IL HB2468 | 2019-2020 | 101st General Assembly

Status

Spectrum: Moderate Partisan Bill (Democrat 37-7)
Status: Introduced on February 13 2019 - 25% progression
Action: 2020-07-24 - Added Co-Sponsor Rep. Andrew S. Chesney
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Consumer Installment Loan Act. Defines "title-secured loan". Provides that for title-secured loans entered into or renewed on or after the effective date of the Act: (i) a licensee shall not contract for or receive a charge exceeding 36% annual percentage rate on the unpaid balance of the amount financed for a title-secured loan; (ii) the loan contract shall provide for repayment of the principal and charges within specified maximum loan terms; (iii) upon or after default, a licensee shall not charge a borrower any finance charges, interest, fees, or charges of any kind; and (iv) the loan may be refinanced if the original principal of the loan has been reduced by at least 60%. Provides that nothing in these provisions abrogates a borrower's right to collect any surplus arising from the sale of a motor vehicle under the Uniform Commercial Code.

Tracking Information

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Title

TITLE-SECURED LOANS

Sponsors


History

DateChamberAction
2020-07-24HouseAdded Co-Sponsor Rep. Andrew S. Chesney
2019-04-16HouseAdded Co-Sponsor Rep. Fred Crespo
2019-04-12HouseHouse Floor Amendment No. 3 Rule 19(c) / Re-referred to Rules Committee
2019-04-12HouseRule 19(a) / Re-referred to Rules Committee
2019-04-11HouseAdded Co-Sponsor Rep. Ryan Spain
2019-04-11HouseHouse Floor Amendment No. 3 Recommends Be Adopted Executive Committee; 013-000-000
2019-04-10HouseHeld on Calendar Order of Second Reading - Short Debate
2019-04-10HouseSecond Reading - Short Debate
2019-04-10HouseAdded Co-Sponsor Rep. Debbie Meyers-Martin
2019-04-10HouseHouse Floor Amendment No. 3 Rules Refers to Executive Committee
2019-04-10HouseAdded Co-Sponsor Rep. Katie Stuart
2019-04-10HouseAdded Co-Sponsor Rep. LaToya Greenwood
2019-04-10HouseAdded Co-Sponsor Rep. Sue Scherer
2019-04-10HouseAdded Co-Sponsor Rep. Anne Stava-Murray
2019-04-10HouseAdded Co-Sponsor Rep. Rita Mayfield
2019-04-10HouseAdded Co-Sponsor Rep. André Thapedi
2019-04-10HouseAdded Co-Sponsor Rep. Diane Pappas
2019-04-09HouseHouse Floor Amendment No. 3 Referred to Rules Committee
2019-04-09HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Emanuel Chris Welch
2019-04-04HouseAdded Co-Sponsor Rep. Terra Costa Howard
2019-04-04HouseAdded Chief Co-Sponsor Rep. William Davis
2019-04-03HouseAdded Co-Sponsor Rep. Martin J. Moylan
2019-04-03HouseAdded Co-Sponsor Rep. Sonya M. Harper
2019-04-03HouseAdded Co-Sponsor Rep. Michael Halpin
2019-04-03HouseAdded Co-Sponsor Rep. Will Guzzardi
2019-04-03HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
2019-04-03HouseAdded Co-Sponsor Rep. Jennifer Gong-Gershowitz
2019-04-02HouseAdded Co-Sponsor Rep. Robyn Gabel
2019-04-02HouseHouse Floor Amendment No. 2 Referred to Rules Committee
2019-04-02HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Emanuel Chris Welch
2019-04-02HouseAdded Co-Sponsor Rep. Mary Edly-Allen
2019-03-28HouseAdded Co-Sponsor Rep. Kambium Buckner
2019-03-28HouseAdded Co-Sponsor Rep. Nicholas K. Smith
2019-03-28HouseAdded Co-Sponsor Rep. La Shawn K. Ford
2019-03-28HouseAdded Co-Sponsor Rep. Delia C. Ramirez
2019-03-28HouseAdded Co-Sponsor Rep. Lamont J. Robinson, Jr.
2019-03-28HouseAdded Co-Sponsor Rep. Maurice A. West, II
2019-03-28HouseAdded Co-Sponsor Rep. Jonathan Carroll
2019-03-27HouseRemoved Co-Sponsor Rep. Marcus C. Evans, Jr.
2019-03-26HouseAdded Co-Sponsor Rep. Carol Ammons
2019-03-21HouseAdded Co-Sponsor Rep. Anna Moeller
2019-03-21HouseAdded Co-Sponsor Rep. Bob Morgan
2019-03-21HouseAdded Co-Sponsor Rep. Gregory Harris
2019-03-14HouseRemoved Co-Sponsor Rep. Amy Grant
2019-03-14HouseAdded Co-Sponsor Rep. Amy Grant
2019-03-14HouseAdded Co-Sponsor Rep. Kathleen Willis
2019-03-13HousePlaced on Calendar 2nd Reading - Short Debate
2019-03-13HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
2019-03-13HouseDo Pass / Short Debate Executive Committee; 011-000-000
2019-03-12HouseAdded Co-Sponsor Rep. Arthur Turner
2019-03-12HouseHouse Committee Amendment No. 1 Referred to Rules Committee
2019-03-12HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Emanuel Chris Welch
2019-03-07HouseAdded Co-Sponsor Rep. Luis Arroyo
2019-03-07HouseAdded Co-Sponsor Rep. Natalie A. Manley
2019-03-07HouseAdded Co-Sponsor Rep. Grant Wehrli
2019-03-07HouseAdded Co-Sponsor Rep. Thomas M. Bennett
2019-03-01HouseAdded Co-Sponsor Rep. Jehan Gordon-Booth
2019-02-28HouseAdded Co-Sponsor Rep. Joe Sosnowski
2019-02-28HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
2019-02-26HouseAssigned to Executive Committee
2019-02-21HouseAdded Chief Co-Sponsor Rep. David A. Welter
2019-02-20HouseAdded Chief Co-Sponsor Rep. Theresa Mah
2019-02-15HouseAdded Chief Co-Sponsor Rep. C.D. Davidsmeyer
2019-02-13HouseReferred to Rules Committee
2019-02-13HouseFirst Reading
2019-02-13HouseFiled with the Clerk by Rep. Emanuel Chris Welch

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2056701Amended CodeCitation Text
20567015Amended CodeCitation Text
20567015fNew CodeSee Bill Text

Illinois State Sources


Bill Comments

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