Illinois General Assembly - Bill Status for SB1758

Illinois General Assembly - Bill Status for SB1758

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Bill Status of SB1758 101st General Assembly

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Short Description: INSTALLMENT/PAYDAY LOANS

Senate Sponsors
Sen. Antonio Muñoz

House Sponsors
(Rep. Emanuel Chris Welch - Sue Scherer - Stephanie A. Kifowit)

Last Action

Date	Chamber	Action
8/23/2019	Senate	Public Act . . . . . . . . . 101-0563

Statutes Amended In Order of Appearance

205 ILCS 670/15

from Ch. 17, par. 5415

815 ILCS 122/2-5

Synopsis As Introduced
Amends the Consumer Installment Loan Act and the Payday Loan Reform Act. Provides that "substantially equal installment" includes a last regularly scheduled payment that is no more than 5% as large as the previous scheduled payment according to a disclosed payment schedule agreed to by the parties. Effective immediately.

Senate Committee Amendment No. 1
Provides that "substantially equal installment" includes a last regularly scheduled payment that may be less than, but not more than 5% larger than, the previous scheduled payment rather than a regularly scheduled payment that is no more than 5% as large as the previous scheduled payment according to a disclosed payment schedule agreed to by the parties.

House Floor Amendment No. 1

	Adds reference to:
	205 ILCS 670/15	from Ch. 17, par. 5415

815 ILCS 5/2.11

from Ch. 121 1/2, par. 137.2-11

815 ILCS 5/2.12b

from Ch. 121 1/2, par. 137.2-12b

815 ILCS 5/3.5 new

from Ch. 121 1/2, par. 137.8

from Ch. 121 1/2, par. 137.12

815 ILCS 122/2-5

815 ILCS 5/2.10a rep.

Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes. Amends the Illinois Securities Law of 1953. Makes changes to the definition of "investment adviser" and "investment adviser representative". Provides that the Secretary of State has the authority to enforce the provisions of the Act as it pertains to the offer, sale, or investment advice concerning covered securities under the Act. Provides that every registered dealer, limited Canadian dealer, Internet portal, and investment adviser shall provide to the Secretary of State, upon request, such accounts, correspondence, memoranda, papers, books, and records as the Secretary of State may by rule prescribe, that it possesses and that it preserves for periods of longer than 3 years. Provides that it a violation of the Act to make a false or misleading statement during sworn testimony before the Secretary of State or the Illinois Securities Department within the Office of the Secretary. Removes the definition for "telephone solicitor". Effective immediately.

Actions

Date	Chamber	Action
2/15/2019	Senate	Filed with Secretary by Sen. Antonio Muñoz
2/15/2019	Senate	First Reading
2/15/2019	Senate	Referred to Assignments
3/12/2019	Senate	Assigned to Executive
3/15/2019	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muñoz
3/15/2019	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/19/2019	Senate	Senate Committee Amendment No. 1 Assignments Refers to Executive
3/21/2019	Senate	Senate Committee Amendment No. 1 Adopted
3/21/2019	Senate	Do Pass as Amended Executive; 016-000-000
3/21/2019	Senate	Placed on Calendar Order of 2nd Reading March 26, 2019
3/27/2019	Senate	Second Reading
3/27/2019	Senate	Placed on Calendar Order of 3rd Reading March 28, 2019
3/28/2019	Senate	Third Reading - Passed; 049-000-000
3/28/2019	House	Arrived in House
3/28/2019	House	Chief House Sponsor Rep. Emanuel Chris Welch
3/28/2019	House	First Reading
3/28/2019	House	Referred to Rules Committee
4/9/2019	House	Assigned to Financial Institutions Committee
4/12/2019	House	Added Alternate Chief Co-Sponsor Rep. Sue Scherer
4/12/2019	House	Added Alternate Chief Co-Sponsor Rep. Stephanie A. Kifowit
4/30/2019	House	Do Pass / Short Debate Financial Institutions Committee; 013-000-000
5/2/2019	House	Placed on Calendar 2nd Reading - Short Debate
5/16/2019	House	House Floor Amendment No. 1 Filed with Clerk by Rep. Emanuel Chris Welch
5/16/2019	House	House Floor Amendment No. 1 Referred to Rules Committee
5/20/2019	House	House Floor Amendment No. 1 Rules Refers to Financial Institutions Committee
5/21/2019	House	House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 010-000-000
5/22/2019	House	Second Reading - Short Debate
5/22/2019	House	Held on Calendar Order of Second Reading - Short Debate
5/24/2019	House	Final Action Deadline Extended-9(b) May 31, 2019
5/28/2019	House	House Floor Amendment No. 1 Adopted
5/28/2019	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/28/2019	House	Third Reading - Short Debate - Passed 114-000-001
5/29/2019	Senate	Secretary's Desk - Concurrence House Amendment(s) 1
5/29/2019	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 30, 2019
5/29/2019	Senate	House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Antonio Muñoz
5/29/2019	Senate	House Floor Amendment No. 1 Motion to Concur Referred to Assignments
5/29/2019	Senate	House Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive
5/30/2019	Senate	House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 014-000-001
5/31/2019	Senate	House Floor Amendment No. 1 Senate Concurs 059-000-000
5/31/2019	Senate	Senate Concurs
5/31/2019	Senate	Passed Both Houses
6/28/2019	Senate	Sent to the Governor
8/23/2019	Senate	Governor Approved
8/23/2019	Senate	Effective Date August 23, 2019
8/23/2019	Senate	Public Act . . . . . . . . . 101-0563