Bill Text: IL HB1950 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Interest Act. Makes a technical change in a Section concerning the adoption of certain rules.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1950 Detail]

Download: Illinois-2013-HB1950-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB1950 Introduced , by Rep. Tom Cross SYNOPSIS AS INTRODUCED:
815 ILCS 205/4b from Ch. 17, par. 6411
Amends the Interest Act. Makes a technical change in a Section concerning the adoption of certain rules.
LRB098 05867 WGH 35906 b
A BILL FOR
HB1950 LRB098 05867 WGH 35906 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Interest Act is amended by changing Section
4b as follows:
(815 ILCS 205/4b) (from Ch. 17, par. 6411)
Sec. 4b. In order to assure compliance with applicable
Federal law, any State agency having chartering or licensing
powers or regulatory or supervisory authority over a class of
creditors affected by this Act may promulgate rules and and
regulations to carry out the disclosure and other requirements
pertaining to the extension of credit under this Act and the
advertising of such extensions of credit.
(Source: P.A. 76-1775.)