Bill Title: Amends the Illinois Financial Services Development Act. In the definition of "financial institution", provides that certain lenders are prohibited from charging an annual percentage rate in excess of 36% (rather than prohibited from charging interest in excess of 36% per annum) for any extension of credit under the Act. Further provides that any financial institution may charge and collect interest and other charges under a revolving credit plan provided that any finance charges or charges representing the cost of credit are included in the annual percentage rate calculation. Limits the amount of certain fees that a financial institution may charge and collect from a borrower under a revolving credit plan.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB6019 Detail]

Text: Latest bill text (Introduced) [HTML]

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