Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 670/20

(205 ILCS 670/20) (from Ch. 17, par. 5426)

Sec. 20. Penalties for violation.

(a) Any person who engages in business as a Consumer Installment Loan
lender without the license required by this Act shall be guilty of a Class 4
felony.

(b)  The obligor, prior to
the expiration of 2 years after the date of his last scheduled payment, may
recover such reasonable attorney's fees and court costs as a
court may assess against such licensee or lender for a violation of Sections
1, 12, 15, 15a, 15b, 15d, 15e, 16, 17, 18, or 19.1.  The balance due under the
terms of the loan contract shall be reduced by the amount which the obligor is
thus entitled to recover.  A bona fide error by a licensee in calculating
charges or rebates is not a violation if the licensee corrects the error within
a reasonable time, after discovery.

(b-5) A license issued under this Act may be revoked if the licensee, or
any directors, managers of a limited liability company, partners, or officer
thereof is convicted of a felony.

(c) No provision of this Section imposing any liability shall apply to
any act done or omitted in conformity with any rule or regulation or written
interpretation thereof by the Department of Financial and Professional Regulation, Division of Financial Institutions,
notwithstanding that after such act
or omission has occurred, such rule, regulation or interpretation is amended,
rescinded or determined by judicial or other authority to be invalid for any
reason.  All interpretations issued after January 1, 1998 must be written and
signed by the Department's Chief Counsel and approved by the Director.

(d) Notwithstanding any other provision of this Section, if any person who does not have a license issued under this Act makes a loan pursuant to this Act to an Illinois consumer, then the loan shall be null and void and the person who made the loan shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan.

(Source: P.A. 97-1039, eff. 1-1-13.)