IL HB3774

Amends the Consumer Installment Loan Act to cap finance charges on title loans (loans secured by motor vehicle titles) at 36% annually, eliminating the previous exemption that allowed unlimited rates for title-secured loans.

Requires that interest cease accruing on title loans when a borrower defaults on the loan.

Prohibits lenders from charging borrowers attorney's fees or deficiency amounts after selling a vehicle used as loan collateral; borrowers must receive any surplus from the vehicle sale within 30 days, minus principal, accrued interest, and reasonable sale expenses.

Defines "titled-secured loans" as loans where a borrower pledges physical possession of a motor vehicle title as security, with interest capped at 36% annually.

Applies to contracts entered into or renewed on and after the effective date of this amendatory act of the 100th General Assembly.