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Public Act 097-0420
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| SB0674 Enrolled | LRB097 04437 RPM 44476 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Consumer Installment Loan Act is amended by |
changing Section 1 as follows:
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(205 ILCS 670/1) (from Ch. 17, par. 5401)
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Sec. 1. License required to engage in business. No person, |
partnership, association, limited liability
company, or |
corporation shall engage in
the business of making loans of |
money in a principal amount not
exceeding $40,000, and charge, |
contract for, or receive on any
such loan a
greater rate of |
interest, discount, or consideration therefor than the
lender |
would be permitted by law to charge if he were not a licensee
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hereunder, except as authorized by this Act after first |
obtaining a license
from the Director of Financial Institutions |
(hereinafter called the Director). No licensee, or employee or |
affiliate thereof, that is licensed under the Payday Loan |
Reform Act shall obtain a license under this Act except that a |
licensee under the Payday Loan Reform Act may obtain a license |
under this Act for the exclusive purpose and use of making |
title-secured loans, as defined in subsection (a) of Section 15 |
of this Act and governed by Title 38, Section 110.300 of the |
Illinois Administrative Code. For the purpose of this Section, |