Illinois 93rd Regular Session Status: In Committee

SB 1048 — ILLINOIS AFFORDABLE LOAN ACT

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Affordable Loan Act. Provides for the licensing and regulation of lenders who make short-term loans and title-secured loans by the Department of Financial Institutions. Requires licensees to disclose when renewing a license the number of title-secured loans made, the number of vehicle repossessions, the number of short-term loans made, the minimum, maximum, and average dollar amount of short-term loans, and the interest charged on the short-term loans. Requires licensees to disclose to borrowers a toll-free telephone number for the Department of Financial Institutions that the borrowers may call for information. Provides that the appraisal of motor vehicles that secure title-secured loans must be the value set by the Kelly Blue Book. Prohibits additional charges for cashing instruments issued by the licensee. Imposes limits on administrative or origination fees for loans. Requires licensees to refund unearned charges. Provides that licensees must comply with local zoning and other applicable local ordinances in order to qualify for a license.

Bill Text

Action History

  1. Session Sine Die

  2. Rule 3-9(a) / Re-referred to Rules

  3. Postponed - Financial Institutions

  4. Added as Co-Sponsor Sen. James T. Meeks

  5. Postponed - Financial Institutions

  6. Assigned to Financial Institutions

  7. Referred to Rules

  8. First Reading

  9. Filed with Secretary by Sen. Jeffrey M. Schoenberg

Sponsors

  • Jeffrey M. Schoenberg · Cosponsor

Sponsorship breakdown

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

Sponsors (0)

None.

Co-sponsors (1)

  • Jeffrey M. Schoenberg

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"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 SB 1048 do?
Creates the Illinois Affordable Loan Act. Provides for the licensing and regulation of lenders who make short-term loans and title-secured loans by the Department of Financial Institutions. Requires licensees to disclose when renewing a license the number of title-secured loans made, the number of vehicle repossessions, the number of short-term loans made, the minimum, maximum, and average dollar amount of short-term loans, and the interest charged on the short-term loans. Requires licensees to disclose to borrowers a toll-free telephone number for the Department of Financial Institutions that the borrowers may call for information. Provides that the appraisal of motor vehicles that secure title-secured loans must be the value set by the Kelly Blue Book. Prohibits additional charges for cashing instruments issued by the licensee. Imposes limits on administrative or origination fees for loans. Requires licensees to refund unearned charges. Provides that licensees must comply with local zoning and other applicable local ordinances in order to qualify for a license.
Who sponsors SB 1048?
SB 1048 is sponsored by Jeffrey M. Schoenberg.
What is the current status of SB 1048?
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 SB 1048?
Track SB 1048 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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