COLVIN-HOWARD-YARBROUGH-FLOWERS-BROSNAHAN, HOFFMAN, MILLER, FRITCHEY, FEIGENHOLTZ, JEFFERSON, TURNER,ART, DART AND LYONS,JOSEPH. (SULLIVAN) New Act Create the Tax Refund Anticipation Loan Act. Requires persons engaged in the business of making or facilitating tax refund anticipation loans to register with the Department of Financial Institutions. Provides that certain disclosures regarding interest and fees must be made in conjunction with tax refund anticipation loans. Authorizes the Department of Financial Institutions to impose civil penalties for violation. Provides borrowers a private remedy. Authorizes the award of attorney's fees. Provides that certain violations constitute a Class A misdemeanor. Effective July 1, 2002. HOME RULE NOTE (Illinois Department of Commerce and Community Affairs) HB 4106 concerns the Department of Financial Institutions and private industry. The legislation does not affect a unit of local government, nor does it pre-empt home rule powers. Therefore, in the opinion of DCCA, HB 4106 does not pre-empt home rule authority. HOUSE AMENDMENT NO. 1. Replaces everything after the enacting clause. Creates the Tax Refund Anticipation Loan Disclosure Act. Requires persons who make tax refund anticipation loans to make specific disclosures to borrowers concerning fees, the date loan proceeds will be disbursed, and the average time within which refunds may be expected with regard to electronically filed tax returns. Eliminates the role of the Department of Financial Institutions. Effective July 1, 2002. HOUSE AMENDMENT NO. 2. Changes the term "creditor" to "facilitator" and the term "debtor" to "borrower". Excludes licensees under the Consumer Installment Loan Act from the scope of the Act. Requires disclosure of a fee schedule rather than of the fee for a tax refund anticipation loan. Effective January 1, 2003. HOUSE AMENDMENT NO. 3. Changes the term "creditor" to "facilitator" and the term "debtor" to "borrower". Excludes licensees under the Consumer Installment Loan Act from the scope of the Act. Requires disclosure of a fee schedule rather than of the fee for a tax refund anticipation loan. Requires disclosure of the estimated date that loan proceeds will be paid if the loan is approved. Effective January 1, 2003. FISCAL NOTE, H-AM 3 (Attorney General) This bill will not have a measurable fiscal impact on the Attorney General Office. Because the number of referrals DFI may make under this Act is unknown, it is difficult to precisely predict a fiscal impact, although it is not expected that fiscal impact would be significant. JAN-29-2002 H FILED WITH CLERK JAN-29-2002 H FIRST READING JAN-29-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-30-2002 H ASSIGNED TO COMMITTEE REVENUE FEB-05-2002 H ADDED AS A JOINT SPONSOR HOWARD FEB-05-2002 H ADDED AS A JOINT SPONSOR YARBROUGH FEB-05-2002 H ADDED AS A JOINT SPONSOR FLOWERS FEB-05-2002 H ADDED AS A JOINT SPONSOR BROSNAHAN FEB-05-2002 H ADDED AS A CO-SPONSOR HOFFMAN FEB-05-2002 H ADDED AS A CO-SPONSOR COLLINS FEB-05-2002 H ADDED AS A CO-SPONSOR MILLER FEB-05-2002 H ADDED AS A CO-SPONSOR FRITCHEY FEB-05-2002 H ADDED AS A CO-SPONSOR FEIGENHOLTZ FEB-05-2002 H ADDED AS A CO-SPONSOR JEFFERSON FEB-05-2002 H ADDED AS A CO-SPONSOR TURNER,ART FEB-05-2002 H ADDED AS A CO-SPONSOR MURPHY FEB-05-2002 H ADDED AS A CO-SPONSOR DART FEB-06-2002 H ADDED AS A CO-SPONSOR LYONS,JOSEPH FEB-15-2002 H HOME RULE NOTE FILED FEB-15-2002 H COMMITTEE REVENUE FEB-22-2002 H AMENDMENT NO. 01-REVENUE H FEB-22-2002 H ADOPTED SUBCOM FEB-22-2002 H DO PASS AMENDED/SHORT DEBATE 011-000-000 HREV FEB-22-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-20-2002 H SECOND READING-SHORT DEBATE MAR-20-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAR-20-2002 H RECALLED TO SECOND READING-SHORT DEBATE MAR-20-2002 H AMENDMENT NO. 02-COLVIN MAR-20-2002 H AMENDMENT REFERRED TO HRUL MAR-20-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-02-2002 H AMENDMENT NO. 02-COLVIN APR-02-2002 H RECOMMENDS BE ADOPTED HRUL/005-000-000 APR-02-2002 H AMENDMENT NO. 03-COLVIN APR-02-2002 H AMENDMENT REFERRED TO HRUL APR-02-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE APR-04-2002 H AMENDMENT NO. 03-COLVIN APR-04-2002 H RECOMMENDS BE ADOPTED HRUL/005-000-000 APR-04-2002 H AMENDMENT NO. 02-COLVIN APR-04-2002 H ADOPTED APR-04-2002 H AMENDMENT NO. 03-COLVIN APR-04-2002 H ADOPTED APR-04-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE APR-05-2002 H THIRD READING/SHORT DEBATE/PASSED 115-000-000 APR-09-2002 S ARRIVE IN SENATE APR-09-2002 S PLACED CALENDAR ORDER OF FIRST READING 02-04-10 APR-10-2002 S FISCAL NOTE FILED AS AMENDED HA 03 APR-11-2002 S CHIEF SPONSOR SULLIVAN APR-16-2002 S FIRST READING APR-16-2002 S REFERRED TO SENATE RULES COMMITTEE RULES APR-17-2002 S ASSIGNED TO COMMITTEE FIN INST APR-25-2002 S DO PASS 007-000-000 SFIC APR-25-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-05-06 MAY-06-2002 S SECOND READING MAY-06-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-05-07 MAY-07-2002 S THIRD READING - PASSED 056-000-000 MAY-07-2002 H PASSED BOTH HOUSES JUN-05-2002 H SENT TO THE GOVERNOR JUL-16-2002 H GOVERNOR APPROVED JUL-16-2002 H EFFECTIVE DATE 03-01-01 JUL-16-2002 H PUBLIC ACT.............................. 92-0664 END OF INQUIRY Full Text Bill Summary