Bill Status of HB4302

  1. Home
  2. Legislation
  3. Bill Status

HB4302 - 104th General Assembly

INTEREST-PREPAYMENT PENALTY
Last Action
2/11/2026 - House: Assigned to Financial Institutions and Licensing Committee
House Sponsors
Rep. Daniel Didech, Rick Ryan and Michael J. Kelly
Hearings
Financial Institutions and Licensing Committee Hearing Mar 18 2026 5:00PM Capitol Building Room 122 Springfield, IL
Statutes Amended In Order of Appearance
815 ILCS 205/4from Ch. 17, par. 6404
Synopsis As Introduced
Amends the Interest Act. Provides that, whenever the rate of interest exceeds an annual percentage rate of 8% on any written contract, agreement or bond for deed providing for the installment purchase of residential real estate made primarily for personal, family, or household purposes (rather than for the installment purchase of residential real estate), or on any loan secured by a mortgage on residential real estate made primarily for personal, family, or household purposes (rather than on any loan secured by a mortgage on residential real estate), it shall be unlawful to provide for a prepayment penalty or other charge for prepayment.
Actions
Date Chamber Action
1/06/2026 House Filed with the Clerk by Rep. Daniel Didech
1/14/2026 House First Reading
1/14/2026 House Referred to Rules Committee
1/21/2026 House Added Co-Sponsor Rep. Rick Ryan
1/21/2026 House Added Co-Sponsor Rep. Michael J. Kelly
2/11/2026 House Assigned to Financial Institutions and Licensing Committee