Sen. Kimberly A. Lightford
Filed: 4/11/2011
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 674




2    AMENDMENT NO. ______. Amend Senate Bill 674 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Consumer Installment Loan Act is amended  by 
5changing Section 1 as follows:
 



6    (205 ILCS 670/1)  (from Ch. 17, par. 5401)


7    Sec. 1. License required to engage in business. No person, 
8partnership, association, limited liability
company, or 
9corporation shall engage in
the business of making loans of 
10money in a principal amount  not
exceeding $40,000, and charge, 
11contract for, or receive on any
such loan a
greater rate of 
12interest, discount, or consideration therefor than the
lender 
13would be permitted by law to charge if he were not a licensee

14hereunder, except as authorized by this Act after first 
15obtaining a license
from the Director of Financial Institutions 
16(hereinafter called the Director). No licensee, or employee or 
 
 
09700SB0674sam001- 2 -LRB097 04437 CEL 54361 a

1affiliate thereof, that is licensed under the Payday Loan 
2Reform Act shall obtain a license under this Act except that a 
3licensee under the Payday Loan Reform Act may obtain a license 
4under this Act for the exclusive purpose and use of making 
5title-secured loans, as defined in subsection (a) of Section 15 
6of this Act and governed by Title 38, Section 110.300 of the 
7Illinois Administrative Code. For the purpose of this Section, 
8"affiliate" means any person or entity that directly or 
9indirectly controls, is controlled by, or shares control with 
10another person or entity. A person or entity has control over 
11another if the person or entity has an ownership interest of 
1225% or more in the other.

13(Source: P.A. 96-936, eff. 3-21-11.)".