Bill Texts: IL SB2843 | 2017-2018 | 100th General Assembly

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.

Spectrum: Partisan Bill (Democrat 23-1)

Status: (Introduced) 2018-05-31 - Rule 3-9(a) / Re-referred to Assignments [SB2843 Detail]

Bill Drafts

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Introduced2018-02-13HTML/TextLinkView

Amendments

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No bill amendments currently on file for Illinois SB2843

Supplemental Documents

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No supplemental documents for Illinois SB2843 currently on file.

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