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SB 3179 Illinois Senate · 97th Regular Session

CONSUMER INSTALL-PAYDAY LOAN

Summary
Amends the Consumer Installment Loan Act. Provides that if any person who is not licensed under the Act makes a loan pursuant to the Act to an Illinois consumer, then the loan shall be null and void and the person who made the loan shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan. Amends the Payday Loan Reform Act. Provides that if any lender who is not licensed under the Act makes a loan pursuant to the Act to an Illinois consumer, then the loan shall be null and void and the lender who made the loan shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan. Effective January 1, 2013.
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

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Full legislative history

Actions timeline

Total actions
10
Key actions
0
Committee
3
Mar 9, 2012
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Feb 22, 2012
Committee
Assigned to Financial Institutions
upper
Feb 1, 2012
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor

Sponsors

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