Illinois General Assembly - Bill Status for HB2963
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 Bill Status of HB2963  93rd General Assembly


Short Description:  CONS INSTALL PAYDAY LOANS

House Sponsors
Rep. Robert Rita and Patrick Verschoore

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

Statutes Amended In Order of Appearance
205 ILCS 670/1.5 new
205 ILCS 670/15f new
205 ILCS 670/17.1 new
205 ILCS 670/17.2 new
205 ILCS 670/17.3 new
205 ILCS 670/17.4 new
205 ILCS 670/17.5 new
205 ILCS 670/17.6 new
205 ILCS 670/17.7 new
205 ILCS 670/17.8 new
205 ILCS 670/17.9 new
205 ILCS 670/17.10 new
205 ILCS 670/17.11 new
205 ILCS 670/17.12 new
205 ILCS 670/17.13 new
205 ILCS 670/17.14 new
205 ILCS 670/17.15 new
205 ILCS 670/17.16 new
205 ILCS 670/17.17 new
205 ILCS 670/17.18 new
205 ILCS 670/17.19 new
205 ILCS 670/17.20 new
205 ILCS 670/17.21 new
205 ILCS 670/17.22 new
205 ILCS 670/17.23 new


Synopsis As Introduced
Amends the Consumer Installment Loan Act. Sets forth terms and conditions under which licensees may engage in making short-term loans. Provides that interest on these loans must be computed as simple interest. Requires licensees to provide information about debt management services to borrowers before entering into a short-term loan agreement. Establishes notice requirements for defaults by a borrower. Limits property in which a licensee may take a security interest to the check or motor vehicle title tendered to the licensee at the time of the loan transaction. Provides procedures for taking possession of motor vehicles. Effective immediately.

Actions 
DateChamber Action
  2/21/2003HouseFiled with the Clerk by Rep. Robert Rita
  2/21/2003HouseFirst Reading
  2/21/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Financial Institutions Committee
  3/12/2003HouseDo Pass / Short Debate Financial Institutions Committee; 018-000-000
  3/12/2003HousePlaced on Calendar 2nd Reading - Short Debate
  3/25/2003HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Robert Rita
  3/25/2003HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/2/2003HouseAdded Co-Sponsor Rep. Patrick Verschoore
  4/3/2003HouseSecond Reading - Short Debate
  4/3/2003HouseHeld on Calendar Order of Second Reading - Short Debate
  4/4/2003HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000
  4/4/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die

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