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
Jan 2019
Committee Review
Floor Vote
Governor
Introduced Jan 23, 2019
Last action Mar 28, 2019
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
22
Key actions
1
Committee
4
Mar 28, 2019
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Mar 22, 2019
Upper · Passed
Rule 2-10 Committee Deadline Established As March 28, 2019
upper
Jan 30, 2019
Committee
Assigned to Financial Institutions
upper
Jan 23, 2019
Committee
Referred to Assignments
upper
0 primary · 14 co-sponsors
Sponsors
No sponsor information available.
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