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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0643
Introduced 2/8/2007, by Sen. James A. DeLeo SYNOPSIS AS INTRODUCED:
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Amends the Consumer Installment Loan Act. Provides that a licensee may maintain a
limited purpose branch for the sole purpose of making loans as permitted by
the Act (now, a licensee is required to have the written approval of the Director of Financial Institutions).
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0643 |
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LRB095 09982 MJR 30196 b |
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| AN ACT concerning 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 12.5 as follows:
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| (205 ILCS 670/12.5)
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| Sec. 12.5. Limited purpose branch.
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| (a) A
Upon the written approval of the Director, a licensee |
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| may maintain a
limited purpose branch for the sole purpose of |
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| making loans as permitted by
this Act. A limited purpose branch |
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| may include an automatic loan machine. No
other activity shall |
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| be conducted at the site, including but not limited to,
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| accepting payments, servicing the accounts, or collections.
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| (b) The licensee must submit an application for a limited |
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| purpose branch to
the Director on forms prescribed by the |
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| Director with an application fee of
$300. The approval for the
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| limited purpose branch must be renewed concurrently
with the |
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| renewal of the licensee's license along with a renewal fee of |
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| $300 for
the limited purpose branch.
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| (c) The books, accounts, records, and files of the limited |
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| purpose branch's
transactions shall be maintained at the |
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| licensee's licensed location. The
licensee shall notify the |
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| Director of the licensed location at which the books,
accounts, |