PAYDAY LOAN-PROHIBITED ACTS Senate SponsorsSen. Donne E. Trotter 1/13/2009SenateSession Sine Die 815 ILCS 122/1-10815 ILCS 122/2-5815 ILCS 122/3-5815 ILCS 122/4-5Amends the Payday Loan Reform Act. In the definition of "payday loan", deletes an element that the loan have a finance charge exceeding an annual percentage rate of 36%. Provides that a lender may not charge more than $10 (instead of $15.50) per $100 loaned on any payday loan over the term of the loan. In provisions regarding loan terms, provides that, in addition to any administrative fee, a lender may not charge interest on the amount of cash delivered to the consumer in an equivalent greater than 36% per annum and adds other requirements regarding rates. Requires a licensee to have unencumbered assets of at least $50,000 per location. Prohibits placement of a new location within 2,500 feet of any business licensed under the Act. Prohibits a device or agreement that would have the effect of charging or collecting more interest than allowed by the Act, charging interest other than as authorized by the Act, or including any jury trial waiver or mandatory arbitration clause in loan documents. Effective immediately. 2/15/2008SenateFiled with Secretary by Sen. Donne E. Trotter 2/15/2008SenateFirst Reading 2/15/2008SenateReferred to Rules 2/28/2008SenateAssigned to Financial Institutions 3/3/2008SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/6/2008SenatePostponed - Financial Institutions 3/12/2008SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Donne E. Trotter 3/12/2008SenateSenate Committee Amendment No. 1 Referred to Rules 3/13/2008SenateHeld in Financial Institutions 3/14/2008SenateRule 3-9(a) / Re-referred to Rules 3/31/2008SenateSponsor Removed Sen. Jacqueline Y. Collins 1/13/2009SenateSession Sine Die