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92_HB1625 LRB9202547LDpr 1 AN ACT in relation to loans. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Consumer Installment Loan Act is amended 5 by changing Section 1 as follows: 6 (205 ILCS 670/1) (from Ch. 17, par. 5401) 7 Sec. 1. License required to engage in business. No 8 person, partnership, association, limited liability company, 9 or corporation shall engage in the business of making loans 10 of money in a principal amount not exceeding $25,000, and 11 charge, contract for, or receive on any such loan a greater 12 rate of interest, discount, or consideration therefor than 13 the lender would be permitted by law to charge if he were not 14 a licensee under this Acthereunder, except as authorized by 15 this Act after first obtaining a license from the Director of 16 Financial Institutions (hereinafter called the Director). 17 (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)