Illinois Senate Bill 1514 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Passed on August 23 2019 - 100% progression
Action: 2019-08-23 - Public Act . . . . . . . . . 101-0557
Text: Latest bill text (Chaptered) [HTML]

Amends the Installment Sales Contract Act. Provides that "installment sales contract" does not include a financing arrangement offered by a third-party religious or cultural lender. Defines "third-party religious or cultural lender" as an individual or legal entity licensed under the Residential Mortgage License Act of 1987 that is in compliance with the principles and norms of an established religious or cultural legal system and that is obtaining an interest in a residential dwelling solely as collateral security for a financing arrangement that for religious or cultural reasons does not allow the imposition or collection of interest and had no interest in the residential dwelling prior to the consummation of the financing arrangement, other than an interest in the nature of collateral security that may have been obtained as part of a prior financing arrangement made by the third-party lender.

INSTALLMENT SALES-DEFINITIONS

Sen. Toi Hutchinson [D]	Sen. Jacqueline Collins [D]	Sen. Mattie Hunter [D]	Rep. Jehan Gordon-Booth [D]
Rep. Ryan Spain [R]	Rep. Camille Lilly [D]	Rep. Timothy Butler [R]	Rep. Justin Slaughter [D]

2019-06-01 - House - Third Reading in House (Y: 106 N: 0 NV: 7 Abs: 1) [PASS]
2019-04-10 - Senate - Third Reading in Senate (Y: 39 N: 19 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2019-08-23	Senate	Public Act . . . . . . . . . 101-0557
2019-08-23	Senate	Effective Date June 1, 2020
2019-08-23	Senate	Governor Approved
2019-06-28	Senate	Sent to the Governor
2019-06-01	Senate	Passed Both Houses
2019-06-01	House	Third Reading - Short Debate - Passed 106-000-000
2019-06-01	House	Added Alternate Chief Co-Sponsor Rep. Tim Butler
2019-06-01	House	Added Alternate Chief Co-Sponsor Rep. Camille Y. Lilly
2019-06-01	House	Added Alternate Chief Co-Sponsor Rep. Ryan Spain
2019-05-31	House	Final Action Deadline Extended-9(b) June 30, 2019
2019-05-24	House	Final Action Deadline Extended-9(b) May 31, 2019
2019-05-21	House	Placed on Calendar Order of 3rd Reading - Short Debate
2019-05-21	House	Second Reading - Short Debate
2019-05-08	House	Placed on Calendar 2nd Reading - Short Debate
2019-05-07	House	Do Pass / Short Debate Financial Institutions Committee; 012-000-000
2019-05-07	House	Alternate Chief Sponsor Changed to Rep. Jehan Gordon-Booth
2019-05-07	House	Added Alternate Co-Sponsor Rep. Justin Slaughter
2019-04-24	House	Assigned to Financial Institutions Committee
2019-04-10	House	Referred to Rules Committee
2019-04-10	House	First Reading
2019-04-10	House	Chief House Sponsor Rep. Marcus C. Evans, Jr.
2019-04-10	House	Arrived in House
2019-04-10	Senate	Added as Co-Sponsor Sen. Mattie Hunter
2019-04-10	Senate	Third Reading - Passed; 039-019-000
2019-04-09	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2019-04-04	Senate	Placed on Calendar Order of 3rd Reading April 9, 2019
2019-04-04	Senate	Second Reading
2019-03-13	Senate	Placed on Calendar Order of 2nd Reading March 14, 2019
2019-03-13	Senate	Do Pass Financial Institutions; 005-003-000
2019-02-27	Senate	Assigned to Financial Institutions
2019-02-15	Senate	Referred to Assignments
2019-02-15	Senate	First Reading
2019-02-15	Senate	Filed with Secretary by Sen. Toi W. Hutchinson

Chapter	Article	Section	Citation Type	Statute Text
765	67	5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1514&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB1514.htm
Text	https://www.ilga.gov/legislation/101/SB/10100SB1514eng.htm
Text	https://www.ilga.gov/legislation/101/SB/10100SB1514enr.htm
Text	https://www.ilga.gov/legislation/publicacts/101/101-0557.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/101/senate/10100SB1514_04102019_036000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/101/house/10100SB1514_06012019_041000T.pdf