Illinois General Assembly - Full Text of HB0779
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Full Text of HB0779  103rd General Assembly


Sen. Elgie R. Sims, Jr.

Filed: 11/8/2023





10300HB0779sam002LRB103 04371 RPS 65273 a


2    AMENDMENT NO. ______. Amend House Bill 779, AS AMENDED,
3with reference to page and line numbers of Senate Amendment
4No. 1, as follows:
5on page 35, line 24, by replacing "Mortgage" with
6"Multistate"; and
7on page 36, line 5, by replacing "Mortgage" with "Multistate";
9on page 37, line 8, by replacing "Mortgage" with "Multistate";
11by replacing line 6 on page 38 through line 7 on page 39 with
12the following:
13    "Section 10-60. Pawnbroker annual report.



10300HB0779sam002- 2 -LRB103 04371 RPS 65273 a

1    (a) The Department shall, in conjunction with advice from
2a professional association that represents 50 or more
3licensees, issue an annual report, via an Internet-based
4program, of aggregate pawnbroker activity within 180 days
5after the beginning of the calendar year. The report shall
6contain at a minimum:
7        (1) The number of licensed pawnbrokers.
8        (2) The total dollar amount financed.
9        (3) The total number of pawns for each value threshold
10    set forth in subsection (c) of Section 15-10.
11        (4) The total dollar amount of extensions.
12        (5) The total number of extensions for each value
13    threshold set forth in subsection (c) of Section 15-10.
14        (6) The average pawn dollar amount for each value
15    threshold set forth in subsection (c) of Section 15-10.
16        (7) The average monthly finance charge for each value
17    threshold set forth in subsection (c) of Section 15-10.
18        (8) The percentage of pawns surrendered to law
19    enforcement.
20        (9) The percentage of total pawns surrendered to law
21    enforcement by dollar amount.
22        (10) The percentage of pawns redeemed.
23        (11) The percentage of pawns extended.
24        (12) The total number of pawnbroker employees.
25        (13) The total number of licensees reporting.
26        (14) The total number of complaints received and



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1    resolved by the Department.
2        (15) The total number of defaulted pawn transactions
3    reported to a credit bureau.
4        (16) The total number of defaulted pawn transactions
5    sent to a collection agency.
6        (17) The total number of defaulted pawn transactions
7    resulting in wage garnishment or legal action to collect.
8        (18) The total number of pawn transactions reported to
9    law enforcement.
10    (b) The Secretary may retain qualified persons to prepare
11and report findings (1) identifying pawns and small dollar
12loans that are available to Illinois consumers, (2) collecting
13and analyzing pawns and loan-level data for small dollar
14loans, and (3) compiling aggregate data and trends for pawns
15and small dollar loans used by Illinois consumers. The
16Secretary shall make the report available to the Governor, the
17General Assembly, and the public.
18    In this subsection, "pawns and small dollar loans" means
19pawns and lending products with a value of $2,500 or less,
20including, but not limited to, pawns, consumer installment
21loans, and other extensions of credit, whether or not offered
22by entities chartered or licensed in Illinois."; and
23on page 40, line 17, by replacing "subsections (a) and (b)"
24with "subsection (a)"; and



10300HB0779sam002- 4 -LRB103 04371 RPS 65273 a

1on page 42, line 8, by replacing "subsection (b)" with
2"subsection (a)"; and
3on page 42, line 12, by replacing "subsection (b)" with
4"subsection (a)"; and
5on page 42, line 19, by replacing "subsection (b)" with
6"subsection (a)"; and
7on page 42, line 22, by replacing "subsection (b)" with
8"subsection (a)"; and
9on page 43, line 1, by replacing "10-70. 10-70." with
10"10-70."; and
11on page 48, line 26, by replacing "$500 or more and $1,500 or
12less" with "at or above $500 and less than $1,500"; and
13on page 49, line 1, by replacing "of over $1,500" with "at or
14above $1,500"; and
15on page 49, line 2, by replacing "$5,000 or less" with "less
16than $5,000"; and
17on page 49, line 3, by replacing "of over $5,000" with "at or
18above $5,000".