Illinois General Assembly - Bill Status for HB2468
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 Bill Status of HB2468  101st General Assembly

Short Description:  TITLE-SECURED LOANS

House Sponsors
Rep. Emanuel Chris Welch - Theresa Mah - C.D. Davidsmeyer - David A. Welter - William Davis, Joe Sosnowski, Jehan Gordon-Booth, Thomas M. Bennett, Grant Wehrli, Natalie A. Manley, Luis Arroyo, Arthur Turner, Kathleen Willis, Gregory Harris, Bob Morgan, Anna Moeller, Carol Ammons, Jonathan Carroll, Maurice A. West, II, Lamont J. Robinson, Jr., Delia C. Ramirez, La Shawn K. Ford, Nicholas K. Smith, Kambium Buckner, Mary Edly-Allen, Robyn Gabel, Jennifer Gong-Gershowitz, Kelly M. Cassidy, Will Guzzardi, Michael Halpin, Sonya M. Harper, Martin J. Moylan, Terra Costa Howard, Diane Pappas, Katie Stuart, André Thapedi, Rita Mayfield, Anne Stava-Murray, Sue Scherer, LaToya Greenwood, Debbie Meyers-Martin, Ryan Spain, Fred Crespo and Andrew S. Chesney

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 670/1from Ch. 17, par. 5401
205 ILCS 670/15from Ch. 17, par. 5415
205 ILCS 670/15f new


Synopsis As Introduced
Amends the Consumer Installment Loan Act. Defines "title-secured loan". Provides that for title-secured loans entered into or renewed on or after the effective date of the Act: (i) a licensee shall not contract for or receive a charge exceeding 36% annual percentage rate on the unpaid balance of the amount financed for a title-secured loan; (ii) the loan contract shall provide for repayment of the principal and charges within specified maximum loan terms; (iii) upon or after default, a licensee shall not charge a borrower any finance charges, interest, fees, or charges of any kind; and (iv) the loan may be refinanced if the original principal of the loan has been reduced by at least 60%. Provides that nothing in these provisions abrogates a borrower's right to collect any surplus arising from the sale of a motor vehicle under the Uniform Commercial Code.

Actions 
DateChamber Action
  2/13/2019HouseFiled with the Clerk by Rep. Emanuel Chris Welch
  2/13/2019HouseFirst Reading
  2/13/2019HouseReferred to Rules Committee
  2/15/2019HouseAdded Chief Co-Sponsor Rep. C.D. Davidsmeyer
  2/20/2019HouseAdded Chief Co-Sponsor Rep. Theresa Mah
  2/21/2019HouseAdded Chief Co-Sponsor Rep. David A. Welter
  2/26/2019HouseAssigned to Executive Committee
  2/28/2019HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
  2/28/2019HouseAdded Co-Sponsor Rep. Joe Sosnowski
  3/1/2019HouseAdded Co-Sponsor Rep. Jehan Gordon-Booth
  3/7/2019HouseAdded Co-Sponsor Rep. Thomas M. Bennett
  3/7/2019HouseAdded Co-Sponsor Rep. Grant Wehrli
  3/7/2019HouseAdded Co-Sponsor Rep. Natalie A. Manley
  3/7/2019HouseAdded Co-Sponsor Rep. Luis Arroyo
  3/12/2019HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Emanuel Chris Welch
  3/12/2019HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/12/2019HouseAdded Co-Sponsor Rep. Arthur Turner
  3/13/2019HouseDo Pass / Short Debate Executive Committee; 011-000-000
  3/13/2019HouseHouse Committee Amendment No. 1 Tabled Pursuant to Rule 40
  3/13/2019HousePlaced on Calendar 2nd Reading - Short Debate
  3/14/2019HouseAdded Co-Sponsor Rep. Kathleen Willis
  3/14/2019HouseAdded Co-Sponsor Rep. Amy Grant
  3/14/2019HouseRemoved Co-Sponsor Rep. Amy Grant
  3/21/2019HouseAdded Co-Sponsor Rep. Gregory Harris
  3/21/2019HouseAdded Co-Sponsor Rep. Bob Morgan
  3/21/2019HouseAdded Co-Sponsor Rep. Anna Moeller
  3/26/2019HouseAdded Co-Sponsor Rep. Carol Ammons
  3/27/2019HouseRemoved Co-Sponsor Rep. Marcus C. Evans, Jr.
  3/28/2019HouseAdded Co-Sponsor Rep. Jonathan Carroll
  3/28/2019HouseAdded Co-Sponsor Rep. Maurice A. West, II
  3/28/2019HouseAdded Co-Sponsor Rep. Lamont J. Robinson, Jr.
  3/28/2019HouseAdded Co-Sponsor Rep. Delia C. Ramirez
  3/28/2019HouseAdded Co-Sponsor Rep. La Shawn K. Ford
  3/28/2019HouseAdded Co-Sponsor Rep. Nicholas K. Smith
  3/28/2019HouseAdded Co-Sponsor Rep. Kambium Buckner
  4/2/2019HouseAdded Co-Sponsor Rep. Mary Edly-Allen
  4/2/2019HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Emanuel Chris Welch
  4/2/2019HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  4/2/2019HouseAdded Co-Sponsor Rep. Robyn Gabel
  4/3/2019HouseAdded Co-Sponsor Rep. Jennifer Gong-Gershowitz
  4/3/2019HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  4/3/2019HouseAdded Co-Sponsor Rep. Will Guzzardi
  4/3/2019HouseAdded Co-Sponsor Rep. Michael Halpin
  4/3/2019HouseAdded Co-Sponsor Rep. Sonya M. Harper
  4/3/2019HouseAdded Co-Sponsor Rep. Martin J. Moylan
  4/4/2019HouseAdded Chief Co-Sponsor Rep. William Davis
  4/4/2019HouseAdded Co-Sponsor Rep. Terra Costa Howard
  4/9/2019HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Emanuel Chris Welch
  4/9/2019HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  4/10/2019HouseAdded Co-Sponsor Rep. Diane Pappas
  4/10/2019HouseAdded Co-Sponsor Rep. André Thapedi
  4/10/2019HouseAdded Co-Sponsor Rep. Rita Mayfield
  4/10/2019HouseAdded Co-Sponsor Rep. Anne Stava-Murray
  4/10/2019HouseAdded Co-Sponsor Rep. Sue Scherer
  4/10/2019HouseAdded Co-Sponsor Rep. LaToya Greenwood
  4/10/2019HouseAdded Co-Sponsor Rep. Katie Stuart
  4/10/2019HouseHouse Floor Amendment No. 3 Rules Refers to Executive Committee
  4/10/2019HouseAdded Co-Sponsor Rep. Debbie Meyers-Martin
  4/10/2019HouseSecond Reading - Short Debate
  4/10/2019HouseHeld on Calendar Order of Second Reading - Short Debate
  4/11/2019HouseHouse Floor Amendment No. 3 Recommends Be Adopted Executive Committee; 013-000-000
  4/11/2019HouseAdded Co-Sponsor Rep. Ryan Spain
  4/12/2019HouseRule 19(a) / Re-referred to Rules Committee
  4/12/2019HouseHouse Floor Amendment No. 3 Rule 19(c) / Re-referred to Rules Committee
  4/16/2019HouseAdded Co-Sponsor Rep. Fred Crespo
  7/24/2020HouseAdded Co-Sponsor Rep. Andrew S. Chesney
  1/13/2021HouseSession Sine Die

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