IL SB2306 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 26 2021 - 25% progression
Action: 2021-02-26 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

If and only if Senate Bill 1792 of the 101st General Assembly becomes law, amends the Predatory Loan Prevention Act. In provisions concerning the purpose and construction of the Predatory Loan Prevention Act, provides that the purpose of the Act is to protect consumers from predatory loans consistent with federal law and the federal Truth in Lending Act (rather than the Military Lending Act). In provisions concerning an annual percentage rate cap, provides that the annual percentage rate shall be calculated as such rate is calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act, and its implementing regulations under Regulation Z of the Code of Federal Regulations (rather than a military annual percentage rate). Effective immediately or on the date Senate Bill 1792 of the 101st General Assembly takes effect, whichever is later.

Tracking Information

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Title

PREDATORY LOAN-RATE CAP

Sponsors


History

DateChamberAction
2021-02-26SenateReferred to Assignments
2021-02-26SenateFirst Reading
2021-02-26SenateFiled with Secretary by Sen. Sue Rezin

Illinois State Sources


Bill Comments

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