IL SB1514 | 2019-2020 | 101st General Assembly
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Passed on August 23 2019 - 100% progression
Action: 2019-08-23 - Public Act . . . . . . . . . 101-0557
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Passed on August 23 2019 - 100% progression
Action: 2019-08-23 - Public Act . . . . . . . . . 101-0557
Text: Latest bill text (Chaptered) [HTML]
Summary
Amends the Installment Sales Contract Act. Provides that "installment sales contract" does not include a financing arrangement offered by a third-party religious or cultural lender. Defines "third-party religious or cultural lender" as an individual or legal entity licensed under the Residential Mortgage License Act of 1987 that is in compliance with the principles and norms of an established religious or cultural legal system and that is obtaining an interest in a residential dwelling solely as collateral security for a financing arrangement that for religious or cultural reasons does not allow the imposition or collection of interest and had no interest in the residential dwelling prior to the consummation of the financing arrangement, other than an interest in the nature of collateral security that may have been obtained as part of a prior financing arrangement made by the third-party lender.
Title
INSTALLMENT SALES-DEFINITIONS
Sponsors
Sen. Toi Hutchinson [D] | Sen. Jacqueline Collins [D] | Sen. Mattie Hunter [D] | Rep. Jehan Gordon-Booth [D] |
Rep. Ryan Spain [R] | Rep. Camille Lilly [D] | Rep. Timothy Butler [R] | Rep. Justin Slaughter [D] |
Roll Calls
2019-06-01 - House - Third Reading in House (Y: 106 N: 0 NV: 7 Abs: 1) [PASS]
2019-04-10 - Senate - Third Reading in Senate (Y: 39 N: 19 NV: 1 Abs: 0) [PASS]
2019-04-10 - Senate - Third Reading in Senate (Y: 39 N: 19 NV: 1 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2019-08-23 | Senate | Public Act . . . . . . . . . 101-0557 |
2019-08-23 | Senate | Effective Date June 1, 2020 |
2019-08-23 | Senate | Governor Approved |
2019-06-28 | Senate | Sent to the Governor |
2019-06-01 | Senate | Passed Both Houses |
2019-06-01 | House | Third Reading - Short Debate - Passed 106-000-000 |
2019-06-01 | House | Added Alternate Chief Co-Sponsor Rep. Tim Butler |
2019-06-01 | House | Added Alternate Chief Co-Sponsor Rep. Camille Y. Lilly |
2019-06-01 | House | Added Alternate Chief Co-Sponsor Rep. Ryan Spain |
2019-05-31 | House | Final Action Deadline Extended-9(b) June 30, 2019 |
2019-05-24 | House | Final Action Deadline Extended-9(b) May 31, 2019 |
2019-05-21 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
2019-05-21 | House | Second Reading - Short Debate |
2019-05-08 | House | Placed on Calendar 2nd Reading - Short Debate |
2019-05-07 | House | Do Pass / Short Debate Financial Institutions Committee; 012-000-000 |
2019-05-07 | House | Alternate Chief Sponsor Changed to Rep. Jehan Gordon-Booth |
2019-05-07 | House | Added Alternate Co-Sponsor Rep. Justin Slaughter |
2019-04-24 | House | Assigned to Financial Institutions Committee |
2019-04-10 | House | Referred to Rules Committee |
2019-04-10 | House | First Reading |
2019-04-10 | House | Chief House Sponsor Rep. Marcus C. Evans, Jr. |
2019-04-10 | House | Arrived in House |
2019-04-10 | Senate | Added as Co-Sponsor Sen. Mattie Hunter |
2019-04-10 | Senate | Third Reading - Passed; 039-019-000 |
2019-04-09 | Senate | Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins |
2019-04-04 | Senate | Placed on Calendar Order of 3rd Reading April 9, 2019 |
2019-04-04 | Senate | Second Reading |
2019-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2019 |
2019-03-13 | Senate | Do Pass Financial Institutions; 005-003-000 |
2019-02-27 | Senate | Assigned to Financial Institutions |
2019-02-15 | Senate | Referred to Assignments |
2019-02-15 | Senate | First Reading |
2019-02-15 | Senate | Filed with Secretary by Sen. Toi W. Hutchinson |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
765 | 67 | 5 | Amended Code | Citation Text |