PAYDAY LOAN-MUNICIPAL LIMITS
Summary
Amends the Payday Loan Reform Act. Authorizes a municipality to limit the number of licensees located in the municipality beginning January 1, 2015. Provides that the limit established by a municipality may be no less than 5. Provides for the Department of Financial and Professional Regulation to randomly nonrenew licenses if the renewed license would result in a number of licenses in excess of the municipal limit. Reduces maximum permissible finance charges.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2014
Committee Review
Floor Vote
Governor
Introduced Feb 14, 2014
Last action Jan 13, 2015
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
3
Mar 28, 2014
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Mar 13, 2014
Committee
Assigned to Financial Institutions
upper
Feb 14, 2014
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
Ask Maddy
·
AI policy assistant
Ask Maddy about SB 3410
Scope: IL
Hi! I can help you understand SB 3410. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline