HB2734 95TH GENERAL ASSEMBLY

LRB095 01030 RLC 21032 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2734

Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Robert S. Molaro

SYNOPSIS AS INTRODUCED:

720 ILCS 5/39-1

from Ch. 38, par. 39-1

Amends the Criminal Code of 1961. Makes a technical change in a Section concerning usury.

A BILL FOR

AN ACT concerning criminal law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Criminal Code of 1961 is amended by changing Section 39-1 as follows:

(720 ILCS 5/39-1) (from Ch. 38, par. 39-1)

Sec. 39-1. Criminal Usury.

(a) Any person commits criminal usury when, in exchange for either a loan of money or other property or forbearance from the the collection of such a loan, he knowingly contracts for or receives from an individual, directly or indirectly, interest, discount or other consideration at a rate greater than 20% per annum either before or after the maturity of the loan.

(b) When a person has in his personal or constructive possession records, memoranda, or other documentary record of usurious loans it shall be prima facie evidence that he has violated Subsection 39-1(a) hereof.

(Source: P.A. 76-1879.)