093_SB1193eng

 
SB1193 Engrossed                     LRB093 10704 JLS 11082 b

 1        AN ACT in relation to financial regulation.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Consumer Installment Loan Act is  amended
 5    by changing Section 8 as follows:

 6        (205 ILCS 670/8) (from Ch. 17, par. 5408)
 7        Sec.  8.  Annual  license  fee; expenses. Before the 15th
 8    day of each December, a licensee must pay  to  the  Director,
 9    and  the  Department  must  receive,  the  annual license fee
10    required by Section 2 for the next succeeding calendar  year.
11    The  license  shall expire on the first of January unless the
12    license fee has been paid prior thereto.
13        In addition to  the  such  license  fee,  the  reasonable
14    expense  of  any examination, investigation or custody by the
15    Director under any provisions of this Act shall be  borne  by
16    the licensee.
17        If  a  licensee  fails to renew his or her license by the
18    31st day of December, it shall automatically expire  and  the
19    licensee is not entitled to a hearing; however, the Director,
20    in  his  or  her discretion, may reinstate an expired license
21    upon payment of the annual renewal  fee  and  proof  of  good
22    cause for failure to renew.
23    (Source: P.A. 92-398, eff. 1-1-02.)