Illinois 93rd Regular Session Status: In Committee 1 R cosponsors

HB 4876 — SHORT-TERM & TITLE LOANS

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 93rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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 Loan and Title Loan Regulation Act constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2005.

Bill Text

Action History

  1. Session Sine Die

  2. Referred to Rules Committee

  3. First Reading

  4. Filed with the Clerk by Rep. David E. Miller

Sponsors

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does HB 4876 do?
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 Loan and Title Loan Regulation Act constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. Effective January 1, 2005.
Who sponsors HB 4876?
HB 4876 is sponsored by Chris Miller (Republican).
What is the current status of HB 4876?
This bill died with 93rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 4876?
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