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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6362
Introduced 2/6/2004, by Tom Cross SYNOPSIS AS INTRODUCED:
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205 ILCS 670/8 |
from Ch. 17, par. 5408 |
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Amends the Consumer Installment Loan Act. Makes technical changes in a
Section concerning annual license fees.
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A BILL FOR
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HB6362 |
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LRB093 15587 SAS 41194 b |
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| AN ACT in relation to financial regulation.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Consumer Installment Loan Act is amended by |
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| changing Section
8 as follows:
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| (205 ILCS 670/8) (from Ch. 17, par. 5408)
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| Sec. 8. Annual license fee; expenses. Before the 15th day |
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| of each
December, a
licensee must pay to
the Director, and the |
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| Department must receive, the annual license fee
required by |
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| Section 2 for the next
succeeding calendar year. The license |
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| shall expire on the first of January
unless the license fee has |
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| been paid prior thereto.
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| In addition to the
such license fee, the reasonable expense |
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| of any
examination, investigation or custody by the Director |
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| under any
provisions of this Act shall be borne by the |
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| licensee.
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| If a licensee fails to renew his or her license by the 31st |
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| day of
December, it shall automatically expire and the licensee |
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| is not entitled to a
hearing; however, the Director, in his or |
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| her discretion, may reinstate an
expired
license upon payment |
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| of the annual renewal fee and proof of good cause for
failure |
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| to renew.
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| (Source: P.A. 92-398, eff. 1-1-02.)
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