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 Bill Status of HB3774  100th General Assembly


Short Description:  REGULATION-TITLE LOANS

House Sponsors
Rep. Christian L. Mitchell

Last Action
DateChamber Action
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
205 ILCS 670/15from Ch. 17, par. 5415
205 ILCS 670/15f new


Synopsis As Introduced
Amends the Consumer Installment Loan Act. Provides that a title loan lender shall not contract for or receive a finance charge exceeding 36% per year on the unpaid balance of a loan secured by a motor vehicle title. Provides that if the borrower defaults, interest shall cease to accrue on the title loan. Provides that the motor vehicle sale proceeds shall satisfy all outstanding debt under that title loan, and that the borrower shall not be liable for attorney's fees or deficiency resulting from that sale. Requires title loan borrowers receive any surplus from the sale of their vehicle. Defines "titled-secured loans".

Actions 
DateChamber Action
  2/10/2017HouseFiled with the Clerk by Rep. Christian L. Mitchell
  2/10/2017HouseFirst Reading
  2/10/2017HouseReferred to Rules Committee
  3/1/2017HouseAssigned to Consumer Protection Committee
  3/31/2017HouseRule 19(a) / Re-referred to Rules Committee

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