Illinois General Assembly - Full Text of HB2543
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Full Text of HB2543  93rd General Assembly

HB2543 93rd General Assembly


093_HB2543

 
                                     LRB093 03657 LRD 03686 b

 1        AN ACT in relation to installment loans.

 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 17 as follows:

 6        (205 ILCS 670/17) (from Ch. 17, par. 5423)
 7        Sec. 17. Maximum term and amount. The loan contract shall
 8    provide for repayment of the principal and charges within 181
 9    months from the  date  of  the  loan  contract  or  the  last
10    advance,  if  any, required by the loan contract. No licensee
11    shall permit an obligor to owe such licensee or an  affiliate
12    (including a corporation owned or managed by the licensee) or
13    agent  of such licensee an aggregate principal amount of more
14    than  $40,000  $25,000  at  any  time  for  loans  transacted
15    pursuant to this Act.
16    (Source: P.A. 90-437, eff. 1-1-98.)