Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

New Act

20 ILCS 1205/6

from Ch. 17, par. 106

205 ILCS 670/21

from Ch. 17, par. 5427

815 ILCS 505/2Z

from Ch. 121 1/2, par. 262Z

Synopsis As Introduced
Creates the Illinois Short-Term Loan and Title Loan Regulation Act. Provides that the Department of Financial Institutions shall license and regulate entities that offer short-term loans (loans under which a lender accepts either: a post-dated check; authorization to debit a borrower's bank account; or future wages by the wage assignment) or title loans (loans wherein, at commencement, a borrower provides to the lender, as security for the loan, physical possession of the obligor's title to a motor vehicle, a boat, or any other personal property). Establishes requirements and restrictions applicable to license applications and licensing. Sets forth limitations, requirements, and disclosures applicable to loan agreements, terms of loans, finance charges, and renewal of loans. Provides for: revocation, suspension, and surrender of licenses; information to be available to the public; complaint handling; hearings; books and records; reports; advertising; prohibited acts; requirements and restrictions applicable to vehicle and boat titles; liens; penalties; enforcement; bonding; administrative rules; and other matters. Amends the Financial Institutions Code to provide that the Department of Financial Institutions shall administer the Illinois Short-Term and Title Loan Regulation Act. Amends the Consumer Installment Loan Act to provide that the Act does not apply to short-term and title loans. Provides that a violation of the Illinois Short-Term and Title Loan Regulation Act constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2005.

Actions 

Date	Chamber	Action
2/4/2004	Senate	Filed with Secretary by Sen. Jeffrey M. Schoenberg
2/4/2004	Senate	First Reading
2/4/2004	Senate	Referred to Rules
2/10/2004	Senate	Assigned to Financial Institutions
2/26/2004	Senate	Held in Financial Institutions
2/27/2004	Senate	Rule 3-9(a) / Re-referred to Rules
1/11/2005	Senate	Session Sine Die

Back To Top