TITLE-SECURED LOANS Senate SponsorsSen. Kimberly A. Lightford, Laura M. Murphy-Jacqueline Y. Collins-Linda Holmes-Robert Peters-Melinda Bush, Bill Cunningham, John G. Mulroe, Napoleon Harris, III, Iris Y. Martinez, Laura Fine, Pat McGuire, Cristina Castro, Emil Jones, III and Patricia Van Pelt 1/13/2021SenateSession 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. 1/23/2019SenateFiled with Secretary by Sen. Kimberly A. Lightford 1/23/2019SenateFirst Reading 1/23/2019SenateReferred to Assignments 1/30/2019SenateAdded as Co-Sponsor Sen. Laura M. Murphy 1/30/2019SenateAssigned to Financial Institutions 1/30/2019SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 1/30/2019SenateAdded as Chief Co-Sponsor Sen. Linda Holmes 1/31/2019SenateAdded as Chief Co-Sponsor Sen. Robert Peters 1/31/2019SenateAdded as Chief Co-Sponsor Sen. Melinda Bush 2/5/2019SenateAdded as Co-Sponsor Sen. Bill Cunningham 2/5/2019SenateAdded as Co-Sponsor Sen. John G. Mulroe 2/6/2019SenateAdded as Co-Sponsor Sen. Napoleon Harris, III 2/7/2019SenateAdded as Co-Sponsor Sen. Iris Y. Martinez 2/7/2019SenateAdded as Co-Sponsor Sen. Laura Fine 2/19/2019SenateAdded as Co-Sponsor Sen. Pat McGuire 2/21/2019SenateAdded as Co-Sponsor Sen. Cristina Castro 3/5/2019SenateAdded as Co-Sponsor Sen. Emil Jones, III 3/6/2019SenateAdded as Co-Sponsor Sen. Patricia Van Pelt 3/6/2019SenatePostponed - Financial Institutions 3/13/2019SenatePostponed - Financial Institutions 3/22/2019SenateRule 2-10 Committee Deadline Established As March 28, 2019 3/28/2019SenateRule 3-9(a) / Re-referred to Assignments 1/13/2021SenateSession Sine Die