IL SB0085 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 15-0)
Status: Introduced on January 23 2019 - 25% progression
Action: 2019-03-28 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments 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
2019-03-28SenateRule 3-9(a) / Re-referred to Assignments
2019-03-22SenateRule 2-10 Committee Deadline Established As March 28, 2019
2019-03-13SenatePostponed - Financial Institutions
2019-03-06SenatePostponed - Financial Institutions
2019-03-06SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
2019-03-05SenateAdded as Co-Sponsor Sen. Emil Jones, III
2019-02-21SenateAdded as Co-Sponsor Sen. Cristina Castro
2019-02-19SenateAdded as Co-Sponsor Sen. Pat McGuire
2019-02-07SenateAdded as Co-Sponsor Sen. Laura Fine
2019-02-07SenateAdded as Co-Sponsor Sen. Iris Y. Martinez
2019-02-06SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
2019-02-05SenateAdded as Co-Sponsor Sen. John G. Mulroe
2019-02-05SenateAdded as Co-Sponsor Sen. Bill Cunningham
2019-01-31SenateAdded as Chief Co-Sponsor Sen. Melinda Bush
2019-01-31SenateAdded as Chief Co-Sponsor Sen. Robert Peters
2019-01-30SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
2019-01-30SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2019-01-30SenateAssigned to Financial Institutions
2019-01-30SenateAdded as Co-Sponsor Sen. Laura M. Murphy
2019-01-23SenateReferred to Assignments
2019-01-23SenateFirst Reading
2019-01-23SenateFiled with Secretary by Sen. Kimberly A. Lightford

Code Citations

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

Illinois State Sources


Bill Comments

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