Full Text of HB4695 97th General Assembly
HB4695ham001 97TH GENERAL ASSEMBLY | Rep. Eddie Lee Jackson, Sr. Filed: 3/27/2012
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| 1 | | AMENDMENT TO HOUSE BILL 4695
| 2 | | AMENDMENT NO. ______. Amend House Bill 4695 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Consumer Installment Loan Act is amended by | 5 | | changing Section 11 as follows:
| 6 | | (205 ILCS 670/11) (from Ch. 17, par. 5411)
| 7 | | Sec. 11. Books and records - Reports.
| 8 | | (a) Every licensee shall retain and use in his business or | 9 | | at another
location approved by the Director such records as
| 10 | | are required by the Director to enable the Director to | 11 | | determine
whether the licensee is complying with the provisions | 12 | | of this Act and the
rules and regulations promulgated pursuant | 13 | | to this Act. Every
licensee shall preserve the records of any | 14 | | loan for at least 2 years after
making the final entry for such | 15 | | loan.
Accounting systems maintained in whole or in part by | 16 | | mechanical or
electronic data processing methods which provide |
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| 1 | | information equivalent to
that otherwise required and follow | 2 | | generally accepted accounting principles
are acceptable for | 3 | | that purpose, if approved by the Director in writing.
| 4 | | (b) Each licensee shall annually, on or before the first | 5 | | day of March,
file a report with the Director giving such | 6 | | relevant information as
the Director may reasonably require | 7 | | concerning the business and
operations during the preceding | 8 | | calendar year of each licensed place of
business conducted by | 9 | | the licensee. The report must be received by the
Department on | 10 | | or before March 1. The report shall be
made under oath and in a | 11 | | form prescribed by the Director. Whenever a
licensee operates 2 | 12 | | or more licensed offices or whenever 2 or more
affiliated | 13 | | licensees operate licensed offices, a composite report of such
| 14 | | group of licensed offices may be filed in lieu of individual | 15 | | reports. The
Director may make and publish annually an analysis | 16 | | and
recapitulation
of such reports. The Director may fine each | 17 | | licensee $25 for each
day
beyond March 1 such report is filed.
| 18 | | (c) A licensee shall include in the report filed on or | 19 | | before the first day of March of each year in accordance with | 20 | | subsection (b) of this Section the following information: | 21 | | (1) the number of post-judgment body attachment orders | 22 | | issued in civil actions initiated by the licensee and | 23 | | arising from loans made by the licensee under this Act; | 24 | | (2) for any post-judgment body attachment order | 25 | | reported under item (1) of this subsection, the civil court | 26 | | and case number in which the body attachment order was |
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| 1 | | issued; | 2 | | (3) for any post-judgment body attachment order | 3 | | reported under item (1) of this subsection, the amount of | 4 | | the cash bond, if any, posted by the judgment debtor; and | 5 | | (4) for any post-judgment body attachment order | 6 | | reported under item (1) of this subsection, a copy of the | 7 | | order, if any, providing for the disposition of the cash | 8 | | bond. | 9 | | (Source: P.A. 92-398, eff. 1-1-02.)
| 10 | | Section 10. The Collection Agency Act is amended by adding | 11 | | Section 8d as follows: | 12 | | (225 ILCS 425/8d new) | 13 | | Sec. 8d. Post-judgment body attachments; reports. A | 14 | | licensee shall annually, on or before the first day of March, | 15 | | file a report with the Secretary containing the following | 16 | | information: | 17 | | (1) the number of post-judgment body attachment orders | 18 | | issued in civil actions initiated by the licensee and | 19 | | arising from collection activities by the licensee under | 20 | | this Act; | 21 | | (2) for any post-judgment body attachment order | 22 | | reported under this Section, the civil court and case | 23 | | number in which the body attachment order was issued; | 24 | | (3) for any post-judgment body attachment order |
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| 1 | | reported under this Section, the amount of the cash bond, | 2 | | if any, posted by the judgment debtor; and | 3 | | (4) for any post-judgment body attachment order | 4 | | reported under this Section, a copy of the order, if any, | 5 | | providing for the disposition of the cash bond. | 6 | | The Secretary may fine a licensee $25 for each day beyond | 7 | | March 1 the report is filed. | 8 | | Section 15. The Payday Loan Reform Act is amended by | 9 | | changing Section 2-55 as follows: | 10 | | (815 ILCS 122/2-55)
| 11 | | Sec. 2-55. Information, reporting, and examination. | 12 | | (a) A licensee shall keep and use books, accounts, and | 13 | | records that
will enable the Secretary to determine if the | 14 | | licensee is complying with the
provisions of this Act and | 15 | | maintain any other records as required by the
Secretary.
| 16 | | (b) A licensee shall collect and maintain information | 17 | | annually for a report that shall
disclose in detail and under | 18 | | appropriate headings:
| 19 | | (1) the total number of payday loans made during the
| 20 | | preceding calendar year;
| 21 | | (2) the total number of payday loans outstanding as of | 22 | | December 31 of
the preceding calendar year;
| 23 | | (3) the minimum, maximum, and average dollar amount of | 24 | | payday loans made during the preceding calendar year;
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| 1 | | (4) the average annual percentage rate and the average | 2 | | term of payday loans made during the preceding calendar | 3 | | year; and
| 4 | | (5) the total number of payday loans paid in full, the | 5 | | total number of loans that went into default, and the
total | 6 | | number of loans written off during the preceding calendar | 7 | | year ; and .
| 8 | | (6) the number of post-judgment body attachment orders | 9 | | issued in civil actions initiated by the licensee and | 10 | | arising from loans made by the licensee under this Act; | 11 | | (A) for any post-judgment body attachment order | 12 | | reported under item (6) of this subsection, the civil | 13 | | court and case number in which the body attachment | 14 | | order was issued; | 15 | | (B) for any post-judgment body attachment order | 16 | | reported under item (6) of this subsection, the amount | 17 | | of the cash bond, if any, posted by the judgment | 18 | | debtor; and | 19 | | (C) for any post-judgment body attachment order | 20 | | reported under item (6) of this subsection, a copy of | 21 | | the order, if any, providing for the disposition of the | 22 | | cash bond. | 23 | | The report shall be verified by the oath or affirmation of | 24 | | the owner,
manager, or president of the licensee. The report | 25 | | must be filed with the
Secretary no later than March 1 of the | 26 | | year following the year for which
the report discloses the |
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| 1 | | information specified in this subsection (b). The
Secretary may | 2 | | impose upon the licensee a fine of $25 per day for each day
| 3 | | beyond the filing deadline that the report is not filed.
| 4 | | (c) No later than July 31 of the second year following the | 5 | | effective date of this Act, the Department shall publish a | 6 | | biennial report that contains a compilation of aggregate data | 7 | | concerning the payday lending industry and shall make the | 8 | | report available to the Governor, the General Assembly, and the | 9 | | general public. | 10 | | (d) The Department shall have the authority to conduct | 11 | | examinations of
the books, records, and loan documents at any | 12 | | time.
| 13 | | (Source: P.A. 94-13, eff. 12-6-05.)".
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