093_SB0236

 
                                     LRB093 04418 JLS 04468 b

 1        AN ACT concerning installment loans.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5. The Consumer Installment Loan Act  is  amended
 5    by adding Section 15f as follows:

 6        (205 ILCS 670/15f new)
 7        Sec.  15f.  Limitation of total fees, interest, and other
 8    charges. No licensee may charge  total  fees,  interest,  and
 9    other  charges for any loan of money regulated under this Act
10    that exceed 1000% of the current prime interest rate  charged
11    by  the  largest  commercial bank in the State of Illinois at
12    the time the loan is approved. The  Department  of  Financial
13    Institutions  may  issue  administrative  rules  to track and
14    enforce this limitation on all interest,  fees,  and  charges
15    assessed by licensees regulated by this Act.