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90_SB0685eng
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
SB685 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.
SB685 Engrossed -2- LRB9002691JScc
1 (f) The Director shall make and enforce reasonable rules
2 for the conduct of a limited purpose branch.
3 (g) A limited purpose branch may not be located within
4 1,000 feet of a facility operated by an inter-track wagering
5 licensee or an organization licensee subject to the Illinois
6 Horse Racing Act of 1975, on a riverboat subject to the
7 Riverboat Gambling Act, or within 1,000 feet of the location
8 at which the riverboat docks.
9 Section 99. Effective date. This Act takes effect upon
10 becoming law.