HB4302 - 104th General Assembly (2025-2026)

INTEREST-PREPAYMENT PENALTY
Last Action
2/11/2026 - House: Assigned to Financial Institutions and Licensing Committee
Hearings
Financial Institutions and Licensing Committee Hearing Feb 24 2026 4:00PM Capitol Building Room 122 Springfield, IL
Statutes Amended In Order of Appearance
815 ILCS 205/4  from Ch. 17, par. 6404
Synopsis As Introduced
Amends the Interest Act. Provides that, whenever the rate of interest exceeds an annual percentage rate of 8% on any written contract, agreement or bond for deed providing for the installment purchase of residential real estate made primarily for personal, family, or household purposes (rather than for the installment purchase of residential real estate), or on any loan secured by a mortgage on residential real estate made primarily for personal, family, or household purposes (rather than on any loan secured by a mortgage on residential real estate), it shall be unlawful to provide for a prepayment penalty or other charge for prepayment.
Actions
DateChamberAction
1/06/2026HouseFiled with the Clerk by Rep. Daniel Didech
1/14/2026HouseFirst Reading
1/14/2026HouseReferred to Rules Committee
1/21/2026HouseAdded Co-Sponsor Rep. Rick Ryan
1/21/2026HouseAdded Co-Sponsor Rep. Michael J. Kelly
2/11/2026HouseAssigned to Financial Institutions and Licensing Committee