90th General Assembly
Summary of HB0597
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House Sponsors:

Senate Sponsors:

Short description: 
PROP TX CD-MORTGAGE LENDERS                                                

Synopsis of Bill as introduced:
        Amends the Consumer Installment  Loan  Act.  Provides  that  upon      
   written  notice  to the Director of Financial Institutions, a licensee      
   may make loans by  electronic  or  other  means  at  off-site  lending      
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          205 ILCS 670/7.5 new                                                 
          Adds reference to:                                                   
          205 ILCS 670/12.5 new                                                
        Replaces the substance of the bill.  Authorizes  licensees  under      
   the  Consumer  Installment  Loan  Act  to  establish  limited  purpose      
   branches for the sole purpose of making loans as permitted by the Act.      
   Effective immediately.                                                      
        SENATE AMENDMENT NO. 1. (Senate recedes February 19, 1998)             
        Prohibits limited purpose  branches  from  being  located  within      
   1,000  feet  of  places  where  gaming is conducted under the Illinois      
   Horse Racing Act of 1975 or under the Riverboat Gambling Act.               
        CONFERENCE COMMITTEE REPORT NO. 1.                                     
        Recommends that the Senate recede from S-am 1.                         
        Recommends that the bill be further amended as follows:                
          Deletes reference to:                                                
          205 ILCS 670/12.5 new                                                
          Adds reference to:                                                   
          35 ILCS 200/21-15                                                    
          205 ILCS 660/10.2               from Ch. 17, par. 5225               
          205 ILCS 670/2                  from Ch. 17, par. 5402               
          205 ILCS 670/4                  from Ch. 17, par. 5404               
          205 ILCS 670/9.1                                                     
          205 ILCS 690/15                                                      
          205 ILCS 690/17 new                                                  
          205 ILCS 690/25                                                      
          205 ILCS 690/30                                                      
          205 ILCS 690/37                                                      
          310 ILCS 5/8                    from Ch. 67 1/2, par. 158            
          720 ILCS 5/17-3                 from Ch. 38, par. 17-3               
          805 ILCS 5/4.05                 from Ch. 32, par. 4.05               
        Replaces the title and  everything  after  the  enacting  clause.      
   Amends the Property Tax Code to limit the liability of mortgage lend-       
   ers for delinquent taxes. Amends the Sales Finance Agency Act to re-        
   move requirement that a licensee surrender its license upon filing for      
   bankruptcy.  Amends the Consumer Installment Loan  Act.   Redesignates      
   the  fee  for  investigating  the  applicant  as  an  application fee.      
   Removes the requirement that a licensee  surrender  its  license  upon      
   filing  bankruptcy.   Amends  the  State  Housing Act and the Business      
   Corporation Act of 1983 to remove  the  prohibition  upon  a  business      
   corporation  using  the  word  "housing"  in  its  name.  Creates  the      
   Financial Institutions Digital Signature Act. Provides that electronic      
   or  computer-generated  documents  have the same force and effect as a      
   document generated by writing or other means.  Authorizes the  use  of      
   digital  signatures  by banks and customers.  Amends the Criminal Code      
   of 1961 to provide  that  unlawful  use  of  a  digital  signature  is      
   forgery.  Amends  the  Check  Printer  and Check Number Act.  Requires      
   check printers to verify street addresses rather than social  security      
   numbers.   Sets  forth  additional  acceptable  forms of verification.      
   Creates an exemption for personal computer users.   Revises  the  bond      
   requirement  for  registrants.   Authorizes the Commissioner to impose      
   civil  penalties.   Reduces  the  time  a  registrant  must   maintain      
   verification records from 5 years to 18 months. Effective immediately.      
Last action on Bill: PUBLIC ACT.............................. 90-0575

   Last action date: 98-03-20

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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