State of Illinois
90th General Assembly
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90_SB0685

      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
                                               LRB9002691JScc
 1        AN  ACT  to  amend  the  Consumer Installment Loan Act by
 2    adding Section 7.5.
 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 7.5 as follows:
 7        (205 ILCS 670/7.5 new)
 8        Sec. 7.5. Off-site lending. Upon written notification  to
 9    the  Director,  a  licensee  may  make loans by electronic or
10    other means from an off-site location so long as  the  books,
11    accounts,   records,   and   files  of  these  off-site  loan
12    transactions are maintained at a location that is licensed or
13    approved by the Director. At every off-site lending location,
14    the  licensee  shall  post  the  address  where  the   books,
15    accounts,  records,  and  files  are  maintained  and a phone
16    number where the licensee may be contacted.

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