90th General Assembly
Summary of SB0685
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Senate Sponsors:

House Sponsors:

Short description: 
CON INSTLMT LOAN OFF-SITE LEND                                             

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      
        SENATE 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. 2.                                                
        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.               
          FISCAL NOTE, S-AMS 1 & 2 (Dpt. Financial Institutions)               
          There would be no fiscal impact on the Department.                   
          STATE MANDATES FISCAL NOTE (DCCA)                                    
          SB 685 fails to create a State mandate.                              
          HOME RULE NOTE                                                       
          SB 685 does not preempt home rule authority.                         
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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