Illinois General Assembly - Bill Status for HB5907
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 Bill Status of HB5907  99th General Assembly

Short Description:  ASSET PROTECTION WAIVERS

House Sponsors
Rep. Anthony DeLuca - Ed Sullivan - Elizabeth Hernandez - Norine K. Hammond - Eddie Lee Jackson, Sr.

Senate Sponsors
(Sen. Don Harmon)

Last Action
DateChamber Action
  1/10/2017HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
215 ILCS 5/2.5


Synopsis As Introduced
Creates the Guaranteed Asset Protection Waiver Act. Establishes standards to regulate persons offering guaranteed asset protection waivers. Provides for a period of time of at least 30 days from the effective date of the guaranteed asset protection waiver until the date the borrower may cancel the contract without penalty, fees, or costs to the borrower. Amends the Illinois Insurance Code to exempt guaranteed asset protection waivers from regulation as insurance.

House Floor Amendment No. 2
Specifies that debt cancellation or debt suspension contracts offered by bank holding companies, financial holding companies, banks, savings banks, credit unions, or trust companies authorized to do business under the laws of this State or of the United States are not subject to the provisions of the Guaranteed Asset Protection Waiver Act.

Actions 
DateChamber Action
  2/11/2016HouseFiled with the Clerk by Rep. Anthony DeLuca
  2/11/2016HouseFirst Reading
  2/11/2016HouseReferred to Rules Committee
  3/23/2016HouseAssigned to Consumer Protection Committee
  3/28/2016HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Anthony DeLuca
  3/28/2016HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/4/2016HouseDo Pass / Short Debate Consumer Protection Committee; 016-000-000
  4/4/2016HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  4/5/2016HousePlaced on Calendar 2nd Reading - Short Debate
  4/13/2016HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Anthony DeLuca
  4/13/2016HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/15/2016HouseHouse Floor Amendment No. 2 Rules Refers to Consumer Protection Committee
  4/15/2016HouseSecond Reading - Short Debate
  4/15/2016HouseHeld on Calendar Order of Second Reading - Short Debate
  4/19/2016HouseHouse Floor Amendment No. 2 Recommends Be Adopted Consumer Protection Committee; 015-000-000
  4/20/2016HouseHouse Floor Amendment No. 2 Adopted
  4/20/2016HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/20/2016HouseAdded Chief Co-Sponsor Rep. Ed Sullivan
  4/20/2016HouseAdded Chief Co-Sponsor Rep. Elizabeth Hernandez
  4/20/2016HouseAdded Chief Co-Sponsor Rep. Norine K. Hammond
  4/20/2016HouseAdded Chief Co-Sponsor Rep. Eddie Lee Jackson, Sr.
  4/21/2016HouseThird Reading - Short Debate - Passed 112-000-001
  4/21/2016SenateArrive in Senate
  4/21/2016SenatePlaced on Calendar Order of First Reading April 22, 2016
  4/21/2016SenateChief Senate Sponsor Sen. Michael E. Hastings
  4/22/2016SenateFirst Reading
  4/22/2016SenateReferred to Assignments
  5/3/2016SenateAssigned to Financial Institutions
  5/11/2016SenatePostponed - Financial Institutions
  5/13/2016SenateRule 2-10 Committee Deadline Established As May 27, 2016
  5/27/2016SenateRule 3-9(a) / Re-referred to Assignments
  11/29/2016SenateApproved for Consideration Assignments
  11/29/2016SenatePlaced on Calendar Order of 2nd Reading November 29, 2016
  11/29/2016SenateAlternate Chief Sponsor Changed to Sen. Don Harmon
  11/29/2016SenateSecond Reading
  11/29/2016SenatePlaced on Calendar Order of 3rd Reading November 30, 2016
  11/29/2016SenateRule 2-10 Committee/3rd Reading Deadline Established As December 31, 2016
  1/1/2017SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments
  1/9/2017SenateRule 2-10 Committee/3rd Reading Deadline Established As January 10, 2017
  1/9/2017SenateApproved for Consideration Assignments
  1/9/2017SenatePlaced on Calendar Order of 3rd Reading January 10, 2017
  1/9/2017SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon
  1/9/2017SenateSenate Floor Amendment No. 1 Referred to Assignments
  1/9/2017SenateSenate Floor Amendment No. 1 Assignments Refers to State Government and Veterans Affairs
  1/10/2017SenateSenate Floor Amendment No. 1 Postponed - State Government and Veterans Affairs
  1/10/2017HouseSession Sine Die

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