Public Act 100-0958
 
HB5141 EnrolledLRB100 17373 XWW 32538 b


  
    AN ACT concerning regulation.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  



 
 
    Section 5. The Currency Exchange Act is amended  by changing 
Section 15.2 as follows:
 



    (205 ILCS 405/15.2)  (from Ch. 17, par. 4831)



    Sec. 15.2. 
No community currency exchange shall determine 
its affairs and
close up its business unless it shall first 
deposit with the Secretary an
amount of money equal to the 
whole of its debts, liabilities and lawful
demands against it 
including the costs and expenses of this proceeding, and
shall 
surrender to the Secretary its community currency exchange 
license,
and shall file with the Secretary a statement of 
termination signed by the
licensee of such community currency 
exchange, containing a pronouncement of
intent to close up its 
business and liquidate its liabilities, and also
containing a 
sworn list itemizing in full all such debts, liabilities and

lawful demands against it. Corporate licensees shall attach to, 
and make a
part of such statement of termination, a copy of a 
resolution providing for
the determination and closing up of 
the licensee's affairs, certified by
the secretary of such 
licensee and duly adopted at a shareholders' meeting
by the 
holders of at least two-thirds of the outstanding shares 
entitled to
vote at such meeting. Upon the filing with the 
Secretary of a statement of
termination the Secretary shall 
cause notice thereof to be published once
each week for three 
consecutive weeks in a public newspaper of general
circulation 
published in the city or village where such community currency

exchange is located, and if no newspaper shall be there 
published, then in
a public newspaper of general circulation 
nearest to said city or village;
and such publication shall 
give notice that the debts, liabilities and
lawful demands 
against such community currency exchange will be redeemed by

the Secretary on demand in writing made by the owner thereof, 
at any time
within one year three years from the date of first 
publication. After the expiration
of such one-year three year 
period, the Secretary shall return to the person or
persons 
designated in the statement of termination to receive such

repayment and in the proportion therein specified, any balance 
of money
then remaining in his possession, if any there be, 
after first deducting
therefrom all unpaid costs and expenses 
incurred in connection with this
proceeding. The Secretary 
shall receive for his services, exclusive of costs
and 
expenses, two per cent of any amount up to $5,000.00, and one 
per cent
of any amount in excess of $5,000.00, deposited with 
him hereunder by any
one community currency exchange. Nothing 
contained herein shall affect or
impair the liability of any 
bonding or insurance company on any bond or
insurance policy 
issued under this Act relating to such community currency

exchange.

(Source: P.A. 97-315, eff. 1-1-12.)

 
    Section 10. The Consumer Installment Loan Act is amended  by 
changing Section 8 as follows:
 



    (205 ILCS 670/8)  (from Ch. 17, par. 5408)



    Sec. 8. Annual license fee - Expenses. Before the 1st 15th 
day of each December, a
licensee must pay to
the Director, and 
the Department must receive, the annual license fee
required by 
Section 2 for the next
succeeding calendar year. The license 
shall expire on the first of January
unless the license fee has 
been paid prior thereto.

    In addition to such license fee, the reasonable expense of 
any
examination, investigation or custody by the Director under 
any
provisions of this Act shall be borne by the licensee.

    If a licensee fails to renew his or her license by the 31st 
day of
December, it shall automatically expire and the licensee 
is not entitled to a
hearing; however, the Director, in his or 
her discretion, may reinstate an
expired
license upon payment 
of the annual renewal fee and proof of good cause for
failure 
to renew.

(Source: P.A. 92-398, eff. 1-1-02.)

 
    Section 15. The Payday Loan Reform Act is amended  by 
changing Section 3-5 as follows:
 
    (815 ILCS 122/3-5)

    Sec. 3-5. Licensure. 
    (a) A license to make a payday loan shall state the 
address,
including city and state, at which
the business is to 
be conducted and shall state fully the name of the licensee.

The license shall be conspicuously posted in the place of 
business of the
licensee and shall not be transferable or 
assignable.

    (b) An application for a license shall be in writing and in 
a form
prescribed by the Secretary. The Secretary may not issue 
a payday loan
license unless and until the following findings 
are made:

        (1) that the financial responsibility, experience, 
    character, and general
fitness of the applicant are such as 
    to command the confidence of the public
and to warrant the 
    belief that the business will be operated lawfully and

    fairly and within the provisions and purposes of this Act; 
    and

        (2) that the applicant has submitted such other 
    information as the
Secretary may deem necessary.

    (c) A license shall be issued for no longer than one year, 
and no renewal
of a license may be provided if a licensee has 
substantially violated this
Act and has not cured the violation 
to the satisfaction of the Department.

    (d) A licensee shall appoint, in writing, the Secretary as 
attorney-in-fact
upon whom all lawful process against the 
licensee may be served with the
same legal force and validity 
as if served on the licensee. A copy of the
written 
appointment, duly certified, shall be filed in the office of 
the
Secretary, and a copy thereof certified by the Secretary 
shall be sufficient
evidence to subject a licensee to 
jurisdiction in a court of law. This appointment shall remain 
in effect while any liability remains
outstanding in this State 
against the licensee. When summons is served upon
the Secretary 
as attorney-in-fact for a licensee, the Secretary shall 
immediately
notify the licensee by registered mail, enclosing 
the summons and specifying
the hour and day of service.

    (e) A licensee must pay an annual fee of $1,000. In 
addition to the
license fee, the reasonable expense of any 
examination or hearing
by the Secretary under any provisions of 
this Act shall be borne by
the licensee. If a licensee fails to 
renew its license by December 1 31,
its license
shall 
automatically expire; however, the Secretary, in his or her 
discretion,
may reinstate an expired license upon:

        (1) payment of the annual fee within 30 days of the 
    date of
expiration; and

        (2) proof of good cause for failure to renew.

    (f) Not more than one place of business shall be maintained 
under the
same license, but the Secretary may issue more than 
one license to the same
licensee upon compliance with all the 
provisions of this Act governing
issuance of a single license. 
The location, except those locations already in
existence as of 
June 1, 2005, may not be within one mile of a
horse race track 
subject to the Illinois Horse Racing Act of 1975,
within one 
mile of a facility at which gambling is conducted under the

Riverboat Gambling Act, within one mile of the location at 
which a
riverboat subject to the Riverboat Gambling Act docks, 
or within one mile of
any State of Illinois or United States 
military base or naval installation.

    (g) No licensee shall conduct the business of making loans 
under this
Act within any office, suite, room, or place of 
business in which (1) any loans are offered or made under the 
Consumer Installment Loan Act other than title secured loans as 
defined in subsection (a) of Section 15 of the Consumer 
Installment Loan Act and governed by Title 38, Section 110.330 
of the Illinois Administrative Code or (2) any other
business 
is solicited or engaged in unless the other business is 
licensed by the Department or, in the opinion of the Secretary, 
the
other business would not be contrary to the best interests 
of consumers and
is authorized by the Secretary in writing.

    (g-5) Notwithstanding subsection (g) of this Section, a 
licensee may obtain a license under the Consumer Installment 
Loan Act (CILA) for the exclusive purpose and use of making 
title secured loans, as defined in subsection (a) of Section 15 
of CILA and governed by Title 38, Section 110.300 of the 
Illinois Administrative Code. A licensee may continue to 
service Consumer Installment Loan Act loans that were 
outstanding as of the effective date of this amendatory Act of 
the 96th General Assembly. 
    (h) The Secretary shall maintain a list of licensees that 
shall be
available to interested consumers and lenders and the 
public. The Secretary
shall maintain a toll-free number whereby 
consumers may obtain
information about licensees. The 
Secretary shall also establish a complaint
process under which 
an aggrieved consumer
may file a complaint against a licensee 
or non-licensee who violates any
provision of this Act.

(Source: P.A. 96-936, eff. 3-21-11.)
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  

Effective Date:  8/19/2018