Full Text of HB0779 103rd General Assembly
HB0779sam002 103RD GENERAL ASSEMBLY | Sen. Elgie R. Sims, Jr. Filed: 11/8/2023 | | 10300HB0779sam002 | | LRB103 04371 RPS 65273 a |
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| 1 | | AMENDMENT TO HOUSE BILL 779
| 2 | | AMENDMENT NO. ______. Amend House Bill 779, AS AMENDED, | 3 | | with reference to page and line numbers of Senate Amendment | 4 | | No. 1, as follows: | 5 | | on page 35, line 24, by replacing "Mortgage" with | 6 | | "Multistate"; and | 7 | | on page 36, line 5, by replacing "Mortgage" with "Multistate"; | 8 | | and | 9 | | on page 37, line 8, by replacing "Mortgage" with "Multistate"; | 10 | | and | 11 | | by replacing line 6 on page 38 through line 7 on page 39 with | 12 | | the following: | 13 | | "Section 10-60. Pawnbroker annual report. |
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| 1 | | (a) The Department shall, in conjunction with advice from | 2 | | a professional association that represents 50 or more | 3 | | licensees, issue an annual report, via an Internet-based | 4 | | program, of aggregate pawnbroker activity within 180 days | 5 | | after the beginning of the calendar year. The report shall | 6 | | contain at a minimum: | 7 | | (1) The number of licensed pawnbrokers. | 8 | | (2) The total dollar amount financed. | 9 | | (3) The total number of pawns for each value threshold | 10 | | set forth in subsection (c) of Section 15-10. | 11 | | (4) The total dollar amount of extensions. | 12 | | (5) The total number of extensions for each value | 13 | | threshold set forth in subsection (c) of Section 15-10. | 14 | | (6) The average pawn dollar amount for each value | 15 | | threshold set forth in subsection (c) of Section 15-10. | 16 | | (7) The average monthly finance charge for each value | 17 | | threshold set forth in subsection (c) of Section 15-10. | 18 | | (8) The percentage of pawns surrendered to law | 19 | | enforcement. | 20 | | (9) The percentage of total pawns surrendered to law | 21 | | enforcement by dollar amount. | 22 | | (10) The percentage of pawns redeemed. | 23 | | (11) The percentage of pawns extended. | 24 | | (12) The total number of pawnbroker employees. | 25 | | (13) The total number of licensees reporting. | 26 | | (14) The total number of complaints received and |
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| 1 | | resolved by the Department. | 2 | | (15) The total number of defaulted pawn transactions | 3 | | reported to a credit bureau. | 4 | | (16) The total number of defaulted pawn transactions | 5 | | sent to a collection agency. | 6 | | (17) The total number of defaulted pawn transactions | 7 | | resulting in wage garnishment or legal action to collect. | 8 | | (18) The total number of pawn transactions reported to | 9 | | law enforcement. | 10 | | (b) The Secretary may retain qualified persons to prepare | 11 | | and report findings (1) identifying pawns and small dollar | 12 | | loans that are available to Illinois consumers, (2) collecting | 13 | | and analyzing pawns and loan-level data for small dollar | 14 | | loans, and (3) compiling aggregate data and trends for pawns | 15 | | and small dollar loans used by Illinois consumers. The | 16 | | Secretary shall make the report available to the Governor, the | 17 | | General Assembly, and the public. | 18 | | In this subsection, "pawns and small dollar loans" means | 19 | | pawns and lending products with a value of $2,500 or less, | 20 | | including, but not limited to, pawns, consumer installment | 21 | | loans, and other extensions of credit, whether or not offered | 22 | | by entities chartered or licensed in Illinois."; and | 23 | | on page 40, line 17, by replacing "subsections (a) and (b)" | 24 | | with "subsection (a)"; and |
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| 1 | | on page 42, line 8, by replacing "subsection (b)" with | 2 | | "subsection (a)"; and | 3 | | on page 42, line 12, by replacing "subsection (b)" with | 4 | | "subsection (a)"; and | 5 | | on page 42, line 19, by replacing "subsection (b)" with | 6 | | "subsection (a)"; and | 7 | | on page 42, line 22, by replacing "subsection (b)" with | 8 | | "subsection (a)"; and | 9 | | on page 43, line 1, by replacing "10-70. 10-70." with | 10 | | "10-70."; and | 11 | | on page 48, line 26, by replacing "$500 or more and $1,500 or | 12 | | less" with "at or above $500 and less than $1,500"; and | 13 | | on page 49, line 1, by replacing "of over $1,500" with "at or | 14 | | above $1,500"; and | 15 | | on page 49, line 2, by replacing "$5,000 or less" with "less | 16 | | than $5,000"; and | 17 | | on page 49, line 3, by replacing "of over $5,000" with "at or | 18 | | above $5,000". |
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