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HB 2468 Illinois House · 101st Regular Session

TITLE-SECURED LOANS

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.
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2019
Committee Review
Floor Vote
Governor
Introduced Feb 13, 2019 Last action Jul 24, 2020
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
66
Key actions
3
Committee
10
Amendments
4
Apr 12, 2019
Committee
House Floor Amendment No. 3 Rule 19(c) / Re-referred to Rules Committee
lower
Apr 12, 2019
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Apr 11, 2019
Lower · Passed
House Floor Amendment No. 3 Recommends Be Adopted Executive Committee; 013-000-000
lower
Apr 10, 2019
Lower · Passed
House Floor Amendment No. 3 Rules Refers to Executive Committee
lower
Apr 9, 2019
Committee
House Floor Amendment No. 3 Referred to Rules Committee
lower
Apr 9, 2019
Introduced
House Floor Amendment No. 3 Filed with Clerk by Rep. Emanuel Chris Welch
lower
Apr 2, 2019
Committee
House Floor Amendment No. 2 Referred to Rules Committee
lower
Apr 2, 2019
Introduced
House Floor Amendment No. 2 Filed with Clerk by Rep. Emanuel Chris Welch
lower
Mar 13, 2019
Amended
House Committee Amendment No. 1 Tabled Pursuant to Rule 40
lower
Mar 13, 2019
Lower · Passed
Do Pass / Short Debate Executive Committee; 011-000-000
lower
Mar 12, 2019
Committee
House Committee Amendment No. 1 Referred to Rules Committee
lower
Mar 12, 2019
Introduced
House Committee Amendment No. 1 Filed with Clerk by Rep. Emanuel Chris Welch
lower
Feb 26, 2019
Committee
Assigned to Executive Committee
lower
Feb 13, 2019
Committee
Referred to Rules Committee
lower
0 primary · 40 co-sponsors

Sponsors

No sponsor information available.