Rep. Naomi D. Jakobsson
Filed: 2/24/2012
 
 

 

 

 
09700HB4603ham001LRB097 18014 JLS 66496 a



1
AMENDMENT TO HOUSE BILL 4603




2    AMENDMENT NO. ______. Amend House Bill 4603 on page 1, by 
3replacing lines 16 and 17 with the following:


 
4"title-secured loans, which are loans upon which interest is 
5charged at an annual percentage rate exceeding 36% in"; and
 
6on page 1, by replacing lines 20 through 22 with the following:
 
7"title to a motor vehicle, and upon which a licensee may 
8charge, contract for, and receive thereon interest at the rate 
9agreed upon by the licensee and borrower.  For purposes of 
10this"; and
 
11on page 9, line 7, by changing "may" to "shall"; and
 
12on page 9 by replacing line 10 with the following:
13"contract.  The title may secure no additional principal until 
 
 
09700HB4603ham001- 2 -LRB097 18014 JLS 66496 a

1the preceding loan is repaid in full."; and
 
2on page 10 by inserting immediately below line 1 the following:
3    "(c) Before issuing a title-secured loan, a licensee shall 
4determine that the borrower has the capacity to repay the loan.  
5The determination shall be based upon the borrower's gross 
6income, rather than the value of the asset covered by the 
7title.".