91st General Assembly
Summary of SB0355
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House Sponsors:

Short description: 
CONSUMER FINANCE                                                           

Synopsis of Bill as introduced:
        Amends  the  Consumer  Installment  Loan  Act  and  the  Illinois      
   Financial Services Development Act.  Makes technical changes and  adds      
   a caption.                                                                  
          FISCAL NOTE, H-AM 1 (Department of Financial Institutions)           
          The fiscal impact on the Department would be $484,161 for 7          
          additional employees and their travel and office equipment.          
          FISCAL NOTE, H-AM 1 (Office of Banks and Real Estate)                
          The fiscal impact on the Office of Banks and Real Estate would       
          be $250,000 for a one-time transfer among funds and $400,000         
          for annual operating costs associated with 7 additional staff.       
          HOUSING AFFORDABILITY NOTE                                           
          There will be no fiscal effect on the cost of constructing,          
          purchasing, owning, or selling a single family residence.            
          FISCAL NOTE, H-AM 2 (Department of Financial Institutions)           
          The cost to the Department for rulemaking for hearings would         
          not exceed $10,000.                                                  
        HOUSE AMENDMENT NO. 2.                                                 
          Deletes reference to:                                                
          205 ILCS 670/8                                                       
          205 ILCS 675/6                                                       
          Adds reference to:                                                   
          205 ILCS 660/13                 from Ch. 17, par. 5231               
          205 ILCS 670/22                 from Ch. 17, par. 5428               
        Replaces everything after the enacting clause. Provides that  the      
   Department  of  Financial  Institutions  has the power under the Sales      
   Finance Agency Act and the Consumer Installment Loan Act to promulgate      
   rules that  are  necessary  and  appropriate  for  the  protection  of      
   consumers.  Effective immediately.                                          
Last action on Bill: PUBLIC ACT.............................. 91-0698

   Last action date: 00-05-06

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


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