HB 3774

  • Illinois House Bill
  • 100th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Regulation-Title Loans

Abstract

Amends the Consumer Installment Loan Act. Provides that a title loan lender shall not contract for or receive a finance charge exceeding 36% per year on the unpaid balance of a loan secured by a motor vehicle title. Provides that if the borrower defaults, interest shall cease to accrue on the title loan. Provides that the motor vehicle sale proceeds shall satisfy all outstanding debt under that title loan, and that the borrower shall not be liable for attorney's fees or deficiency resulting from that sale. Requires title loan borrowers receive any surplus from the sale of their vehicle. Defines "titled-secured loans".

Bill Sponsors (1)

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Jan 08, 2019

House

Session Sine Die

Mar 31, 2017

House

Rule 19(a) / Re-referred to Rules Committee

Mar 01, 2017

House

Assigned to Consumer Protection Committee

Feb 10, 2017

House

Filed with the Clerk by Rep. Christian L. Mitchell

House

First Reading

House

Referred to Rules Committee

Bill Text

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