State of Illinois
92nd General Assembly
Legislation

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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 Act hereunder, 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.)

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