Public Act 90-0545 of the 90th General Assembly
Public Act 90-0545
SB805 Re-enrolled LRB9002126JSgc
AN ACT concerning certain financial services, amending
named Acts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by changing
Section 6z-26 as follows:
(30 ILCS 105/6z-26)
Sec. 6z-26. The Financial Institution Fund. All moneys
received by the Department of Financial Institutions under
the Safety Deposit License Act, the Foreign Exchange License
Act, the Pawners Societies Act, the Sale of Exchange Act, the
Currency Exchange Act, the Sales Finance Agency Act, the Debt
Financial Planning and Management Service Act, the Consumer
Installment Loan Act, the Consumer Credit Counseling
Corporation Act, the Illinois Development Credit Corporation
Act, the Title Insurance Act, and any other Act administered
by the Department of Financial Institutions now or in the
future (unless an Act specifically provides otherwise) shall
be deposited in the Financial Institution Fund (hereinafter
"Fund"), a special fund that is hereby created in the State
Treasury.
Moneys in the Fund shall be used by the Department,
subject to appropriation, for expenses incurred in
administering the above named and referenced Acts.
The Comptroller and the State Treasurer shall transfer
from the General Revenue Fund to the Fund any monies received
by the Department after June 30, 1993, under any of the above
named and referenced Acts that have been deposited in the
General Revenue Fund.
As soon as possible after the end of each calendar year,
the Comptroller shall compare the balance in the Fund at the
end of the calendar year with the amount appropriated from
the Fund for the fiscal year beginning on July 1 of that
calendar year. If the balance in the Fund exceeds the amount
appropriated, the Comptroller and the State Treasurer shall
transfer from the Fund to the General Revenue Fund an amount
equal to the difference between the balance in the Fund and
the amount appropriated.
Nothing in this Section shall be construed to prohibit
appropriations from the General Revenue Fund for expenses
incurred in the administration of the above named and
referenced Acts.
(Source: P.A. 88-13; 88-670, eff. 12-2-94.)
Section 10. The Currency Exchange Act is amended by
changing Sections 1, 2, 3, 4, 7, 10, 13.1, 15.1b, 15.1c, 16,
and 24 as follows:
(205 ILCS 405/1) (from Ch. 17, par. 4802)
Sec. 1. Definitions; application of Act. For the
purposes of this Act: "Community currency exchange" means any
person, firm, association, partnership, limited liability
company, or corporation, except an ambulatory currency
exchange as hereinafter defined, banks incorporated under the
laws of this State and National Banks organized pursuant to
the laws of the United States, engaged in the business or
service of, and providing facilities for, cashing checks,
drafts, money orders or any other evidences of money
acceptable to such community currency exchange, for a fee or
service charge or other consideration, or engaged in the
business of selling or issuing money orders under his or
their or its name, or any other money orders (other than
United States Post Office money orders, Postal Telegraph
Company money orders, or Western Union Telegraph Company
money orders), or engaged in both such businesses, or engaged
in performing any one or more of the foregoing services.
"Ambulatory Currency Exchange" means any person, firm,
association, partnership, limited liability company, or
corporation, except banks organized under the laws of this
State and National Banks organized pursuant to the laws of
the United States, engaged in one or both of the foregoing
businesses, or engaged in performing any one or more of the
foregoing services, solely on the premises of the employer
whose employees are being served.
"Location" when used with reference to an ambulatory
currency exchange means the premises of the employer whose
employees are or are to be served by an ambulatory currency
exchange.
"Director" means the Director of Financial Institutions.
Nothing in this Act shall be held to apply to any person,
firm, association, partnership, limited liability company, or
corporation who is engaged primarily in the business of
transporting for hire, bullion, currency, securities,
negotiable or non-negotiable documents, jewels or other
property of great monetary value and who in the course of
such business and only as an incident thereto, cashes checks,
drafts, money orders or other evidences of money directly
for, or for the employees of and with the funds of and at a
cost only to, the person, firm, association, partnership,
limited liability company, or corporation for whom he or it
is then actually transporting such bullion, currency,
securities, negotiable or non-negotiable documents, jewels,
or other property of great monetary value, pursuant to a
written contract for such transportation and all incidents
thereof, nor shall it apply to any person, firm, association,
partnership, limited liability company, or corporation
engaged in the business of selling tangible personal property
at retail who, in the course of such business and only as an
incident thereto, cashes checks, drafts, money orders or
other evidences of money.
(Source: Laws 1959, p. 2264.)
(205 ILCS 405/2) (from Ch. 17, par. 4803)
Sec. 2. License required; violation; injunction. No
person, firm, association, partnership, limited liability
company, or corporation shall engage in the business of a
community currency exchange or in the business of an
ambulatory currency exchange without first securing a license
to do so from the Director.
Any person, firm, association, partnership, limited
liability company, or corporation issued a license to do so
by the Director shall have authority to operate a community
currency exchange or an ambulatory currency exchange, as
defined in Section 1 hereof.
Any person, firm, association, partnership, limited
liability company, or corporation licensed as and engaged in
the business of a community currency exchange shall at a
minimum offer the service of cashing checks, or drafts, or
money orders, or any other evidences of money acceptable to
such currency exchange.
No ambulatory currency exchange and no community currency
exchange shall be conducted on any street, sidewalk or
highway used by the public, and no license shall be issued
therefor. An ambulatory currency exchange shall be required
to and shall secure a license or licenses for the conduct of
its business at each and every location served by it, as
provided in Section 4 hereof, whether the services at any
such location are rendered for or without a fee, service
charge or other consideration. Each plant or establishment is
deemed a separate location. No license issued for the conduct
of its business at one location shall authorize the conduct
of its business at any other location, nor shall any license
authorize the rendering of services by an ambulatory currency
exchange to persons other than the employees of the employer
named therein. If the employer named in such license shall
move his business from the address therein set forth, such
license shall thereupon expire, unless the Director has
approved a change of address for such location, as provided
in Section 13.
Any person, firm, association, partnership, limited
liability company, or corporation that violates this Section
shall be guilty of a Class A misdemeanor, and the Attorney
General or the State's Attorney of the county in which the
violation occurs shall file a complaint in the Circuit Court
of the county to restrain the violation.
(Source: P.A. 84-504.)
(205 ILCS 405/3) (from Ch. 17, par. 4804)
Sec. 3. Powers of community currency exchanges. No
community or ambulatory currency exchange shall be permitted
to accept money or evidences of money as a deposit to be
returned to the depositor or upon the depositor's order; and
no community or ambulatory currency exchange shall be
permitted to act as bailee or agent for persons, firms,
partnerships, limited liability companies, associations or
corporations to hold money or evidences thereof or the
proceeds therefrom for the use and benefit of the owners
thereof, and deliver such money or proceeds of evidence of
money upon request and direction of such owner or owners;
provided, that nothing contained herein shall prevent a
community or an ambulatory currency exchange from obtaining
state automobile and city vehicle licenses for a fee or
service charge, or from rendering a photostat service, or
from rendering a notary service either by the proprietor of
the currency exchange or any one of its employees, authorized
by the State of Illinois to act as a notary public, or from
selling travelers cheques obtained by the currency exchange
from a banking institution under a trust receipt, or from
issuing money orders or from accepting for payment utility
bills. Any community or ambulatory currency exchange may
enter into an agreement with any utility and other companies
to act as its agent for the acceptance of payment of utility
and other companies' bills without charge to the utility
customer and, acting under such agreement, may receipt for
payments in the names of the utility and other companies.
Any community or ambulatory currency exchange may also
receive payment of utility and other companies' bills for
remittance to companies with which it has no such agency
agreement and may charge a fee for such service but may not,
in such cases, receipt for such payment in the names of the
utility and other companies. However, funds received by
currency exchanges for remittance to utility and other
companies with which the currency exchange has no agency
agreement shall be forwarded to the appropriate utility and
other companies by the currency exchange before the end of
the next business day.
(Source: P.A. 80-445.)
(205 ILCS 405/4) (from Ch. 17, par. 4808)
Sec. 4. License application; contents; fees. Application
for such license shall be in writing under oath and in the
form prescribed and furnished by the Director. Each
application shall contain the following:
(a) The full name and address (both of residence and
place of business) of the applicant, and if the applicant is
a partnership, limited liability company, or association, of
every member thereof, and the name and business address if
the applicant is a corporation;
(b) The county and municipality, with street and number,
if any, where the community currency exchange is to be
conducted, if the application is for a community currency
exchange license;
(c) If the application is for an ambulatory currency
exchange license, the name and address of the employer at
each location to be served by it; and
(d) The applicant's occupation or profession; a detailed
statement of his business experience for the 10 years
immediately preceding his application; a detailed statement
of his finances; his present or previous connection with any
other currency exchange; whether he has ever been involved in
any civil or criminal litigation, and the material facts
pertaining thereto; whether he has ever been committed to any
penal institution or admitted to an institution for the care
and treatment of mentally ill persons; and the nature of
applicant's occupancy of the premises to be licensed where
the application is for a community currency exchange license.
If the applicant is a partnership, the information specified
herein shall be required of each partner. If the applicant is
a corporation, the said information shall be required of each
officer, director and stockholder thereof. If the applicant
is a limited liability company, the information required by
this Section shall be provided with respect to each member
and manager.
A community currency exchange license application shall
be accompanied by a fee of $150 on the effective date of this
amendatory Act of 1987 and until January 1, 1989, and $180 on
January 1, 1989 and until January 1, 1990, and $500 on and
after January 1, 1990 which fee shall be for the cost of
investigating the applicant. When the application for a
community currency exchange license has been approved by the
Director and the applicant so advised, an additional sum of
$150 on the effective date of this amendatory Act of 1987 and
until January 1, 1989, and $180 on January 1, 1989 and until
January 1, 1990, and $200 on and after January 1, 1990 as an
annual license fee for a period terminating on the last day
of the current calendar year shall be paid to the Director by
the applicant; provided, that the license fee for an
applicant applying for such a license after July 1st of any
year shall be $75 on the effective date of this amendatory
Act of 1987 and until July 1, 1988, and $90 on July 1, 1988
and until July 1, 1989, and $100 on and after July 1, 1989
for the balance of such year.
An application for an ambulatory currency exchange
license shall be accompanied by a fee of $100, which fee
shall be for the cost of investigating the applicant. An
approved applicant shall not be required to pay the initial
investigation fee of $100 more than once. When the
application for an ambulatory currency exchange license has
been approved by the Director, and such applicant so advised,
such applicant shall pay an annual license fee of $25 for
each and every location to be served by such applicant;
provided that such license fee for an approved applicant
applying for such a license after July 1st of any year shall
be $12 for the balance of such year for each and every
location to be served by such applicant. Such an approved
applicant for an ambulatory currency exchange license, when
applying for a license with respect to a particular location,
shall file with the Director, at the time of filing an
application, a letter of memorandum, which shall be in
writing and under oath, signed by the owner or authorized
representative of the business whose employees are to be
served; such letter or memorandum shall contain a statement
that such service is desired, and that the person signing the
same is authorized so to do. The Director shall thereupon
verify the authenticity of the letter or memorandum and the
authority of the person who executed it, to do so.
(Source: P.A. 86-432.)
(205 ILCS 405/7) (from Ch. 17, par. 4814)
Sec. 7. Available funds; minimum amount. Each community
currency exchange shall have, at all times, a minimum sum of
its own cash funds available for the uses and purposes of its
business and said minimum sum shall be exclusive of and in
addition to funds received for exchange or transfer; and in
addition thereto each such licensee shall at all times have
on hand an amount of liquid funds sufficient to pay on demand
all outstanding money orders issued by it. Prior to January
1, 1979, this minimum sum shall be $4,000. After January 1,
1979, this minimum sum shall be $5,000.
In the event a receiver is appointed in accordance with
Section 15.1 of this Act, and the Director determines that
the business of the currency exchange should be liquidated,
and if it shall appear that the said minimum sum was not on
hand or available at the time of the appointment of the
receiver, then the receiver shall have the right to recover
in any court of competent jurisdiction from the owner or
owners of such currency exchange, or from the stockholders
and directors thereof if such currency exchange was operated
by a corporation, or from the members if the currency
exchange was operated as a limited liability company, said
sum or that part thereof which was not on hand or available
at the time of the appointment of such receiver. Nothing
contained in this Section shall limit or impair the liability
of any bonding or insurance company on any bond or insurance
policy relating to such community currency exchange issued
pursuant to the requirements of this Act, nor shall anything
contained herein limit or impair such other rights or
remedies as the receiver may otherwise have.
(Source: P.A. 83-345.)
(205 ILCS 405/10) (from Ch. 17, par. 4817)
Sec. 10. Qualifications of applicant; denial of license;
review. The applicant, and its officers, directors and
stockholders, if a corporation, and its managers and members,
if a liability company, shall be vouched for by 2 reputable
citizens of this State setting forth that the individual
mentioned is (a) personally known to them to be trustworthy
and reputable, (b) that he has business experience qualifying
him to competently conduct, operate, own or become associated
with a currency exchange, (c) that he has a good business
reputation and is worthy of a license. Thereafter, the
Director shall, upon approval of the application filed with
him, issue to the applicant, qualifying under this Act, a
license to operate a currency exchange. If it is a license
for a community currency exchange, the same shall be valid
only at the place of business specified in the application.
If it is a license for an ambulatory currency exchange, it
shall entitle the applicant to operate only at the location
or locations specified in the application, provided the
applicant shall secure separate and additional licenses for
each of such locations. Such licenses shall remain in full
force and effect, until they are surrendered by the licensee,
or revoked, or expire, as herein provided. If the Director
shall not so approve, he shall not issue such license or
licenses and shall notify the applicant of such denial,
retaining the full investigation fee to cover the cost of
investigating the community currency exchange applicant. The
Director shall approve or deny every application hereunder
within 90 days from the filing thereof; except that in
respect to an application by an approved ambulatory currency
exchange for a license with regard to a particular location
to be served by it, the same shall be approved or denied
within 20 days from the filing thereof. If the application is
denied, the Director shall send by United States mail notice
of such denial to the applicant at the address set forth in
the application.
If an application is denied, the applicant may, within 10
days from the date of the notice of denial, make written
request to the Director for a hearing on the application, and
the Director shall set a time and place for the hearing. The
hearing shall be set for a date after the receipt by the
Director of the request for hearing, and written notice of
the time and place of the hearing shall be mailed to the
applicant at least 15 days before the date of the hearing.
The applicant shall pay the actual cost of making the
transcript of the hearing prior to the Director's issuing his
decision following the hearing. If, following the hearing,
the application is denied, the Director shall, within 20 days
thereafter prepare and keep on file in his office a written
order of denial thereof, which shall contain his findings
with respect thereto and the reasons supporting the denial,
and shall send by United States Mail a copy thereof to the
applicant at the address set forth in the application, within
5 days after the filing of such order. A review of any such
decision may be had as provided in Section 22.01 of this Act.
(Source: P.A. 85-1356.)
(205 ILCS 405/13.1) (from Ch. 17, par. 4822)
Sec. 13.1. Consolidation of business locations. Whenever
2 or more licensees desire to consolidate their places of
business, they shall make application for such consolidation
to the Director upon a form provided by him. This application
shall state: (a) the name to be adopted and the location at
which the business is to be located, which name and location
shall be the same as one of the consolidating licensees; (b)
that the owners or all partners or all stockholders or all
members, as the case may be, of the licensees involved in the
contemplated consolidation, have approved the application;
(c) a certification by the secretary, if any of the licensees
be corporations, that the contemplated consolidation has been
approved by all of the stockholders at a properly convened
stockholders meeting; (d) other relevant information the
Director may require. Simultaneously with the approval of the
application by the Director, the licensee or licensees who
will cease doing business shall: (a) surrender their license
or licenses to the Director; (b) transfer all of their assets
and liabilities to the licensee continuing to operate by
virtue of the application; (c) apply to the Secretary of
State, if they be corporations, for surrender of their
corporate charter in accordance with the provisions of the
the "Business Corporation Act of 1983", as amended.
An application for consolidation shall be approved or
rejected by the Director within 30 days after receipt by him
of such application and supporting documents required
thereunder.
Such consolidation shall not affect suits pending in
which the surrendering licensees are parties; nor shall such
consolidation affect causes of action nor the rights of
persons in particular; nor shall suits brought against such
licensees in their former names be abated for that cause.
Nothing contained herein shall limit or prohibit any
action or remedy available to a licensee or to the Director
under Sections 15, 15.1 to 15.1e or 15.2 of this Act.
(Source: P.A. 83-1362.)
(205 ILCS 405/15.1b) (from Ch. 17, par. 4827)
Sec. 15.1b. Liquidation; distribution; priority. The
General Assembly finds and declares that community currency
exchanges provide important and vital services to Illinois
citizens. The General Assembly also finds that in providing
such services, community currency exchanges transact
extensive business involving check cashing and the writing of
money orders in communities in which banking services are
generally unavailable. It is therefore declared to be the
policy of this State that customers who receive these
services must be protected from insolvencies of currency
exchanges and interruptions of services. To carry out this
policy and to insure that customers of community currency
exchanges are protected in the event it is determined that a
community currency exchange in receivership should be
liquidated in accordance with Section 15.1a of this Act, the
Director shall make a distribution of moneys collected by the
receiver in the following order of priority: First, allowed
claims for the actual necessary expenses of the receivership
of the community currency exchange being liquidated,
including (a) reasonable receiver fees and receiver's
attorney's fees approved by the Director, (b) all expenses of
any preliminary or other examinations into the condition of
the community currency exchange or receivership, (c) all
expenses incurred by the Director which are incident to
possession and control of any property or records of the
community currency exchange, and (d) reasonable expenses
incurred by the Director as the result of business agreements
or contractual arrangements necessary to insure that the
services of the community currency exchanges are delivered to
the community without interruption. Said business agreements
or contractual arrangements may include, but are not limited
to, agreements made by the Director, or by the Receiver with
the approval of the Director, with banks, money order
companies, bonding companies and other types of financial
institutions; Second, allowed claims by a purchaser of money
orders issued on demand of the community currency exchange
being liquidated; Third, allowed claims arising by virtue of
and to the extent of the amount a utility customer deposits
with the community currency exchange being liquidated which
are not remitted to the utility company; Fourth, allowed
claims arising by virtue of and to the extent of the amount
paid by a purchaser of Illinois license plates, vehicle
stickers sold for State and municipal governments in
Illinois, and temporary Illinois registration permits
purchased at the currency exchange being liquidated; Fifth,
allowed unsecured claims for wages or salaries, excluding
vacation, severance and sick leave pay earned by employee
earned within 90 days prior to the appointment of a Receiver;
Sixth, allowed unsecured claims of any tax, and interest and
penalty on the tax; Seventh, allowed unsecured claims other
than a kind specified in paragraph one, two and three of this
Section, filed with the Director within the time the Director
fixes for filing claims; Eighth, allowed unsecured claims,
other than a kind specified in paragraphs one, two and three
of this Section filed with the Director after the time fixed
for filing claims by the Director; Ninth, allowed creditor
claims asserted by an owner, member, or stockholder of the
community currency exchange in liquidation; Tenth, after one
year from the final dissolution of the currency exchange, all
assets not used to satisfy allowed claims shall be
distributed pro rata to the owner, owners, members, or
stockholders of the currency exchange.
The Director shall pay all claims of equal priority
according to the schedule set out above, and shall not pay
claims of lower priority until all higher priority claims are
satisfied. If insufficient assets are available to meet all
claims of equal priority, those assets shall be distributed
pro rata among those claims. All unclaimed assets of a
currency exchange shall be deposited with the Director to be
paid out by him when proper claims therefor are presented to
the Director.
(Source: P.A. 83-1293.)
(205 ILCS 405/15.1c) (from Ch. 17, par. 4828)
Sec. 15.1c. Powers of receiver. Upon the order of the
circuit court of the county wherein the community currency
exchange being liquidated is located, the receiver may sell
or compound any bad or doubtful debt, and on like order may
sell the personal property of the community currency exchange
on such terms as the court approves. The receiver shall
succeed to whatever rights or remedies the unsecured
creditors of the currency exchange may have against the owner
or owners, operators, stockholders, directors, members,
managers, or officers thereof, arising out of their claims
against the currency exchange, but nothing herein contained
shall prevent such creditors from filing their claims in the
liquidation proceeding. The receiver may enforce such rights
or remedies in any court of competent jurisdiction.
(Source: P.A. 79-1361.)
(205 ILCS 405/16) (from Ch. 17, par. 4832)
Sec. 16. Annual report; investigation; costs. Each
licensee shall annually, on or before the 1st day of March,
file a report with the Director for the calendar year period
from January 1st through December 31st, except that the
report filed on or before March 15, 1990 shall cover the
period from October 1, 1988 through December 31, 1989, (which
shall be used only for the official purposes of the Director)
giving such relevant information as the Director may
reasonably require concerning, and for the purpose of
examining, the business and operations during the preceding
fiscal year period of each licensed currency exchange
conducted by such licensee within the State. Such report
shall be made under oath and shall be in the form prescribed
by the Director and the Director may at any time and shall at
least once in each year investigate the currency exchange
business of any licensee and of every person, partnership,
association, limited liability company, and corporation who
or which shall be engaged in the business of operating a
currency exchange. For that purpose, the Director shall have
free access to the offices and places of business and to such
records of all such persons, firms, partnerships,
associations, limited liability companies and members
thereof, and corporations and to the officers and directors
thereof that shall relate to such currency exchange business.
The Director may at any time inspect the locations served by
an ambulatory currency exchange, for the purpose of
determining whether such currency exchange is complying with
the provisions of this Act at each location served. The
Director may require by subpoena the attendance of and
examine under oath all persons whose testimony he may require
relative to such business, and in such cases the Director, or
any qualified representative of the Director whom the
Director may designate, may administer oaths to all such
persons called as witnesses, and the Director, or any such
qualified representative of the Director, may conduct such
examinations, and there shall be paid to the Director for
each such examination a fee of $150 for each day or part
thereof for each qualified representative designated and
required to conduct the examination; provided, however, that
in the case of an ambulatory currency exchange, such fee
shall be $75 for each day or part thereof and shall not be
increased by reason of the number of locations served by it.
(Source: P.A. 86-432.)
(205 ILCS 405/24) (from Ch. 17, par. 4847)
Sec. 24. Violations. Any person, firm, association,
partnership, limited liability company, or corporation who or
which shall violate any provision of this Act for which no
other penalty is herein prescribed shall be guilty of a petty
offense, and each violation shall constitute a separate
offense.
(Source: P.A. 77-2320.)
Section 15. The Financial Planning and Management
Service Act is amended by changing Sections 1, 2, 3, 4, 5, 6,
7, 9, 10, 11, 12, 13, 14, 15.1, 15.3, 16, 17, 18, 20, and 22
and the title and adding Sections 8.5, 11.5, and 13.5 as
follows:
(205 ILCS 665/Act title)
An Act in relation to the regulation, licensing, and
bonding of persons engaged in rendering debt financial
planning and management services to individuals by managing
the financial affairs of individuals and receiving funds from
individuals and managing and distributing the same to the
creditors thereof.
(205 ILCS 665/1) (from Ch. 17, par. 5301)
Sec. 1. Declaration of policy. The business of
providing rendering debt financial planning and management
services to individuals is a matter of public interest and
concern and is subject to regulation and control in the
public interest.
(Source: Laws 1957, p. 2164.)
(205 ILCS 665/2) (from Ch. 17, par. 5302)
Sec. 2. Definitions. As used in this Act:
"Debt Financial Planning and management service" means
the planning and management of the financial affairs of a
debtor for a fee and the receiving of money from the debtor
for the purpose of distributing it to the debtor's creditors
in payment or partial payment of the debtor's obligations or
soliciting financial contributions from creditors. The
business of debt management is conducted in this State if the
debt management business, its employees, or its agents are
located in this State or if the debt management business
solicits or contracts with debtors located in this State. an
individual, and distribution of money to the creditors
thereof, or acting as the agent of an individual in the
distribution of his income to his creditors, whether or not
the person so acting receives a fee or charge for such
services. Any person, partnership, association or corporation
so engaged shall be deemed to be rendering "financial
planning and management service".
This term shall not be deemed to include the following
when engaged in the regular course of their respective
businesses and professions:
(a) Attorneys at law.;
(b) Banks, fiduciaries, credit unions, savings and loan
associations, and savings banks financing and lending
institutions as duly authorized and admitted to transact
business in the State of Illinois and performing credit and
financial adjusting service in the regular course of their
principal business.:
(c) Title insurers and abstract companies, while doing
an escrow business.:
(d) Employees of licensees under this Act:
(d) (e) Judicial officers or others acting pursuant to
court order.:
(f) Non-profit organizations giving debt management
service:
(e) (g) Employers for their employees.:
(h) Associations for their members.
"Director" means Director of Financial Institutions.
"Debtor Individual" means the person or persons for whom
the debt management the credit and financial adjusting
service is performed.
"Person" means an any individual, firm, partnership,
association, limited liability company, or corporation, or
not-for-profit corporation.
"Licensee" means a person licensed under this Act.
"Director" means the Director of the Department of
Financial Institutions.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/3) (from Ch. 17, par. 5303)
Sec. 3. Requirement of license. On or after January 1,
1958 It shall be unlawful for any person to operate a debt
Financial Planning and management service or engage in that
said business as herein defined except as authorized by this
Act and without first having obtained a license as
hereinafter provided.
(Source: Laws 1957, p. 2164.)
(205 ILCS 665/4) (from Ch. 17, par. 5304)
Sec. 4. Application for license. Application for a
license to engage in the debt Financial Planning and
management service business in this State shall be made to
the Director and shall be in writing, under oath, and in the
form prescribed by the Director, and shall contain the full
name and address of the applicant and, if the applicant is a
co-partnership or association, of every member thereof and,
if a corporation, of each officer and director thereof; the
application shall also contain the county and municipality
with street and number, if any, where the business is to be
conducted, and such other pertinent information as the
Director may require.
Each applicant, at the time of making such application,
shall pay to the Director the sum of $30.00 as a fee for
investigation of the applicant, and the additional sum of
$100.00 as a license fee.
Every applicant shall submit to the Director, at the time
of the application for a license, a bond to be approved by
the Director in which the applicant shall be the obligor, in
the sum of $25,000 or such additional amount as required by
the Director based on the amount of disbursements made by the
licensee in the previous year, $7,500.00 and in which an
insurance company, which is duly authorized by the State of
Illinois, to transact the business of fidelity and surety
insurance shall be a surety; provided, however, the Director
may accept in lieu of the surety bond, a deposit in cash, a
certified check payable to the Director of Financial
Institutions, or United States Government Bonds in the amount
of at least $25,000.
The bond shall run to the Director State of Illinois for
the use of the Department or State and of any person or
persons who may have a cause of action against the obligor in
said bond. under and by virtue of the provisions of this Act.
Such bond shall be conditioned that the said obligor will
faithfully conform to and abide by the provisions of this Act
and of all rules, regulations and directions lawfully made by
the Director hereunder and will pay to the Director or State
and to any such person or persons any and all money that may
become due or owing to the State or to such person or
persons, from said obligor under and by virtue of the
provisions of this Act.
(Source: Laws 1963, p. 3507.)
(205 ILCS 665/5) (from Ch. 17, par. 5305)
Sec. 5. Qualifications for license. Upon the filing of
the application and the approval of the such bond and the
payment of the specified fees, if the Director shall, issue a
license if he finds upon investigation, find:
(1) That the financial responsibility, experience,
character and general fitness of the applicant, and of the
managers members thereof, if the applicant is a limited
liability company, the partners thereof, (if the applicant is
be a partnership, or association) and of the officers and
directors thereof, (if the applicant is be a corporation or a
not-for-profit corporation,) are such as to command the
confidence of the community and to warrant belief that the
business will be operated fairly, honestly and efficiently
within the purposes of this Act, and
(2) That the applicant, if an individual, and the
managers members thereof, if the applicant is be a limited
liability company, the partners thereof, if the applicant is
a partnership or association, and the officers and directors
thereof, if the applicant is be a corporation, have has not
been convicted of a felony or a misdemeanor involving
dishonesty or untrustworthiness, and any crime involving
moral turpitude, or
(3) That the if such person or persons have not had a
record of having defaulted in the payment of money collected
for others, including the discharge of such debts through
bankruptcy proceedings, and;
(4) The applicant, or any officers, directors, partners
or managers, have not previously violated any provision of
this Act or any rule lawfully made by the Director, and
(5) The applicant has not made any false statement or
representation to the Director in applying for a license
hereunder.
The Director shall thereupon issue and deliver a license
to the applicant to engage in the debt Financial Planning and
management service business in accordance with the provisions
of this Act at the location specified in the said
application, which license shall remain in full force and
effect until it is surrendered by the licensee or revoked by
the Director as herein hereinafter provided; provided,
however, that each license shall expire by the terms thereof
on January 1 next following the issuance thereof unless the
same be renewed as hereinafter provided. A license, however,
may not be surrendered without the approval of the Director.
More than one license may be issued to the same person
for separate places of business, but separate applications
shall be made for each place of business.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/6) (from Ch. 17, par. 5306)
Sec. 6. Renewal of license. Each licensee under the
provisions of this Act may on or before December 1 make
application to the Director for renewal of its license, which
said application for renewal shall be on the form prescribed
by the Director and shall be accompanied by a fee of $100.00
together with a bond or other surety as required, in a
minimum amount of $25,000 or such an amount as required by
the Director based on the amount of disbursements made by the
licensee in the previous year in the case of an original
application.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/7) (from Ch. 17, par. 5307)
Sec. 7. License, display and location. Each license
issued hereunder shall be kept conspicuously posted in the
place of business of the licensee. The business location
address may be changed by any licensee upon 10 ten days prior
written notice thereof to the Director. A license must
operate under the name as stated in its original application.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/8.5 new)
Sec. 8.5. Temporary location. The Director may approve
a temporary additional business location for the purpose of
allowing a licensee to conduct business outside the licensed
location.
(205 ILCS 665/9) (from Ch. 17, par. 5309)
Sec. 9. Denial of license. Any application for a license
hereunder shall be approved or denied within 60 days of the
filing of an such application with the Director. If license
shall be denied, then the applicant shall be so notified by
United States mail, registered, and shall be given an
opportunity to be heard thereon, within 60 days of such
denial of license.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/10) (from Ch. 17, par. 5310)
Sec. 10. Revocation or suspension of license.)
(a) The Director may shall revoke or suspend any license
issued hereunder if he finds shall find that:
(1) any licensee has failed to pay the annual
license fee, or to maintain in effect the bond required
under the provisions of this Act; or
(2) the licensee has willfully failed to comply with
any ruling of the Director made within the authority of
this Act or has willfully violated any provisions of this
Act or any rule, lawfully made by the Director within the
authority of this Act; or
(3) any fact or condition exists which, if it had
existed at the time of the original application for a
license, would have warranted the Director in refusing
its issuance; or
(4) any applicant or party to an application has
made any false statement or representation to the
Director in applying for a license hereunder.
(b) In every case in which a license is suspended or
revoked or an application for a license or renewal of a
license is denied, the Director shall serve notice of his
action, including a statement of the reasons for his actions,
either personally or by certified mail, return receipt
requested. Service by mail shall be deemed completed if the
notice is deposited in the U.S. Mail.
(c) In the case of a denial of an application or renewal
of a license, the applicant or licensee may request in
writing, within 30 days after the date of service, a hearing.
In the case of a denial of a renewal of a license, the
license shall be deemed to continue in force until 30 days
after the service of the notice of denial, or if a hearing is
requested during that period, until a final administrative
order is entered.
(d) An order of revocation or suspension of a license
shall take effect upon service of the order unless the
licensee requests, in writing, within 10 days after the date
of service, a hearing. In the event a hearing is requested,
the order shall be stayed until a final administrative order
is entered.
(e) If the licensee requests a hearing, the Director
shall schedule the hearing within 30 days after the request
for a hearing unless otherwise agreed to by the parties.
(f) The hearing shall be held at the time and place
designated by the Director. The Director and any
administrative law judge designated by him have the power to
administer oaths and affirmations, subpoena witnesses and
compel their attendance, take evidence, and require the
production of books, papers, correspondence, and other
records or information that he considers relevant or material
to the injury.
(g) The costs for the administrative hearing shall be
set by rule.
(h) The Director shall have the authority to prescribe
rules for the administration of this Section.
(b) If the Director finds that a condition requiring the
revocation of a license exists and finds that revocation
could result in irreparable harm to the licensee or deny
necessary services to the public, the Director may suspend
rather than revoke the license. Such suspension shall be for
a specified period of time but not more than 90 days. If the
condition resulting in the suspension is not remedied during
the suspension period, the Director shall take immediate
action to revoke the license.
(c) Action under this Section for revocation or
suspension of a license may be taken only upon 5 days notice
to the licensee. The notice shall be mailed to the licensee
by registered United States mail, directed to the licensee at
the address set forth on the license. The notice shall state
the contemplated action and in general the grounds for the
action. The Director shall provide reasonable opportunity for
the licensee to be heard prior to such action.
(Source: P.A. 81-1403.)
(205 ILCS 665/11) (from Ch. 17, par. 5311)
Sec. 11. Contracts, books, records and contract
cancellation. Each licensee shall furnish to the Director,
when requested, a copy of the contract entered into between
the licensee and the debtor individual. The licensee shall
furnish the debtor with a copy of the written contract, at
the time of execution, which shall set forth the charges, if
any, agreed upon for the services of the licensee.
An individual may cancel the contract upon 30 days
written notice to the licensee in which event the licensee
shall be entitled to such charges as are provided in Section
12.
Each licensee hereunder shall maintain records and
accounts which will enable any debtor individual contracting
with the licensee, at any reasonable time, to ascertain the
amounts paid to creditors of the debtor individual. A
statement showing the total amount received and the total
disbursements to each creditor shall be furnished by the
licensee to any individual within seven days of a request
therefor by the said debtor individual. Each licensee
licensed hereunder shall issue a receipt for each payment
made by the debtor at a licensee's office individual to the
licensee. Each licensee shall prepare and retain in the file
of each debtor a written analysis of debtor's income and
expenses to substantiate that the plan of payment is feasible
and practical.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/11.5 new)
Sec. 11.5. Examination of licensee. The Director at any
time, either in person or through an appointed
representative, may examine the condition and affairs of a
licensee. In connection with any examination, the Director
may examine on oath any licensee and any director, officer,
employee, customer, manager, partner, member, creditor or
stockholder of a licensee concerning the affairs and business
of the licensee. The Director shall ascertain whether the
licensee transacts its business in the manner prescribed by
law and the rules issued thereunder. The licensee shall pay
the cost of the examination as determined by the Director by
administrative rule. Failure to pay the examination fee
within 30 days after receipt of demand from the Director may
result in the suspension of the license until the fee is
paid. The Director shall have the right to investigate and
examine any person, whether licensed or not, who is engaged
in the debt management service business. The Director shall
have the power to subpoena the production of any books and
records pertinent to any investigation.
(205 ILCS 665/12) (from Ch. 17, par. 5312)
Sec. 12. Fees and charges of licensees. A licensee may
not charge a debtor any fees or penalties except the
following:
(1) an initial counseling fee not to exceed $50 per
debtor counseled, provided the average initial counseling fee
does not exceed $30 per debtor for all debtors counseled; and
(2) additional fees at the completion of the initial
counseling services which shall not exceed $50 per month,
provided the average monthly fee does not exceed $30 per
debtor for all debtors counseled. The contract between a
licensee and the individual shall be in writing and the fees
and charges for this service shall be correctly set forth
thereon, which fees or charges shall be pro-rated monthly
over the entire term of the contract; provided that the fees
or charges shall not exceed the percentage of the amount
required to pay the indebtedness as follows: (a) not to
exceed 10% when the plan of payment shall be for a period of
10 months or less; (b) not to exceed 12 1/2% when the plan of
payment shall be for a period of more than 10 but less than
20 months; (c) not to exceed 15% when the plan of payment
shall be for a period of more than 20 months. In no event
shall more than the pro-rated service charge for one month be
payable by the individual unless a plan of payment of his
obligations shall have been accepted by a majority in number
of the creditors listed in the contract, which majority in
number shall also represent a majority of the total amount of
the obligations listed as owing to such creditors in the
contract.
In the event of prepayment of the listed debts or
cancellation by the debtor, as provided in Section 11 of this
Act, or in the event of cancellation by the licensee after
wilful default by the individual for a period of 30 days, and
if the licensee has performed all of the services required
under this Act, the licensee shall be entitled to a
cancellation charge of 30% of the agreed service charges due
for the unexpired term of the contract at the time of such
prepayment or cancellation, but in no event to exceed $50.
The service charge or fee as herein determined, if any, shall
then be due and payable to the licensee.
(Source: Laws 1963, p. 3507.)
(205 ILCS 665/13) (from Ch. 17, par. 5313)
Sec. 13. Prohibitions. (1) No licensee shall advertise,
in any manner whatsoever, any statement or representation
with regard to the rates, terms or conditions of debt
financial planning and management service which is false,
misleading, or deceptive.
(2) No licensee shall require as a part of the agreement
between the licensee and any debtor, the purchase of any
stock, insurance, commodity, service or other property or any
interest therein.
(3) No licensee shall, directly or indirectly, accept
payment or any other consideration, whether in cash or in
kind, from any entity for referring applicants to that
entity. The licensee shall not, directly or indirectly, make
payments in any form, whether in cash or in kind, to any
person, corporation, or other entity for referring applicants
or clients to the licensee.
(4) No licensee shall make any loans.
(5) No licensee shall issue credit cards or act as an
agent in procuring customers for a credit card company or any
financial institution.
(6) No licensee shall act as a loan broker.
(7) No licensee shall operate any other business at the
licensed location without another business authorization from
the Director, pursuant to Section 13.5.
(Source: Laws 1963, p. 3507.)
(205 ILCS 665/13.5 new)
Sec. 13.5. Other business. Upon application by the
licensee, and approval by the Director, the Director may
approve the conduct of other businesses in the licensee's
place of business. The approval shall be in writing and
shall describe the other businesses that may be conducted in
the licensed office. The Director shall make and enforce
reasonable rules to prevent evasions or violations of this
Act. The Director may investigate any business conducted in
the licensed office to determine whether any evasion or
violation of this Act has occurred.
(205 ILCS 665/14) (from Ch. 17, par. 5314)
Sec. 14. Trust funds; requirements and restrictions.
(a) All funds received by a licensee or his agent from
and for the purpose of paying bills, invoices, or accounts of
a debtor shall constitute trust funds owned by and belonging
to the debtor from whom they were received. All such funds
received by a licensee shall be separated from the funds of
the licensee not later than the end of the business day
following receipt by the licensee. All such funds shall be
kept separate and apart at all times from funds belonging to
the licensee or any of its officers, employees or agents and
may be used for no purpose other than paying bills, invoices,
or accounts of the debtor. All such trust funds received at
the main or branch offices of a licensee shall be deposited
in a bank in an account in the name of the licensee
designated "trust account", or by some other appropriate name
indicating that the funds are not the funds of the licensee
or its officers, employees, or agents, on or before the close
of the business day following receipt.
(b) Prior to separation and deposit by the licensee,
such funds may be used by the licensee only for the making of
change or the cashing of checks in the normal course of its
business. Such funds are not subject to attachment, lien,
levy of execution, or sequestration by order of court except
by a debtor for whom a licensee is acting as an agent in
paying bills, invoices, or accounts.
(c) Each licensee shall make remittances within 30 days
after initial receipt of funds, and thereafter remittances
shall be made within 15 days of receipt, less fees and costs,
unless the reasonable payment of one or more of the debtor's
obligations requires that the funds be held for a longer
period so as to accumulate a sum certain.
(d) At least once every quarter, the licensee shall
render an accounting to the debtor which shall itemize the
total amount received from the debtor, the total amount paid
each creditor, the amount of charges deducted, and any amount
held in reserve. A licensee shall, in addition thereto,
provide such an accounting to a debtor within 7 days after
written demand, but not more than 3 times per 6 month period.
Licensee to remit to creditors. Each licensee shall remit the
funds received by it, less the amount withheld for fees and
charges as hereinabove provided, to the creditors promptly
after receipt of funds, and a record of the remittances shall
be furnished regularly to the debtor.
(Source: Laws 1963, p. 3507.)
(205 ILCS 665/15.1) (from Ch. 17, par. 5316)
Sec. 15.1. Advisory Board; appointment. There is created
a Board of Debt Financial Planning and Management Service
Advisors composed of 5 persons appointed by the Governor. The
majority of members Each member shall be active in a debt
familiar with and associated in the field of Financial
Planning and management or consumer credit counseling
service. Each Board member shall serve without compensation,
but shall be reimbursed for necessary expenses. Initially,
the Board shall consist of members appointed for terms
beginning on July 1, 1965, and one member shall serve until
July 1, 1966, 2 members shall serve until July 1, 1967, and 2
members shall serve until July 1, 1968, as designated by the
Governor at the time of the initial appointments. As terms of
appointment expire, successors shall be appointed for terms
to expire on July 1, 3 three years subsequent to the date of
appointment. Each member of the board shall serve until his
respective successor is appointed.
(Source: P.A. 89-400, eff. 8-20-95.)
(205 ILCS 665/15.3) (from Ch. 17, par. 5318)
Sec. 15.3. Advisory Board; powers. The Board shall have
the following powers:
1. To make recommendations to the Director concerning
matters which he may refer to the Board for consideration;
2. To recommend on its own initiative policies and
practices to the Director, the Governor and the General
Assembly;
3. To make recommendations to the Director for the
purpose of preventing unsound practices in the field of debt
Financial Planning and management service;
4. To foster the interest and cooperation of persons
rendering debt Financial Planning and management service in
improvement of their services to the people of the State of
Illinois.
(Source: Laws 1965, p. 2494.)
(205 ILCS 665/16) (from Ch. 17, par. 5319)
Sec. 16. Penalties.
(a) Any person who engages in the business of debt
management service without a license shall be guilty of a
Class 4 felony. Any person willfully violating any of the
provisions of this Act shall be deemed guilty of a Class B
misdemeanor.
(b) Any contract of debt management service financial
planning and management as defined in this Act, made by an
unlicensed person, shall be null and void and of no legal
effect.
(c) The Director may set by rule monetary penalties for
violation of this Act.
(Source: P.A. 77-2323.)
(205 ILCS 665/17) (from Ch. 17, par. 5320)
Sec. 17. Injunction.) To engage in debt the Financial
Planning and management service business, render financial
service, or accept debtors' individuals funds, as defined in
this Act, without a valid existing license so to do, is
hereby declared to be inimical to the public welfare and to
constitute a public nuisance. The Director may, in the name
of the people of the State of Illinois, through the Attorney
General of the State of Illinois or the State's Attorney of
any county in the State of Illinois, file a complaint for an
injunction in the circuit court, to enjoin such person, firm
or corporation from engaging in said business. and any such
court may, as in cases relating to injunction in the State of
Illinois, enter preliminary or permanent injunctions as the
circumstances shall require; and in case of the violation of
any injunction entered under this section, the court may
summarily try and punish the offender for contempt of court
for each violation. Such injunction proceeding shall be in
addition to, and not in lieu of, penalties and remedies
otherwise in this Act provided.
(Source: P.A. 83-334.)
(205 ILCS 665/18) (from Ch. 17, par. 5321)
Sec. 18. Review. All final administrative decisions of
the Director hereunder shall be subject to judicial review
pursuant to the provisions of the Administrative Review Law,
and all amendments and modifications thereof and the rules
adopted pursuant thereto. The term "administrative decision"
is defined as in Section 3-101 of the Code of Civil
Procedure.
(Source: P.A. 82-783.)
(205 ILCS 665/20) (from Ch. 17, par. 5323)
Sec. 20. Cease and desist orders.
(a) The Director may issue a cease and desist order to
any licensee, or other person doing business without the
required license, when in the opinion of the Director, the
licensee, or other person, is violating or is about to
violate any provision of the Act or any rule or condition
imposed in writing by the Department.
(b) The Director may issue a cease and desist order
prior to a hearing.
(c) The Director shall serve notice of his action,
including a statement of the reasons for his action either
personally or by certified mail, return receipt requested.
Service by mail shall be deemed completed if the notice is
deposited in the U.S. Mail.
(d) Within 10 days after service of the cease and desist
order, the licensee or other person may request, in writing,
a hearing.
(e) The Director shall schedule a hearing within 30 days
after the request for a hearing unless otherwise agreed to by
the parties.
(f) The Director shall have the authority to prescribe
rules for the administration of this Section.
(g) If it is determined that the Director had the
authority to issue the cease and desist order, he may issue
such orders as may be reasonably necessary to correct,
eliminate, or remedy such conduct.
(h) The powers vested in the Director by this Section
are additional to any and all other powers and remedies
vested in the Director by law, and nothing in this Section
shall be construed as requiring that the Director shall
employ the power conferred in this Section instead of or as a
condition precedent to the exercise of any other power or
remedy vested in the Director.
(i) The cost for the administrative hearing shall be set
by rule. Investigation. The Director may from time to time
investigate and examine the books and records of every
licensee hereunder and of any person, firm, association or
corporation who or which shall be engaged in the business as
defined in Section 2 of this Act and who or which are not
expressly exempted under this Act.
(Source: Laws 1959, p. 1287.)
(205 ILCS 665/22) (from Ch. 17, par. 5325)
Sec. 22. Title of Act. This Act shall be known and may be
cited as the Debt Management Service Act Financial Planning
and Management Service Act.
(Source: Laws 1957, p. 2164.)
Section 20. The Viatical Settlements Act is amended by
changing Section 5 as follows:
(215 ILCS 158/5)
Sec. 5. Definitions. As used in this Act, the following
definitions apply:
"Director" means the Director of Insurance.
"Person" means any natural or artificial entity
including, but not limited to, individuals, partnerships,
associations, trusts, or corporations.
"Viatical settlement agent" means an individual,
partnership, corporation, or other entity who through
appointment by at least one viatical settlement provider and
for a fee, commission, or other valuable consideration,
offers or advertises the availability of viatical
settlements, introduces viators to viatical settlement
providers, or offers or attempts to negotiate viatical
settlements between a viator and one or more viatical
settlement providers. "Viatical settlement agent" does not
include an attorney licensed to practice law, a public
accountant as defined in the Illinois Public Accounting Act,
or a person licensed under the Debt Financial Planning and
Management Service Act retained to represent the viator whose
compensation is not paid by the viatical settlement provider.
"Viatical settlement contract" means a written agreement
entered into between a viatical settlement provider and a
person who owns a life insurance policy or who owns or is
covered under a group policy, insuring the life of a person
who has a catastrophic or life threatening illness or
condition. The agreement shall establish the terms under
which the viatical settlement provider will pay compensation
or anything of value, which compensation or value is less
than the expected death benefit of the insurance policy or
certificate, in return for the policyowner's assignment,
transfer, sale, devise, or bequest of the death benefit or
ownership of the insurance policy or certificate to the
viatical settlement provider.
"Viatical settlement provider" means an individual,
partnership, corporation, or other entity that enters into an
agreement with a person who owns a life insurance policy, or
who owns or is covered under a group policy, insuring the
life of a person who has a catastrophic or life threatening
illness or condition, under the terms of which the viatical
settlement provider pays compensation or anything of value,
which compensation or value is less than the expected death
benefit of the insurance policy or certificate, in return for
the policyowner's assignment, transfer, sale, devise, or
bequest of the death benefit or ownership of the insurance
policy or certificate to the viatical settlement provider.
"Viatical settlement provider" does not include:
(1) a licensed insurance company, bank, savings
bank, savings and loan association, credit union,
commercial finance company or other licensed lending
institution, investment company registered under the
Investment Company Act of 1940, pension plan qualified
under Section 401(a) of the Internal Revenue Code of
1986, or trust funding such a pension plan that takes an
assignment of a life insurance policy only as collateral
for a loan;
(2) sophisticated investors meeting the standards
of subsection H of Section 4 of the Illinois Securities
Law of 1953 who invest in or lend to a licensed viatical
settlement provider or other persons who so invest
pursuant to a registered security offering; or
(3) the issuer of a life insurance policy providing
accelerated benefits under the Illinois Insurance Code.
"Viaticated policy" means a life insurance policy held by
a viatical settlement provider, directly or indirectly,
through a viatical settlement contract.
"Viator" means a person who owns a life insurance policy,
or who owns or is covered under a group policy, insuring the
life of a person with a catastrophic or life threatening
illness or condition who enters into an agreement under which
the viatical settlement provider will pay compensation or
anything of value, which compensation or value is less than
the expected death benefit of the insurance policy or
certificate, in return for the viator's assignment, transfer,
sale, devise, or bequest of the death benefit or ownership of
the insurance policy or certificate to the viatical
settlement provider.
(Source: P.A. 89-484, eff. 6-21-96.)
Section 25. The General Not For Profit Corporation Act
of 1986 is amended by changing Section 103.05 as follows:
(805 ILCS 105/103.05) (from Ch. 32, par. 103.05)
Sec. 103.05. Purposes and authority of corporations;
particular purposes; exemptions.
(a) Not-for-profit corporations may be organized under
this Act for any one or more of the following or similar
purposes:
(1) Charitable.
(2) Benevolent.
(3) Eleemosynary.
(4) Educational.,
(5) Civic.
(6) Patriotic.
(7) Political.
(8) Religious.
(9) Social.
(10) Literary.
(11) Athletic.
(12) Scientific.
(13) Research.
(14) Agricultural.
(15) Horticultural.
(16) Soil improvement.
(17) Crop improvement.
(18) Livestock or poultry improvement.
(19) Professional, commercial, industrial, or trade
association.
(20) Promoting the development, establishment, or
expansion of industries.
(21) Electrification on a cooperative basis.
(22) Telephone service on a mutual or cooperative
basis.
(23) Ownership and operation of water supply
facilities for drinking and general domestic use on a
mutual or cooperative basis.
(24) Ownership or administration of residential
property on a cooperative basis.
(25) Administration and operation of property owned
on a condominium basis or by a homeowner association.
(26) Administration and operation of an
organization on a cooperative basis producing or
furnishing goods, services, or facilities primarily for
the benefit of its members who are consumers of those
goods, services, or facilities.
(27) Operation of a community mental health board
or center organized pursuant to the Community Mental
Health Act for the purpose of providing direct patient
services.
(28) Provision of debt management services as
authorized by the Debt Management Service Act. Provision
of consumer credit counseling as authorized by the
Consumer Credit Counseling Corporation Act.
(29) Promotion, operation, and administration of a
ridesharing arrangement as defined in Section 1-176.1 of
the Illinois Vehicle Code.
(30) The administration and operation of an
organization for the purpose of assisting low-income
consumers in the acquisition of utility and telephone
services.
(b) A corporation may be organized hereunder to serve in
an area that adjoins or borders (except for any intervening
natural watercourse) an area located in an adjoining state
intended to be similarly served, and the corporation may join
any corporation created by the adjoining state having an
identical purpose and organized as a not-for-profit
corporation. Whenever any corporation organized under this
Act so joins with a foreign corporation having an identical
purpose, the corporation shall be permitted to do business in
Illinois as one corporation; provided (1) that the name,
bylaw provisions, officers, and directors of each corporation
are identical, (2) that the foreign corporation complies with
the provisions of this Act relating to the admission of
foreign corporation, and (3) that the Illinois corporation
files a statement with the Secretary of State indicating that
it has joined with a foreign corporation setting forth the
name thereof and the state of its incorporation.
(Source: P.A. 87-449.)
(805 ILCS 140/Act rep.)
Section 30. The Consumer Credit Counseling Corporation
Act is repealed.
Section 99. Effective date. This Act takes effect
January 1, 1998.
INDEX
Statutes amended in order of appearance
30 ILCS 105/6z-26
205 ILCS 405/1 from Ch. 17, par. 4802
205 ILCS 405/2 from Ch. 17, par. 4803
205 ILCS 405/3 from Ch. 17, par. 4804
205 ILCS 405/4 from Ch. 17, par. 4808
205 ILCS 405/7 from Ch. 17, par. 4814
205 ILCS 405/10 from Ch. 17, par. 4817
205 ILCS 405/13.1 from Ch. 17, par. 4822
205 ILCS 405/15.1b from Ch. 17, par. 4827
205 ILCS 405/15.1c from Ch. 17, par. 4828
205 ILCS 405/16 from Ch. 17, par. 4832
205 ILCS 405/24 from Ch. 17, par. 4847
205 ILCS 665/1 from Ch. 17, par. 5301
205 ILCS 665/2 from Ch. 17, par. 5302
205 ILCS 665/3 from Ch. 17, par. 5303
205 ILCS 665/4 from Ch. 17, par. 5304
205 ILCS 665/5 from Ch. 17, par. 5305
205 ILCS 665/6 from Ch. 17, par. 5306
205 ILCS 665/7 from Ch. 17, par. 5307
205 ILCS 665/8.5 new
205 ILCS 665/9 from Ch. 17, par. 5309
205 ILCS 665/10 from Ch. 17, par. 5310
205 ILCS 665/11 from Ch. 17, par. 5311
205 ILCS 665/11.5 new
205 ILCS 665/12 from Ch. 17, par. 5312
205 ILCS 665/13 from Ch. 17, par. 5313
205 ILCS 665/13.5 new
205 ILCS 665/14 from Ch. 17, par. 5314
205 ILCS 665/15.1 from Ch. 17, par. 5316
205 ILCS 665/15.3 from Ch. 17, par. 5318
205 ILCS 665/16 from Ch. 17, par. 5319
205 ILCS 665/17 from Ch. 17, par. 5320
205 ILCS 665/18 from Ch. 17, par. 5321
205 ILCS 665/20 from Ch. 17, par. 5323
205 ILCS 665/22 from Ch. 17, par. 5325
215 ILCS 158/5
805 ILCS 105/103.05 from Ch. 32, par. 103.05
805 ILCS 140/Act rep.