PAYDAY SMALL CONSUMER LOAN ACT House SponsorsRep. Joan G. Krupa 1/13/2009HouseSession Sine Die 20 ILCS 1205/4from Ch. 17, par. 10420 ILCS 1205/6from Ch. 17, par. 106205 ILCS 670/21from Ch. 17, par. 5427815 ILCS 122/1-1815 ILCS 122/1-5815 ILCS 122/1-10815 ILCS 122/1-15815 ILCS 122/Art. 2 heading815 ILCS 122/2-5815 ILCS 122/2-7815 ILCS 122/2-10815 ILCS 122/2-15815 ILCS 122/2-20815 ILCS 122/2-25815 ILCS 122/2-30815 ILCS 122/2-35815 ILCS 122/2-40815 ILCS 122/2-45815 ILCS 122/2-50815 ILCS 122/2-55815 ILCS 122/2-60815 ILCS 122/3-3815 ILCS 122/3-5815 ILCS 122/4-5815 ILCS 122/4-15815 ILCS 122/4-20815 ILCS 122/4-30815 ILCS 122/4-45815 ILCS 205/4from Ch. 17, par. 6404815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z Amends the Payday Loan Reform Act. Changes the short title to the Payday and Small Consumer Loan Reform Act. Changes the definition of "payday loan" to a definition of "payday loan or small consumer loan", with a change in maximum duration of a loan from 120 to 240 days and other changes. Deletes language providing that a lender may not charge more than $15.50 per $100 loaned on any payday loan over the term of the loan and that the charge is considered fully earned as of the date on which the loan is made unless otherwise provided; and adds language providing that a lender may not charge more than 36% interest calculated on an annual percentage rate basis with all interest charges and fees included. Provides that the Act explicitly includes under its terms all small consumer loans with terms under 241 days that were formerly regulated under the terms of the Consumer Installment Loan Act. Makes other changes. Amends the Financial Institutions Code, the Consumer Installment Loan Act, the Interest Act, and the Consumer Fraud and Deceptive Business Practices Act. Effective immediately. 1/9/2009HouseFiled with the Clerk by Rep. Joan G. Krupa 1/12/2009HouseFirst Reading 1/12/2009HouseReferred to Rules Committee 1/13/2009HouseSession Sine Die