DART-PARKE-FRITCHEY-BLACK-STROGER AND MORROW. New Act 20 ILCS 1205/6 from Ch. 17, par. 106 Creates the Payday Loan Interest Cap Act. Provides that a financial institution that makes a short-term loan based on a borrower's paycheck and the use of a pre-dated personal check as collateral may charge no more than the prime interest rate for the loan. Amends the Financial Institutions Code to provide that the Department of Financial Institutions has the power to establish rules for the regulation of the Payday Loan Interest Cap Act. Effective immediately. FISCAL NOTE (Department of Financial Institutions) Costs could be absorbed in the current budget. HOUSE AMENDMENT NO. 1. Deletes reference to: 20 ILCS 1205/6 Deletes everything. Creates the Deferred Presentment Act. Provides that no person may engage in the business of deferring presentment or negotiation of checks without obtaining a license from the Department of Financial Institutions. Provides that a licensee must keep certain records and make reports to the Department. Provides that the Department may examine and investigate licensees. BALANCED BUDGET NOTE, H-AM 1 (Bureau of the Budget) Since this bill is not a supplemental appropriation bill, the Balanced Budget Note Act is inapplicable. JUDICIAL NOTE (Administrative Office of Ill. Courts) There may be a minimal increase in judicial workloads; there would be no increase in the number of judges needed. JUDICIAL NOTE, H-AM 1 (Administrative Office of Ill. Courts) Same as previous note. HOUSING AFFORDABILITY NOTE (Housing Development Auth.) No fiscal effect on a single-family residence. HOUSING AFFORDABILITY NOTE, H-AM 1 (Housing Development Auth.) Same as previous note. HOME RULE NOTE, H-AM 1 (Department of Commerce and Community Affairs) HB 2704 (H-am 1) does not pre-empt home rule authority. STATE MANDATES NOTE, H-AM 1 (Department of Commerce and Community Affairs) HB 2704 (H-am 1) does not create a State mandate. FISCAL NOTE, H-AM 1 (Department of Financial Institutions) First year operational fiscal impact would be $300,727. FISCAL NOTE, H-AM 2 (Deparment of Financial Institutions) Total fiscal impact would be $350,727. HOUSE AMENDMENT NO. 3. Deletes everything except the short title. 99-02-22 H FIRST READING 99-02-22 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-02-24 H ASSIGNED TO COMMITTEE CONSUMER PROT 99-03-03 H FISCAL NOTE FILED 99-03-03 H COMMITTEE CONSUMER PROT 99-03-04 H AMENDMENT NO. 01-CONSUMER PROT H 99-03-04 H ADOPTED 99-03-04 H DO PASS AMENDED/SHORT DEBATE 009-000-000 HCON 99-03-04 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-03-04 H STATE MANDATES FISCAL NOTE REQUESTED PANKAU 99-03-04 H HOME RULE NOTE REQUESTED PANKAU 99-03-04 H HOUSING AFORDABLTY IMPCT NOTE REQUESTED PANKAU 99-03-04 H JUDICIAL NOTE REQUESTED PANKAU 99-03-04 H FISCAL NOTE REQUESTED AS AMENDED PANKAU 99-03-04 H STATE MNDT FISCAL NOTE RQSTD AS AMENDED PANKAU 99-03-04 H BALANCED BUDGET NOTE REQUESTED AS AMEND PANKAU 99-03-04 H HOME RULE NOTE REQUESTED AS AMENDED PANKAU 99-03-04 H HOUS AFFORD IMPCT NOTE REQ AS AMENDED PANKAU 99-03-04 H JUDICIAL NOTE REQUESTED AS AMENDED PANKAU 99-03-04 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-04 H ADDED AS A JOINT SPONSOR PARKE 99-03-09 H BALANCED BUDGET NOTE FILED AS AMENDED BY HOUSE AMEND #1 99-03-09 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-10 H JOINT-SPONSOR CHANGED TO FRITCHEY 99-03-11 H JUDICIAL NOTE FILED 99-03-11 H JUDICIAL NOTE FILED AS AMENDED BY HOUSE AMEND #1 99-03-11 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-15 H HOUSING AFORDABILITY IMPCT NOTE FILED 99-03-15 H HOUS AFFORD IMPCT NOTE FLD AS AMENDED BY HOUSE AMEND #1 99-03-15 H CALENDAR ORDER 2ND READING-SHORT DEBATE 99-03-16 H SECOND READING-SHORT DEBATE 99-03-16 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-18 H ADDED AS A JOINT SPONSOR BLACK 99-03-18 H HOME RULE NOTE FILED AS AMENDED BY HOUSE AMEND #1 99-03-18 H STATE MNDT FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #1 99-03-18 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-19 H FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #1 99-03-19 H AMENDMENT NO. 02-DART 99-03-19 H AMENDMENT REFERRED TO HRUL 99-03-19 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-23 H ADDED AS A CO-SPONSOR MORROW 99-03-24 H AMENDMENT NO. 03-DART 99-03-24 H AMENDMENT REFERRED TO HRUL 99-03-24 H AMENDMENT NO. 04-DART 99-03-24 H AMENDMENT REFERRED TO HRUL 99-03-24 H AMENDMENT NO. 02-DART 99-03-24 H RULES REFERS TO HCON 99-03-24 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-25 H FISCAL NOTE FILED AS AMENDED BY HOUSE AMEND #2 99-03-25 H AMENDMENT NO. 03-DART 99-03-25 H RECOMMENDS BE ADOPTED HRUL 99-03-25 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-26 H AMENDMENT NO. 03-DART 99-03-26 H ADOPTED 99-03-26 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-03-26 H ADDED AS A JOINT SPONSOR STROGER 99-03-26 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary