Community Bankers Association of Illinois

CBAI LEGISLATION TO LIMIT COMMERCIAL ILC's CLEARS COMMITTEE!
03/01/07

House Bill 497, the CBAI-initiated legislation which would prevent an industrial loan company (ILC) from establishing a branch on or adjacent to its commercial affiliate, has cleared the Illinois House Committee on Financial Institutions by a vote of 19-0-1.

House Bill 497 was presented in committee by Representative Joe Lyons (D-Chicago). Other key sponsors include Bill Mitchell (R-Forsyth), Mike Boland (D-Moline), Dan Burke (D-Chicago), and Chapin Rose (R-Charleston). In addition to CBAI, the bill is strongly supported by the United Food and Commercial Workers, the Illinois Bankers Association, and the Illinois League of Financial Institutions.

House Bill 497 is currently on third reading in the House, however, continued advocacy is required to ensure passage. Please make every effort to contact your state representative and urge him or her to co-sponsor HB 497. Members will return to Springfield today, so please contact them as soon as possible! Phone numbers can be obtained by logging onto: http://www.ilga.gov/.

Current House Bill 497 Co-Sponsors:
Joe Lyons                 John D'Amico
Mike Boland              Patricia Bellock
Dan Burke                 Tom Holbrook
Bill Mitchell                Mike Smith
Chapin Rose            Rich Brauer
Lisa Dugan               Jim Watson
Roger Eddy               Harry Osterman
Shane Cultra             Monique Davis
Aaron Schock            Richard Bradley

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