90th General Assembly
Summary of SB0670
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

House Sponsors:

Short description: 
INTEREST ACT CHARGES-TECHNICAL                                             

Synopsis of Bill as introduced:
        Amends the Interest Act.  Adds a caption to a Section  concerning      
   charges that are deemed not to be consideration for a loan.                 
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          815 ILCS 205/4.1a                                                    
          Adds reference to:                                                   
          815 ILCS 205/4                  from Ch. 17, par. 6404               
        Replaces the title and  everything  after  the  enacting  clause.      
   Provides  that  it  is lawful to impose upon a borrower a cancellation      
   fee not exceeding $500 if the borrower cancels a home equity  line  of      
          FISCAL NOTE (Dept. of Financial Inst.)                               
          SB 670 would have no fiscal impact on this Dept.                     
          STATE MANDATES FISCAL NOTE (DCCA)                                    
          Fails to create a State mandate.                                     
          HOME RULE NOTE                                                       
          SB 670 does not preempt home rule authority.                         
          HOUSING AFFORDABILITY NOTE                                           
          This bill will have no direct impact on the cost of construc-        
          ting, purchasing, owning or selling a single family residence.       
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that a  cancellation  fee  not  exceeding  $500  may  be      
   charged unless otherwise prohibited by law.                                 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

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


 Full Text  Bill Status