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IL HB2350
Bill
Status
Introduced
2/18/2009
Primary Sponsor
Kevin Joyce
Click for details
AI Summary
- Amends the Illinois Banking Act, Illinois Savings and Loan Act of 1985, Savings Bank Act, and Illinois Credit Union Act
- Prohibits banks, savings and loan associations, savings banks, and credit unions organized under Illinois law from making commercial loans with an effective annual percentage rate exceeding 9%
- Applies the 9% interest rate cap to all commercial loans made available to borrowers
- Takes effect immediately upon becoming law
Legislative Description
COMMERCIAL LOANS-INTRST LIMIT
Last Action
Rule 19(a) / Re-referred to Rules Committee
3/13/2009
Committee Referrals
Rules3/13/2009
Financial Institutions2/23/2009
Rules2/19/2009
Full Bill Text
No bill text available