Illinois General Assembly - Full Text of HB3393
Illinois General Assembly

Previous General Assemblies

Full Text of HB3393  101st General Assembly


Rep. Kambium Buckner

Filed: 4/8/2019





10100HB3393ham002LRB101 10436 JLS 59451 a


2    AMENDMENT NO. ______. Amend House Bill 3393 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Consumer Installment Loan Act is amended by
5changing Section 18 as follows:
6    (205 ILCS 670/18)  (from Ch. 17, par. 5424)
7    Sec. 18. Advertising; unsolicited checks.
8    (a) Advertising for loans transacted under this Act may not
9be false, misleading or deceptive. That advertising, if it
10states a rate or amount of charge for a loan, must state the
11rate as an annual percentage rate. No licensee may advertise in
12any manner so as to indicate or imply that his interest rates
13or charges for loans are in any way "recommended", "approved",
14"set" or "established" by the State government or by this Act.
15    (b) If any advertisement to which this Section applies
16states the amount of any installment payment, the dollar amount



10100HB3393ham002- 2 -LRB101 10436 JLS 59451 a

1of any finance charge, or the number of installments or the
2period of repayment, then the advertisement shall state all of
3the following items:
4        (1) The amount of the loan.
5        (2) The number, amount, and due dates or period of
6    payments scheduled to repay the indebtedness if the credit
7    is extended.
8        (3) The rate of the finance charge expressed as an
9    annual percentage rate.
10    (c) No person shall deliver to a consumer an unsolicited
11check payable to the consumer that, upon cashing, obligates the
12consumer to repay the amount of the check plus interest and
13fees unless the check bears the following statement printed in
1418-point type in uppercase print on the face of the check:
16    This subsection does not apply to a transaction in which a
17consumer has submitted an application for, or requested an
18extension of, credit from the person before receiving the check
19or instrument or when the consumer has an existing relationship
20with the person.
21(Source: P.A. 90-437, eff. 1-1-98.)".