Bill Amendment: IL HB3002 | 2019-2020 | 101st General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: PAYDAY LOAN-INTEREST RATES
Status: 2019-03-29 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee [HB3002 Detail]
Download: Illinois-2019-HB3002-House_Amendment_001.html
Bill Title: PAYDAY LOAN-INTEREST RATES
Status: 2019-03-29 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee [HB3002 Detail]
Download: Illinois-2019-HB3002-House_Amendment_001.html
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| 1 | AMENDMENT TO HOUSE BILL 3002
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| 2 | AMENDMENT NO. ______. Amend House Bill 3002 on page 7, by | ||||||
| 3 | replacing line 26 with the following: | ||||||
| 4 | "may impose an annual percentage rate greater than"; and
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| 5 | on page 8, by replacing lines 1 through 4 with the following: | ||||||
| 6 | "36% charge more than $15.50 per $100 loaned on any payday | ||||||
| 7 | loan, or more than $15.50 per $100 on the initial principal | ||||||
| 8 | balance and on the principal balances scheduled to be | ||||||
| 9 | outstanding during any installment period on any installment | ||||||
| 10 | payday loan or payday loan. For purposes of the preceding | ||||||
| 11 | sentence, annual percentage rate shall be calculated in the | ||||||
| 12 | same manner as provided in 10 U.S.C. 987(i)(4). Except".
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