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91_HB0973
LRB9103304JSpc
1 AN ACT to amend the Consumer Installment Loan Act by
2 changing Section 8.
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 changing Section 8 as follows:
7 (205 ILCS 670/8) (from Ch. 17, par. 5408)
8 Sec. 8. Annual license fee, expenses. A Every licensee
9 shall, on or before the 15th day of each December, pay to the
10 Director the annual license fee required by Section 2 for the
11 next succeeding calendar year. The license shall expire on
12 the first of January unless the license fee has been paid
13 prior thereto.
14 In addition to such license fee, the reasonable expense
15 of any examination, investigation or custody by the Director
16 under any provisions of this Act shall be borne by the
17 licensee.
18 If a licensee fails to renew his or her license by the
19 31st day of December, it shall automatically expire and the
20 licensee is not entitled to a hearing; however, the Director,
21 in his or her discretion, may reinstate an expired license
22 upon payment of the annual renewal fee and proof of good
23 cause for failure to renew.
24 (Source: P.A. 90-437, eff. 1-1-98.)