TITLE-SECURED LOANS Senate SponsorsSen. Kimberly A. Lightford-Jacqueline Y. Collins-Andy Manar, Cristina Castro, Bill Cunningham-Wm. Sam McCann-Linda Holmes, Emil Jones, III, Michael E. Hastings, John G. Mulroe, Iris Y. Martinez, Thomas Cullerton, Daniel Biss, Napoleon Harris, III, Mattie Hunter, Toi W. Hutchinson, James F. Clayborne, Jr., Heather A. Steans, Scott M. Bennett, Melinda Bush, Kwame Raoul, Pat McGuire, William R. Haine and Laura M. Murphy 1/9/2019SenateSession Sine Die 205 ILCS 670/1from Ch. 17, par. 5401205 ILCS 670/15from Ch. 17, par. 5415205 ILCS 670/15f newAmends 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. 2/13/2018SenateFiled with Secretary by Sen. Kimberly A. Lightford 2/13/2018SenateFirst Reading 2/13/2018SenateReferred to Assignments 2/14/2018SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 2/14/2018SenateAdded as Chief Co-Sponsor Sen. Andy Manar 2/15/2018SenateAdded as Co-Sponsor Sen. Cristina Castro 2/15/2018SenateAdded as Co-Sponsor Sen. Bill Cunningham 2/20/2018SenateAdded as Chief Co-Sponsor Sen. Wm. Sam McCann 2/20/2018SenateAdded as Chief Co-Sponsor Sen. Linda Holmes 2/21/2018SenateAdded as Co-Sponsor Sen. Emil Jones, III 2/21/2018SenateAssigned to Financial Institutions 2/22/2018SenateAdded as Co-Sponsor Sen. Michael E. Hastings 2/28/2018SenateAdded as Co-Sponsor Sen. John G. Mulroe 2/28/2018SenateAdded as Co-Sponsor Sen. Iris Y. Martinez 2/28/2018SenateAdded as Co-Sponsor Sen. Thomas Cullerton 4/10/2018SenateAdded as Co-Sponsor Sen. Daniel Biss 4/10/2018SenateAdded as Co-Sponsor Sen. Napoleon Harris, III 4/10/2018SenateAdded as Co-Sponsor Sen. Mattie Hunter 4/10/2018SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson 4/11/2018SenateAdded as Co-Sponsor Sen. James F. Clayborne, Jr. 4/11/2018SenateAdded as Co-Sponsor Sen. Heather A. Steans 4/11/2018SenateAdded as Co-Sponsor Sen. Scott M. Bennett 4/12/2018SenateAdded as Co-Sponsor Sen. Melinda Bush 4/12/2018SenateAdded as Co-Sponsor Sen. Kwame Raoul 4/12/2018SenateAdded as Co-Sponsor Sen. Pat McGuire 4/13/2018SenateRule 2-10 Committee Deadline Established As April 27, 2018 4/25/2018SenateAdded as Co-Sponsor Sen. William R. Haine 4/27/2018SenateRule 2-10 Committee/3rd Reading Deadline Established As May 3, 2018 5/3/2018SenateRule 3-9(a) / Re-referred to Assignments 5/11/2018SenateRule 2-10 Committee/3rd Reading Deadline Established As May 31, 2018 5/15/2018SenateRe-assigned to Financial Institutions 5/17/2018SenateAdded as Co-Sponsor Sen. Laura M. Murphy 5/31/2018SenateRule 3-9(a) / Re-referred to Assignments 1/9/2019SenateSession Sine Die