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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2795 Introduced , by Rep. Elgie R. Sims, Jr. SYNOPSIS AS INTRODUCED:
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| 30 ILCS 105/5.826 new | | 30 ILCS 105/6z-98 new | | 815 ILCS 122/4-17 new | |
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Amends the Payday Loan Reform Act. Imposes a surcharge upon each lender in an amount equal to $1 for each payday loan made by that lender. Provides that the moneys collected from the surcharge shall be deposited into the Small Loan Community Reinvestment Fund, less 2% of those proceeds, which shall be paid into the Tax Compliance and Administration Fund. Amends the State Finance Act to create the Small Loan Community Reinvestment Fund. Provides that moneys in the Fund shall be used by the Department of Commerce and Economic Opportunity to make grants to not-for-profit organizations dedicated to educational tutoring and development, financial literacy, early childhood development, youth mentoring, and senior services.
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| | CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY | | FISCAL NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB2795 | | LRB098 07004 HLH 37063 b |
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1 | | AN ACT concerning finance.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The State Finance Act is amended by adding |
5 | | Sections 5.826 and 6z-98 as follows:
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6 | | (30 ILCS 105/5.826 new) |
7 | | Sec. 5.826. The Small Loan Community Reinvestment Fund.
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8 | | (30 ILCS 105/6z-98 new) |
9 | | Sec. 6z-98. The Small Loan Community Reinvestment Fund; |
10 | | creation. The Small Loan Community Reinvestment Fund is hereby |
11 | | created as a special fund in the State Treasury. Moneys in the |
12 | | Fund shall be used by the Department of Commerce and Economic |
13 | | Opportunity to make grants to not-for-profit organizations |
14 | | dedicated to educational tutoring and development, financial |
15 | | literacy, early childhood development, youth mentoring, and |
16 | | senior services. Moneys in the Fund shall be used primarily in |
17 | | geographic areas of the State with high concentrations of |
18 | | payday loan facilities. For purposes of this Section, the term |
19 | | "payday loan" has the meaning ascribed to that term in the |
20 | | Payday Loan Reform Act.
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21 | | Section 10. The Payday Loan Reform Act is amended by adding |