House Sponsors: SANTIAGO-DURKIN-LOPEZ. Senate Sponsors: WALSH,T Short description: CAR AS COLLATERAL-RT TO REDEEM Synopsis of Bill as introduced: 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. Last action on Bill: PUBLIC ACT.............................. 90-0343 Last action date: 97-08-08 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status