Public Act 100-0958
 
HB5141 EnrolledLRB100 17373 XWW 32538 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Currency Exchange Act is amended by changing
Section 15.2 as follows:
 
    (205 ILCS 405/15.2)  (from Ch. 17, par. 4831)
    Sec. 15.2. No community currency exchange shall determine
its affairs and close up its business unless it shall first
deposit with the Secretary an amount of money equal to the
whole of its debts, liabilities and lawful demands against it
including the costs and expenses of this proceeding, and shall
surrender to the Secretary its community currency exchange
license, and shall file with the Secretary a statement of
termination signed by the licensee of such community currency
exchange, containing a pronouncement of intent to close up its
business and liquidate its liabilities, and also containing a
sworn list itemizing in full all such debts, liabilities and
lawful demands against it. Corporate licensees shall attach to,
and make a part of such statement of termination, a copy of a
resolution providing for the determination and closing up of
the licensee's affairs, certified by the secretary of such
licensee and duly adopted at a shareholders' meeting by the
holders of at least two-thirds of the outstanding shares
entitled to vote at such meeting. Upon the filing with the
Secretary of a statement of termination the Secretary shall
cause notice thereof to be published once each week for three
consecutive weeks in a public newspaper of general circulation
published in the city or village where such community currency
exchange is located, and if no newspaper shall be there
published, then in a public newspaper of general circulation
nearest to said city or village; and such publication shall
give notice that the debts, liabilities and lawful demands
against such community currency exchange will be redeemed by
the Secretary on demand in writing made by the owner thereof,
at any time within one year three years from the date of first
publication. After the expiration of such one-year three year
period, the Secretary shall return to the person or persons
designated in the statement of termination to receive such
repayment and in the proportion therein specified, any balance
of money then remaining in his possession, if any there be,
after first deducting therefrom all unpaid costs and expenses
incurred in connection with this proceeding. The Secretary
shall receive for his services, exclusive of costs and
expenses, two per cent of any amount up to $5,000.00, and one
per cent of any amount in excess of $5,000.00, deposited with
him hereunder by any one community currency exchange. Nothing
contained herein shall affect or impair the liability of any
bonding or insurance company on any bond or insurance policy
issued under this Act relating to such community currency
exchange.
(Source: P.A. 97-315, eff. 1-1-12.)
 
    Section 10. The Consumer Installment Loan Act is amended by
changing Section 8 as follows:
 
    (205 ILCS 670/8)  (from Ch. 17, par. 5408)
    Sec. 8. Annual license fee - Expenses. Before the 1st 15th
day of each December, a licensee must pay to the Director, and
the Department must receive, the annual license fee required by
Section 2 for the next succeeding calendar year. The license
shall expire on the first of January unless the license fee has
been paid prior thereto.
    In addition to such license fee, the reasonable expense of
any examination, investigation or custody by the Director under
any provisions of this Act shall be borne by the licensee.
    If a licensee fails to renew his or her license by the 31st
day of December, it shall automatically expire and the licensee
is not entitled to a hearing; however, the Director, in his or
her discretion, may reinstate an expired license upon payment
of the annual renewal fee and proof of good cause for failure
to renew.
(Source: P.A. 92-398, eff. 1-1-02.)
 
    Section 15. The Payday Loan Reform Act is amended by
changing Section 3-5 as follows:
 
    (815 ILCS 122/3-5)
    Sec. 3-5. Licensure.
    (a) A license to make a payday loan shall state the
address, including city and state, at which the business is to
be conducted and shall state fully the name of the licensee.
The license shall be conspicuously posted in the place of
business of the licensee and shall not be transferable or
assignable.
    (b) An application for a license shall be in writing and in
a form prescribed by the Secretary. The Secretary may not issue
a payday loan license unless and until the following findings
are made:
        (1) that the financial responsibility, experience,
    character, and general fitness of the applicant are such as
    to command the confidence of the public and to warrant the
    belief that the business will be operated lawfully and
    fairly and within the provisions and purposes of this Act;
    and
        (2) that the applicant has submitted such other
    information as the Secretary may deem necessary.
    (c) A license shall be issued for no longer than one year,
and no renewal of a license may be provided if a licensee has
substantially violated this Act and has not cured the violation
to the satisfaction of the Department.
    (d) A licensee shall appoint, in writing, the Secretary as
attorney-in-fact upon whom all lawful process against the
licensee may be served with the same legal force and validity
as if served on the licensee. A copy of the written
appointment, duly certified, shall be filed in the office of
the Secretary, and a copy thereof certified by the Secretary
shall be sufficient evidence to subject a licensee to
jurisdiction in a court of law. This appointment shall remain
in effect while any liability remains outstanding in this State
against the licensee. When summons is served upon the Secretary
as attorney-in-fact for a licensee, the Secretary shall
immediately notify the licensee by registered mail, enclosing
the summons and specifying the hour and day of service.
    (e) A licensee must pay an annual fee of $1,000. In
addition to the license fee, the reasonable expense of any
examination or hearing by the Secretary under any provisions of
this Act shall be borne by the licensee. If a licensee fails to
renew its license by December 1 31, its license shall
automatically expire; however, the Secretary, in his or her
discretion, may reinstate an expired license upon:
        (1) payment of the annual fee within 30 days of the
    date of expiration; and
        (2) proof of good cause for failure to renew.
    (f) Not more than one place of business shall be maintained
under the same license, but the Secretary may issue more than
one license to the same licensee upon compliance with all the
provisions of this Act governing issuance of a single license.
The location, except those locations already in existence as of
June 1, 2005, may not be within one mile of a horse race track
subject to the Illinois Horse Racing Act of 1975, within one
mile of a facility at which gambling is conducted under the
Riverboat Gambling Act, within one mile of the location at
which a riverboat subject to the Riverboat Gambling Act docks,
or within one mile of any State of Illinois or United States
military base or naval installation.
    (g) No licensee shall conduct the business of making loans
under this Act within any office, suite, room, or place of
business in which (1) any loans are offered or made under the
Consumer Installment Loan Act other than title secured loans as
defined in subsection (a) of Section 15 of the Consumer
Installment Loan Act and governed by Title 38, Section 110.330
of the Illinois Administrative Code or (2) any other business
is solicited or engaged in unless the other business is
licensed by the Department or, in the opinion of the Secretary,
the other business would not be contrary to the best interests
of consumers and is authorized by the Secretary in writing.
    (g-5) Notwithstanding subsection (g) of this Section, a
licensee may obtain a license under the Consumer Installment
Loan Act (CILA) for the exclusive purpose and use of making
title secured loans, as defined in subsection (a) of Section 15
of CILA and governed by Title 38, Section 110.300 of the
Illinois Administrative Code. A licensee may continue to
service Consumer Installment Loan Act loans that were
outstanding as of the effective date of this amendatory Act of
the 96th General Assembly.
    (h) The Secretary shall maintain a list of licensees that
shall be available to interested consumers and lenders and the
public. The Secretary shall maintain a toll-free number whereby
consumers may obtain information about licensees. The
Secretary shall also establish a complaint process under which
an aggrieved consumer may file a complaint against a licensee
or non-licensee who violates any provision of this Act.
(Source: P.A. 96-936, eff. 3-21-11.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/19/2018