|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4002
Introduced 1/12/2004, by Thomas Holbrook SYNOPSIS AS INTRODUCED:
|
|
205 ILCS 670/22 |
from Ch. 17, par. 5428 |
|
Amends the Consumer Installment Loan Act. Provides that, during the 30-day period beginning with the date the loan is commenced, a short-term lender may not impose fees of more than 25% of the principal amount of a short-term or title-secured loan.
|
|
|
|
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
HB4002 |
|
LRB093 15775 WGH 41385 b |
|
|
| 1 |
| AN ACT concerning financial regulation.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Consumer Installment Loan Act is amended by |
| 5 |
| changing Section 22 as follows:
|
| 6 |
| (205 ILCS 670/22) (from Ch. 17, par. 5428)
|
| 7 |
| Sec. 22. Rules and
regulations.
|
| 8 |
| (a) The Department may make and enforce such reasonable |
| 9 |
| rules, regulations,
directions, orders, decisions, and |
| 10 |
| findings as the execution and
enforcement of the provisions of |
| 11 |
| this Act require, and as are not
inconsistent therewith.
In |
| 12 |
| addition, the Department may promulgate rules in connection |
| 13 |
| with the
activities of licensees that are necessary and |
| 14 |
| appropriate for the protection
of consumers in this State.
All |
| 15 |
| rules, regulations and directions of a general
character
shall |
| 16 |
| be printed and copies thereof mailed to all licensees. |
| 17 |
| (b) During the 30-day period beginning with the date the |
| 18 |
| loan is commenced, a short-term lender may not impose fees, |
| 19 |
| with respect to a short-term loan or title-secured loan, of |
| 20 |
| more than 25% of the principal amount of the loan.
As used in |
| 21 |
| this subsection (b): |
| 22 |
| (i) "Short-term loan", "title-secured loan", and |
| 23 |
| "short-term lender" have the meanings ascribed to those |
| 24 |
| terms in the Department's administrative rules concerning |
| 25 |
| short term lending at 38 Ill. Adm. Code 110.310 et seq.
|
| 26 |
| (ii) "Fees" means the total charges, other than |
| 27 |
| interest, that are imposed by a short-term lender with |
| 28 |
| respect to a short-term loan or title-secured loan.
|
| 29 |
| (Source: P.A. 90-437, eff. 1-1-98; 91-698, eff. 5-6-00.)
|