IllinoisHB4302104th General Assembly (2025–2026)House

INTEREST-PREPAYMENT PENALTY

Sponsored By: Daniel Didech

In Committee

Summary

Amends the Interest Act. Provides that, whenever the rate of interest exceeds an annual percentage rate of 8% on any written contract, agreement or bond for deed providing for the installment purchase of residential real estate made primarily for personal, family, or household purposes (rather than for the installment purchase of residential real estate), or on any loan secured by a mortgage on residential real estate made primarily for personal, family, or household purposes (rather than on any loan secured by a mortgage on residential real estate), it shall be unlawful to provide for a prepayment penalty or other charge for prepayment.

financial institutions and licensing

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Daniel Didech

    Affiliation unavailable

Cosponsors

  • Michael J. Kelly

    Affiliation unavailable

  • Rick Ryan

    Affiliation unavailable

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 19(a) / Re-referred to Rules Committee

    3/27/2026House
  2. Assigned to Financial Institutions and Licensing Committee

    2/11/2026House
  3. Added Co-Sponsor Rep. Michael J. Kelly

    1/21/2026House
  4. Added Co-Sponsor Rep. Rick Ryan

    1/21/2026House
  5. Referred to Rules Committee

    1/14/2026House
  6. First Reading

    1/14/2026House
  7. Filed with the Clerk by Rep. Daniel Didech

    1/6/2026House

Bill Text

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