Rep. Brent Hassert

Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.

Amends the Property Tax Code. Sets forth procedures for the valuation of property used for wind energy devices. Creates a homestead exemption for disabled veterans. Creates a one-year homestead exemption for veterans returning from active duty in an armed conflict. Creates a homestead exemption for disabled persons. Increases the amount of the Senior Homestead Exemption and of the General Homestead Exemption. In the Senior Citizens Assessment Freeze Homestead Exemption: authorizes audits; provides that the amount of the exemption is the equalized assessed value of the residence in the taxable year for which application is made minus the base amount; and increases the amount of the maximum income limitation. Authorizes counties and municipalities to abate taxes on residential property that is owned by the surviving spouse of a fallen police officer or rescue worker. Requires that tax bills must include information that certain taxpayers may be eligible for tax exemptions, abatements, and other assistance programs. Sets forth criteria for the an interest penalty for the delinquent payment of taxes with respect to property that qualifies as a brownfield site. Creates the Property Tax Reform and Relief Task Force to conduct a study of the property tax system in Illinois and investigate methods of reducing the reliance on property taxes and alternative methods of funding. Amends the Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act to increase the amounts of certain maximum income limitations. Amends other Acts to make conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Amends the Payday Loan Reform Act. In the elements of the definition of "payday loan", deletes the element that it have a term that does not exceed 120 days. Deletes a provision that a specified charge is considered fully earned as of the date on which the loan is made. Provides that when a consumer repays a payday loan in full before its due date, the lender shall rebate the unearned finance charges to the consumer on a straight-line amortization basis as of the date of repayment. 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, disguising a payday loan as a different type of transaction or characterizing a required fee as a purchase of a good or service in connection with a payday loan, and authorizes the Department of Financial and Professional Regulation to develop rules to determine if a person or entity seeks to evade the applicability of the Act by any device, subterfuge, or pretense. Effective immediately.

Creates the Local Initiative Sunshine Act. Defines "gubernatorial or legislative member initiatives". Provides that the Illinois State Comptroller's Office shall create and maintain a searchable database website to provide information concerning initiative recipients.

Creates the South Suburban Airport Authority Act. Contains only a short title provision.

Amends the Public Utilities Act. Provides that any gas utility may enter into a contract for up to 20 years of supply with any company for the purchase of synthetic natural gas (rather than a 20-year supply contract with any company for synthetic natural gas) produced from coal through the gasification process if the company has commenced construction of a coal gasification facility by July 1, 2009 (rather than July 1, 2008). Makes changes in factors used to determine whether the cost for synthetic natural gas is reasonable and prudent. Effective immediately.

Creates the Economic Stabilization Trust Act. Establishes the Economic Stabilization Trust, governed by a board of trustees consisting of the Director of Commerce and Economic Opportunity and gubernatorial appointees, to consider and approve or deny applications for financial assistance to businesses that cannot obtain sufficient financial assistance from financial institutions and public development agencies.

Creates the Appropriation Procedures Act. Provides that a bill making an appropriation may not be considered for final passage by either the House of Representatives or the Senate unless that chamber first adopts, by a record vote of at least two-thirds of the members elected, a motion to consider that bill. Effective immediately.

Amends the School Code. Makes a technical change in a Section concerning State goals and assessment.

Creates the War on Terrorism Veterans Act. Provides that a memorial honoring persons who earned the Southwest Asia Service Medal serving in either Operation Enduring Freedom or Operation Iraqi Freedom may be constructed by a private entity on a portion of the State property in Oak Ridge Cemetery. Effective immediately.