Illinois General Assembly - Full Text of HB3393
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Full Text of HB3393  101st General Assembly




HB3393 EngrossedLRB101 10436 JLS 55542 b

1    AN ACT concerning business.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Consumer Installment Loan Act is amended by
5changing Section 18 as follows:
6    (205 ILCS 670/18)  (from Ch. 17, par. 5424)
7    Sec. 18. Advertising; unsolicited checks.
8    (a) Advertising for loans transacted under this Act may not
9be false, misleading or deceptive. That advertising, if it
10states a rate or amount of charge for a loan, must state the
11rate as an annual percentage rate. No licensee may advertise in
12any manner so as to indicate or imply that his interest rates
13or charges for loans are in any way "recommended", "approved",
14"set" or "established" by the State government or by this Act.
15    (b) If any advertisement to which this Section applies
16states the amount of any installment payment, the dollar amount
17of any finance charge, or the number of installments or the
18period of repayment, then the advertisement shall state all of
19the following items:
20        (1) The amount of the loan.
21        (2) The number, amount, and due dates or period of
22    payments scheduled to repay the indebtedness if the credit
23    is extended.



HB3393 Engrossed- 2 -LRB101 10436 JLS 55542 b

1        (3) The rate of the finance charge expressed as an
2    annual percentage rate.
3    (c) No person shall deliver to a consumer an unsolicited
4check payable to the consumer that, upon cashing, obligates the
5consumer to repay the amount of the check plus interest and
6fees unless the check bears the following statement printed in
718-point type in uppercase print on the face of the check:
9    This subsection does not apply to a transaction in which a
10consumer has submitted an application for, or requested an
11extension of, credit from the person before receiving the check
12or instrument or when the consumer has an existing relationship
13with the person.
14(Source: P.A. 90-437, eff. 1-1-98.)