State of Illinois
90^th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]

90_HB0597eng

      205 ILCS 670/7.5 new
          Amends the Consumer Installment Loan Act.  Provides  that
      upon   written   notice   to   the   Director   of  Financial
      Institutions, a licensee may  make  loans  by  electronic  or
      other means at off-site lending locations.
                                                     LRB9002691JScc
HB0597 Engrossed                               LRB9002691JScc
 1        AN  ACT  to  amend  the  Consumer Installment Loan Act by
 2    adding Section 12.5.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.  The Consumer Installment Loan Act is amended
 6    by adding Section 12.5 as follows:
 7        (205 ILCS 670/12.5 new)
 8        Sec. 12.5.  Limited purpose branch.
 9        (a)  Upon  the  written  approval  of  the  Director,   a
10    licensee  may  maintain a limited purpose branch for the sole
11    purpose of making loans as permitted by this Act.  A  limited
12    purpose  branch includes an automatic loan machine.  No other
13    activity shall be conducted at the site  including,  but  not
14    limited  to,  accepting payments, servicing the accounts, and
15    collections.
16        (b)  The  licensee  must  submit  an  application  for  a
17    limited purpose branch to the Director on forms prescribed by
18    the Director with an application fee of $300.   The  approval
19    for  the  limited purpose branch must be renewed concurrently
20    with the renewal of the license along with a renewal  fee  of
21    $300 for the limited purpose branch.
22        (c)  The  books,  accounts,  records,  and  files  of the
23    limited purpose branch's transactions shall be maintained  at
24    the  licensee's licensed location.  The licensee shall notify
25    the Director of the licensed location  at  which  the  books,
26    accounts, records, and files are maintained.
27        (d)  The   licensee  shall  prominently  display  at  the
28    limited purpose branch the address and  telephone  number  of
29    the licensee's licensed location.
30        (e)  No  other business shall be conducted at the site of
31    the limited purpose branch unless authorized by the Director.
HB0597 Engrossed            -2-                LRB9002691JScc
 1        (f)  The Director shall make and enforce reasonable rules
 2    for the conduct of a limited purpose branch.
 3        Section 99.  Effective date.  This Act takes effect  upon
 4    becoming law.

[ Top ]