91st General Assembly
Status of HB2704
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DART-PARKE-FRITCHEY-BLACK-STROGER AND MORROW.

   New Act                                                                     
   20 ILCS 1205/6            from Ch. 17, par. 106                             

        Creates the Payday  Loan  Interest  Cap  Act.   Provides  that  a      
   financial  institution  that  makes  a  short-term  loan  based  on  a      
   borrower's  paycheck  and  the  use  of  a pre-dated personal check as      
   collateral may charge no more than the prime  interest  rate  for  the      
   loan.  Amends  the  Financial  Institutions  Code  to provide that the      
   Department of Financial Institutions has the power to establish  rules      
   for  the  regulation  of  the Payday Loan Interest Cap Act.  Effective      
   immediately.                                                                
          FISCAL NOTE (Department of Financial Institutions)                   
          Costs could be absorbed in the current budget.                       
        HOUSE AMENDMENT NO. 1.                                                 
          Deletes reference to:                                                
          20 ILCS 1205/6                                                       
        Deletes  everything.   Creates  the  Deferred  Presentment   Act.      
   Provides  that  no  person  may  engage  in  the business of deferring      
   presentment or negotiation of checks without obtaining a license  from      
   the  Department  of  Financial Institutions.  Provides that a licensee      
   must  keep  certain  records  and  make  reports  to  the  Department.      
   Provides that the Department may examine and investigate licensees.         
          BALANCED BUDGET NOTE, H-AM 1 (Bureau of the Budget)                  
          Since this bill is not a supplemental appropriation bill,            
          the Balanced Budget Note Act is inapplicable.                        
          JUDICIAL NOTE (Administrative Office of Ill. Courts)                 
          There may be a minimal increase in judicial workloads; there         
          would be no increase in the number of judges needed.                 
          JUDICIAL NOTE, H-AM 1 (Administrative Office of Ill. Courts)         
          Same as previous note.                                               
          HOUSING AFFORDABILITY NOTE (Housing Development Auth.)               
          No fiscal effect on a single-family residence.                       
          HOUSING AFFORDABILITY NOTE, H-AM 1 (Housing Development Auth.)       
          Same as previous note.                                               
          HOME RULE NOTE, H-AM 1                                               
          (Department of Commerce and Community Affairs)                       
          HB 2704 (H-am 1) does not pre-empt home rule authority.              
          STATE MANDATES NOTE, H-AM 1                                          
          (Department of Commerce and Community Affairs)                       
          HB 2704 (H-am 1) does not create a State mandate.                    
          FISCAL NOTE, H-AM 1 (Department of Financial Institutions)           
          First year operational fiscal impact would be $300,727.              
          FISCAL NOTE, H-AM 2 (Deparment of Financial Institutions)            
          Total fiscal impact would be $350,727.                               
        HOUSE AMENDMENT NO. 3.                                                 
        Deletes everything except the short title.                             
   99-02-22  H  FIRST READING                                                  
   99-02-22  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   99-02-24  H       ASSIGNED TO COMMITTEE               CONSUMER PROT         
   99-03-03  H                         FISCAL NOTE FILED                       
   99-03-03  H                   COMMITTEE               CONSUMER PROT         
   99-03-04  H                             AMENDMENT NO. 01-CONSUMER PROT H    
   99-03-04  H                                   ADOPTED                       
   99-03-04  H  DO PASS AMENDED/SHORT DEBATE             009-000-000   HCON    
   99-03-04  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   99-03-04  H  STATE MANDATES FISCAL NOTE REQUESTED     PANKAU                
   99-03-04  H  HOME RULE NOTE REQUESTED                 PANKAU                
   99-03-04  H  HOUSING AFORDABLTY IMPCT NOTE REQUESTED  PANKAU                
   99-03-04  H                   JUDICIAL NOTE REQUESTED PANKAU                
   99-03-04  H  FISCAL NOTE REQUESTED AS AMENDED         PANKAU                
   99-03-04  H  STATE MNDT FISCAL NOTE RQSTD AS AMENDED  PANKAU                
   99-03-04  H  BALANCED BUDGET NOTE REQUESTED AS AMEND  PANKAU                
   99-03-04  H  HOME RULE NOTE REQUESTED AS AMENDED      PANKAU                
   99-03-04  H  HOUS AFFORD IMPCT NOTE REQ AS AMENDED    PANKAU                
   99-03-04  H  JUDICIAL NOTE REQUESTED AS AMENDED       PANKAU                
   99-03-04  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   99-03-04  H  ADDED AS A JOINT SPONSOR                 PARKE                 
   99-03-09  H  BALANCED BUDGET NOTE FILED AS AMENDED    BY HOUSE AMEND #1     
   99-03-09  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   99-03-10  H  JOINT-SPONSOR CHANGED TO                 FRITCHEY              
   99-03-11  H                       JUDICIAL NOTE FILED                       
   99-03-11  H  JUDICIAL NOTE FILED AS AMENDED           BY HOUSE AMEND #1     
   99-03-11  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   99-03-15  H  HOUSING AFORDABILITY IMPCT NOTE FILED                          
   99-03-15  H  HOUS AFFORD IMPCT NOTE FLD AS AMENDED    BY HOUSE AMEND #1     
   99-03-15  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   99-03-16  H  SECOND READING-SHORT DEBATE                                    
   99-03-16  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-18  H  ADDED AS A JOINT SPONSOR                 BLACK                 
   99-03-18  H  HOME RULE NOTE FILED AS AMENDED          BY HOUSE AMEND #1     
   99-03-18  H  STATE MNDT FISCAL NOTE FILED AS AMENDED  BY HOUSE AMEND #1     
   99-03-18  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-19  H  FISCAL NOTE FILED AS AMENDED             BY HOUSE AMEND #1     
   99-03-19  H                             AMENDMENT NO. 02-DART               
   99-03-19  H                     AMENDMENT REFERRED TO HRUL                  
   99-03-19  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-23  H  ADDED AS A CO-SPONSOR                    MORROW                
   99-03-24  H                             AMENDMENT NO. 03-DART               
   99-03-24  H                     AMENDMENT REFERRED TO HRUL                  
   99-03-24  H                             AMENDMENT NO. 04-DART               
   99-03-24  H                     AMENDMENT REFERRED TO HRUL                  
   99-03-24  H                             AMENDMENT NO. 02-DART               
   99-03-24  H                           RULES REFERS TO HCON                  
   99-03-24  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-25  H  FISCAL NOTE FILED AS AMENDED             BY HOUSE AMEND #2     
   99-03-25  H                             AMENDMENT NO. 03-DART               
   99-03-25  H  RECOMMENDS BE ADOPTED                    HRUL                  
   99-03-25  H  HELD ON CAL ORDER 2ND RDG - SHORT DEBATE                       
   99-03-26  H                             AMENDMENT NO. 03-DART               
   99-03-26  H                                   ADOPTED                       
   99-03-26  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   99-03-26  H  ADDED AS A JOINT SPONSOR                 STROGER               
   99-03-26  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   01-01-09  H  SESSION SINE DIE                                               

   END OF INQUIRY 



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