Text Size
consumerprotection.jpg

Consumer Protection

From identity theft, to mortgage fraud, Senate Democrats work to ensure that money earned by Illinois families is protected.

consumer protection

Kotowski Bill Protecting Seniors and Families from Fraud becomes Law

kotowski-011111br1035-051711-75x75SPRINGFIELD – State Senator Dan Kotowski (D–Park Ridge) sponsored legislation ensuring that people who commit forgery with the intent to defraud are held accountable for their actions. Governor Pat Quinn recently signed that legislation, Senate Bill 2027, into law.
 
“This legislation takes an important step toward protecting our seniors and families from forgery and fraud,” Senator Kotowski said. “In recent years, identity theft has been on the rise, devastating the lives of many Illinoisans. This new law helps decrease these crimes and allows our law enforcement officials to punish those who commit forgery and fraud.”
Read more...  

Senator Hutchinson Strengthens Law to Protect Seniors, those with Disabilities

hutchinson-031010br0770-030311SPRINGFIELD, IL – State Senator Toi Hutchinson (D-Chicago Heights) passed significant safety legislation out of the Senate today that strengthens the penalties for those accused of financial exploitation of an elderly person or a person with a disability.

"By increasing the fines for financial exploitation, we are sending the message that we are serious about protecting our seniors and those with disabilities," Hutchinson said. "Anyone who has heard a story about or been a victim of this type of scheme knows how financially and emotionally devastating this can be."

Read more...  

Collins Passes Bill to Protect Consumers from Unfair Tax Refund Loans

SPRINGFIELD, IL – State Senator Jacqueline Y. Collins (D - Chicago) passed Senate Bill 87 out of the Illinois Senate today which prohibits currency exchanges from providing tax refund anticipation loans.

Read more...  

Haine votes to protect seniors from misleading insurance sales

CLICK TO ENLARGEBill will create penalties for false certifications

SPRINGFIELD, IL – Senator William Haine (D – Alton), Chairman of the Senate Insurance Committee, voted in favor of a measure in the committee to prevent insurance producers from misleading senior citizen customers.

Read more...  

AARP commends Governor for signing Wilhelmi consumer protection measure

Will Shield Consumers against Power of Attorney Abuses

title SPRINGFIELD – Governor Quinn signed into law House Bill 6477 – a piece of legislation that will create urgently needed protections for thousands of individuals, particularly older adults, who fall victim each year to financial abuse or exploitation at the hands of individuals entrusted with making financial decisions as powers of attorney.

HB 6477 was sponsored by State Representative Emily McAsey (D-Crest Hill) and State Senator A.J. Wilhelmi. The bill garnered strong bipartisan support before passing the House unanimously on March 25, and passing the Senate unanimously on April 29th. AARP, on behalf of its 1.7 million Illinois members, commends Governor Quinn for signing the bill into law.

Read more...  

Munoz works to warn the public about predatory lenders

Springfield, Illinois —House Bill 5044 sponsored by State Senator Tony Munoz (D-Chicago) has been signed into law by Governor Quinn that will require the Illinois Department of Financial and Professional Regulation (IDFPR) to create a Spanish version of its website containing information about predatory lending.

"Predatory lending in Illinois has been on the increase during these tough economic times," Senator Munoz pointed out. "This measure will ensure that everyone throughout the state, including those who speak Spanish, is aware of their rights as homeowners. This new law will allow them to have information available to avoid the traps of predatory lenders."

Read more...  

Koehler’s Credit Card Reform Bill Signed into Law

SPRINGFIELD—State Sen. Dave Koehler’s (D-Peoria) plan to protect Illinois credit card holders’ pocketbooks from corporate greed and bring Illinois’ credit card laws in line with new federal standards became law earlier today.

"I believe most people want to keep from building up too much credit card debt," Koehler said. "This credit card reform law will give them more of the tools they need to manage their finances."

Koehler’s legislation (House Bill 6412) requires credit card companies to notify their customers in writing whenever they make changes to the credit card agreement. It also requires the companies to provide at least 45 days notice before increasing interest rates and bans interest rate increases for the first year a customer holds an account.

Read more...  

Telecommunication bill signed into law by Governor Quinn

SPRINGFIELD, IL –Legislation sponsored by Senator Mike Jacobs (D – Moline) to overhaul of the existing Telecommunications Act has been signed into law by Governor Quinn. The re-write of this act will promote competition among telephone carriers throughout the state.

"This competition amongst telecommunication companies will help to spur job creation and economic growth across Illinois," stated Senator Jacobs, Vice-Chairman of the Senate Telecommunications and Technology Committee. "Protecting Illinois consumers who use landline telephones and ensuring rates are locked-in for the next three years was the focus of this measure."

Read more...  

Senate Passes Foreclosure Overhaul to Revitalize Urban Areas (AUDIO)

Legislation sponsored by Financial Institutions Chair Jacqueline Collins and passed by the Illinois Senate today will keep people in their homes and provide a face lift to communities affected by record foreclosure numbers.

"Without a doubt inner-city communities all over the country have been impacted by our national economic struggles. As property values sink due to the rising tide of foreclosures, this initiative will be a well-deserved life preserver for many Illinoisans," said State Sen. Jacqueline Collins (D – Chicago).

Read more...  

Sweeping Payday Loan Reform Bill Passes Illinois Senate

SPRINGFIELD, IL – Assistant Senate Majority Leader Kimberly A. Lightford (D – Maywood) advanced legislation through the Illinois Senate this week that will protect consumers by placing much tighter regulations on the payday loan industry.

"During tough economic times when so many individuals are struggling to get by from paycheck to paycheck, predatory lenders are taking advantage of desperate borrowers by strapping them with long-term loans at triple-digit interest rates," Senator Lightford said. "It is imperative that we enact a set of rules to put an end to these kinds of abusive lending practices."

Regulations were first placed on the payday loan industry in 2005, when the Payday Loan Reform Act (PLRA) was passed by the General Assembly. Under the PLRA, payday loans were defined as having terms of 120 days. However, payday lenders began exploiting a "payday loan loophole" and circumventing the law by lending under the relatively unregulated Consumer Installment Loan Act (CILA). Under CILA, loans could be set at no capped rate, with no limits to the length of term or the number of loans allowed to a borrower.

Read more...