Comments: IL HB3774 | 2017-2018 | 100th General Assembly

Bill Title: Amends the Consumer Installment Loan Act. Provides that a title loan lender shall not contract for or receive a finance charge exceeding 36% per year on the unpaid balance of a loan secured by a motor vehicle title. Provides that if the borrower defaults, interest shall cease to accrue on the title loan. Provides that the motor vehicle sale proceeds shall satisfy all outstanding debt under that title loan, and that the borrower shall not be liable for attorney's fees or deficiency resulting from that sale. Requires title loan borrowers receive any surplus from the sale of their vehicle. Defines "titled-secured loans".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2017-03-31 - Rule 19(a) / Re-referred to Rules Committee [HB3774 Detail]

Text: Latest bill text (Introduced) [HTML]

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