Illinois Senate Bill 85 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 15-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

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.

TITLE-SECURED LOANS

Sen. Kimberly Lightford [D]	Sen. Jacqueline Collins [D]	Sen. Linda Holmes [D]	Sen. Robert Peters [D]
Sen. Melinda Bush [D]	Sen. Laura Murphy [D]	Sen. William Cunningham [D]	Sen. John Mulroe [D]
Sen. Napoleon Harris [D]	Sen. Iris Martinez [D]	Sen. Laura Fine [D]	Sen. Pat McGuire [D]
Sen. Cristina Castro [D]	Sen. Emil Jones [D]	Sen. Patricia Van Pelt [D]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2019-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2019-03-22	Senate	Rule 2-10 Committee Deadline Established As March 28, 2019
2019-03-13	Senate	Postponed - Financial Institutions
2019-03-06	Senate	Postponed - Financial Institutions
2019-03-06	Senate	Added as Co-Sponsor Sen. Patricia Van Pelt
2019-03-05	Senate	Added as Co-Sponsor Sen. Emil Jones, III
2019-02-21	Senate	Added as Co-Sponsor Sen. Cristina Castro
2019-02-19	Senate	Added as Co-Sponsor Sen. Pat McGuire
2019-02-07	Senate	Added as Co-Sponsor Sen. Laura Fine
2019-02-07	Senate	Added as Co-Sponsor Sen. Iris Y. Martinez
2019-02-06	Senate	Added as Co-Sponsor Sen. Napoleon Harris, III
2019-02-05	Senate	Added as Co-Sponsor Sen. John G. Mulroe
2019-02-05	Senate	Added as Co-Sponsor Sen. Bill Cunningham
2019-01-31	Senate	Added as Chief Co-Sponsor Sen. Melinda Bush
2019-01-31	Senate	Added as Chief Co-Sponsor Sen. Robert Peters
2019-01-30	Senate	Added as Chief Co-Sponsor Sen. Linda Holmes
2019-01-30	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2019-01-30	Senate	Assigned to Financial Institutions
2019-01-30	Senate	Added as Co-Sponsor Sen. Laura M. Murphy
2019-01-23	Senate	Referred to Assignments
2019-01-23	Senate	First Reading
2019-01-23	Senate	Filed with Secretary by Sen. Kimberly A. Lightford

Chapter	Article	Section	Citation Type	Statute Text
205	670	1	Amended Code	Citation Text
205	670	15	Amended Code	Citation Text
205	670	15f	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=85&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB0085.htm