Rep. Dan Caulkins
Filed: 5/19/2021
| |||||||
| |||||||
| |||||||
| 1 | AMENDMENT TO SENATE BILL 1921
| ||||||
| 2 | AMENDMENT NO. ______. Amend Senate Bill 1921, AS AMENDED, | ||||||
| 3 | by replacing everything after the enacting clause with the | ||||||
| 4 | following:
| ||||||
| 5 | "Section 5. The Predatory Loan Prevention Act is amended | ||||||
| 6 | by changing Section 15-1-15 as follows: | ||||||
| 7 | (815 ILCS 123/15-1-15)
| ||||||
| 8 | Sec. 15-1-15. Applicability. | ||||||
| 9 | (a) Except as otherwise provided in this Section, this Act | ||||||
| 10 | applies to any person or entity that offers or makes a loan to | ||||||
| 11 | a consumer in Illinois. | ||||||
| 12 | (b) The provisions of this Act apply to any person or | ||||||
| 13 | entity that seeks to evade its applicability by any device, | ||||||
| 14 | subterfuge, or pretense whatsoever. | ||||||
| 15 | (c) Banks, savings banks, savings and loan associations, | ||||||
| 16 | credit unions, and insurance companies organized, chartered, | ||||||
| |||||||
| |||||||
| 1 | or holding a certificate of authority to do business under the | ||||||
| 2 | laws of this State or any other state or under the laws of the | ||||||
| 3 | United States are exempt from the provisions of this Act.
| ||||||
| 4 | (d) Pawnbrokers, as defined in Section 1 of the Pawnbroker | ||||||
| 5 | Regulation Act, are exempt from the provisions of this Act. | ||||||
| 6 | (Source: P.A. 101-658, eff. 3-23-21.)".
| ||||||