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Financial Services

Bill: SB 647
Sponsor: Sen. Collins – Rep. Turner
Status: P.A. 100-0407
Position: Oppose
Description: It continues the collection of court fees (up to $500) associated with filing a foreclosure lawsuit in Illinois. It also extends a judicial sale fee (up to $300) on foreclosed homes. The General Assembly passed agreed legislation in 2013 that authorized the temporary collection of “graduated” foreclosure filing feeds until January 1, 2018. Portions of these temporary filing fees are granted housing counseling agencies and to local governments for abandoned property costs. SB 647 would violate the agreement in 2013 by extending the sunset date for collecting temporary court filing fees. The bill also seeks to extend the collection of a judicial sale fee payable by third-party purchasers of foreclosed residential properties.

Bill: HB 1274
Sponsor: Rep. Turner
Status: House 2nd Reading
Position: Oppose
Description: HFA 1 to HB 1274 (Turner) would prohibit financial institutions from charging more than $1 per transaction at ATMs.  Business is opposed to this bill as it would create an artificial cap on fees instead of letting it be determined by the private market.

Bill: HB 2458 
Sponsor: Rep. Flowers
Status: House Revenue
Position: Oppose
Description: Allows the City of Chicago to enact, by ordinance, to levy a tax on stocks, commodities, or options transactions.

Bill: SB 1719
Rep. Welch – Sen. Biss 
House 2nd Reading 
HB 3393 would both put Illinois’ vital financial service sector and the tens of thousands of jobs it employs at risk by imposing a new 20% gross receipts tax on partnerships and S corps engaged in the business of conducting investment management services.  Illinois has benefited from being a top ten globally-recognized financial hub.  SB 1719 would hurt our state’s global reputation and would force investors to look to less hostile cities such as Boston, Dallas, and Charlotte.

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