|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4963
Introduced 01/19/06, by Rep. Edward J. Acevedo SYNOPSIS AS INTRODUCED:
|
|
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 $25,000.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB4963 |
|
LRB094 15488 MKM 50685 b |
|
|
| 1 |
| AN ACT concerning 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 1 as follows:
|
| 6 |
| (205 ILCS 670/1) (from Ch. 17, par. 5401)
|
| 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 $25,000, 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
|
| 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).
|
| 17 |
| (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
|