IL SB2843 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 21-1)
Status: Introduced on February 13 2018 - 25% progression
Action: 2018-04-13 - Rule 2-10 Committee Deadline Established As April 27, 2018
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
2018-04-13SenateRule 2-10 Committee Deadline Established As April 27, 2018
2018-04-12SenateAdded as Co-Sponsor Sen. Pat McGuire
2018-04-12SenateAdded as Co-Sponsor Sen. Kwame Raoul
2018-04-12SenateAdded as Co-Sponsor Sen. Melinda Bush
2018-04-11SenateAdded as Co-Sponsor Sen. Scott M. Bennett
2018-04-11SenateAdded as Co-Sponsor Sen. Heather A. Steans
2018-04-11SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr.
2018-04-10SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson
2018-04-10SenateAdded as Co-Sponsor Sen. Mattie Hunter
2018-04-10SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
2018-04-10SenateAdded as Co-Sponsor Sen. Daniel Biss
2018-02-28SenateAdded as Co-Sponsor Sen. Thomas Cullerton
2018-02-28SenateAdded as Co-Sponsor Sen. Iris Y. Martinez
2018-02-28SenateAdded as Co-Sponsor Sen. John G. Mulroe
2018-02-22SenateAdded as Co-Sponsor Sen. Michael E. Hastings
2018-02-21SenateAssigned to Financial Institutions
2018-02-21SenateAdded as Co-Sponsor Sen. Emil Jones, III
2018-02-20SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
2018-02-20SenateAdded as Chief Co-Sponsor Sen. Wm. Sam McCann
2018-02-15SenateAdded as Co-Sponsor Sen. Bill Cunningham
2018-02-15SenateAdded as Co-Sponsor Sen. Cristina Castro
2018-02-14SenateAdded as Chief Co-Sponsor Sen. Andy Manar
2018-02-14SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2018-02-13SenateReferred to Assignments
2018-02-13SenateFirst Reading
2018-02-13SenateFiled 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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