HB 4603 Illinois House · 97th Regular Session

CAR TITLE LOAN LIMITATIONS

Summary

Amends the Consumer Installment Loan Act in relation to title-secured loans. Limits interest on title-secured loans to 36% per year. Provides that the term of a title-secured loan may not be less than 4, nor more than 12, months. Prohibits repossession of a vehicle securing a title-secured loan after an amount equal to 100% of the principal has been repaid. Requires a licensee under the Act to comply with the Fair Debt Collection Practices Act. Prohibits the debiting of bank accounts in connection with title-secured loans and prohibits the making of title-secured loans with respect to motor vehicles that are titled in a state other than Illinois or owned by an obligor who is not a resident of Illinois.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2012

Committee Review

Floor Vote

Governor

Introduced Feb 1, 2012 Last action Jan 8, 2013

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 8, 2013

House · Failed

Session Sine Die

Mar 9, 2012

House · Referred to committee

Rule 19(a) / Re-referred to Rules Committee

Feb 28, 2012

House · Reported by committee

Remains in Consumer Protection Committee

Feb 28, 2012

House · Failed in committee

Motion Do Pass as Amended - Lost Consumer Protection Committee; 005-016-000

Feb 28, 2012

House · Amendment adopted

House Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote

Feb 28, 2012

House · Reported by committee

House Committee Amendment No. 1 Rules Refers to Consumer Protection Committee

Feb 24, 2012

House · Referred to committee

House Committee Amendment No. 1 Referred to Rules Committee

Feb 24, 2012

House · Amendment offered

House Committee Amendment No. 1 Filed with Clerk by Rep. Naomi D. Jakobsson

Feb 7, 2012

House · Referred to committee

Assigned to Consumer Protection Committee

Feb 1, 2012

House · Referred to committee

Referred to Rules Committee

0 primary · 1 co-sponsor