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
Amends the Property Tax Code. Provides that if a city, village or incorporated town has an interest under the police and welfare power by advancements made from public funds in property sold at a tax sale, a purchaser at the tax sale may make application for and the court shall order that the tax purchase be set aside as a sale in error only if the city, village, or incorporated town records a lien arising from the advancement of public funds after the date of the tax sale. Effective immediately.
Mourns the death of Dr. Roy W. Kenney, Jr., of Belleville.
Mourns the death of Scott C. Stone of O'Fallon.
Amends the Property Tax Code. Provides that, in counties with less than 3,000,000 inhabitants, unless the county board, by resolution, provides for a period not exceeding 20 business days prior to the first day of sale (now, unless the county board provides otherwise), no person shall be eligible to bid who did not register with the county collector at least 10 business days prior to the first day of sale authorized under Section 21-115. Provides that the county board may, by resolution, require any tax-sale registrant to pay to the collector a registration fee not to exceed $1,000, which must be applied to the costs incurred by the office of the collector in conducting the tax sale. Effective immediately.
Mourns the death of Elizabeth "Jane" Kenney of St. Albans, West Virginia.
Mourns the death of Mary Smith.
Mourns the death of Norbert Dean Nester of Belleville.
Mourns the death of Dr. Mildred Louise Sammons of East St. Louis on February 9, 2005.
Mourns the death of James L. Heavens of East St. Louis on January 25, 2005.