Illinois General Assembly - Full Text of SB1435
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Full Text of SB1435  96th General Assembly



SB1435 Engrossed LRB096 10812 MJR 21031 b

1     AN ACT concerning 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 by
5 changing 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,
8 partnership, association, limited liability company, or
9 corporation shall engage in the the business of making loans of
10 money in a principal amount not exceeding $25,000, and charge,
11 contract for, or receive on any such loan a greater rate of
12 interest, discount, or consideration therefor than the lender
13 would be permitted by law to charge if he were not a licensee
14 hereunder, except as authorized by this Act after first
15 obtaining a license from the Director of Financial Institutions
16 (hereinafter called the Director).
17 (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)