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HB 2963 Illinois House · 93rd Regular Session

CONS INSTALL PAYDAY LOANS

Summary
Amends the Consumer Installment Loan Act. Sets forth terms and conditions under which licensees may engage in making short-term loans. Provides that interest on these loans must be computed as simple interest. Requires licensees to provide information about debt management services to borrowers before entering into a short-term loan agreement. Establishes notice requirements for defaults by a borrower. Limits property in which a licensee may take a security interest to the check or motor vehicle title tendered to the licensee at the time of the loan transaction. Provides procedures for taking possession of motor vehicles. Effective immediately.
Bill status failed 1 of 4 stages cleared
Introduction
Feb 2003
Committee Review
Floor Vote
Governor
Introduced Feb 21, 2003 Last action Jan 11, 2005
Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions
14
Key actions
2
Committee
6
Amendments
1
Apr 4, 2003
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Apr 4, 2003
Lower · Passed
House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000
lower
Mar 25, 2003
Committee
House Floor Amendment No. 1 Referred to Rules Committee
lower
Mar 25, 2003
Introduced
House Floor Amendment No. 1 Filed with Clerk by Rep. Robert Rita
lower
Mar 12, 2003
Lower · Passed
Do Pass / Short Debate Financial Institutions Committee; 018-000-000
lower
Feb 26, 2003
Committee
Assigned to Financial Institutions Committee
lower
Feb 21, 2003
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor

Sponsors

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