Senate Sponsors: O'MALLEY-REA. House Sponsors: MADIGAN,MJ-FRITCHEY Short description: CONSUMER FINANCE Synopsis of Bill as introduced: Amends the Consumer Installment Loan Act and the Illinois Financial Services Development Act. Makes technical changes and adds a caption. FISCAL NOTE, H-AM 1 (Department of Financial Institutions) The fiscal impact on the Department would be $484,161 for 7 additional employees and their travel and office equipment. FISCAL NOTE, H-AM 1 (Office of Banks and Real Estate) The fiscal impact on the Office of Banks and Real Estate would be $250,000 for a one-time transfer among funds and $400,000 for annual operating costs associated with 7 additional staff. HOUSING AFFORDABILITY NOTE There will be no fiscal effect on the cost of constructing, purchasing, owning, or selling a single family residence. FISCAL NOTE, H-AM 2 (Department of Financial Institutions) The cost to the Department for rulemaking for hearings would not exceed $10,000. HOUSE AMENDMENT NO. 2. Deletes reference to: 205 ILCS 670/8 205 ILCS 675/6 Adds reference to: 205 ILCS 660/13 from Ch. 17, par. 5231 205 ILCS 670/22 from Ch. 17, par. 5428 Replaces everything after the enacting clause. Provides that the Department of Financial Institutions has the power under the Sales Finance Agency Act and the Consumer Installment Loan Act to promulgate rules that are necessary and appropriate for the protection of consumers. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 91-0698 Last action date: 00-05-06 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status