Bill Status of SB1435  96th General Assembly

Short Description:  REGULATION-TECH

Senate Sponsors
Sen. Kimberly A. Lightford - Jacqueline Y. Collins - Jeffrey M. Schoenberg

House Sponsors
(Rep. Julie Hamos - Jehan A. Gordon - Elizabeth Coulson - Patricia R. Bellock - Michael K. Smith, Harry Osterman, Linda Chapa LaVia, David E. Miller, Eddie Washington, Elaine Nekritz, Greg Harris, Lou Lang, Sara Feigenholtz, Elizabeth Hernandez, Monique D. Davis, Thomas Holbrook, Mary E. Flowers, LaShawn K. Ford, Mike Boland, Karen A. Yarbrough, Marlow H. Colvin, Esther Golar, Kenneth Dunkin, Al Riley, Constance A. Howard, Robert F. Flider, Joseph M. Lyons, Cynthia Soto, Lisa M. Dugan and Jack McGuire)

Last Action
DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/1from Ch. 17, par. 5401


Synopsis As Introduced
Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.

House Committee Amendment No. 1
Adds reference to:
205 ILCS 670/15from Ch. 17, par. 5415
205 ILCS 670/17.1 new
205 ILCS 670/17.2 new
205 ILCS 670/17.3 new
205 ILCS 670/17.4 new
205 ILCS 670/17.5 new
205 ILCS 670/19.2 new
205 ILCS 675/3from Ch. 17, par. 7003
815 ILCS 122/2-5
815 ILCS 122/2-10
815 ILCS 122/2-15
815 ILCS 122/2-17
815 ILCS 122/3-5

Replaces everything after the enacting clause. Amends the Consumer Installment Loan Act. Contains provisions concerning the licensure of specified parties. Contains provisions concerning permitted charges by a licensee. Contains provisions concerning small consumer loans and the scope of specified provisions. Contains provisions concerning (1) the terms and (2) loan amounts of small consumer loans. Contains provisions concerning the verification of a borrower's ability to repay a loan. Amends the Illinois Financial Services Development Act. Changes the term "financial institution" to reflect changes made to the Consumer Installment Loan Act. Amends the Payday Loan Reform Act. Contains provisions concerning (1) loan terms, (2) permitted fees, (3) verification of a borrower's ability to repay a loan, (4) consumer reporting services, and (5) licensure by specified parties under the Act.

 Fiscal Note (Financial & Professional Regulation)
 SB 1435 will have a projected fiscal impact of $8,200 to the Illinois Department of Financial and Professional Regulation in order to make the necessary system changes to meet this new mandate.

 Home Rule Note (Dept. of Commerce & Economic Opportunity)
 SB 1435 does not pre-empt home rule authority.

 State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
 SB 1435 does not create a State mandate.

 Balanced Budget Note (Office of Management and Budget)
 SB 1435 has no fiscal impact and adds no additional spending pressure to the General Revenue Fund or to the current Fiscal Year 2009 budget deficit.

Actions 
DateChamber Action
  2/18/2009SenateFiled with Secretary by Sen. Kimberly A. Lightford
  2/18/2009SenateFirst Reading
  2/18/2009SenateReferred to Assignments
  3/5/2009SenateAssigned to Executive
  3/5/2009SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
  3/5/2009SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/12/2009SenateDo Pass Executive; 012-000-000
  3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009
  3/18/2009SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Kimberly A. Lightford
  3/18/2009SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/25/2009SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  3/30/2009SenateSecond Reading
  3/30/2009SenatePlaced on Calendar Order of 3rd Reading March 31, 2009
  3/31/2009SenateSenate Floor Amendment No. 2 Held in Financial Institutions
  4/2/2009SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  4/2/2009SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
  4/2/2009SenateThird Reading - Passed; 057-000-000
  4/2/2009SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  4/2/2009SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  4/2/2009HouseArrived in House
  4/2/2009HousePlaced on Calendar Order of First Reading
  4/2/2009HouseChief House Sponsor Rep. Julie Hamos
  4/2/2009HouseFirst Reading
  4/2/2009HouseReferred to Rules Committee
  4/20/2009HouseAssigned to Executive Committee
  4/30/2009HouseAdded Alternate Chief Co-Sponsor Rep. Jehan A. Gordon
  4/30/2009HouseAdded Alternate Chief Co-Sponsor Rep. Elizabeth Coulson
  4/30/2009HouseAdded Alternate Chief Co-Sponsor Rep. Patricia R. Bellock
  4/30/2009HouseAdded Alternate Chief Co-Sponsor Rep. Michael K. Smith
  4/30/2009HouseAdded Alternate Co-Sponsor Rep. Harry Osterman
  5/8/2009HouseCommittee/Final Action Deadline Extended-9(b) May 22, 2009
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. David E. Miller
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. Eddie Washington
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. Elaine Nekritz
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. Greg Harris
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. Lou Lang
  5/13/2009HouseAdded Alternate Co-Sponsor Rep. Sara Feigenholtz
  5/18/2009HouseAdded Alternate Co-Sponsor Rep. Elizabeth Hernandez
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Thomas Holbrook
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. LaShawn K. Ford
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Mike Boland
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Marlow H. Colvin
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Esther Golar
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Kenneth Dunkin
  5/20/2009HouseAdded Alternate Co-Sponsor Rep. Al Riley
  5/21/2009HouseAdded Alternate Co-Sponsor Rep. Constance A. Howard
  5/21/2009HouseAdded Alternate Co-Sponsor Rep. Robert F. Flider
  5/21/2009HouseAdded Alternate Co-Sponsor Rep. Joseph M. Lyons
  5/21/2009HouseAdded Alternate Co-Sponsor Rep. Cynthia Soto
  5/21/2009HouseAdded Alternate Co-Sponsor Rep. Lisa M. Dugan
  5/21/2009HouseAdded Alternate Co-Sponsor Rep. Jack McGuire
  5/22/2009HouseFinal Action Deadline Extended-9(b) May 29, 2009
  5/26/2009HouseFiscal Note Requested by Rep. Sara Feigenholtz
  5/26/2009HouseState Mandates Fiscal Note Requested by Rep. Sara Feigenholtz
  5/26/2009HouseBalanced Budget Note Requested by Rep. Sara Feigenholtz
  5/26/2009HouseHome Rule Note Requested by Rep. Sara Feigenholtz
  5/26/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Executive Committee
  5/26/2009HouseHouse Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote
  5/26/2009HouseMotion Do Pass as Amended - Lost Executive Committee; 001-002-008
  5/26/2009HouseRemains in Executive Committee
  5/27/2009HouseFiscal Note Filed
  5/28/2009HouseHome Rule Note Filed
  5/28/2009HouseState Mandates Fiscal Note Filed
  5/29/2009HouseFinal Action Deadline Extended-9(b) May 31, 2009
  5/30/2009HouseBalanced Budget Note Filed
  5/31/2009HouseRule 19(a) / Re-referred to Rules Committee
  1/12/2011SenateSession Sine Die