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.