MCCARTHY-LYONS,JOSEPH-DAVIS,MONIQUE. (O'MALLEY-SILVERSTEIN-LIGHTFORD) 815 ILCS 5/2.5a from Ch. 121 1/2, par. 137.2-5a 815 ILCS 5/2.9 from Ch. 121 1/2, par. 137.2-9 815 ILCS 5/2.12b from Ch. 121 1/2, par. 137.2-12b 815 ILCS 5/3 from Ch. 121 1/2, par. 137.3 815 ILCS 5/4 from Ch. 121 1/2, par. 137.4 815 ILCS 5/8 from Ch. 121 1/2, par. 137.8 815 ILCS 5/11 from Ch. 121 1/2, par. 137.11 815 ILCS 5/12 from Ch. 121 1/2, par. 137.12 815 ILCS 175/15-15 815 ILCS 175/15-40 815 ILCS 175/15-80 815 ILCS 307/10-25 815 ILCS 307/10-60 815 ILCS 602/5-5.10 815 ILCS 602/5-10 815 ILCS 602/5-45 Amends the Illinois Securities Law of 1953 by revising: definitions; Act applicability; criteria for denial, suspension, or revocation of registration under the Law; the time within which the Secretary of State may institute registration revocation or suspension proceedings; duties and powers of the Secretary of State; the time within which the Secretary of State may temporarily prohibit or suspend registration to prevent imminent violation of the Act; and descriptions of Act violations to include violations by investment adviser representatives. Amends the Illinois Loan Brokers Act of 1995 by deleting loan broker bond requirements. Amends the Business Brokers Act of 1995 by deleting a notice of lien filing fee requirement and by providing that violation of any one provision of 3 Sections, instead of violation of all 3, voids a business brokering services contract. Amends the Business Opportunities Sales Law of 1995 by revising: the definition of "business opportunity"; the exclusion of sellers or offerers of business opportunities from registration requirements by requiring them not to advertise, solicit, or sell the business opportunity for more than $500. Adds: that the Secretary of State may enter into an agreement with a business opportunity seller instead of denying, suspending, or revoking seller registration; that denial, suspension, or revocation by the Secretary of State is subject to judicial review. FISCAL NOTE (Department of Revenue) The Department has no authority or specific responsibilities under the Acts amended in HB 3944. Therefore, the Department is not the proper agency to fulfill this fiscal note request. HOUSE AMENDMENT NO. 1. Deletes reference to: 815 ILCS 175/15-15 815 ILCS 175/15-40 815 ILCS 175/15-80 Deletes all changes to the Illinois Loan Brokers Act of 1995 and thus restores loan broker bond requirements. 00-01-26 H FILED WITH CLERK 00-01-26 H ADDED AS A JOINT SPONSOR LYONS,JOSEPH 00-01-26 H FIRST READING 00-01-26 H REFERRED TO HOUSE RULES COMMITTEE RULES 00-02-02 H ASSIGNED TO COMMITTEE JUD-CIVIL LAW 00-02-09 H DO PASS/SHORT DEBATE 011-000-000 HJUA 00-02-09 H PLACED CALENDAR 2ND READING-SHORT DEBATE 00-02-09 H SECOND READING-SHORT DEBATE 00-02-09 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 00-02-10 H ADDED AS A JOINT SPONSOR DAVIS,MONIQUE 00-02-14 H FISCAL NOTE FILED 00-02-14 H CALENDAR ORDER 3RD READING-SHORT DEBATE 00-02-29 H MOTION PREVAILED- RECALL TO 2ND READING 00-02-29 H AMENDMENT NO. 01-MCCARTHY 00-02-29 H AMENDMENT REFERRED TO HRUL 00-02-29 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 00-03-01 H AMENDMENT NO. 01-MCCARTHY 00-03-01 H RECOMMENDS BE ADOPTED HRUL/005-000-000 00-03-01 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 00-03-02 H AMENDMENT NO. 01-MCCARTHY 00-03-02 H ADOPTED 00-03-02 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 00-03-03 H THIRD READING/SHORT DEBATE/PASSED 117-000-000 00-03-06 S ARRIVE IN SENATE 00-03-06 S PLACED CALENDAR ORDER OF FIRST READING 00-03-07 00-03-06 S CHIEF SPONSOR O'MALLEY 00-03-06 S FIRST READING 00-03-06 S REFERRED TO SENATE RULES COMMITTEE RULES 00-03-09 S ASSIGNED TO COMMITTEE FIN INST 00-03-23 S ADDED AS A CHIEF CO-SPONSOR SILVERSTEIN 00-03-24 S DO PASS 007-000-000 SFIC 00-03-24 S PLACED ON CALENDAR ORDER OF 2ND READING 00-03-28 00-03-28 S SECOND READING 00-03-28 S PLACED ON CALENDAR ORDER OF 3RD READING 00-03-29 00-03-29 S ADDED AS A CHIEF CO-SPONSOR LIGHTFORD 00-03-29 S THIRD READING - PASSED 058-000-000 00-03-29 H PASSED BOTH HOUSES 00-04-28 H SENT TO THE GOVERNOR 00-06-13 H GOVERNOR APPROVED 00-06-13 H EFFECTIVE DATE 01-01-01 00-06-13 H PUBLIC ACT.............................. 91-0809 END OF INQUIRY Full Text Bill Summary