Illinois Senate Bill 2843 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 23-1)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - 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. Andy Manar [D]	Sen. William McCann [R]
Sen. Linda Holmes [D]	Sen. Cristina Castro [D]	Sen. William Cunningham [D]	Sen. Emil Jones [D]
Sen. Michael Hastings [D]	Sen. John Mulroe [D]	Sen. Iris Martinez [D]	Sen. Thomas Cullerton [D]
Sen. Daniel Biss [D]	Sen. Napoleon Harris [D]	Sen. Mattie Hunter [D]	Sen. Toi Hutchinson [D]
Sen. James Clayborne [D]	Sen. Heather Steans [D]	Sen. Scott Bennett [D]	Sen. Melinda Bush [D]
Sen. Kwame Raoul [D]	Sen. Pat McGuire [D]	Sen. William Haine [D]	Sen. Laura Murphy [D]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2018-05-31	Senate	Rule 3-9(a) / Re-referred to Assignments
2018-05-17	Senate	Added as Co-Sponsor Sen. Laura M. Murphy
2018-05-15	Senate	Re-assigned to Financial Institutions
2018-05-11	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2018
2018-05-03	Senate	Rule 3-9(a) / Re-referred to Assignments
2018-04-27	Senate	Rule 2-10 Committee/3rd Reading Deadline Established As May 3, 2018
2018-04-25	Senate	Added as Co-Sponsor Sen. William R. Haine
2018-04-13	Senate	Rule 2-10 Committee Deadline Established As April 27, 2018
2018-04-12	Senate	Added as Co-Sponsor Sen. Pat McGuire
2018-04-12	Senate	Added as Co-Sponsor Sen. Kwame Raoul
2018-04-12	Senate	Added as Co-Sponsor Sen. Melinda Bush
2018-04-11	Senate	Added as Co-Sponsor Sen. Scott M. Bennett
2018-04-11	Senate	Added as Co-Sponsor Sen. Heather A. Steans
2018-04-11	Senate	Added as Co-Sponsor Sen. James F. Clayborne, Jr.
2018-04-10	Senate	Added as Co-Sponsor Sen. Toi W. Hutchinson
2018-04-10	Senate	Added as Co-Sponsor Sen. Mattie Hunter
2018-04-10	Senate	Added as Co-Sponsor Sen. Napoleon Harris, III
2018-04-10	Senate	Added as Co-Sponsor Sen. Daniel Biss
2018-02-28	Senate	Added as Co-Sponsor Sen. Thomas Cullerton
2018-02-28	Senate	Added as Co-Sponsor Sen. Iris Y. Martinez
2018-02-28	Senate	Added as Co-Sponsor Sen. John G. Mulroe
2018-02-22	Senate	Added as Co-Sponsor Sen. Michael E. Hastings
2018-02-21	Senate	Assigned to Financial Institutions
2018-02-21	Senate	Added as Co-Sponsor Sen. Emil Jones, III
2018-02-20	Senate	Added as Chief Co-Sponsor Sen. Linda Holmes
2018-02-20	Senate	Added as Chief Co-Sponsor Sen. Wm. Sam McCann
2018-02-15	Senate	Added as Co-Sponsor Sen. Bill Cunningham
2018-02-15	Senate	Added as Co-Sponsor Sen. Cristina Castro
2018-02-14	Senate	Added as Chief Co-Sponsor Sen. Andy Manar
2018-02-14	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2018-02-13	Senate	Referred to Assignments
2018-02-13	Senate	First Reading
2018-02-13	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=2843&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB2843.htm