Bill Status of SB 85   101st General Assembly

Short Description:  TITLE-SECURED LOANS

Senate Sponsors
Sen. Kimberly A. Lightford, Laura M. Murphy-Jacqueline Y. Collins-Linda Holmes-Robert Peters-Melinda Bush, Bill Cunningham, John G. Mulroe, Napoleon Harris, III, Iris Y. Martinez, Laura Fine, Pat McGuire, Cristina Castro, Emil Jones, III and Patricia Van Pelt

Last Action  View All Actions

DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/1from Ch. 17, par. 5401
205 ILCS 670/15from Ch. 17, par. 5415
205 ILCS 670/15f new

Synopsis As Introduced
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.

Actions 
DateChamber Action
  1/23/2019SenateFiled with Secretary by Sen. Kimberly A. Lightford
  1/23/2019SenateFirst Reading
  1/23/2019SenateReferred to Assignments
  1/30/2019SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  1/30/2019SenateAssigned to Financial Institutions
  1/30/2019SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  1/30/2019SenateAdded as Chief Co-Sponsor Sen. Linda Holmes
  1/31/2019SenateAdded as Chief Co-Sponsor Sen. Robert Peters
  1/31/2019SenateAdded as Chief Co-Sponsor Sen. Melinda Bush
  2/5/2019SenateAdded as Co-Sponsor Sen. Bill Cunningham
  2/5/2019SenateAdded as Co-Sponsor Sen. John G. Mulroe
  2/6/2019SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  2/7/2019SenateAdded as Co-Sponsor Sen. Iris Y. Martinez
  2/7/2019SenateAdded as Co-Sponsor Sen. Laura Fine
  2/19/2019SenateAdded as Co-Sponsor Sen. Pat McGuire
  2/21/2019SenateAdded as Co-Sponsor Sen. Cristina Castro
  3/5/2019SenateAdded as Co-Sponsor Sen. Emil Jones, III
  3/6/2019SenateAdded as Co-Sponsor Sen. Patricia Van Pelt
  3/6/2019SenatePostponed - Financial Institutions
  3/13/2019SenatePostponed - Financial Institutions
  3/22/2019SenateRule 2-10 Committee Deadline Established As March 28, 2019
  3/28/2019SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2021SenateSession Sine Die

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