Illinois General Assembly - Bill Status for SB2306
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 Bill Status of SB2306  102nd General Assembly


Short Description:  PREDATORY LOAN-RATE CAP

Senate Sponsors
Sen. Sue Rezin

Last Action
DateChamber Action
  2/26/2021SenateReferred to Assignments

Statutes Amended In Order of Appearance
10100SB1792enr., Sec. 15-1-5
10100SB1792enr., Sec. 15-5-5


Synopsis As Introduced
If and only if Senate Bill 1792 of the 101st General Assembly becomes law, amends the Predatory Loan Prevention Act. In provisions concerning the purpose and construction of the Predatory Loan Prevention Act, provides that the purpose of the Act is to protect consumers from predatory loans consistent with federal law and the federal Truth in Lending Act (rather than the Military Lending Act). In provisions concerning an annual percentage rate cap, provides that the annual percentage rate shall be calculated as such rate is calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act, and its implementing regulations under Regulation Z of the Code of Federal Regulations (rather than a military annual percentage rate). Effective immediately or on the date Senate Bill 1792 of the 101st General Assembly takes effect, whichever is later.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Sue Rezin
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments

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