093_HB3176

 
                                     LRB093 09857 WGH 10105 b

 1        AN ACT concerning lending.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Fairness  in  Lending  Act is
 5    amended by changing Section 2 as follows:

 6        (815 ILCS 120/2) (from Ch. 17, par. 852)
 7        Sec. 2. As used in this Act:
 8        (a)  "Financial  Institution"  means  any  bank,   credit
 9    union,  insurance  company, mortgage banking company, savings
10    bank, or savings and loan association which operates or has a
11    place of business in this State.
12        (b)  "Person" means any natural person.
13        (c)  "Varying the terms of a loan" includes, but  is  not
14    limited to the following practices:
15             (1)  Requiring  a  greater than average down payment
16        than is usual for the particular type of a loan involved.
17             (2)  Requiring a shorter period of amortization than
18        is usual for the particular type of loan involved.
19             (3)  Charging a higher interest rate than  is  usual
20        for the particular type of loan involved.
21             (4)  An  underappraisal of real estate or other item
22        of property offered as security.
23    (Source: P.A. 81-1391.)

24        Section 99. Effective date. This Act  takes  effect  upon
25    becoming law.