Jeffrey M. Schoenberg
- Democratic
Primary
Amends the Consumer Fraud and Deceptive Business Practices Act. Makes it an unlawful practice within the meaning of the Act for a facilitator to directly or indirectly charge a refund anticipation loan fee for the making of or in connection with a refund anticipation loan when: (i) the refund anticipation loan is issued to a borrower who is eligible to receive the Illinois Earned Income Tax Credit under Section 12 of the Illinois Income Tax Act; and (ii) the refund anticipation loan has an interest rate in excess of 26% per annum. Sets out disclosure requirements for the facilitator. Provides a formula for calculating the interest rate for a refund anticipation loan. Repeals the Tax Refund Anticipation Loan Disclosure Act.
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Session Sine Die
Rule 3-9(a) / Re-referred to Rules
Postponed - Financial Institutions
Postponed - Financial Institutions
Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
Assigned to Financial Institutions
Filed with Secretary by Sen. Jeffrey M. Schoenberg
Referred to Rules
First Reading
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