HB4302
View on ILGAINTEREST-PREPAYMENT PENALTY
What this bill does
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.
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Pipeline Progress
Current stage: In Committee · Last action 241 days ago · STAGNANT
How does a bill become law in Illinois?
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Introduction of Bill
A member of the Senate or the House introduces a bill, which is assigned a unique identifying number (e.g., "H.B. ___" for House bills and "S.B. ___" for Senate bills). If not enacted, it must be reintroduced in the next General Assembly with a new number.
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Committee Work — Hearings
The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.
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Committee Work — Markup, Amendments, Report
The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.
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Floor Debate
The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.
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Passage and Consideration in Second Chamber
If the bill passes in the first chamber, it moves to the second chamber for a similar review process. If both chambers approve, it goes to the governor.
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Gubernatorial Action
The governor can sign the bill into law, veto it, or take no action (resulting in an automatic law after 60 days). The type of veto can be total or amendatory. Once signed, the bill becomes a Public Act and is assigned a Public Act number.
Sponsor Context
Campaign finance
This is SBE campaign receipts to the people on this bill, not Moneyball and not earmarked to the bill.
Money is campaign receipts to matched candidate committees, not earmarked to this bill. Window 2025-01-01 – 2026-09-13.
Sponsor and voter funding
| Member | Role | Receipts | Total received | Top donors |
|---|---|---|---|---|
| Daniel Didech | Chief sponsor | 228 | $458,909.70 | JPMC ($108,803.32); Sports Betting Alliance ($14,200.00); Health Care Council of Illinois PAC ($11,000.00) |
| Rick Ryan | Sponsor | 156 | $169,068.00 | Friends of Bill Cunningham ($15,000.00); Chicago Land Operators Joint Labor-Management PAC ($9,000.00); LIUNA Chicago Laborers District Council Political Action Committee ($5,000.00) |
| Michael J. Kelly | Sponsor | 176 | $286,801.63 | Local 2 Chicago Firefighters Union Local 2 ($29,000.00); International Association of Fire Fighters ($27,500.00); Associated Fire Fighters of Illinois ($20,000.00) |
Overlapping donors
Donors who gave to more than one sponsor or voter on this bill. Still not earmarked to the bill.
| Donor | Members | Total |
|---|---|---|
| Chicago Land Operators Joint Labor-Management PAC | Daniel Didech, Rick Ryan | $19,500.00 |
| Accel Entertainment Gaming, LLC | Daniel Didech, Michael J. Kelly | $17,000.00 |
| Midwest Gaming & Entertainment, LLC | Daniel Didech, Michael J. Kelly | $7,500.00 |
| Realtor Political Action Committee | Daniel Didech, Rick Ryan | $7,000.00 |
| Illinois Manufactured Housing Association | Michael J. Kelly, Rick Ryan | $7,000.00 |
| Community BancPac | Daniel Didech, Rick Ryan | $6,500.00 |
| Chicago J. Dineen Lodge 7 PAC | Daniel Didech, Rick Ryan | $6,000.00 |
| Illinois Trial Lawyers Association | Michael J. Kelly, Rick Ryan | $6,000.00 |
| PCI Gaming Authority | Daniel Didech, Michael J. Kelly | $5,000.00 |
| Roofers & Waterproofers Local 11 PAC | Daniel Didech, Michael J. Kelly, Rick Ryan | $4,500.00 |
| Illinois Broadband & Cable Association | Daniel Didech, Rick Ryan | $4,000.00 |
| Big I Illinois PAC | Michael J. Kelly, Rick Ryan | $4,000.00 |
| CAR of Illinois | Daniel Didech, Rick Ryan | $3,500.00 |
| Illinois State Medical Society | Michael J. Kelly, Rick Ryan | $3,500.00 |
| Friends of Nicholas Smith | Daniel Didech, Michael J. Kelly, Rick Ryan | $3,000.00 |
| Wine and Spirits Distributors of Illinois PAC | Daniel Didech, Rick Ryan | $3,000.00 |
| Illinois Federation of Teachers COPE | Daniel Didech, Rick Ryan | $3,000.00 |
| Abbott Laboratories Employee PAC | Daniel Didech, Rick Ryan | $3,000.00 |
| Southern Glazer's Wine and Spirits, LLC | Daniel Didech, Michael J. Kelly | $3,000.00 |
| Google Client Services LLC | Daniel Didech, Rick Ryan | $3,000.00 |
| Taft Stettinius & Hollister LLP | Daniel Didech, Rick Ryan | $2,950.00 |
| PhRMA | Daniel Didech, Rick Ryan | $2,500.00 |
| Fueling Illinois PAC | Daniel Didech, Michael J. Kelly | $2,500.00 |
| Painters District Council #14 | Michael J. Kelly, Rick Ryan | $2,500.00 |
| Ben Lazare Consulting | Daniel Didech, Michael J. Kelly | $2,000.00 |
Top donors across these members
| Donor | Occupation | Employer | Receipts | Total |
|---|---|---|---|---|
| JPMC | — | — | 1 | $108,803.32 |
| Local 2 Chicago Firefighters Union Local 2 | — | — | 2 | $29,000.00 |
| International Association of Fire Fighters | — | — | 2 | $27,500.00 |
| Associated Fire Fighters of Illinois | — | — | 3 | $20,000.00 |
| Chicago Land Operators Joint Labor-Management PAC | — | — | 8 | $19,500.00 |
| Accel Entertainment Gaming, LLC | — | — | 4 | $17,000.00 |
| Friends of Bill Cunningham | — | — | 1 | $15,000.00 |
| Sports Betting Alliance | — | — | 2 | $14,200.00 |
| Health Care Council of Illinois PAC | — | — | 2 | $11,000.00 |
| J & J Gaming, LLC | — | — | 3 | $11,000.00 |
| Illinois Bankers PAC | — | — | 2 | $10,331.48 |
| VGW Luckyland Inc. | — | — | 2 | $10,000.00 |
| Save Our Local Businesses Illinois PAC | — | — | 1 | $10,000.00 |
| Chicago Land Operators Joint Labor-Management | — | — | 3 | $8,500.00 |
| J & J Ventures Gaming LLC | — | — | 3 | $8,000.00 |
| I.P.A.C.E | — | — | 2 | $7,500.00 |
| Midwest Gaming & Entertainment, LLC | — | — | 2 | $7,500.00 |
| Fraternal Order of Police Chicago Lodge No. 7 | — | — | 2 | $7,500.00 |
| Michael Sacks | CEO | Grosvenor Capital Management | 1 | $7,300.00 |
| Todor Markov | Technical Staff | Anthropic | 1 | $7,300.00 |
| Tao Lin | Technical Staff | Anthropic | 1 | $7,300.00 |
| Benjamin West | CTO | Trajectory Labs, PBC | 1 | $7,300.00 |
| Peter Lofgren | — | — | 1 | $7,300.00 |
| William Saunders | AI Researcher | Anthropic | 1 | $7,300.00 |
| Lauren Foster | Not Employed | Not Employed | 1 | $7,300.00 |
Hearings
This bill has not been scheduled for a committee hearing.
Witness slips
3 slips filed. Proponent / opponent / no position as filed with the committee.
| Name | Organization | Representing | Position | Hearing committee | Hearing date |
|---|---|---|---|---|---|
| David Schwartz | Self | Self | Proponent | Financial Institutions & Licensing | 2026-02-17 |
| Matthew Slade | N/A | Self | Proponent | Financial Institutions & Licensing | 2026-02-17 |
| Michael Whalen | self | Proponent | Financial Institutions & Licensing | 2026-02-17 |
Action History
6 actions recorded. Last action: 2026-02-11 — Assigned toFinancial Institutions and Licensing Committee. Each action's meaning and outcome signal are classified automatically.
All actions (table)
| Date | Chamber | Action | Category | Signal |
|---|---|---|---|---|
| 2026-01-06 | House | Filed with the Clerk byRep. Daniel Didech House Rule 6(b) | Introduction & Filing | — |
| 2026-01-14 | House | First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 | Introduction & Filing | — |
| 2026-01-14 | House | Referred toRules Committee Senate Rule 3-8(a); House Rule 18(a) | Committee Assignment | — |
| 2026-01-21 | House | Added Co-SponsorRep. Rick Ryan Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2026-01-21 | House | Added Co-SponsorRep. Michael J. Kelly Senate Rule 5-1(a); House Rule 37(a) | Co-Sponsorship | Mild + |
| 2026-02-11 | House | Assigned toFinancial Institutions and Licensing Committee Senate Rule 3-8(a); House Rule 18(b) | Committee Assignment | — |