INTEREST-COMPUTE-360 DAY YEAR Senate SponsorsSen. Don Harmon-Kimberly A. Lightford House Sponsors(Rep. John E. Bradley-Roger L. Eddy-Thomas Holbrook, Lou Lang, Joseph M. Lyons, Dan Reitz, Brandon W. Phelps, Patrick J. Verschoore and Randy Ramey, Jr.) 8/3/2010SenatePublic Act . . . . . . . . . 96-1421 815 ILCS 122/1-1Amends the Payday Loan Reform Act. Makes a technical change in a Section concerning the short title.Senate Floor Amendment No. 1 Deletes reference to:815 ILCS 122/1-1Adds reference to:815 ILCS 205/4from Ch. 17, par. 6404Replaces everything after the enacting clause. Amends the Interest Act. Provides that for purposes of certain provisions concerning loans made to corporations or for certain business purposes, a rate or amount of interest may be lawfully computed when applying the ratio of the annual interest rate over a year based on 360 days. Provides that the provisions of the amendatory Act are declarative of existing law. Effective immediately. 2/6/2009SenateFiled with Secretary by Sen. John J. Cullerton 2/6/2009SenateFirst Reading 2/6/2009SenateReferred to Assignments 3/5/2009SenateAssigned to Executive 3/12/2009SenateDo Pass Executive; 012-000-000 3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009 4/3/2009SenateRule 2-10 Third Reading Deadline Established As April 30, 2009 4/23/2009SenateSecond Reading 4/23/2009SenatePlaced on Calendar Order of 3rd Reading April 28, 2009 8/15/2009SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 3/4/2010SenateApproved for Consideration Assignments 3/4/2010SenatePlaced on Calendar Order of 3rd Reading March 9, 2010 3/4/2010SenateChief Sponsor Changed to Sen. Don Harmon 3/11/2010SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon 3/11/2010SenateSenate Floor Amendment No. 1 Referred to Assignments 3/16/2010SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions 3/16/2010SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 009-000-000 3/18/2010SenateRecalled to Second Reading 3/18/2010SenateSenate Floor Amendment No. 1 Adopted; Harmon 3/18/2010SenatePlaced on Calendar Order of 3rd Reading 3/18/2010SenateThird Reading - Passed; 058-000-000 3/18/2010HouseArrived in House 3/18/2010HouseChief House Sponsor Rep. John E. Bradley 3/18/2010HousePlaced on Calendar Order of First Reading 3/18/2010HouseFirst Reading 3/18/2010HouseReferred to Rules Committee 3/29/2010HouseAdded Alternate Co-Sponsor Rep. Lou Lang 3/31/2010HouseAdded Alternate Co-Sponsor Rep. Joseph M. Lyons 4/15/2010HouseAdded Alternate Chief Co-Sponsor Rep. Roger L. Eddy 4/15/2010HouseAlternate Chief Co-Sponsor Changed to Rep. Roger L. Eddy 4/15/2010HouseAdded Alternate Chief Co-Sponsor Rep. Thomas Holbrook 4/22/2010HouseAdded Alternate Co-Sponsor Rep. Karen A. Yarbrough 4/27/2010HouseFinal Action Deadline Extended-9(b) May 7, 2010 4/27/2010HouseAssigned to Financial Institutions Committee 5/3/2010HouseAdded Alternate Co-Sponsor Rep. Dan Reitz 5/3/2010HouseAdded Alternate Co-Sponsor Rep. Brandon W. Phelps 5/3/2010HouseAdded Alternate Co-Sponsor Rep. Patrick J. Verschoore 5/3/2010HouseDo Pass / Short Debate Financial Institutions Committee; 014-004-005 5/3/2010HousePlaced on Calendar 2nd Reading - Short Debate 5/3/2010HouseSecond Reading - Short Debate 5/3/2010HouseHeld on Calendar Order of Second Reading - Short Debate 5/5/2010HouseAlternate Co-Sponsor Removed Rep. Karen A. Yarbrough 5/5/2010HouseAdded Alternate Co-Sponsor Rep. Randy Ramey, Jr. 5/6/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/7/2010SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford 5/7/2010HouseThird Reading - Short Debate - Passed 073-036-006 5/7/2010SenatePassed Both Houses 6/4/2010SenateSent to the Governor 8/3/2010SenateGovernor Approved 8/3/2010SenateEffective Date August 3, 2010 8/3/2010SenatePublic Act . . . . . . . . . 96-1421