Bill Status of HB2660 99th General Assembly
Short Description: FINANCIAL SERVICES-APR-CHARGES
Rep. Robert Rita
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Financial Services Development Act. In the definition of "financial institution", provides that certain lenders are prohibited from charging an annual percentage rate in excess of 36% (rather than prohibited from charging interest in excess of 36% per annum) for any extension of credit under the Act. Further provides that any financial institution may charge and collect interest and other charges under a revolving credit plan provided that any finance charges or charges representing the cost of credit are included in the annual percentage rate calculation. Limits the amount of certain fees that a financial institution may charge and collect from a borrower under a revolving credit plan.
|Date||Chamber|| Action|| 2/19/2015||House||Filed with the Clerk by Rep. Robert Rita|| 2/19/2015||House||First Reading|| 2/19/2015||House||Referred to Rules Committee|| 3/10/2015||House||Motion Filed - Table Bill/Resolution Pursuant to Rule 60(b), Rep. Robert Rita|| 3/12/2015||House||Motion Prevailed || 3/12/2015||House||Tabled|