Creates the Payday Loan Reform Act. Provides that the Division of Financial Institutions of the Department of Financial and Professional Regulation shall license and regulate entities that offer payday loans (loans under which a lender accepts a post-dated check, authorization to debit a consumer's bank account, or an interest in a consumer's wages as security for the loan). Establishes requirements and restrictions applicable to license applications and licensing. Contains provisions regarding: limitations, requirements, and disclosures applicable to loan agreements, terms of loans, finance charges, and renewal of loans; revocation, suspension, and surrender of licenses; information to be available to the public; complaint handling; hearings; books and records; reports; advertising; prohibited acts; bonding; administrative rules; and other matters. Amends the Financial Institutions Code to provide for the administration of the Payday Loan Reform Act. Amends the Consumer Installment Loan Act to provide that the Act does not apply to payday loans. Provides that a violation of the Payday Loan Reform Act constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.
Sponsored bills
Mourns the death of jazz great Oscar Brown Jr.
Mourns the death of Joan Carole Miller Wood.
Creates the Stem Cell Research Act. Provides that it is the policy of the State of Illinois that research involving the derivation and use of human embryonic stem cells, human embryonic germ cells, and human adult stem cells from any source shall be permitted and that such research shall be reviewed by an approved institutional review board. Provides that individuals receiving fertility treatment shall have the option to choose among the available means of disposing of any human embryos remaining following the fertility treatment. Prohibits the purchase or sale of embryonic or cadaveric fetal tissue for research purposes and provides criminal penalties. Provides for liability in procuring, furnishing, donating, processing, distributing, or using embryonic or cadaveric fetal tissue for research purposes.