PAYDAY LOAN-LOAN TERMS Senate SponsorsSen. Kimberly A. Lightford-Jacqueline Y. Collins-William Delgado-Pamela J. Althoff-Jeffrey M. Schoenberg, Martin A. Sandoval, Heather Steans, Don Harmon, Debbie DeFrancesco Halvorson, David Koehler, Michael Noland, M. Maggie Crotty, Dan Kotowski, Kwame Raoul, Antonio Munoz, James T. Meeks, Rickey R. Hendon, Deanna Demuzio, Susan Garrett, Iris Y. Martinez, James F. Clayborne, Jr., A. J. Wilhelmi, Mattie Hunter and Dan Rutherford House Sponsors(Rep. Julie Hamos-David E. Miller-Patricia R. Bellock-Mike Boland-Elizabeth Coulson, John A. Fritchey, Joseph M. Lyons and Brent Hassert) 1/13/2009SenateSession Sine Die 815 ILCS 122/1-10815 ILCS 122/2-5815 ILCS 122/4-5815 ILCS 122/4-30Amends 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. 2/7/2008SenateFiled with Secretary by Sen. Kimberly A. Lightford 2/7/2008SenateFirst Reading 2/7/2008SenateReferred to Rules 2/7/2008SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 2/14/2008SenateAssigned to Financial Institutions 2/14/2008SenateAdded as Chief Co-Sponsor Sen. William Delgado 2/28/2008SenateHeld in Financial Institutions 3/6/2008SenateDo Pass Financial Institutions; 008-000-000 3/6/2008SenatePlaced on Calendar Order of 2nd Reading March 11, 2008 3/6/2008SenateAdded as Chief Co-Sponsor Sen. Pamela J. Althoff 3/11/2008SenateAdded as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg 3/12/2008SenateSecond Reading 3/12/2008SenatePlaced on Calendar Order of 3rd Reading March 13, 2008 3/12/2008SenateRecalled to Second Reading 3/12/2008SenateHeld on Second Reading 3/12/2008SenatePlaced on Calendar Order of 2nd Reading March 13, 2008 3/13/2008SenateAdded as Co-Sponsor Sen. Martin A. Sandoval 3/13/2008SenateAdded as Co-Sponsor Sen. Heather Steans 3/13/2008SenateAdded as Co-Sponsor Sen. Don Harmon 3/13/2008SenateAdded as Co-Sponsor Sen. Debbie DeFrancesco Halvorson 3/13/2008SenateAdded as Co-Sponsor Sen. David Koehler 3/13/2008SenateAdded as Co-Sponsor Sen. Michael Noland 3/13/2008SenateAdded as Co-Sponsor Sen. M. Maggie Crotty 3/13/2008SenateAdded as Co-Sponsor Sen. Dan Kotowski 3/13/2008SenateAdded as Co-Sponsor Sen. Kwame Raoul 3/27/2008SenateAdded as Co-Sponsor Sen. Antonio Munoz 4/2/2008SenateAdded as Co-Sponsor Sen. James T. Meeks 4/3/2008SenateAdded as Co-Sponsor Sen. Rickey R. Hendon 4/3/2008SenateAdded as Co-Sponsor Sen. Deanna Demuzio 4/3/2008SenateAdded as Co-Sponsor Sen. Susan Garrett 4/8/2008SenateAdded as Co-Sponsor Sen. Iris Y. Martinez 4/9/2008SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr. 4/10/2008SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi 4/16/2008SenateSecond Reading 4/16/2008SenatePlaced on Calendar Order of 3rd Reading April 17, 2008 4/16/2008SenateAdded as Co-Sponsor Sen. Mattie Hunter 4/17/2008SenateAdded as Co-Sponsor Sen. Dan Rutherford 4/17/2008SenateThird Reading - Passed; 054-000-000 4/17/2008HouseArrived in House 4/17/2008HousePlaced on Calendar Order of First Reading 4/17/2008HouseChief House Sponsor Rep. Julie Hamos 4/24/2008HouseFirst Reading 4/24/2008HouseReferred to Rules Committee 4/29/2008HouseAdded Alternate Co-Sponsor Rep. John A. Fritchey 4/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. David E. Miller 4/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. Patricia R. Bellock 4/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. Mike Boland 4/29/2008HouseAdded Alternate Chief Co-Sponsor Rep. Elizabeth Coulson 4/29/2008HouseAdded Alternate Co-Sponsor Rep. Joseph M. Lyons 4/30/2008HouseAdded Alternate Co-Sponsor Rep. Brent Hassert 5/21/2008HouseCommittee Deadline Extended-Rule 9(b) May 23, 2008 5/21/2008HouseAssigned to Executive Committee 5/23/2008HouseFinal Action Deadline Extended-9(b) May 31, 2008 5/31/2008HouseRule 19(a) / Re-referred to Rules Committee 1/13/2009SenateSession Sine Die