Illinois HB 3455: CONSUMER & PREDATORY LOANS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB3455

Introduced 2/18/2025, by Rep. Justin Slaughter 

SYNOPSIS AS INTRODUCED:

205 ILCS 670/15 from Ch. 17, par. 5415

205 ILCS 670/15d from Ch. 17, par. 5419

205 ILCS 670/16 from Ch. 17, par. 5420

205 ILCS 670/17 from Ch. 17, par. 5423

205 ILCS 670/17.5

815 ILCS 123/15-1-5

815 ILCS 123/15-5-5

 Amends the Consumer Installment Loan Act. In provisions concerning an charges permitted, provides that the annual percentage rate shall be calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act (rather than a military annual percentage rate). Provides that a licensee shall not charge, impose, or receive any penalty for the prepayment of a loan. Provides that, before disbursing loan proceeds to a borrower, a licensee shall offer the borrower a credit education program or seminar provided by the licensee or a third party provider. Sets forth criteria for credit education programs or seminars. Makes changes in provision concerning the disclosure of Terms of contract and maximum loan terms and amount. Amends the Predatory Loan Prevention Act. In provisions concerning an annual percentage rate cap, provides that the annual percentage rate shall be calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act (rather than a military annual percentage rate). Makes changes in provisions concerning the purpose and construction of the Act. Effective immediately.

LRB104 07584 SPS 17628 b

A BILL FOR

HB3455LRB104 07584 SPS 17628 b

1 AN ACT concerning business.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Consumer Ins