Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.
Sponsored bills
Amends the Illinois Physical Therapy Act. Makes a technical change in a Section concerning the renewal of licenses.
Amends the Children with Disabilities Article of the School Code. Increases by a specified amount the special education reimbursement to school districts for teachers, professional workers, directors, school psychologists, and non-certified employees for each school year from the 2007-2008 school year through the 2010-2011 school year. Effective immediately.
Amends the Health Care Worker Self-Referral Act. Makes a technical change in a Section concerning prohibited referrals and claims for payment.
Amends the Orthotics, Prosthetics, and Pedorthics Practice Act. Makes a technical change in a Section concerning fees.
Amends the Professional Boxing Act. Makes a technical change in a Section concerning permits for boxing contests.
Amends the Public Utilities Act. Adds language providing that "electric provider" includes an electric cooperative or municipality that owns and operates its own electric distribution system. Provides that for non-residential customers, the electricity provider may arrange for the local electric provider (instead of local electric utility) or a meter service provider to install and maintain metering equipment capable of measuring the flow of electricity both into and out of the customer's facility at the same rate and ratio.
Amends the Illinois Physical Therapy Act. Makes a technical change in a Section concerning the renewal of licenses.
Amends the Health Services Education Grants Act. Makes a technical change in a Section concerning the short title.
Amends the Perfusionist Practice Act. Makes a technical change in a Section concerning the powers and duties of the Department.