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HB 2795 Illinois House · 98th Regular Session

PAYDAY LOAN SURCHARGE

Summary
Amends the Payday Loan Reform Act. Imposes a surcharge upon each lender in an amount equal to $1 for each payday loan made by that lender. Provides that the moneys collected from the surcharge shall be deposited into the Small Loan Community Reinvestment Fund, less 2% of those proceeds, which shall be paid into the Tax Compliance and Administration Fund. Amends the State Finance Act to create the Small Loan Community Reinvestment Fund. Provides that moneys in the Fund shall be used by the Department of Commerce and Economic Opportunity to make grants to not-for-profit organizations dedicated to educational tutoring and development, financial literacy, early childhood development, youth mentoring, and senior services.
Bill status failed 1 of 4 stages cleared
Introduction
Feb 2013
Committee Review
Floor Vote
Governor
Introduced Feb 22, 2013 Last action Dec 3, 2014
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
10
Key actions
1
Committee
6
Amendments
1
Mar 22, 2013
Committee
House Committee Amendment No. 1 Rule 19(a) / Re-referred to Rules Committee
lower
Mar 22, 2013
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 13, 2013
Lower · Passed
House Committee Amendment No. 1 Rules Refers to Consumer Protection Committee
lower
Mar 11, 2013
Committee
House Committee Amendment No. 1 Referred to Rules Committee
lower
Mar 11, 2013
Introduced
House Committee Amendment No. 1 Filed with Clerk by Rep. Elgie R. Sims, Jr.
lower
Mar 4, 2013
Committee
Assigned to Consumer Protection Committee
lower
Feb 26, 2013
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.