IL HB4603

Removes language allowing licensees to charge interest at annual percentage rates exceeding 36% on title-secured loans.

Eliminates provisions permitting licensees to charge interest rates agreed upon by the licensee and borrower.

Changes requirement from "may" to "shall" regarding title-secured loans, making certain provisions mandatory.

Prohibits a motor vehicle title from securing additional principal until the preceding loan is repaid in full.

Requires licensees to determine borrower capacity to repay before issuing a title-secured loan, based on the borrower's gross income rather than the vehicle's value.