Senate Sponsors: CULLERTON. House Sponsors: BUGIELSKI-FEIGENHOLTZ-DEUCHLER Short description: INTEREST ACT CHARGES-TECHNICAL Synopsis of Bill as introduced: Amends the Interest Act. Adds a caption to a Section concerning charges that are deemed not to be consideration for a loan. SENATE AMENDMENT NO. 1. Deletes reference to: 815 ILCS 205/4.1a Adds reference to: 815 ILCS 205/4 from Ch. 17, par. 6404 Replaces the title and everything after the enacting clause. Provides that it is lawful to impose upon a borrower a cancellation fee not exceeding $500 if the borrower cancels a home equity line of credit. FISCAL NOTE (Dept. of Financial Inst.) SB 670 would have no fiscal impact on this Dept. STATE MANDATES FISCAL NOTE (DCCA) Fails to create a State mandate. HOME RULE NOTE SB 670 does not preempt home rule authority. HOUSING AFFORDABILITY NOTE This bill will have no direct impact on the cost of construc- ting, purchasing, owning or selling a single family residence. HOUSE AMENDMENT NO. 1. Provides that a cancellation fee not exceeding $500 may be charged unless otherwise prohibited by law. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status