Bill Text: IL HB2350 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Provides that a bank, savings and loan association, savings bank, or credit union organized under the laws of this State must not make commercial loans with an effective annual percentage rate of more than 9% available to a borrower. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB2350 Detail]

Download: Illinois-2009-HB2350-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB2350 Introduced 2/19/2009, by Rep. Kevin Joyce SYNOPSIS AS INTRODUCED:
205 ILCS 5/32.5 new
205 ILCS 105/1-6g new
205 ILCS 205/6005.5 new
205 ILCS 305/51.5 new
Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Provides that a bank, savings and loan association, savings bank, or credit union organized under the laws of this State must not make commercial loans with an effective annual percentage rate of more than 9% available to a borrower. Effective immediately.
LRB096 09405 MJR 19562 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB2350 LRB096 09405 MJR 19562 b
AN ACT concerning financial regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by adding
Section 32.5 as follows:
(205 ILCS 5/32.5 new)
Sec. 32.5. Commercial loans; interest limits. A bank
organized under the laws of this State must not make commercial
loans with an effective annual percentage rate of more than 9%
available to a borrower.
Section 10. The Illinois Savings and Loan Act of 1985 is
amended by adding Section 1-6g as follows:
(205 ILCS 105/1-6g new)
Sec. 1-6g. Commercial loans; interest limits. A savings and
loan association organized under the laws of this State must
not make commercial loans with an effective annual percentage
rate of more than 9% available to a borrower.
Section 15. The Savings Bank Act is amended by adding
Section 6005.5 as follows:

HB2350 - 2 - LRB096 09405 MJR 19562 b
(205 ILCS 205/6005.5 new)
Sec. 6005.5. Commercial loans; interest limits. A savings
bank organized under the laws of this State must not make
commercial loans with an effective annual percentage rate of
more than 9% available to a borrower.
Section 20. The Illinois Credit Union Act is amended by
adding Section 51.5 as follows:
(205 ILCS 305/51.5 new)
Sec. 51.5. Commercial loans; interest limits. A credit
union organized under the laws of this State must not make
commercial loans with an effective annual percentage rate of
more than 9% available to a borrower.
Section 99. Effective date. This Act takes effect upon
becoming law.