Senate Sponsors: PETERSON. House Sponsors: MOORE,ANDREA Short description: INC TX-SALES FINANCE COMPANY Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Changes the definition of "sales finance company" to include within the Act certain corporations or a person primarily engaged in the business of purchasing or making loans upon the security of customer receivables (now, retail installment contracts, retail charge agreements, or the outstanding balances under such agreements). Defines customer receivable. Provides that this amendatory Act is declaratory of existing law. Effective January 1, 2000. HOUSE AMENDMENT NO. 1. Changes the definition of "sales finance company" to include within the Act a person primarily engaged in the business of purchasing customer receivables, making loans upon the security of customer receivables, making loans to fund purchases of personal property or services by the borrower, or finance leasing. Provides that a finance lease shall be treated as a loan or other extension of credit. Last action on Bill: PUBLIC ACT.............................. 91-0535 Last action date: 99-08-13 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status