Rep. Elgie R. Sims, Jr.

Filed: 3/11/2013

 

 


 

 


 
09800HB2795ham001LRB098 07004 HLH 42474 a

1
AMENDMENT TO HOUSE BILL 2795

2    AMENDMENT NO. ______. Amend House Bill 2795 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State Finance Act is amended by adding
5Sections 5.826 and 6z-98 as follows:
 
6    (30 ILCS 105/5.826 new)
7    Sec. 5.826. The Small Loan Community Reinvestment Fund.
 
8    (30 ILCS 105/6z-98 new)
9    Sec. 6z-98. The Small Loan Community Reinvestment Fund;
10creation. The Small Loan Community Reinvestment Fund is hereby
11created as a special fund in the State Treasury. Moneys in the
12Fund shall be used by the Department of Commerce and Economic
13Opportunity to make grants to not-for-profit organizations
14dedicated to educational tutoring and development, financial
15literacy, early childhood development, youth mentoring, and

 

 

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1senior services. Moneys in the Fund shall be used primarily in
2geographic areas of the State with high concentrations of
3payday loan facilities, title-secured loan facilities, and
4small consumer loan facilities. For purposes of this Section,
5the term "payday loan" has the meaning ascribed to that term in
6the Payday Loan Reform Act. For purposes of this Section, the
7terms "title-secured loan" and "small consumer loan" have the
8meanings ascribed to those terms in Section 15 of the Consumer
9Installment Loan Act.
 
10    Section 10. The Consumer Installment Loan Act is amended by
11adding Section 15f as follows:
 
12    (205 ILCS 670/15f new)
13    Sec. 15f. Surcharge imposed.
14    (a) An surcharge is hereby imposed upon each licensee in an
15amount equal to $1 for each title-secured loan or small
16consumer loan made by that licensee. Each licensee must file a
17return on a form provided by the Department of Revenue, and
18must remit payment to the Department of Revenue on a monthly
19basis no later than the 15th day of the month immediately
20following the month in which the loan is made. Each return must
21state the following:
22        (1) the name of the licensee;
23        (2) the address of the licensee;
24        (3) the total number of title-secured loans and small

 

 

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1    consumer loans made by the licensee in the previous
2    calendar month; and
3        (4) the total amount of the surcharge due for the
4    previous calendar month.
5    (b) The Department of Revenue shall pay all proceeds
6collected from the surcharge imposed under this Section into
7the Small Loan Community Reinvestment Fund, less 2% of those
8proceeds, which shall be paid into the Tax Compliance and
9Administration Fund in the State treasury from which it shall
10be appropriated to the Department of Revenue to cover the costs
11of the Department in administering and enforcing the provisions
12of this Section.
13    (c) All the provisions of Sections 4, 5, 5a, 5b, 5c, 5d,
145e, 5f, 5g, 5i, 5j, 6, 6a, 6b, 6c, 7, 8, 9, 10, 11, and 13 of
15the Retailers' Occupation Tax Act that are not inconsistent
16with this Act apply, as far as practicable, to the surcharge
17imposed by this Section to the same extent as if those
18provisions were included in this Section. References in the
19incorporated Sections of the Retailers' Occupation Tax Act to
20retailers, to sellers, or to persons engaged in the business of
21selling tangible personal property mean licensees. All
22provisions of the Uniform Penalty and Interest Act which are
23not inconsistent with this Act shall apply.
24    (d) Any licensee who fails to make a return or who makes a
25fraudulent return is guilty of a Class 4 felony.
 

 

 

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1    Section 15. The Payday Loan Reform Act is amended by adding
2Section 4-17 as follows:
 
3    (815 ILCS 122/4-17 new)
4    Sec. 4-17. Surcharge imposed.    
5    (a) An surcharge is hereby imposed upon each lender in an
6amount equal to $1 for each payday loan made by that lender.
7Each lender must file a return on a form provided by the
8Department of Revenue, and must remit payment to the Department
9of Revenue on a monthly basis no later than the 15th day of the
10month immediately following the month in which the loan is
11made. Each return must state the following:
12        (1) the name of the lender;
13        (2) the address of the lender;
14        (3) the total number of payday loans made by the lender
15    in the previous calendar month; and
16        (4) the total amount of the surcharge due for the
17    previous calendar month.
18    (b) The Department of Revenue shall pay all proceeds
19collected from the surcharge imposed under this Section into
20the Small Loan Community Reinvestment Fund, less 2% of those
21proceeds, which shall be paid into the Tax Compliance and
22Administration Fund in the State treasury from which it shall
23be appropriated to the Department of Revenue to cover the costs
24of the Department in administering and enforcing the provisions
25of this Section.

 

 

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1    (c) All the provisions of Sections 4, 5, 5a, 5b, 5c, 5d,
25e, 5f, 5g, 5i, 5j, 6, 6a, 6b, 6c, 7, 8, 9, 10, 11, and 13 of
3the Retailers' Occupation Tax Act that are not inconsistent
4with this Act apply, as far as practicable, to the surcharge
5imposed by this Section to the same extent as if those
6provisions were included in this Section. References in the
7incorporated Sections of the Retailers' Occupation Tax Act to
8retailers, to sellers, or to persons engaged in the business of
9selling tangible personal property mean lenders. All
10provisions of the Uniform Penalty and Interest Act which are
11not inconsistent with this Act shall apply.
12    (d) Any lender who fails to make a return or who makes a
13fraudulent return is guilty of a Class 4 felony.".