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91_SB0799ham001
LRB9101226PTpkam
1 AMENDMENT TO SENATE BILL 799
2 AMENDMENT NO. . Amend Senate Bill 799 on page 3, by
3 replacing lines 5 through 7 with the following:
4 "(i) A person primarily engaged in one or
5 more of the following businesses: the business
6 of purchasing customer receivables, the
7 business of or making loans upon the security
8 of customer receivables, the business of making
9 loans for the express purpose of funding
10 purchases of tangible personal property or
11 services by the borrower, or the business of
12 finance leasing. For purposes"; and
13 on page 7, below line 7, by inserting the following:
14 "(F) Finance Leases. For purposes of this
15 subsection, a finance lease shall be treated as a
16 loan or other extension of credit, rather than as a
17 lease, regardless of how the transaction is
18 characterized for any other purpose, including the
19 purposes of any regulatory agency to which the
20 lessor is subject. A finance lease is any
21 transaction in the form of a lease in which the
22 lessee is treated as the owner of the leased asset
23 entitled to any deduction for depreciation allowed
-2- LRB9101226PTpkam
1 under Section 167 of the Internal Revenue Code.".