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Key Votes

SB 1118 - Business Loan Interest Rates - Key Vote

Illinois Key Votes

Pat Quinn signed this Legislation.

Read statements Pat Quinn made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Business Loan Interest Rates

Signed by Governor Pat Quinn
Legislation - Bill Passed (House) (73-36) - (Key vote)

Title: Business Loan Interest Rates

Vote Smart's Synopsis:

Vote to pass a bill that establishes the annual interest rate be based on 360 days for businesses.

Highlights:
-Establishes that a rate or amount of interest may be lawfully computed when applying the ratio of the annual interest rate over a year based on 360 days for (Sec. 5):
    -any loan made to a corporation; -any credit transaction between a merchandise wholesaler and retailer; or -any business loan to a business association or co-partnership or to a person owning and operating a business as joint ventures, joint tenants or tenants in common.
Legislation - Bill Passed (Senate) (58-0) -
Legislation - Introduced (Senate) -

Title: Business Loan Interest Rates

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