Illinois General Assembly - Bill Status for HB 4603

Bill Status of HB 4603 97th General Assembly

Short Description: CAR TITLE LOAN LIMITATIONS

House Sponsors
Rep. Naomi D. Jakobsson

Last Action View All Actions

Date Chamber Action
  1/8/2013 House Session Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/15 from Ch. 17, par. 5415
205 ILCS 670/17 from Ch. 17, par. 5423
205 ILCS 670/19.3 new

Synopsis As Introduced
Amends the Consumer Installment Loan Act in relation to title-secured loans. Limits interest on title-secured loans to 36% per year. Provides that the term of a title-secured loan may not be less than 4, nor more than 12, months. Prohibits repossession of a vehicle securing a title-secured loan after an amount equal to 100% of the principal has been repaid. Requires a licensee under the Act to comply with the Fair Debt Collection Practices Act. Prohibits the debiting of bank accounts in connection with title-secured loans and prohibits the making of title-secured loans with respect to motor vehicles that are titled in a state other than Illinois or owned by an obligor who is not a resident of Illinois.

House Committee Amendment No. 1
Revises the definition of "title-secured loan" to remove a limitation regarding the interest rate. Provides that no additional principal may be secured by a title until the preceding loan is repaid in full. Requires the lender to determine a borrower's capacity to repay a loan based upon the borrower's gross income, not the value of the security.

Actions
Date Chamber Action
  2/1/2012 House Filed with the Clerk by Rep. Naomi D. Jakobsson
  2/1/2012 House First Reading
  2/1/2012 House Referred to Rules Committee
  2/7/2012 House Assigned to Consumer Protection Committee
  2/24/2012 House House Committee Amendment No. 1 Filed with Clerk by Rep. Naomi D. Jakobsson
  2/24/2012 House House Committee Amendment No. 1 Referred to Rules Committee
  2/28/2012 House House Committee Amendment No. 1 Rules Refers to Consumer Protection Committee
  2/28/2012 House House Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
  2/28/2012 House Motion Do Pass as Amended - Lost Consumer Protection Committee; 005-016-000
  2/28/2012 House Remains in Consumer Protection Committee
  3/9/2012 House Rule 19(a) / Re-referred to Rules Committee
  1/8/2013 House Session Sine Die

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Date	Chamber	Action
2/1/2012	House	Filed with the Clerk by Rep. Naomi D. Jakobsson
2/1/2012	House	First Reading
2/1/2012	House	Referred to Rules Committee
2/7/2012	House	Assigned to Consumer Protection Committee
2/24/2012	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Naomi D. Jakobsson
2/24/2012	House	House Committee Amendment No. 1 Referred to Rules Committee
2/28/2012	House	House Committee Amendment No. 1 Rules Refers to Consumer Protection Committee
2/28/2012	House	House Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
2/28/2012	House	Motion Do Pass as Amended - Lost Consumer Protection Committee; 005-016-000
2/28/2012	House	Remains in Consumer Protection Committee
3/9/2012	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2013	House	Session Sine Die