Illinois General Assembly - Bill Status for SB1048
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 Bill Status of SB1048  93rd General Assembly


Senate Sponsors
Sen. Jeffrey M. Schoenberg and James T. Meeks

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Illinois Affordable Loan Act. Provides for the licensing and regulation of lenders who make short-term loans and title-secured loans by the Department of Financial Institutions. Requires licensees to disclose when renewing a license the number of title-secured loans made, the number of vehicle repossessions, the number of short-term loans made, the minimum, maximum, and average dollar amount of short-term loans, and the interest charged on the short-term loans. Requires licensees to disclose to borrowers a toll-free telephone number for the Department of Financial Institutions that the borrowers may call for information. Provides that the appraisal of motor vehicles that secure title-secured loans must be the value set by the Kelly Blue Book. Prohibits additional charges for cashing instruments issued by the licensee. Imposes limits on administrative or origination fees for loans. Requires licensees to refund unearned charges. Provides that licensees must comply with local zoning and other applicable local ordinances in order to qualify for a license.

DateChamber Action
  2/19/2003SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg
  2/19/2003SenateFirst Reading
  2/19/2003SenateReferred to Rules
  2/26/2003SenateAssigned to Financial Institutions
  3/6/2003SenatePostponed - Financial Institutions
  3/6/2003SenateAdded as Co-Sponsor Sen. James T. Meeks
  3/13/2003SenatePostponed - Financial Institutions
  3/14/2003SenateRule 3-9(a) / Re-referred to Rules
  1/11/2005SenateSession Sine Die

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