Bill Status of SB 549   95th General Assembly

Short Description:  SHORT-TERM & TITLE LOANS

Senate Sponsors
Sen. William Delgado-Kimberly A. Lightford-Jacqueline Y. Collins

Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
20 ILCS 1205/6from Ch. 17, par. 106
205 ILCS 670/21from Ch. 17, par. 5427
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z

Synopsis As Introduced
Creates the Title Loan Regulation Act. Provides that the Department of Financial and Professional Regulation shall license and regulate entities that offer title loans. Establishes requirements and restrictions applicable to license applications and licensing. Sets forth limitations, requirements, and disclosures applicable to loan agreements, terms of loans, finance charges, and renewal of loans. Provides for: revocation, suspension, and surrender of licenses; information to be available to the public; complaint handling; hearings; books and records; reports; advertising; prohibited acts; requirements and restrictions applicable to vehicle and boat titles; liens; penalties; enforcement; bonding; administrative rules; and other matters. Amends the Financial Institutions Code to provide that the Department of Financial and Professional Regulation shall administer the Title Loan Regulation Act. Amends the Consumer Installment Loan Act to provide that the Act does not apply to title loans. Provides that a knowing violation of the Title Loan Regulation Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
20 ILCS 1205/6from Ch. 17, par. 106
205 ILCS 670/21from Ch. 17, par. 5427
815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z

Replaces everything after the enacting clause. Creates the Title Loan Regulation Act. Contains only a short title provision.

Actions 
DateChamber Action
  2/8/2007SenateFiled with Secretary by Sen. William Delgado
  2/8/2007SenateFirst Reading
  2/8/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Financial Institutions
  3/8/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. William Delgado
  3/8/2007SenateSenate Committee Amendment No. 1 Referred to Rules
  3/14/2007SenateSenate Committee Amendment No. 1 Rules Refers to Financial Institutions
  3/15/2007SenateSenate Committee Amendment No. 1 Adopted
  3/15/2007SenateDo Pass as Amended Financial Institutions; 009-000-000
  3/15/2007SenatePlaced on Calendar Order of 2nd Reading March 20, 2007
  3/15/2007SenateAdded as Chief Co-Sponsor Sen. Kimberly A. Lightford
  3/20/2007SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/22/2007SenateSecond Reading
  3/22/2007SenatePlaced on Calendar Order of 3rd Reading March 27, 2007
  3/30/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007
  5/31/2007SenateRule 2-10 Third Reading Deadline Established As December 31, 2007
  12/3/2007SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  5/31/2008SenateRule 2-10 Third Reading Deadline Established As January 13, 2009
  1/13/2009SenateSession Sine Die

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