Full Text of HB5141 100th General Assembly
HB5141sam001 100TH GENERAL ASSEMBLY | Sen. Michael Connelly Filed: 5/18/2018
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| 1 | | AMENDMENT TO HOUSE BILL 5141
| 2 | | AMENDMENT NO. ______. Amend House Bill 5141 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Currency Exchange Act is amended by | 5 | | changing Section 15.2 as follows:
| 6 | | (205 ILCS 405/15.2) (from Ch. 17, par. 4831)
| 7 | | Sec. 15.2.
No community currency exchange shall determine | 8 | | its affairs and
close up its business unless it shall first | 9 | | deposit with the Secretary an
amount of money equal to the | 10 | | whole of its debts, liabilities and lawful
demands against it | 11 | | including the costs and expenses of this proceeding, and
shall | 12 | | surrender to the Secretary its community currency exchange | 13 | | license,
and shall file with the Secretary a statement of | 14 | | termination signed by the
licensee of such community currency | 15 | | exchange, containing a pronouncement of
intent to close up its | 16 | | business and liquidate its liabilities, and also
containing a |
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| 1 | | sworn list itemizing in full all such debts, liabilities and
| 2 | | lawful demands against it. Corporate licensees shall attach to, | 3 | | and make a
part of such statement of termination, a copy of a | 4 | | resolution providing for
the determination and closing up of | 5 | | the licensee's affairs, certified by
the secretary of such | 6 | | licensee and duly adopted at a shareholders' meeting
by the | 7 | | holders of at least two-thirds of the outstanding shares | 8 | | entitled to
vote at such meeting. Upon the filing with the | 9 | | Secretary of a statement of
termination the Secretary shall | 10 | | cause notice thereof to be published once
each week for three | 11 | | consecutive weeks in a public newspaper of general
circulation | 12 | | published in the city or village where such community currency
| 13 | | exchange is located, and if no newspaper shall be there | 14 | | published, then in
a public newspaper of general circulation | 15 | | nearest to said city or village;
and such publication shall | 16 | | give notice that the debts, liabilities and
lawful demands | 17 | | against such community currency exchange will be redeemed by
| 18 | | the Secretary on demand in writing made by the owner thereof, | 19 | | at any time
within one year three years from the date of first | 20 | | publication. After the expiration
of such one-year three year | 21 | | period, the Secretary shall return to the person or
persons | 22 | | designated in the statement of termination to receive such
| 23 | | repayment and in the proportion therein specified, any balance | 24 | | of money
then remaining in his possession, if any there be, | 25 | | after first deducting
therefrom all unpaid costs and expenses | 26 | | incurred in connection with this
proceeding. The Secretary |
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| 1 | | shall receive for his services, exclusive of costs
and | 2 | | expenses, two per cent of any amount up to $5,000.00, and one | 3 | | per cent
of any amount in excess of $5,000.00, deposited with | 4 | | him hereunder by any
one community currency exchange. Nothing | 5 | | contained herein shall affect or
impair the liability of any | 6 | | bonding or insurance company on any bond or
insurance policy | 7 | | issued under this Act relating to such community currency
| 8 | | exchange.
| 9 | | (Source: P.A. 97-315, eff. 1-1-12.)
| 10 | | Section 10. The Consumer Installment Loan Act is amended by | 11 | | changing Section 8 as follows:
| 12 | | (205 ILCS 670/8) (from Ch. 17, par. 5408)
| 13 | | Sec. 8. Annual license fee - Expenses. Before the 1st 15th | 14 | | day of each December, a
licensee must pay to
the Director, and | 15 | | the Department must receive, the annual license fee
required by | 16 | | Section 2 for the next
succeeding calendar year. The license | 17 | | shall expire on the first of January
unless the license fee has | 18 | | been paid prior thereto.
| 19 | | In addition to such license fee, the reasonable expense of | 20 | | any
examination, investigation or custody by the Director under | 21 | | any
provisions of this Act shall be borne by the licensee.
| 22 | | If a licensee fails to renew his or her license by the 31st | 23 | | day of
December, it shall automatically expire and the licensee | 24 | | is not entitled to a
hearing; however, the Director, in his or |
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| 1 | | her discretion, may reinstate an
expired
license upon payment | 2 | | of the annual renewal fee and proof of good cause for
failure | 3 | | to renew.
| 4 | | (Source: P.A. 92-398, eff. 1-1-02.)
| 5 | | Section 15. The Payday Loan Reform Act is amended by | 6 | | changing Section 3-5 as follows: | 7 | | (815 ILCS 122/3-5)
| 8 | | Sec. 3-5. Licensure. | 9 | | (a) A license to make a payday loan shall state the | 10 | | address,
including city and state, at which
the business is to | 11 | | be conducted and shall state fully the name of the licensee.
| 12 | | The license shall be conspicuously posted in the place of | 13 | | business of the
licensee and shall not be transferable or | 14 | | assignable.
| 15 | | (b) An application for a license shall be in writing and in | 16 | | a form
prescribed by the Secretary. The Secretary may not issue | 17 | | a payday loan
license unless and until the following findings | 18 | | are made:
| 19 | | (1) that the financial responsibility, experience, | 20 | | character, and general
fitness of the applicant are such as | 21 | | to command the confidence of the public
and to warrant the | 22 | | belief that the business will be operated lawfully and
| 23 | | fairly and within the provisions and purposes of this Act; | 24 | | and
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| 1 | | (2) that the applicant has submitted such other | 2 | | information as the
Secretary may deem necessary.
| 3 | | (c) A license shall be issued for no longer than one year, | 4 | | and no renewal
of a license may be provided if a licensee has | 5 | | substantially violated this
Act and has not cured the violation | 6 | | to the satisfaction of the Department.
| 7 | | (d) A licensee shall appoint, in writing, the Secretary as | 8 | | attorney-in-fact
upon whom all lawful process against the | 9 | | licensee may be served with the
same legal force and validity | 10 | | as if served on the licensee. A copy of the
written | 11 | | appointment, duly certified, shall be filed in the office of | 12 | | the
Secretary, and a copy thereof certified by the Secretary | 13 | | shall be sufficient
evidence to subject a licensee to | 14 | | jurisdiction in a court of law. This appointment shall remain | 15 | | in effect while any liability remains
outstanding in this State | 16 | | against the licensee. When summons is served upon
the Secretary | 17 | | as attorney-in-fact for a licensee, the Secretary shall | 18 | | immediately
notify the licensee by registered mail, enclosing | 19 | | the summons and specifying
the hour and day of service.
| 20 | | (e) A licensee must pay an annual fee of $1,000. In | 21 | | addition to the
license fee, the reasonable expense of any | 22 | | examination or hearing
by the Secretary under any provisions of | 23 | | this Act shall be borne by
the licensee. If a licensee fails to | 24 | | renew its license by December 1 31 ,
its license
shall | 25 | | automatically expire; however, the Secretary, in his or her | 26 | | discretion,
may reinstate an expired license upon:
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| 1 | | (1) payment of the annual fee within 30 days of the | 2 | | date of
expiration; and
| 3 | | (2) proof of good cause for failure to renew.
| 4 | | (f) Not more than one place of business shall be maintained | 5 | | under the
same license, but the Secretary may issue more than | 6 | | one license to the same
licensee upon compliance with all the | 7 | | provisions of this Act governing
issuance of a single license. | 8 | | The location, except those locations already in
existence as of | 9 | | June 1, 2005, may not be within one mile of a
horse race track | 10 | | subject to the Illinois Horse Racing Act of 1975,
within one | 11 | | mile of a facility at which gambling is conducted under the
| 12 | | Riverboat Gambling Act, within one mile of the location at | 13 | | which a
riverboat subject to the Riverboat Gambling Act docks, | 14 | | or within one mile of
any State of Illinois or United States | 15 | | military base or naval installation.
| 16 | | (g) No licensee shall conduct the business of making loans | 17 | | under this
Act within any office, suite, room, or place of | 18 | | business in which (1) any loans are offered or made under the | 19 | | Consumer Installment Loan Act other than title secured loans as | 20 | | defined in subsection (a) of Section 15 of the Consumer | 21 | | Installment Loan Act and governed by Title 38, Section 110.330 | 22 | | of the Illinois Administrative Code or (2) any other
business | 23 | | is solicited or engaged in unless the other business is | 24 | | licensed by the Department or, in the opinion of the Secretary, | 25 | | the
other business would not be contrary to the best interests | 26 | | of consumers and
is authorized by the Secretary in writing.
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| 1 | | (g-5) Notwithstanding subsection (g) of this Section, a | 2 | | licensee may obtain a license under the Consumer Installment | 3 | | Loan Act (CILA) for the exclusive purpose and use of making | 4 | | title secured loans, as defined in subsection (a) of Section 15 | 5 | | of CILA and governed by Title 38, Section 110.300 of the | 6 | | Illinois Administrative Code. A licensee may continue to | 7 | | service Consumer Installment Loan Act loans that were | 8 | | outstanding as of the effective date of this amendatory Act of | 9 | | the 96th General Assembly. | 10 | | (h) The Secretary shall maintain a list of licensees that | 11 | | shall be
available to interested consumers and lenders and the | 12 | | public. The Secretary
shall maintain a toll-free number whereby | 13 | | consumers may obtain
information about licensees. The | 14 | | Secretary shall also establish a complaint
process under which | 15 | | an aggrieved consumer
may file a complaint against a licensee | 16 | | or non-licensee who violates any
provision of this Act.
| 17 | | (Source: P.A. 96-936, eff. 3-21-11 .)
| 18 | | Section 99. Effective date. This Act takes effect upon | 19 | | becoming law.".
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