Date	Chamber	Action
1/8/2019	House	Session Sine Die

Statutes Amended In Order of Appearance

205 ILCS 670/15

from Ch. 17, par. 5415

205 ILCS 670/15f new

Synopsis As Introduced
Amends the Consumer Installment Loan Act. Provides that a title loan lender shall not contract for or receive a finance charge exceeding 36% per year on the unpaid balance of a loan secured by a motor vehicle title. Provides that if the borrower defaults, interest shall cease to accrue on the title loan. Provides that the motor vehicle sale proceeds shall satisfy all outstanding debt under that title loan, and that the borrower shall not be liable for attorney's fees or deficiency resulting from that sale. Requires title loan borrowers receive any surplus from the sale of their vehicle. Defines "titled-secured loans".

Actions 

Date	Chamber	Action
2/10/2017	House	Filed with the Clerk by Rep. Christian L. Mitchell
2/10/2017	House	First Reading
2/10/2017	House	Referred to Rules Committee
3/1/2017	House	Assigned to Consumer Protection Committee
3/31/2017	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2019	House	Session Sine Die

Back To Top