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91_SB0446
LRB9103373JSpc
1 AN ACT to amend the Consumer Installment Loan Act by
2 adding Section 4.5.
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 4.5 as follows:
7 (205 ILCS 670/4.5 new)
8 Sec. 4.5. Payday loan. "Payday loan" means a loan made
9 by a licensee for a term of not more than 30 days in a
10 transaction whereby the licensee receives from the borrower a
11 check postdated to the maturity date of the loan in an amount
12 that fully satisfies the borrower's obligation to the
13 licensee.