Bill Status of SB1853

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SB1853 - 104th General Assembly

CONSUMER & PREDATORY LOANS
Last Action
2/06/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Willie Preston
Statutes Amended In Order of Appearance
205 ILCS 670/15from Ch. 17, par. 5415
205 ILCS 670/15dfrom Ch. 17, par. 5419
205 ILCS 670/16from Ch. 17, par. 5420
205 ILCS 670/17from Ch. 17, par. 5423
205 ILCS 670/17.5
815 ILCS 123/15-1-5
815 ILCS 123/15-5-5
Synopsis As Introduced
Amends the Consumer Installment Loan Act. In provisions concerning an charges permitted, provides that the annual percentage rate shall be calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act (rather than a military annual percentage rate). Provides that a licensee shall not charge, impose, or receive any penalty for the prepayment of a loan. Provides that, before disbursing loan proceeds to a borrower, a licensee shall offer the borrower a credit education program or seminar provided by the licensee or a third party provider. Sets forth criteria for credit education programs or seminars. Makes changes in provision concerning the disclosure of Terms of contract and maximum loan terms and amount. Amends the Predatory Loan Prevention Act. In provisions concerning an annual percentage rate cap, provides that the annual percentage rate shall be calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act (rather than a military annual percentage rate). Makes changes in provisions concerning the purpose and construction of the Act. Effective immediately.
Actions
Date Chamber Action
2/06/2025 Senate Filed with Secretary by Sen. Willie Preston
2/06/2025 Senate First Reading
2/06/2025 Senate Referred to Assignments