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Rep. Emanuel Chris Welch
Filed: 3/12/2019
| | 10100HB2468ham001 | | LRB101 08098 JLS 57550 a |
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| 1 | | AMENDMENT TO HOUSE BILL 2468
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| 2 | | AMENDMENT NO. ______. Amend House Bill 2468 on page 1, line |
| 3 | | 5, by changing "15f" to "1.1"; and
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| 4 | | on page 1, by replacing lines 17 through 23 with the following: |
| 5 | | "(hereinafter called the Director). No licensee, or employee or
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| 6 | | affiliate thereof, that is licensed under the Payday Loan
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| 7 | | Reform Act shall obtain a license under this Act except that a
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| 8 | | licensee under the Payday Loan Reform Act may obtain a license
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| 9 | | under this Act for the exclusive purpose and use of making
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| 10 | | title-secured loans, as defined in subsection (a) of Section
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| 11 | | of this Act and governed by Title 38, Section 110.300 of the |
| 12 | | Illinois Administrative Code. For the purpose of this"; and
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| 13 | | on page 2, by deleting line 1; and
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| 14 | | on page 2, by inserting immediately below line 7 the following:
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| | 10100HB2468ham001 | - 2 - | LRB101 08098 JLS 57550 a |
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| 1 | | "(205 ILCS 670/1.1 new) |
| 2 | | Sec. 1.1. Dual licensure. A license under this Act that is |
| 3 | | held by a licensee that holds a license under the Payday Loan |
| 4 | | Reform Act is valid only for the purpose of servicing loans |
| 5 | | made under this Act that are outstanding as of the effective |
| 6 | | date of this amendatory Act of the 101st General Assembly. A |
| 7 | | license under this Act held by a licensee that holds a license |
| 8 | | under the Payday Loan Reform Act is null and void with respect |
| 9 | | to making loans under this Act. The Director may adopt rules |
| 10 | | providing for the surrender of licenses subject to this |
| 11 | | Section."; and
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| 12 | | on page 4, by replacing lines 4 through 6 with the following: |
| 13 | | "not include a title-secured loan as defined by subsection (a)
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| 14 | | of this Section or a payday loan as defined by the Payday
Loan |
| 15 | | Reform Act. "Small consumer loan" does not include a loan in |
| 16 | | which, at commencement, an obligor provides to the licensee, as |
| 17 | | security for the loan, physical possession of the obligor's |
| 18 | | title to a motor vehicle."; and
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| 19 | | on page 9, by deleting lines 20 through 25; and
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| 20 | | by deleting all of pages 10 and 11.
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