INSTALLMENT/PAYDAY LOANS Senate SponsorsSen. Antonio Muņoz House Sponsors(Rep. Emanuel Chris Welch-Sue Scherer-Stephanie A. Kifowit) 8/23/2019SenatePublic Act . . . . . . . . . 101-0563 205 ILCS 670/15from Ch. 17, par. 5415815 ILCS 122/2-5Amends the Consumer Installment Loan Act and the Payday Loan Reform Act. Provides that "substantially equal installment" includes a last regularly scheduled payment that is no more than 5% as large as the previous scheduled payment according to a disclosed payment schedule agreed to by the parties. Effective immediately.Senate Committee Amendment No. 1 Provides that "substantially equal installment" includes a last regularly scheduled payment that may be less than, but not more than 5% larger than, the previous scheduled payment rather than a regularly scheduled payment that is no more than 5% as large as the previous scheduled payment according to a disclosed payment schedule agreed to by the parties.House Floor Amendment No. 1 Adds reference to:205 ILCS 670/15from Ch. 17, par. 5415815 ILCS 5/2.11from Ch. 121 1/2, par. 137.2-11815 ILCS 5/2.12bfrom Ch. 121 1/2, par. 137.2-12b815 ILCS 5/3.5 new815 ILCS 5/8from Ch. 121 1/2, par. 137.8815 ILCS 5/12from Ch. 121 1/2, par. 137.12815 ILCS 122/2-5815 ILCS 5/2.10a rep.Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes. Amends the Illinois Securities Law of 1953. Makes changes to the definition of "investment adviser" and "investment adviser representative". Provides that the Secretary of State has the authority to enforce the provisions of the Act as it pertains to the offer, sale, or investment advice concerning covered securities under the Act. Provides that every registered dealer, limited Canadian dealer, Internet portal, and investment adviser shall provide to the Secretary of State, upon request, such accounts, correspondence, memoranda, papers, books, and records as the Secretary of State may by rule prescribe, that it possesses and that it preserves for periods of longer than 3 years. Provides that it a violation of the Act to make a false or misleading statement during sworn testimony before the Secretary of State or the Illinois Securities Department within the Office of the Secretary. Removes the definition for "telephone solicitor". Effective immediately. 2/15/2019SenateFiled with Secretary by Sen. Antonio Muņoz 2/15/2019SenateFirst Reading 2/15/2019SenateReferred to Assignments 3/12/2019SenateAssigned to Executive 3/15/2019SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Antonio Muņoz 3/15/2019SenateSenate Committee Amendment No. 1 Referred to Assignments 3/19/2019SenateSenate Committee Amendment No. 1 Assignments Refers to Executive 3/21/2019SenateSenate Committee Amendment No. 1 Adopted 3/21/2019SenateDo Pass as Amended Executive; 016-000-000 3/21/2019SenatePlaced on Calendar Order of 2nd Reading March 26, 2019 3/27/2019SenateSecond Reading 3/27/2019SenatePlaced on Calendar Order of 3rd Reading March 28, 2019 3/28/2019SenateThird Reading - Passed; 049-000-000 3/28/2019HouseArrived in House 3/28/2019HouseChief House Sponsor Rep. Emanuel Chris Welch 3/28/2019HouseFirst Reading 3/28/2019HouseReferred to Rules Committee 4/9/2019HouseAssigned to Financial Institutions Committee 4/12/2019HouseAdded Alternate Chief Co-Sponsor Rep. Sue Scherer 4/12/2019HouseAdded Alternate Chief Co-Sponsor Rep. Stephanie A. Kifowit 4/30/2019HouseDo Pass / Short Debate Financial Institutions Committee; 013-000-000 5/2/2019HousePlaced on Calendar 2nd Reading - Short Debate 5/16/2019HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Emanuel Chris Welch 5/16/2019HouseHouse Floor Amendment No. 1 Referred to Rules Committee 5/20/2019HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions Committee 5/21/2019HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 010-000-000 5/22/2019HouseSecond Reading - Short Debate 5/22/2019HouseHeld on Calendar Order of Second Reading - Short Debate 5/24/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019 5/28/2019HouseHouse Floor Amendment No. 1 Adopted 5/28/2019HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/28/2019HouseThird Reading - Short Debate - Passed 114-000-001 5/29/2019SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/29/2019SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 30, 2019 5/29/2019SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Antonio Muņoz 5/29/2019SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments 5/29/2019SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Executive 5/30/2019SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 014-000-001 5/31/2019SenateHouse Floor Amendment No. 1 Senate Concurs 059-000-000 5/31/2019SenateSenate Concurs 5/31/2019SenatePassed Both Houses 6/28/2019SenateSent to the Governor 8/23/2019SenateGovernor Approved 8/23/2019SenateEffective Date August 23, 2019 8/23/2019SenatePublic Act . . . . . . . . . 101-0563