Bill Status of HB 2566   93rd General Assembly

Short Description:  ILLINOIS AFFORDABLE LOAN ACT

House Sponsors
Rep. David E. Miller-Harry Osterman-Robert Rita-Linda Chapa LaVia-Jay C. Hoffman, Patricia Bailey, Annazette Collins, Marlow H. Colvin, Barbara Flynn Currie, William Davis, Sara Feigenholtz, Mary E. Flowers, John A. Fritchey, Calvin L. Giles, Julie Hamos, Constance A. Howard, Kevin Joyce, Robin Kelly, Larry McKeon, George Scully, Jr., Eddie Washington, Karen A. Yarbrough, Wyvetter H. Younge, Elaine Nekritz, Cynthia Soto, William Delgado and Ricca Slone

Last Action  View All Actions

DateChamber Action
  1/11/2005HouseSession 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 a toll-free telephone number for the Department of Financial Institutions. 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 a cashing instrument 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.

House Amendment No. 1
Deletes all substantive provisions. Provides a short title only.

Actions 
DateChamber Action
  2/20/2003HouseFiled with the Clerk by Rep. David E. Miller
  2/20/2003HouseChief Co-Sponsor Rep. Harry Osterman
  2/20/2003HouseChief Co-Sponsor Rep. Robert Rita
  2/20/2003HouseChief Co-Sponsor Rep. Linda Chapa LaVia
  2/20/2003HouseChief Co-Sponsor Rep. Jay C. Hoffman
  2/20/2003HouseCo-Sponsor Rep. Patricia Bailey
  2/20/2003HouseCo-Sponsor Rep. Annazette Collins
  2/20/2003HouseCo-Sponsor Rep. Marlow H. Colvin
  2/20/2003HouseCo-Sponsor Rep. Barbara Flynn Currie
  2/20/2003HouseCo-Sponsor Rep. William Davis
  2/20/2003HouseCo-Sponsor Rep. Sara Feigenholtz
  2/20/2003HouseCo-Sponsor Rep. Mary E. Flowers
  2/20/2003HouseCo-Sponsor Rep. John A. Fritchey
  2/20/2003HouseCo-Sponsor Rep. Calvin L. Giles
  2/20/2003HouseCo-Sponsor Rep. Julie Hamos
  2/20/2003HouseCo-Sponsor Rep. Constance A. Howard
  2/20/2003HouseCo-Sponsor Rep. Kevin Joyce
  2/20/2003HouseCo-Sponsor Rep. Robin Kelly
  2/20/2003HouseCo-Sponsor Rep. Larry McKeon
  2/20/2003HouseCo-Sponsor Rep. George Scully, Jr.
  2/20/2003HouseCo-Sponsor Rep. Eddie Washington
  2/20/2003HouseCo-Sponsor Rep. Karen A. Yarbrough
  2/20/2003HouseCo-Sponsor Rep. Wyvetter H. Younge
  2/20/2003HouseFirst Reading
  2/20/2003HouseReferred to Rules Committee
  2/26/2003HouseAssigned to Financial Institutions Committee
  3/5/2003HouseRe-assigned to Judiciary I - Civil Law Committee
  3/11/2003HouseAdded Co-Sponsor Rep. Elaine Nekritz
  3/12/2003HouseHouse Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee
  3/12/2003HouseHouse Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
  3/12/2003HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 018-000-000
  3/12/2003HousePlaced on Calendar 2nd Reading - Short Debate
  3/19/2003HouseAdded Co-Sponsor Rep. Cynthia Soto
  3/19/2003HouseAdded Co-Sponsor Rep. William Delgado
  3/19/2003HouseAdded Co-Sponsor Rep. Ricca Slone
  4/1/2003HouseSecond Reading - Short Debate
  4/1/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/2/2003HouseRecalled to Second Reading - Short Debate
  4/2/2003HouseHeld on Calendar Order of Second Reading - Short Debate
  4/4/2003HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2005HouseSession Sine Die

Back To Top