Naomi D. Jakobsson
- Democratic
Primary
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.
No votes to display
Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
House Committee Amendment No. 1 Rules Refers to Consumer Protection Committee
House Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
Motion Do Pass as Amended - Lost Consumer Protection Committee; 005-016-000
Remains in Consumer Protection Committee
House Committee Amendment No. 1 Filed with Clerk by Rep. Naomi D. Jakobsson
House Committee Amendment No. 1 Referred to Rules Committee
Assigned to Consumer Protection Committee
Filed with the Clerk by Rep. Naomi D. Jakobsson
First Reading
Referred to Rules Committee
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML |
| Document | Format |
|---|---|
| House Amendment 001 |
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