Illinois Senate Bill 3535 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Currency Exchange Act, the Consumer Installment Loan Act, and the Payday Loan Reform Act. Provides that a business licensed under one of those Acts may offer any product or service that is permitted under any of those Acts, so long as the business is licensed under the appropriate Act. Further amends the Currency Exchange Act. Provides that a licensee who holds more than one community currency exchange license may hold the aggregate minimum liquid funds required for all the licensee's locations in a single account in the licensee's name. Further amends the Consumer Installment Loan Act. Provides that the Director of Financial Institutions may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that an examination of the books and records of a licensee by the Director shall take no more than 4 hours to complete and must occur during a single business day. Repeals provisions concerning a limited purpose branch and the prohibition against accepting certain checks. Makes other changes. Further amends the Payday Loan Reform Act. Provides that an examination of the books and records of a licensee by the Secretary of Financial and Professional Regulation shall take no more than 4 hours to complete and must occur during a single business day. Provides that a licensee must pay an annual fee of $450 (now $1,000). Provides that the Secretary may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that the Secretary may approve the conduct of other businesses in a licensee's place of business, unless the Secretary finds that the conduct will conceal or facilitate evasion of violation of the Act. Repeals a provision concerning the superiority of the Act over any other State financial regulation laws. Makes other changes.

LOAN LICENSING & FEES

Sen. Kimberly Lightford [D]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2012-03-30	Senate	Rule 3-9(a) / Re-referred to Assignments
2012-03-27	Senate	Postponed - Financial Institutions
2012-03-09	Senate	Rule 2-10 Committee Deadline Established As March 30, 2012
2012-03-08	Senate	Postponed - Financial Institutions
2012-03-01	Senate	Postponed - Financial Institutions
2012-02-22	Senate	Assigned to Financial Institutions
2012-02-08	Senate	Referred to Assignments
2012-02-08	Senate	First Reading
2012-02-08	Senate	Filed with Secretary by Sen. Kimberly A. Lightford

Chapter	Article	Section	Citation Type	Statute Text
205	405	1	Amended Code	Citation Text
205	405	3	Amended Code	Citation Text
205	405	3.4	New Code	See Bill Text
205	405	7	Amended Code	Citation Text
205	670	0.5	New Code	See Bill Text
205	670	1	Amended Code	Citation Text
205	670	10	Amended Code	Citation Text
205	670	12.5	Repealed Code	Citation Text
205	670	19.2	Repealed Code	Citation Text
205	670	9	Amended Code	Citation Text
815	122	2-55	Amended Code	Citation Text
815	122	3-5	Amended Code	Citation Text
815	122	3-7	New Code	See Bill Text
815	122	4-10	Amended Code	Citation Text
815	122	4-45	Repealed Code	Citation Text
815	122	4-5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3535&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB3535.htm