IL HB3774 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 10 2017 - 25% progression
Action: 2017-03-31 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Consumer Installment Loan Act. Provides that a title loan lender shall not contract for or receive a finance charge exceeding 36% per year on the unpaid balance of a loan secured by a motor vehicle title. Provides that if the borrower defaults, interest shall cease to accrue on the title loan. Provides that the motor vehicle sale proceeds shall satisfy all outstanding debt under that title loan, and that the borrower shall not be liable for attorney's fees or deficiency resulting from that sale. Requires title loan borrowers receive any surplus from the sale of their vehicle. Defines "titled-secured loans".

Tracking Information

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Title

REGULATION-TITLE LOANS

Sponsors


History

DateChamberAction
2017-03-31HouseRule 19(a) / Re-referred to Rules Committee
2017-03-01HouseAssigned to Consumer Protection Committee
2017-02-10HouseReferred to Rules Committee
2017-02-10HouseFirst Reading
2017-02-10HouseFiled with the Clerk by Rep. Christian L. Mitchell

Code Citations

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

Illinois State Sources


Bill Comments

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