CONSUMER FRAUD-REFUND LOANS Senate SponsorsSen. Jeffrey M. Schoenberg-Jacqueline Y. Collins 1/9/2007SenateSession Sine Die 815 ILCS 505/2XX new815 ILCS 177/Act rep.Amends the Consumer Fraud and Deceptive Business Practices Act. Makes it an unlawful practice within the meaning of the Act for a facilitator to directly or indirectly charge a refund anticipation loan fee for the making of or in connection with a refund anticipation loan when: (i) the refund anticipation loan is issued to a borrower who is eligible to receive the Illinois Earned Income Tax Credit under Section 12 of the Illinois Income Tax Act; and (ii) the refund anticipation loan has an interest rate in excess of 26% per annum. Sets out disclosure requirements for the facilitator. Provides a formula for calculating the interest rate for a refund anticipation loan. Repeals the Tax Refund Anticipation Loan Disclosure Act. 1/20/2006SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg 1/20/2006SenateFirst Reading 1/20/2006SenateReferred to Rules 2/1/2006SenateAssigned to Financial Institutions 2/3/2006SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 2/9/2006SenatePostponed - Financial Institutions 2/16/2006SenatePostponed - Financial Institutions 2/17/2006SenateRule 3-9(a) / Re-referred to Rules 1/9/2007SenateSession Sine Die