Bill Title: 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.

Sponsorship: Moderate Partisan Bill (Democrat 37-7)

Status: (Introduced - Dead) 2020-07-24 - Added Co-Sponsor Rep. Andrew S. Chesney [HB2468 Detail]

---

Bill Drafts

Revision	Date	Format	Source	View
Introduced	2019-02-13	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 003	2019-04-09	Proposed	HTML/Text	Link	View
House Amendment 002	2019-04-02	Proposed	HTML/Text	Link	View
House Amendment 001	2019-03-12	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB2468 currently on file.