+ − Summary
+ − Full Text
+ − Actions (16)
- Pursuant to Senate Rule 3-9(b) / Referred to Assignments
- Rule 2-10 Committee/3rd Reading Deadline Established As December 31, 2016
- Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2016
- Rule 2-10 Committee/3rd Reading Deadline Established As May 27, 2016
- Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016
- Placed on Calendar Order of 2nd Reading April 14, 2016
- Do Pass as Amended Financial Institutions; 008-000-002
- Senate Committee Amendment No. 1 Adopted
- Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
- Rule 2-10 Committee Deadline Established As April 22, 2016
- Senate Committee Amendment No. 1 Referred to Assignments
- Senate Committee Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
- Assigned to Financial Institutions
- Referred to Assignments
- First Reading
- Filed with Secretary by Sen. Jacqueline Y. Collins
+ − Adopted Amendment
Senate Amendment 001
Replaces everything after the enacting clause. Creates the Small Business Lending Act. Contains findings and definitions. Provides that a lender that offers or makes a small business loan, buys a whole or partial interest in a small business loan, arranges a small business loan for a third party, or acts as an agent for a third party in making a small business loan must obtain a license from the Department of Financial and Professional Regulation. Contains provisions regarding: license applications, fees, issuance or denial, renewal, revocation, and surrender; surety bonds; appointments for service of process; investigations by the Department; advertising for small business loans; options for loan payments; loan refinancing; enforcement and penalties; powers of attorney; pledging or sale of loans; documentation from prospective borrowers; referrals; disclosures; prepayment of loans; verification of proposed loan agreements; civil actions; judicial review; partial invalidity; and other matters. Amends the State Finance Act relating to the Financial Institution Fund to provide for disposition of moneys received under the Small Business Lending Act.
+ − Statutes Amended (3)
- 815 ILCS 120/1 - from Ch. 17, par. 851
- New Act -
- 30 ILCS 105/6z-26 -