PAYDAY LOAN-LOAN TERMS Senate SponsorsSen. Kimberly A. Lightford-Jacqueline Y. Collins, James T. Meeks, Michael Noland-Pamela J. Althoff-William Delgado, David Koehler-Jeffrey M. Schoenberg, Kwame Raoul, Mattie Hunter, Carol Ronen, Rickey R. Hendon and Dan Kotowski House Sponsors(Rep. David E. Miller-Eddie Washington-Patricia R. Bellock-Joseph M. Lyons-John A. Fritchey, Constance A. Howard, Elga L. Jefferies, Charles E. Jefferson, Harry Osterman, Michael K. Smith, Arthur L. Turner, Karen A. Yarbrough, Mary E. Flowers, LaShawn K. Ford, Esther Golar, Deborah L. Graham, Julie Hamos, Greg Harris, Jay C. Hoffman, Thomas Holbrook, Mike Boland, Richard T. Bradley, Daniel J. Burke, Linda Chapa LaVia, Annazette Collins, Marlow H. Colvin, Elizabeth Coulson, William Davis, Barbara Flynn Currie and Robert F. Flider) 1/13/2009SenateSession Sine Die 815 ILCS 122/1-10815 ILCS 122/2-5815 ILCS 122/2-55815 ILCS 122/4-5815 ILCS 122/4-30Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.Senate Committee Amendment No. 1 Deletes reference to:815 ILCS 122/2-5Further amends the Payday Loan Reform Act. Removes language prohibiting a lender from making periodic payments unless the payments are substantially equal term payments, and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the term. Restores language concerning the biennial report (instead of making it an annual report) containing a compilation of aggregate data concerning the payday loan industry.House Amendment No. 1 Adds a severability provision.House Amendment No. 2 In the definition of "payday loan", provides that it is a loan with a finance charge exceeding an annual percentage rate of 75%, instead of 36%.House Amendment No. 3 Adds reference to:815 ILCS 122/2-5815 ILCS 122/2-10Allows a payday lender to charge a consumer a fee not to exceed $1.50 for the verification that the proposed loan agreement is permissible under the Act. Changes the effective date to January 1, 2008. 2/9/2007SenateFiled with Secretary by Sen. Kimberly A. Lightford 2/9/2007SenateChief Co-Sponsor Sen. Jacqueline Y. Collins 2/9/2007SenateFirst Reading 2/9/2007SenateReferred to Rules 2/21/2007SenateAssigned to Financial Institutions 3/6/2007SenateAdded as Co-Sponsor Sen. James T. Meeks 3/8/2007SenatePostponed - Financial Institutions 3/14/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford 3/14/2007SenateSenate Committee Amendment No. 1 Referred to Rules 3/14/2007SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions 3/15/2007SenateSenate Committee Amendment No. 1 Adopted 3/15/2007SenateDo Pass as Amended Financial Institutions; 005-004-000 3/15/2007SenatePlaced on Calendar Order of 2nd Reading March 20, 2007 3/21/2007SenateAdded as Co-Sponsor Sen. Michael Noland 3/22/2007SenateSecond Reading 3/22/2007SenatePlaced on Calendar Order of 3rd Reading March 27, 2007 3/27/2007SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff 3/29/2007SenateAdded as Chief Co-Sponsor Sen. William Delgado 3/29/2007SenateAdded as Co-Sponsor Sen. David Koehler 3/30/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007 4/19/2007SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg 4/20/2007SenateAdded as Co-Sponsor Sen. Kwame Raoul 4/20/2007SenateAdded as Co-Sponsor Sen. Mattie Hunter 4/20/2007SenateAdded as Co-Sponsor Sen. Carol Ronen 4/20/2007SenateAdded as Co-Sponsor Sen. Rickey R. Hendon 4/20/2007SenateThird Reading - Passed; 044-007-001 4/20/2007HouseArrived in House 4/20/2007HousePlaced on Calendar Order of First Reading 4/20/2007HouseChief House Sponsor Rep. Eddie Washington 4/20/2007HouseFirst Reading 4/20/2007HouseReferred to Rules Committee 4/25/2007HouseAdded Alternate Chief Co-Sponsor Rep. Monique D. Davis 4/25/2007SenateAdded as Co-Sponsor Sen. Dan Kotowski 4/26/2007HouseAlternate Chief Sponsor Changed to Rep. David E. Miller 4/26/2007HouseAdded Alternate Chief Co-Sponsor Rep. Eddie Washington 4/30/2007HouseAssigned to Financial Institutions Committee 5/3/2007HouseAlternate Chief Co-Sponsor Removed Rep. Monique D. Davis 5/3/2007HouseAdded Alternate Chief Co-Sponsor Rep. Patricia R. Bellock 5/3/2007HouseAdded Alternate Chief Co-Sponsor Rep. Joseph M. Lyons 5/3/2007HouseAdded Alternate Chief Co-Sponsor Rep. John A. Fritchey 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Constance A. Howard 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Elga L. Jefferies 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Charles E. Jefferson 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Harry Osterman 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Michael K. Smith 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Arthur L. Turner 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers 5/3/2007HouseAdded Alternate Co-Sponsor Rep. LaShawn K. Ford 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Esther Golar 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Deborah L. Graham 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Julie Hamos 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Greg Harris 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Jay C. Hoffman 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Thomas Holbrook 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Mike Boland 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Richard T. Bradley 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Daniel J. Burke 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Linda Chapa LaVia 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Annazette Collins 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Marlow H. Colvin 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Elizabeth Coulson 5/3/2007HouseAdded Alternate Co-Sponsor Rep. William Davis 5/3/2007HouseAdded Alternate Co-Sponsor Rep. Barbara Flynn Currie 5/15/2007HouseHouse Amendment No. 1 Filed with Clerk by Financial Institutions Committee 5/15/2007HouseHouse Amendment No. 2 Filed with Clerk by Financial Institutions Committee 5/15/2007HouseHouse Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote 5/15/2007HouseHouse Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote 5/15/2007HouseRemains in Financial Institutions Committee 5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007 5/21/2007HouseAdded Alternate Co-Sponsor Rep. Robert F. Flider 5/22/2007HouseHouse Amendment No. 3 Filed with Clerk by Financial Institutions Committee 5/22/2007HouseHouse Amendment No. 3 Adopted in Financial Institutions Committee; by Voice Vote 5/22/2007HouseMotion Do Pass as Amended - Lost Financial Institutions Committee; 011-004-007 5/22/2007HouseRemains in Financial Institutions Committee 5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007 5/31/2007HouseRule 19(a) / Re-referred to Rules Committee 1/13/2009SenateSession Sine Die