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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1402 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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| 205 ILCS 670/1 | from Ch. 17, par. 5401 |
| Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $40,000.
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| | A BILL FOR |
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| | HB1402 | | LRB101 03400 JRG 48408 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Consumer Installment Loan Act is amended by |
| 5 | | changing Section 1 as follows:
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| 6 | | (205 ILCS 670/1) (from Ch. 17, par. 5401)
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| 7 | | Sec. 1. License required to engage in business. No person, |
| 8 | | partnership, association, limited liability
company, or |
| 9 | | corporation shall engage in
the
the business of making loans of |
| 10 | | money in a principal amount not
exceeding $40,000, and charge, |
| 11 | | contract for, or receive on any
such loan a
greater rate of |
| 12 | | interest, discount, or consideration therefor than the
lender |
| 13 | | would be permitted by law to charge if he were not a licensee
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| 14 | | hereunder, except as authorized by this Act after first |
| 15 | | obtaining a license
from the Director of Financial Institutions |
| 16 | | (hereinafter called the Director). No licensee, or employee or |
| 17 | | affiliate thereof, that is licensed under the Payday Loan |
| 18 | | Reform Act shall obtain a license under this Act except that a |
| 19 | | licensee under the Payday Loan Reform Act may obtain a license |
| 20 | | under this Act for the exclusive purpose and use of making |
| 21 | | title-secured loans, as defined in subsection (a) of Section 15 |
| 22 | | of this Act and governed by Title 38, Section 110.300 of the |
| 23 | | Illinois Administrative Code. For the purpose of this Section, |