IL HB3771

Amends the Consumer Installment Loan Act to cap the annual percentage rate (APR) at 21% for title-secured loans where borrowers pledge physical possession of their vehicle title as collateral.

Removes the previous exemption that allowed title-secured loans to charge interest rates exceeding 36% without limitation.

Defines title-secured loans as those where a borrower provides possession of their motor vehicle title to a lender at loan commencement.

Applies the federal Truth in Lending Act standard for calculating annual percentage rates on all affected loans.

Takes effect immediately upon becoming law.