Bill Status of SB1514  102nd General Assembly

Short Description:  INSTALLMENT SALES-DEFINITIONS

Senate Sponsors
Sen. Toi W. Hutchinson - Jacqueline Y. Collins and Mattie Hunter

House Sponsors
(Rep. Jehan Gordon-Booth - Ryan Spain - Camille Y. Lilly - Tim Butler and Justin Slaughter)

Last Action
DateChamber Action
  8/23/2019SenatePublic Act . . . . . . . . . 101-0557

Statutes Amended In Order of Appearance
765 ILCS 67/5


Synopsis As Introduced
Amends the Installment Sales Contract Act. Provides that "installment sales contract" does not include a financing arrangement offered by a third-party religious or cultural lender. Defines "third-party religious or cultural lender" as an individual or legal entity licensed under the Residential Mortgage License Act of 1987 that is in compliance with the principles and norms of an established religious or cultural legal system and that is obtaining an interest in a residential dwelling solely as collateral security for a financing arrangement that for religious or cultural reasons does not allow the imposition or collection of interest and had no interest in the residential dwelling prior to the consummation of the financing arrangement, other than an interest in the nature of collateral security that may have been obtained as part of a prior financing arrangement made by the third-party lender.

Actions 
DateChamber Action
  2/15/2019SenateFiled with Secretary by Sen. Toi W. Hutchinson
  2/15/2019SenateFirst Reading
  2/15/2019SenateReferred to Assignments
  2/27/2019SenateAssigned to Financial Institutions
  3/13/2019SenateDo Pass Financial Institutions; 005-003-000
  3/13/2019SenatePlaced on Calendar Order of 2nd Reading March 14, 2019
  4/4/2019SenateSecond Reading
  4/4/2019SenatePlaced on Calendar Order of 3rd Reading April 9, 2019
  4/9/2019SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  4/10/2019SenateThird Reading - Passed; 039-019-000
  4/10/2019SenateAdded as Co-Sponsor Sen. Mattie Hunter
  4/10/2019HouseArrived in House
  4/10/2019HouseChief House Sponsor Rep. Marcus C. Evans, Jr.
  4/10/2019HouseFirst Reading
  4/10/2019HouseReferred to Rules Committee
  4/24/2019HouseAssigned to Financial Institutions Committee
  5/7/2019HouseAdded Alternate Co-Sponsor Rep. Justin Slaughter
  5/7/2019HouseAlternate Chief Sponsor Changed to Rep. Jehan Gordon-Booth
  5/7/2019HouseDo Pass / Short Debate Financial Institutions Committee; 012-000-000
  5/8/2019HousePlaced on Calendar 2nd Reading - Short Debate
  5/21/2019HouseSecond Reading - Short Debate
  5/21/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/24/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019
  5/31/2019HouseFinal Action Deadline Extended-9(b) June 30, 2019
  6/1/2019HouseAdded Alternate Chief Co-Sponsor Rep. Ryan Spain
  6/1/2019HouseAdded Alternate Chief Co-Sponsor Rep. Camille Y. Lilly
  6/1/2019HouseAdded Alternate Chief Co-Sponsor Rep. Tim Butler
  6/1/2019HouseThird Reading - Short Debate - Passed 106-000-000
  6/1/2019SenatePassed Both Houses
  6/28/2019SenateSent to the Governor
  8/23/2019SenateGovernor Approved
  8/23/2019SenateEffective Date June 1, 2020
  8/23/2019SenatePublic Act . . . . . . . . . 101-0557