Bill Text: IL SB1700 | 2019-2020 | 101st General Assembly | Introduced
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 $40,000.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB1700 Detail]
Download: Illinois-2019-SB1700-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Consumer Installment Loan Act is amended by | |||||||||||||||||||
5 | changing Section 1 as follows:
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6 | (205 ILCS 670/1) (from Ch. 17, par. 5401)
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7 | Sec. 1. License required to engage in business. No person, | |||||||||||||||||||
8 | partnership, association, limited liability
company, or | |||||||||||||||||||
9 | corporation shall engage in
the
the business of making loans of | |||||||||||||||||||
10 | money in a principal amount not
exceeding $40,000, and charge, | |||||||||||||||||||
11 | contract for, or receive on any
such loan a
greater rate of | |||||||||||||||||||
12 | interest, discount, or consideration therefor than the
lender | |||||||||||||||||||
13 | would be permitted by law to charge if he were not a licensee
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14 | hereunder, except as authorized by this Act after first | |||||||||||||||||||
15 | obtaining a license
from the Director of Financial Institutions | |||||||||||||||||||
16 | (hereinafter called the Director). No licensee, or employee or | |||||||||||||||||||
17 | affiliate thereof, that is licensed under the Payday Loan | |||||||||||||||||||
18 | Reform Act shall obtain a license under this Act except that a | |||||||||||||||||||
19 | licensee under the Payday Loan Reform Act may obtain a license | |||||||||||||||||||
20 | under this Act for the exclusive purpose and use of making | |||||||||||||||||||
21 | title-secured loans, as defined in subsection (a) of Section 15 | |||||||||||||||||||
22 | of this Act and governed by Title 38, Section 110.300 of the | |||||||||||||||||||
23 | Illinois Administrative Code. For the purpose of this Section, |
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1 | "affiliate" means any person or entity that directly or | ||||||
2 | indirectly controls, is controlled by, or shares control with | ||||||
3 | another person or entity. A person or entity has control over | ||||||
4 | another if the person or entity has an ownership interest of | ||||||
5 | 25% or more in the other. | ||||||
6 | (Source: P.A. 96-936, eff. 3-21-11; 97-420, eff. 1-1-12.)
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