Bill Text: IL HB0523 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0523 Detail]

Download: Illinois-2009-HB0523-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB0523 Introduced 2/4/2009, by Rep. Edward J. Acevedo SYNOPSIS AS INTRODUCED:
205 ILCS 670/1 from Ch. 17, par. 5401
Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.
LRB096 06310 MJR 16393 b
A BILL FOR
HB0523 LRB096 06310 MJR 16393 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Consumer Installment Loan Act is amended by
changing Section 1 as follows:
(205 ILCS 670/1) (from Ch. 17, par. 5401)
Sec. 1. License required to engage in business. No person,
partnership, association, limited liability company, or
corporation shall engage in the the business of making loans of
money in a principal amount not exceeding $25,000, and charge,
contract for, or receive on any such loan a greater rate of
interest, discount, or consideration therefor than the lender
would be permitted by law to charge if he were not a licensee
hereunder, except as authorized by this Act after first
obtaining a license from the Director of Financial Institutions
(hereinafter called the Director).
(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)