Full Text of HB0069 97th General Assembly
HB0069 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB0069 Introduced 1/12/2011, by Rep. Lou Lang SYNOPSIS AS INTRODUCED: |
| 205 ILCS 670/1 | from Ch. 17, par. 5401 |
| Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.
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| | A BILL FOR |
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| | | HB0069 | | LRB097 03211 CEL 43247 b |
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| 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 | | (Text of Section before amendment by P.A. 96-936 ) | 8 | | Sec. 1. License required to engage in business. No person, | 9 | | partnership, association, limited liability
company, or | 10 | | corporation shall engage in the
the business of making loans of | 11 | | money in a principal amount not
exceeding $25,000, and charge, | 12 | | contract for, or receive on any
such loan a
greater rate of | 13 | | interest, discount, or consideration therefor than the
lender | 14 | | would be permitted by law to charge if he were not a licensee
| 15 | | hereunder, except as authorized by this Act after first | 16 | | obtaining a license
from the Director of Financial Institutions | 17 | | (hereinafter called the Director).
| 18 | | (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.) | 19 | | (Text of Section after amendment by P.A. 96-936 ) | 20 | | Sec. 1. License required to engage in business. No person, | 21 | | partnership, association, limited liability
company, or | 22 | | corporation shall engage in the
the business of making loans of |
| | | HB0069 | - 2 - | LRB097 03211 CEL 43247 b |
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| 1 | | money in a principal amount not
exceeding $40,000, and charge, | 2 | | contract for, or receive on any
such loan a
greater rate of | 3 | | interest, discount, or consideration therefor than the
lender | 4 | | would be permitted by law to charge if he were not a licensee
| 5 | | hereunder, except as authorized by this Act after first | 6 | | obtaining a license
from the Director of Financial Institutions | 7 | | (hereinafter called the Director). No licensee, or employee or | 8 | | affiliate thereof, that is licensed under the Payday Loan | 9 | | Reform Act shall obtain a license under this Act except that a | 10 | | licensee under the Payday Loan Reform Act may obtain a license | 11 | | under this Act for the exclusive purpose and use of making | 12 | | title-secured loans, as defined in subsection (a) of Section 15 | 13 | | of this Act and governed by Title 38, Section 110.300 of the | 14 | | Illinois Administrative Code.
| 15 | | (Source: P.A. 96-936, eff. 3-21-11.)
| 16 | | Section 95. No acceleration or delay. Where this Act makes | 17 | | changes in a statute that is represented in this Act by text | 18 | | that is not yet or no longer in effect (for example, a Section | 19 | | represented by multiple versions), the use of that text does | 20 | | not accelerate or delay the taking effect of (i) the changes | 21 | | made by this Act or (ii) provisions derived from any other | 22 | | Public Act.
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