Illinois House Bill 5502 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Consumer Installment Loan Act. Defines "lawsuit lending". Provides that the Act shall apply to all lawsuit lending and all lawsuit lenders. Provides that, in any civil action in which a lawsuit lender provides lawsuit lending to a party: (i) the court shall award to the prevailing party all of its costs, expenses, and attorneys' fees, to be assessed against the losing party; (ii) the lawsuit lender shall post with the clerk of the court a bond in the face amount of 25% of the amount of damages claimed by any such party; and (iii) any and all documents that the lawsuit lender obtained from the party in connection with making any decision to begin lawsuit lending must be produced to the opposing party without awaiting a discovery request. Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that a lawsuit lender shall be considered a person who is regularly engaged in the business of making loans to consumers for the purposes of provisions concerning repeated violations of certain Acts and advertisements containing certain terms. Effective immediately.

CONSUMER LOAN-LAWSUIT LENDING

Rep. Andre Thapedi [D]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-02-15	House	Referred to Rules Committee
2012-02-15	House	First Reading
2012-02-14	House	Filed with the Clerk by Rep. Andr

Chapter	Article	Section	Citation Type	Statute Text
205	670	21.5	New Code	See Bill Text
815	505	2E	Amended Code	Citation Text
815	505	2K	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5502&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB5502.htm