Illinois General Assembly - Full Text of HB3724
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Full Text of HB3724  102nd General Assembly

HB3724 102ND GENERAL ASSEMBLY


 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3724

 

Introduced 2/22/2021, by Rep. C.D. Davidsmeyer

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 670/1  from Ch. 17, par. 5401

    Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $40,000.


LRB102 12201 BMS 17538 b

 

 

A BILL FOR

 

HB3724LRB102 12201 BMS 17538 b

1    AN ACT concerning regulation.
 
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 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 the business of making loans
10of money in a principal amount not exceeding $40,000, and
11charge, contract for, or receive on any such loan a greater
12rate of interest, discount, or consideration therefor than the
13lender would be permitted by law to charge if he were not a
14licensee hereunder, except as authorized by this Act after
15first obtaining a license from the Director of Financial
16Institutions (hereinafter called the Director). No licensee,
17or employee or affiliate thereof, that is licensed under the
18Payday Loan Reform Act shall obtain a license under this Act
19except that a licensee under the Payday Loan Reform Act may
20obtain a license under this Act for the exclusive purpose and
21use of making title-secured loans, as defined in subsection
22(a) of Section 15 of this Act and governed by Title 38, Section
23110.300 of the Illinois Administrative Code. For the purpose

 

 

HB3724- 2 -LRB102 12201 BMS 17538 b

1of this Section, "affiliate" means any person or entity that
2directly or indirectly controls, is controlled by, or shares
3control with another person or entity. A person or entity has
4control over another if the person or entity has an ownership
5interest of 25% or more in the other.
6(Source: P.A. 96-936, eff. 3-21-11; 97-420, eff. 1-1-12.)