Illinois General Assembly - Bill Status for HB5831
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 Bill Status of HB5831  94th General Assembly


Short Description:  PAYDAY LOAN ACT-MILITARY LOANS

House Sponsors
Rep. John A. Fritchey

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/15f new
815 ILCS 122/2-50


Synopsis As Introduced
Amends Consumer Installment Loan Act. Restricts lending practices by licensees to members of the military or spouses of the members of the military including that: (i) a licensee may not garnish the wages or salaries of a borrower who is a member of the military or is the spouse of a member of the military; (ii) in addition to any rights and obligations provided under the federal Servicemembers Civil Relief Act, a licensee shall suspend and defer collection activity against a borrower who is a member of the military and who has been deployed to a combat or combat support posting, or to the spouse of a borrower who is a member of the military and who has been deployed to a combat or combat support posting, for the duration of the deployment; (iii) a licensee may not knowingly contact the military chain of command of a borrower who is a member of the military in an effort to collect on any loan; (iv) licensees must honor the terms of any repayment plan that they have entered into with any borrower who is a member of the military, including a repayment agreement negotiated through military counselors or third-party credit counselors; and (v) a licensee may not use any military design or insignia on any advertising material or other material distributed to a member of the military or the spouse of member of the military that suggests military approval or endorsement of any product of that licensee. Defines "member of the military". Amends the Payday Loan Reform Act. Provides that the prohibitions and restrictions on lenders of payday loans to members of the military apply to the spouses of the members of the military. Prohibits a lender from using any military design or insignia on any advertising material or other material distributed to a member of the military or the spouse of a member of the military that suggests military approval or endorsement of any product of that lender. Effective immediately.

Actions 
DateChamber Action
  9/8/2006HouseFiled with the Clerk by Rep. John A. Fritchey
  11/1/2006HouseFirst Reading
  11/1/2006HouseReferred to Rules Committee
  1/9/2007HouseSession Sine Die

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