Illinois General Assembly - Bill Status for HB1636
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 Bill Status of HB1636  93rd General Assembly

Short Description:  SHORT-TERM LOAN ACT

House Sponsors
Rep. Cynthia Soto - Eileen Lyons

Last Action
DateChamber Action
  1/11/2005HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Short-term Loan Act. Provides that a short-term loan is a loan that has both a term of not more than 30 days and an interest rate of more than 36%, that is secured by a post-dated check or motor vehicle title, and that is made by a lender that does not accept insured deposits. Requires lenders to disclose a toll-free telephone number for the Department of Financial Institutions. Provides that the appraisal of motor vehicles that secure loans may not exceed the vehicle's "blue book" value. Requires lenders to provide debt management counseling information to defaulting borrowers. Effective immediately.

 Fiscal Note (Department of Financial Institutions)
 House Bill 1636 does not have a fiscal impact on the Department of Financial Institutions.

Actions 
DateChamber Action
  2/10/2003HouseFiled with the Clerk by Rep. Cynthia Soto
  2/10/2003HouseFirst Reading
  2/10/2003HouseReferred to Rules Committee
  2/11/2003HouseAssigned to Financial Institutions Committee
  2/26/2003HouseFiscal Note Filed
  2/28/2003HouseAdded Chief Co-Sponsor Rep. Eileen Lyons
  3/13/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die

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