Full Text of HB5856 93rd General Assembly
HB5856ham001 93RD GENERAL ASSEMBLY
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Rep. Joseph M. Lyons
Filed: 4/2/2004
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09300HB5856ham001 |
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LRB093 16897 WGH 48652 a |
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| AMENDMENT TO HOUSE BILL 5856
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| AMENDMENT NO. ______. Amend House Bill 5856 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Consumer Installment Loan Act is amended by | 5 |
| changing Sections 1 and 2 as follows:
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| (205 ILCS 670/1) (from Ch. 17, par. 5401)
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| Sec. 1. License required to engage in business. No person, | 8 |
| partnership, association, limited liability
company, or | 9 |
| corporation shall engage in
the business of making loans of | 10 |
| money in a principal amount not
exceeding $40,000
$25,000 , and | 11 |
| charge, contract for, or receive on any
such loan a
greater | 12 |
| rate of interest, discount, or consideration therefor than the
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| lender would be permitted by law to charge if he were not a | 14 |
| licensee
hereunder, except as authorized by this Act after | 15 |
| first obtaining a license
from the Director of Financial | 16 |
| Institutions (hereinafter called the Director).
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| (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
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| (205 ILCS 670/2) (from Ch. 17, par. 5402)
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| Sec. 2. Application; fees; positive net worth. Application | 20 |
| for such license shall be in writing, and in the
form | 21 |
| prescribed by the Director. Such
applicant at the time of | 22 |
| making such application shall pay to the
Director the sum of | 23 |
| $300 as an application fee and the additional
sum of $450
as an |
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09300HB5856ham001 |
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LRB093 16897 WGH 48652 a |
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| annual license
fee, for a period terminating on the last day of | 2 |
| the current
calendar year; provided that if the application is | 3 |
| filed after June 30th
in any year, such license fee shall be | 4 |
| 1/2 of the annual license fee
for such year.
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| Before the license is granted, every applicant shall prove | 6 |
| in form
satisfactory to the Director that the applicant has and | 7 |
| will maintain a
positive net
worth of a minimum of $45,000
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| $30,000 . Every applicant and licensee shall maintain
a surety | 9 |
| bond in
the
principal sum of $40,000
$25,000 issued by a | 10 |
| bonding company authorized
to do
business in this State and | 11 |
| which shall be approved by the Director. Such
bond shall run to | 12 |
| the Director and shall be for the benefit of any consumer
who | 13 |
| incurs damages as a result of any violation of the Act or rules | 14 |
| by a
licensee. If
the Director finds at any time that a bond is | 15 |
| of insufficient size, is
insecure, exhausted, or otherwise | 16 |
| doubtful, an additional bond in such
amount as determined by | 17 |
| the Director shall be filed by the licensee within
30 days | 18 |
| after written demand therefor by the Director.
"Net worth" | 19 |
| means total assets minus total liabilities.
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| (Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)".
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