Bill Sponsors: IL SB0085 | 2019-2020 | 101st General Assembly

Bill Title: Amends the Consumer Installment Loan Act. Defines "title-secured loan". Provides that for title-secured loans entered into or renewed on or after the effective date of the Act: (i) a licensee shall not contract for or receive a charge exceeding 36% annual percentage rate on the unpaid balance of the amount financed for a title-secured loan; (ii) the loan contract shall provide for repayment of the principal and charges within specified maximum loan terms; (iii) upon or after default, a licensee shall not charge a borrower any finance charges, interest, fees, or charges of any kind; and (iv) the loan may be refinanced if the original principal of the loan has been reduced by at least 60%. Provides that nothing in these provisions abrogates a borrower's right to collect any surplus arising from the sale of a motor vehicle under the Uniform Commercial Code.

Spectrum: Partisan Bill (Democrat 15-0)

Status: (Introduced) 2019-03-28 - Rule 3-9(a) / Re-referred to Assignments [SB0085 Detail]

Text: Latest bill text (Introduced) [HTML]

Sponsors

NameTypeSponsorshipDistrictFinancialEncyclopediaBiography
Senator Kimberly Lightford [D]PrimarySponsored BillsSD-004FollowTheMoneyBallotpediaVoteSmart
Senator Jacqueline Collins [D]CosponsorSponsored BillsSD-016FollowTheMoneyBallotpediaVoteSmart
Senator Linda Holmes [D]CosponsorSponsored BillsSD-042FollowTheMoneyBallotpediaVoteSmart
Senator Robert Peters [D]CosponsorSponsored BillsSD-013N/ABallotpediaVoteSmart
Senator Melinda Bush [D]CosponsorSponsored BillsSD-031FollowTheMoneyBallotpediaVoteSmart
Senator Laura Murphy [D]CosponsorSponsored BillsSD-028FollowTheMoneyBallotpediaVoteSmart
Senator William Cunningham [D]CosponsorSponsored BillsSD-018FollowTheMoneyBallotpediaVoteSmart
Senator John Mulroe [D]CosponsorSponsored BillsSD-010FollowTheMoneyBallotpediaVoteSmart
Senator Napoleon Harris [D]CosponsorSponsored BillsSD-015FollowTheMoneyBallotpediaVoteSmart
Senator Iris Martinez [D]CosponsorSponsored BillsSD-020FollowTheMoneyBallotpediaVoteSmart
Senator Laura Fine [D]CosponsorSponsored BillsSD-009FollowTheMoneyBallotpediaVoteSmart
Senator Pat McGuire [D]CosponsorSponsored BillsSD-043FollowTheMoneyBallotpediaVoteSmart
Senator Cristina Castro [D]CosponsorSponsored BillsSD-022FollowTheMoneyBallotpediaVoteSmart
Senator Emil Jones [D]CosponsorSponsored BillsSD-014FollowTheMoneyBallotpediaVoteSmart
Senator Patricia Vanpelt-Watkins [D]CosponsorSponsored BillsSD-005FollowTheMoneyBallotpediaVoteSmart

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