Synopsis As Introduced Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.
Replaces everything after the enacting clause. Amends the Consumer Installment Loan Act. Contains provisions concerning the licensure of specified parties. Contains provisions concerning permitted charges by a licensee. Contains provisions concerning small consumer loans and the scope of specified provisions. Contains provisions concerning (1) the terms and (2) loan amounts of small consumer loans. Contains provisions concerning the verification of a borrower's ability to repay a loan. Amends the Illinois Financial Services Development Act. Changes the term "financial institution" to reflect changes made to the Consumer Installment Loan Act. Amends the Payday Loan Reform Act. Contains provisions concerning (1) loan terms, (2) permitted fees, (3) verification of a borrower's ability to repay a loan, (4) consumer reporting services, and (5) licensure by specified parties under the Act.
Fiscal Note (Financial & Professional Regulation)
SB 1435 will have a projected fiscal impact of $8,200 to the Illinois Department of Financial and Professional Regulation in order to make the necessary system changes to meet this new mandate.
Home Rule Note (Dept. of Commerce & Economic Opportunity)
SB 1435 does not pre-empt home rule authority.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
SB 1435 does not create a State mandate.
Balanced Budget Note (Office of Management and Budget)
SB 1435 has no fiscal impact and adds no additional spending pressure to the General Revenue Fund or to the current Fiscal Year 2009 budget deficit.