Act;
11            (A) for any post-judgment body attachment order
12        reported under item (6) of this subsection, the civil
13        court and case number in which the body attachment
14        order was issued;
15            (B) for any post-judgment body attachment order
16        reported under item (6) of this subsection, the amount
17        of the cash bond, if any, posted by the judgment
18        debtor; and
19            (C) for any post-judgment body attachment order
20        reported under item (6) of this subsection, a copy of
21        the order, if any, providing for the disposition of the
22        cash bond.
23    The report shall be verified by the oath or affirmation of
24the owner, manager, or president of the licensee. The report
25must be filed with the Secretary no later than March 1 of the
26year following the year for which the report discloses the

 

 

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1information specified in this subsection (b). The Secretary may
2impose upon the licensee a fine of $25 per day for each day
3beyond the filing deadline that the report is not filed.
4    (c) No later than July 31 of the second year following the
5effective date of this Act, the Department shall publish a
6biennial report that contains a compilation of aggregate data
7concerning the payday lending industry and shall make the
8report available to the Governor, the General Assembly, and the
9general public.
10    (d) The Department shall have the authority to conduct
11examinations of the books, records, and loan documents at any
12time.
13(Source: P.A. 94-13, eff. 12-6-05.)".