IL HB3177

Amends the Consumer Installment Loan Act to reduce the refinancing prohibition period for small consumer loans from 75 days to 70 days of the loan term.

Prohibits licensees from refinancing a small consumer loan during the first 70 days, defined as when an existing loan is satisfied and replaced by a new loan to the same consumer by the same licensee or its employees or affiliates.

Requires small consumer loans to be fully amortizing with minimum 6 substantially equal payments and a maturity period of at least 180 days.

Prohibits licensees from collecting fees or charges for renewing, amending, or extending a small consumer loan beyond its original term.

Mandates licensees provide consumers with a Director-prepared pamphlet about consumer credit rights and responsibilities, and include a toll-free number for the Department of Financial and Professional Regulation in loan agreements.