CAR TITLE LOAN LIMITATIONS House SponsorsRep. Naomi D. Jakobsson 1/8/2013HouseSession Sine Die 205 ILCS 670/15from Ch. 17, par. 5415205 ILCS 670/17from Ch. 17, par. 5423205 ILCS 670/19.3 new Amends the Consumer Installment Loan Act in relation to title-secured loans. Limits interest on title-secured loans to 36% per year. Provides that the term of a title-secured loan may not be less than 4, nor more than 12, months. Prohibits repossession of a vehicle securing a title-secured loan after an amount equal to 100% of the principal has been repaid. Requires a licensee under the Act to comply with the Fair Debt Collection Practices Act. Prohibits the debiting of bank accounts in connection with title-secured loans and prohibits the making of title-secured loans with respect to motor vehicles that are titled in a state other than Illinois or owned by an obligor who is not a resident of Illinois.House Committee Amendment No. 1 Revises the definition of "title-secured loan" to remove a limitation regarding the interest rate. Provides that no additional principal may be secured by a title until the preceding loan is repaid in full. Requires the lender to determine a borrower's capacity to repay a loan based upon the borrower's gross income, not the value of the security. 2/1/2012HouseFiled with the Clerk by Rep. Naomi D. Jakobsson 2/1/2012HouseFirst Reading 2/1/2012HouseReferred to Rules Committee 2/7/2012HouseAssigned to Consumer Protection Committee 2/24/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Naomi D. Jakobsson 2/24/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee 2/28/2012HouseHouse Committee Amendment No. 1 Rules Refers to Consumer Protection Committee 2/28/2012HouseHouse Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote 2/28/2012HouseMotion Do Pass as Amended - Lost Consumer Protection Committee; 005-016-000 2/28/2012HouseRemains in Consumer Protection Committee 3/9/2012HouseRule 19(a) / Re-referred to Rules Committee 1/8/2013HouseSession Sine Die