Illinois General Assembly - Bill Status for SB1048

Creates the Illinois Affordable Loan Act. Provides for the licensing and regulation of lenders who make short-term loans and title-secured loans by the Department of Financial Institutions. Requires licensees to disclose when renewing a license the number of title-secured loans made, the number of vehicle repossessions, the number of short-term loans made, the minimum, maximum, and average dollar amount of short-term loans, and the interest charged on the short-term loans. Requires licensees to disclose to borrowers a toll-free telephone number for the Department of Financial Institutions that the borrowers may call for information. Provides that the appraisal of motor vehicles that secure title-secured loans must be the value set by the Kelly Blue Book. Prohibits additional charges for cashing instruments issued by the licensee. Imposes limits on administrative or origination fees for loans. Requires licensees to refund unearned charges. Provides that licensees must comply with local zoning and other applicable local ordinances in order to qualify for a license.

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