---
type: "Bill"
title: "INTEREST-COMPUTE-360 DAY YEAR"
description: "Amends the Payday Loan Reform Act. Makes a technical change in a Section concerning the short title."
jurisdiction: "us/states/il"
legislature: "Illinois General Assembly"
session: "96th"
identifier: "SB 1118"
citation: "Illinois SB 1118 (96th)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 51
vote_count: 2
first_action: "2009-02-06"
last_action: "2010-08-03"
source: "openstates"
source_identifier: "ocd-bill/9481957e-2e33-400b-9e1d-b742620c4abc"
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=1118&GAID=10&DocTypeID=SB&LegId=42034&SessionID=76&GA=96"
source_hash: "8e9f6d885a9db88063b3d3c38ce29cc2862e86be6d087299a4d1307be10fe340"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-il"]
---

# Illinois SB 1118 (96th) — INTEREST-COMPUTE-360 DAY YEAR

Amends the Payday Loan Reform Act. Makes a technical change in a Section concerning the short title.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB1118&GA=96&SessionId=76&DocTypeId=SB&LegID=42034&DocNum=1118&GAID=10&Session=&print=true)
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB1118eng&GA=96&SessionId=76&DocTypeId=SB&LegID=42034&DocNum=1118&GAID=10&Session=&print=true)
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB1118enr&GA=96&SessionId=76&DocTypeId=SB&LegID=42034&DocNum=1118&GAID=10&Session=&print=true)

## Votes

- Third Reading — **58–0** (pass) · upper
- Third Reading — **73–36** (pass) · lower

## Sponsors

- Brandon W. Phelps — cosponsor (person)
- Dan Reitz — cosponsor (person)
- Don Harmon — primary (person)
- Joseph M. Lyons — cosponsor (person)
- Lou Lang — cosponsor (person)
- Patrick J. Verschoore — cosponsor (person)
- Randy Ramey, Jr. — cosponsor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2009-02-06** Filed with Secretary by Sen. John J. Cullerton `filing`
- **2009-02-06** First Reading `reading-1`
- **2009-02-06** Referred to Assignments `referral-committee`
- **2009-03-05** Assigned to Executive `referral-committee`
- **2009-03-12** Do Pass Executive; 012-000-000 `committee-passage`
- **2009-03-12** Placed on Calendar Order of 2nd Reading March 17, 2009
- **2009-04-03** Rule 2-10 Third Reading Deadline Established As April 30, 2009 `reading-3`
- **2009-04-23** Second Reading `reading-2`
- **2009-04-23** Placed on Calendar Order of 3rd Reading April 28, 2009
- **2009-08-15** Pursuant to Senate Rule 3-9(b) / Referred to Assignments `referral-committee`
- **2010-03-04** Approved for Consideration Assignments
- **2010-03-04** Placed on Calendar Order of 3rd Reading March 9, 2010
- **2010-03-04** Chief Sponsor Changed to Sen. Don Harmon
- **2010-03-11** Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon `amendment-introduction`
- **2010-03-11** Senate Floor Amendment No. 1 Referred to Assignments `referral-committee`
- **2010-03-16** Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
- **2010-03-16** Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 009-000-000
- **2010-03-18** Recalled to Second Reading `reading-2`
- **2010-03-18** Senate Floor Amendment No. 1 Adopted; Harmon `amendment-passage`
- **2010-03-18** Placed on Calendar Order of 3rd Reading
- **2010-03-18** Third Reading - Passed; 058-000-000 `reading-3, passage`
- **2010-03-18** Arrived in House `introduction`
- **2010-03-18** Chief House Sponsor Rep. John E. Bradley
- **2010-03-18** Placed on Calendar Order of First Reading `reading-1`
- **2010-03-18** First Reading `reading-1`
- **2010-03-18** Referred to Rules Committee `referral-committee`
- **2010-03-29** Added Alternate Co-Sponsor Rep. Lou Lang
- **2010-03-31** Added Alternate Co-Sponsor Rep. Joseph M. Lyons
- **2010-04-15** Added Alternate Chief Co-Sponsor Rep. Roger L. Eddy
- **2010-04-15** Alternate Chief Co-Sponsor Changed to Rep. Roger L. Eddy
- **2010-04-15** Added Alternate Chief Co-Sponsor Rep. Thomas Holbrook
- **2010-04-22** Added Alternate Co-Sponsor Rep. Karen A. Yarbrough
- **2010-04-27** Final Action Deadline Extended-9(b) May 7, 2010
- **2010-04-27** Assigned to Financial Institutions Committee `referral-committee`
- **2010-05-03** Added Alternate Co-Sponsor Rep. Dan Reitz
- **2010-05-03** Added Alternate Co-Sponsor Rep. Brandon W. Phelps
- **2010-05-03** Added Alternate Co-Sponsor Rep. Patrick J. Verschoore
- **2010-05-03** Do Pass / Short Debate Financial Institutions Committee; 014-004-005 `committee-passage`
- **2010-05-03** Placed on Calendar 2nd Reading - Short Debate
- **2010-05-03** Second Reading - Short Debate `reading-2`
- **2010-05-03** Held on Calendar Order of Second Reading - Short Debate `reading-2`
- **2010-05-05** Alternate Co-Sponsor Removed Rep. Karen A. Yarbrough
- **2010-05-05** Added Alternate Co-Sponsor Rep. Randy Ramey, Jr.
- **2010-05-06** Placed on Calendar Order of 3rd Reading - Short Debate
- **2010-05-07** Added as Chief Co-Sponsor Sen. Kimberly A. Lightford
- **2010-05-07** Third Reading - Short Debate - Passed 073-036-006 `reading-3, passage`
- **2010-05-07** Passed Both Houses
- **2010-06-04** Sent to the Governor `executive-receipt`
- **2010-08-03** Governor Approved `executive-signature`
- **2010-08-03** Effective Date August 3, 2010
- **2010-08-03** Public Act . . . . . . . . . 96-1421 `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/9481957e-2e33-400b-9e1d-b742620c4abc`. Confidence: reported (aggregated from official Illinois legislature records).