Bill Status of SB2511  103rd General Assembly


Senate Sponsors
Sen. Cristina Castro

Last Action
DateChamber Action
  1/10/2023SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 510/2from Ch. 17, par. 4652
205 ILCS 510/9from Ch. 17, par. 4659
205 ILCS 510/10from Ch. 17, par. 4660
205 ILCS 510/12
205 ILCS 510/13 new

Synopsis As Introduced
Amends the Pawnbroker Regulation Act. Provides that a pawnbroker may contract for and receive a monthly finance charge for expenses, losses, and services that may not exceed one-fourth (rather than one-fifth) of the loan amount. Provides that title to pledged property transfers to a pawnbroker after the expiration of the default date grace period or upon the expiration of an agreed extension. Provides procedures for a law enforcement officer to return property that was subject to a hold order to a pawnbroker or to return stolen property to its owner. Provides that after the return of stolen property, a pawnbroker shall not be liable to any private person or government entity for any further claims on the returned property. Provides information required to be included in a hold order. Provides that a person who owns or is employed by a pawnbroker licensed under the Act shall annually complete 4 hours of continuing education in a responsible training program approved by the Department of Financial and Professional Regulation. Provides that the license of a pawnbroker whose owners, managers, or employees fail to comply with the continuing education requirement may be suspended, revoked, or may face other disciplinary action. Denies home rule powers to regulate pawnbroker employee training and pawnbroker licensing. Provides that a person seeking approval or re-approval from the Department to offer a responsible training program may apply for approval or re-approval between August 1 and August 15 every 4 years. Establishes a nonrefundable application fee for approval or re-approval from the Department to offer a responsible training program. Provides that denial of approval by the Department shall include a detailed description of the reasons for the denial. Makes other changes.

DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Cristina Castro
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/23/2021SenateAssigned to Financial Institutions
  4/16/2021SenateRule 2-10 Committee Deadline Established As April 23, 2021
  4/23/2021SenateRule 3-9(a) / Re-referred to Assignments
  1/10/2023SenateSession Sine Die