Illinois General Assembly - Bill Status for HB2958

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Bill Status of HB2958 93rd General Assembly

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Short Description: PAYDAY LOANS DISCLOSE RATES

House Sponsors
Rep. Robert Rita

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

205 ILCS 670/16d new

205 ILCS 670/20

from Ch. 17, par. 5426

Synopsis As Introduced
Amends the Consumer Installment Loan Act. Provides that lenders that make loans based upon proof of the borrower's continuing employment or ownership of equity in a motor vehicle and the borrower's delivery to the lender of a postdated check in an amount sufficient to repay the loan must deem all fees charged for making the loan or renewing the loan to be interest for disclosure purposes. Requires that interest be disclosed in a manner consistent with the Truth in Lending Act. Limits rollovers of loans to 3 during any 12-month period. Effective immediately.

Actions

Date	Chamber	Action
2/21/2003	House	Filed with the Clerk by Rep. Robert Rita
2/21/2003	House	First Reading
2/21/2003	House	Referred to Rules Committee
2/26/2003	House	Assigned to Financial Institutions Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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