HB3752 96TH GENERAL ASSEMBLY

LRB096 09960 MJR 20124 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB3752

Introduced 2/25/2009, by Rep. Jehan A. Gordon

SYNOPSIS AS INTRODUCED:

205 ILCS 5/32.2 new

Amends the Illinois Banking Act. Provides that, on and after the effective date of the amendatory Act, any bank chartered under the Act that does business with the State must not offer either (i) No Income No Asset Loans or (ii) No Income, No Job, and No Asset Loans to customers or prospective customers.

A BILL FOR

AN ACT concerning financial regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Banking Act is amended by adding Section 32.2 as follows:

(205 ILCS 5/32.2 new)

Sec. 32.2. State business; prohibition on No Income, No Job, and No Asset Loans. On and after the effective date of this amendatory Act of the 96th General Assembly, a bank chartered under this Act that does business with the State must not offer either (i) No Income No Asset Loans (NINA Loans) or (ii) No Income, No Job, and No Asset Loans (NINJA Loans).