92nd General Assembly
Status of HB5872
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 Full Text  Bill Summary

   205 ILCS 670/16c new                                                        
   205 ILCS 670/20           from Ch. 17, par. 5426                            

        Amends the Consumer Installment Loan Act.  Provides that  lenders      
   that  make  loans  based  upon  proof  of  the  borrower's  continuing      
   employment  or  ownership  of  equity  in  a  motor  vehicle  and  the      
   borrower's  delivery  to  the lender of a postdated check in an amount      
   sufficient to repay the loan must deem all fees charged for making the      
   loan or renewing the loan to  be  interest  for  disclosure  purposes.      
   Requires  that  interest  be disclosed in a manner consistent with the      
   Truth in Lending Act.  Limits rollovers  of  loans  to  3  during  any      
   12-month period.  Effective immediately.                                    
   FEB-08-2002  H  FILED WITH CLERK                                               
   FEB-08-2002  H  FIRST READING                                                  
   FEB-08-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-13-2002  H       ASSIGNED TO COMMITTEE               CONSUMER PROT         
   FEB-22-2002  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary