Full Text of HB2795 98th General Assembly
HB2795ham001 98TH GENERAL ASSEMBLY | Rep. Elgie R. Sims, Jr. Filed: 3/11/2013
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| 1 | | AMENDMENT TO HOUSE BILL 2795
| 2 | | AMENDMENT NO. ______. Amend House Bill 2795 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by adding | 5 | | Sections 5.826 and 6z-98 as follows: | 6 | | (30 ILCS 105/5.826 new) | 7 | | Sec. 5.826. The Small Loan Community Reinvestment Fund. | 8 | | (30 ILCS 105/6z-98 new) | 9 | | Sec. 6z-98. The Small Loan Community Reinvestment Fund; | 10 | | creation. The Small Loan Community Reinvestment Fund is hereby | 11 | | created as a special fund in the State Treasury. Moneys in the | 12 | | Fund shall be used by the Department of Commerce and Economic | 13 | | Opportunity to make grants to not-for-profit organizations | 14 | | dedicated to educational tutoring and development, financial | 15 | | literacy, early childhood development, youth mentoring, and |
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| 1 | | senior services. Moneys in the Fund shall be used primarily in | 2 | | geographic areas of the State with high concentrations of | 3 | | payday loan facilities, title-secured loan facilities, and | 4 | | small consumer loan facilities. For purposes of this Section, | 5 | | the term "payday loan" has the meaning ascribed to that term in | 6 | | the Payday Loan Reform Act. For purposes of this Section, the | 7 | | terms "title-secured loan" and "small consumer loan" have the | 8 | | meanings ascribed to those terms in Section 15 of the Consumer | 9 | | Installment Loan Act. | 10 | | Section 10. The Consumer Installment Loan Act is amended by | 11 | | adding Section 15f as follows: | 12 | | (205 ILCS 670/15f new) | 13 | | Sec. 15f. Surcharge imposed. | 14 | | (a) An surcharge is hereby imposed upon each licensee in an | 15 | | amount equal to $1 for each title-secured loan or small | 16 | | consumer loan made by that licensee. Each licensee must file a | 17 | | return on a form provided by the Department of Revenue, and | 18 | | must remit payment to the Department of Revenue on a monthly | 19 | | basis no later than the 15th day of the month immediately | 20 | | following the month in which the loan is made. Each return must | 21 | | state the following: | 22 | | (1) the name of the licensee; | 23 | | (2) the address of the licensee; | 24 | | (3) the total number of title-secured loans and small |
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| 1 | | consumer loans made by the licensee in the previous | 2 | | calendar month; and | 3 | | (4) the total amount of the surcharge due for the | 4 | | previous calendar month. | 5 | | (b) The Department of Revenue shall pay all proceeds | 6 | | collected from the surcharge imposed under this Section into | 7 | | the Small Loan Community Reinvestment Fund, less 2% of those | 8 | | proceeds, which shall be paid into the Tax Compliance and | 9 | | Administration Fund in the State treasury from which it shall | 10 | | be appropriated to the Department of Revenue to cover the costs | 11 | | of the Department in administering and enforcing the provisions | 12 | | of this Section. | 13 | | (c) All the provisions of Sections 4, 5, 5a, 5b, 5c, 5d, | 14 | | 5e, 5f, 5g, 5i, 5j, 6, 6a, 6b, 6c, 7, 8, 9, 10, 11, and 13 of | 15 | | the Retailers' Occupation Tax Act that are not inconsistent | 16 | | with this Act apply, as far as practicable, to the surcharge | 17 | | imposed by this Section to the same extent as if those | 18 | | provisions were included in this Section. References in the | 19 | | incorporated Sections of the Retailers' Occupation Tax Act to | 20 | | retailers, to sellers, or to persons engaged in the business of | 21 | | selling tangible personal property mean licensees. All | 22 | | provisions of the Uniform Penalty and Interest Act which are | 23 | | not inconsistent with this Act shall apply. | 24 | | (d) Any licensee who fails to make a return or who makes a | 25 | | fraudulent return is guilty of a Class 4 felony. |
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| 1 | | Section 15. The Payday Loan Reform Act is amended by adding | 2 | | Section 4-17 as follows: | 3 | | (815 ILCS 122/4-17 new) | 4 | | Sec. 4-17. Surcharge imposed. | 5 | | (a) An surcharge is hereby imposed upon each lender in an | 6 | | amount equal to $1 for each payday loan made by that lender. | 7 | | Each lender must file a return on a form provided by the | 8 | | Department of Revenue, and must remit payment to the Department | 9 | | of Revenue on a monthly basis no later than the 15th day of the | 10 | | month immediately following the month in which the loan is | 11 | | made. Each return must state the following: | 12 | | (1) the name of the lender; | 13 | | (2) the address of the lender; | 14 | | (3) the total number of payday loans made by the lender | 15 | | in the previous calendar month; and | 16 | | (4) the total amount of the surcharge due for the | 17 | | previous calendar month. | 18 | | (b) The Department of Revenue shall pay all proceeds | 19 | | collected from the surcharge imposed under this Section into | 20 | | the Small Loan Community Reinvestment Fund, less 2% of those | 21 | | proceeds, which shall be paid into the Tax Compliance and | 22 | | Administration Fund in the State treasury from which it shall | 23 | | be appropriated to the Department of Revenue to cover the costs | 24 | | of the Department in administering and enforcing the provisions | 25 | | of this Section. |
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| 1 | | (c) All the provisions of Sections 4, 5, 5a, 5b, 5c, 5d, | 2 | | 5e, 5f, 5g, 5i, 5j, 6, 6a, 6b, 6c, 7, 8, 9, 10, 11, and 13 of | 3 | | the Retailers' Occupation Tax Act that are not inconsistent | 4 | | with this Act apply, as far as practicable, to the surcharge | 5 | | imposed by this Section to the same extent as if those | 6 | | provisions were included in this Section. References in the | 7 | | incorporated Sections of the Retailers' Occupation Tax Act to | 8 | | retailers, to sellers, or to persons engaged in the business of | 9 | | selling tangible personal property mean lenders. All | 10 | | provisions of the Uniform Penalty and Interest Act which are | 11 | | not inconsistent with this Act shall apply. | 12 | | (d) Any lender who fails to make a return or who makes a | 13 | | fraudulent return is guilty of a Class 4 felony. ".
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