House Sponsors: HASSERT-BRADLEY-PERSICO-BUGIELSKI. Senate Sponsors: O'MALLEY Short description: INSTALLMENT LOAN TRANSACTIONS Synopsis of Bill as introduced: Amends the Sales Finance Agency Act and the Consumer Installment Loan Act. Amends provisions regarding application and renewal of licenses, suspension and revocation of licenses, and ceasing operations under these Acts. Provides that a claim for a violation of these Acts may be asserted in an individual action. Makes provision for the Director of the Department of Financial Institutions to issue cease and desist orders or to petition the circuit court for an injunction, penalties, and costs. Amends the Consumer Installment Loan Act regarding loss insurance on secured property and provides that the parties may agree to submit disputes to arbitration; permits loans up to $25,000 (now $10,000). Makes other changes to these Acts. Amends the Motor Vehicle Retail Installment Sales Act and the Retail Installment Sales Act. Provides that the parties may agree to submit disputes to arbitration and amends provisions regarding loss insurance on secured property. Provides that a claim for a violation of these Acts may be asserted in an individual action. Changes some fees licensees may charge under this Act. Makes other changes. FISCAL NOTE (Dpt. Financial Institutions) There would be no fiscal impact on the Department. SENATE AMENDMENT NO. 1. Deletes reference to: 815 ILCS 375/24 815 ILCS 405/31 Adds reference to: 815 ILCS 205/4a from Ch. 17, par. 6410 Makes a number of changes to correct technical errors and to revise certain terminology. Further amends the Consumer Installment Loan Act to restrict placement of a limited purpose branch. Further amends the Motor Vehicle Retail Installment Sales Act and the Retail Installment Sales Act in provisions regarding required disclosures in retail installment contracts to provide that the contract need not disclose to an obligor any agreement to sell, assign, or otherwise transfer the contract to a third party or the amount of any compensation to be paid to the seller or the person who originated the contract or how the compensation is determined. Deletes from these Acts changes that permit individual actions for violations. Makes other changes. Amends the Interest Act in provisions regarding interest rates on installment loans to remove the exception to the limit on the rate of interest which may be received or contracted to be received and collected by any lender licensed under the Sales Finance Agency Act. SENATE AMENDMENT NO. 2. Deletes reference to: 205 ILCS 670/3 rep. 205 ILCS 670/19.5 815 ILCS 375/3 815 ILCS 405/3 Further amends the Sales Finance Agency Act. Changes provisions from authorizing an individual action for violations of this Act to provisions authorizing a civil action, and provides that the court may award attorney's fees and costs. Further amends the Consumer Installment Loan Act. Removes new provisions providing for arbitration of contract disputes. Restores provisions allowing obligors to recover reasonable attorney's fees and court costs for violations of certain provisions of the Act. Changes provisions authorizing an individual action for violations of this Act to provisions authorizing a civil action. Further amends the Motor Vehicle Retail Installment Sales Act and the Retail Installment Sales Act. Removes changes to provisions regarding general requirements of a contract under these Acts. Provides that a buyer may obtain a cash refund at the seller's or holder's location in certain cases. Restores provisions that the court may award attorney's fees to either party as the interests of justice may require. In the Retail Installment Sales Act also restores provisions authorizing the acceleration of the contract by the seller in some cases of buyer fault. Last action on Bill: PUBLIC ACT.............................. 90-0437 Last action date: 97-08-16 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status