SHORT-TERM & TITLE LOANS House SponsorsRep. David E. Miller 1/11/2005HouseSession Sine Die New Act20 ILCS 1205/6from Ch. 17, par. 106205 ILCS 670/21from Ch. 17, par. 5427815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262Z Creates the Illinois Short-Term Loan and Title Loan Regulation Act. Provides that the Department of Financial Institutions shall license and regulate entities that offer short-term loans (loans under which a lender accepts either: a post-dated check; authorization to debit a borrower's bank account; or future wages by the wage assignment) or title loans (loans wherein, at commencement, a borrower provides to the lender, as security for the loan, physical possession of the obligor's title to a motor vehicle, a boat, or any other personal property). Establishes requirements and restrictions applicable to license applications and licensing. Sets forth limitations, requirements, and disclosures applicable to loan agreements, terms of loans, finance charges, and renewal of loans. Provides for: revocation, suspension, and surrender of licenses; information to be available to the public; complaint handling; hearings; books and records; reports; advertising; prohibited acts; requirements and restrictions applicable to vehicle and boat titles; liens; penalties; enforcement; bonding; administrative rules; and other matters. Amends the Financial Institutions Code to provide that the Department of Financial Institutions shall administer the Illinois Short-Term and Title Loan Regulation Act. Amends the Consumer Installment Loan Act to provide that the Act does not apply to short-term and title loans. Provides that a violation of the Illinois Short-Term Loan and Title Loan Regulation Act constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2005. 2/4/2004HouseFiled with the Clerk by Rep. David E. Miller 2/4/2004HouseFirst Reading 2/4/2004HouseReferred to Rules Committee 1/11/2005HouseSession Sine Die