SANTIAGO-DURKIN-LOPEZ. (WALSH,T) 815 ILCS 120/6 from Ch. 17, par. 856 815 ILCS 375/20 from Ch. 121 1/2, par. 580 815 ILCS 375/24 from Ch. 121 1/2, par. 584 Amends the Motor Vehicle Retail Installment Sales Act and the Illinois Fairness in Lending Act. Amends the Motor Vehicle Retail Installment Sales Act to provide that parties shall have the rights and remedies provided in the Uniform Commercial Code with respect to redemption of collateral. Provides that the holder may extend the period during which the buyer may redeem the collateral beyond the 15 days allowed. Provides that no person who violates the Act may recover any unpaid finance charge, delinquency or collection charge, or refinance charge (instead of no recovery of any finance charge, delinquency or collection charge, or refinance charge). Amends the Illinois Fairness in Lending Act in the provisions concerning a financial institution repossessing a vehicle used as collateral. Provides that a financial institution may extend the period during which the borrower may redeem the collateral beyond the 15 days allowed. Makes other changes. Effective immediately. FISCAL NOTE (Dpt. Financial Institutions) There would be no fiscal impact on the Department. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB1577 fails to create a State mandate under the State Mandates Act. 97-03-06 H FIRST READING 97-03-06 H ADDED AS A JOINT SPONSOR DURKIN 97-03-06 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-11 H ASSIGNED TO COMMITTEE FIN INSTIT 97-03-19 H DO PASS/SHORT DEBATE 029-000-000 HFIN 97-03-19 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-03-20 H FISCAL NOTE REQUESTED BLACK 97-03-20 H STATE MANDATES FISCAL NOTE REQUESTED BLACK 97-03-20 H FISCAL NOTE FILED 97-03-20 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-07 H STATE MANDATES FISCAL NOTE FILED 97-04-07 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-09 H SECOND READING-SHORT DEBATE 97-04-09 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-12 H ADDED AS A CO-SPONSOR LOPEZ 97-04-12 H THIRD READING/SHORT DEBATE/PASSED 115-000-000 97-04-14 S ARRIVE IN SENATE 97-04-14 S PLACED CALENDAR ORDER OF FIRST READING 97-04-16 S CHIEF SPONSOR WALSH,T 97-04-16 S FIRST READING 97-04-16 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-23 S ADDED AS A CO-SPONSOR HENDON 97-04-30 S ASSIGNED TO COMMITTEE FIN INST 97-05-08 S DO PASS 009-000-000 SFIC 97-05-08 S PLACED ON CALENDAR ORDER OF 2ND READING 97-05-09 97-05-13 S SECOND READING 97-05-13 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-14 97-05-14 S THIRD READING - PASSED 058-000-000 97-05-14 H PASSED BOTH HOUSES 97-06-12 H SENT TO THE GOVERNOR 97-08-08 H GOVERNOR APPROVED 97-08-08 H EFFECTIVE DATE 97-08-08 97-08-08 H PUBLIC ACT.............................. 90-0343 END OF INQUIRY Full Text Bill Summary