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
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status