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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3724 Introduced 2/22/2021, by Rep. C.D. Davidsmeyer 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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| | HB3724 | | LRB102 12201 BMS 17538 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 |
| 10 | | of money in a principal amount not
exceeding $40,000, and |
| 11 | | charge, contract for, or receive on any
such loan a
greater |
| 12 | | rate of interest, discount, or consideration therefor than the
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| 13 | | lender would be permitted by law to charge if he were not a |
| 14 | | licensee
hereunder, except as authorized by this Act after |
| 15 | | first obtaining a license
from the Director of Financial |
| 16 | | Institutions (hereinafter called the Director). No licensee, |
| 17 | | or employee or affiliate thereof, that is licensed under the |
| 18 | | Payday Loan Reform Act shall obtain a license under this Act |
| 19 | | except that a licensee under the Payday Loan Reform Act may |
| 20 | | obtain a license under this Act for the exclusive purpose and |
| 21 | | use of making title-secured loans, as defined in subsection |
| 22 | | (a) of Section 15 of this Act and governed by Title 38, Section |
| 23 | | 110.300 of the Illinois Administrative Code. For the purpose |