# Illinois SB1853: CONSUMER & PREDATORY LOANS

Illinois SB1853, CONSUMER & PREDATORY LOANS, is a 104th General Assembly (2025–2026) Senate bill sponsored by Willie Preston (Democratic); status in committee, last action 2025-02-06 (Referred to Assignments) (as of 2026-11-01).

- Canonical: https://policyrisk.com/state-bill/IL-SB1853-2025-2026
- As of: 2026-11-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Illinois SB1853
- State: Illinois
- Session: 104th General Assembly (2025–2026)
- Title: CONSUMER & PREDATORY LOANS
- Status: in committee
- Chamber: Senate
- Introduced: 2025-02-06
- Last action: 2025-02-06, Referred to Assignments
- Sponsor: Willie Preston (Democratic)
- Cosponsors: 0
- Subjects: assignments
- Touches household money: no
- Economic provisions PRIA read: 0

## Summary

Amends the Consumer Installment Loan Act. In provisions concerning an charges permitted, provides that the annual percentage rate shall be calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act (rather than a military annual percentage rate). Provides that a licensee shall not charge, impose, or receive any penalty for the prepayment of a loan. Provides that, before disbursing loan proceeds to a borrower, a licensee shall offer the borrower a credit education program or seminar provided by the licensee or a third party provider. Sets forth criteria for credit education programs or seminars. Makes changes in provision concerning the disclosure of Terms of contract and maximum loan terms and amount. Amends the Predatory Loan Prevention Act. In provisions concerning an annual percentage rate cap, provides that the annual percentage rate shall be calculated using the system for calculating the annual percentage rate under the federal Truth in Lending Act (rather than a military annual percentage rate). Makes changes in provisions concerning the purpose and construction of the Act. Effective immediately.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Willie Preston (Democratic), Senate

## Actions (3)

- 2025-02-06: Referred to Assignments (Senate)
- 2025-02-06: First Reading (Senate)
- 2025-02-06: Filed with Secretary by Sen. Willie Preston (Senate)

## Bill text

- Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1853.pdf)

## Related bills

- HB5198: AFFORDABLE HOUSING-CILAS (passed house)
- SB1937: PENSION CODE-VARIOUS (passed senate)
- HB2563: CONDO-RESERVE STUDY (in committee)
- HB4701: LIMITATIONS FACILITY FEES ACT (in committee)
- SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate)
- SB3484: VEH CD-PLATES-REGISTRATION (signed)

## Sources
- [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/SB/PDF/10400SB1853.pdf)

## Related
- [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026)
- [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026)
- [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026)
- [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026)
- [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026)
- [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026)
- [Illinois bills](https://policyrisk.com/states/illinois/bills)
- [Illinois state hub](https://policyrisk.com/states/illinois)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/IL-SB1853-2025-2026 (as of 2026-11-01).