|
|||||||||||||||||||||||||
|
|||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
1 | AN ACT concerning business.
| ||||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||
4 | Section 5. The Financial Institutions Code is amended by | ||||||||||||||||||||||||
5 | changing Sections 4 and 6 as follows:
| ||||||||||||||||||||||||
6 | (20 ILCS 1205/4) (from Ch. 17, par. 104)
| ||||||||||||||||||||||||
7 | Sec. 4. As used in this Act:
| ||||||||||||||||||||||||
8 | (a) "Department" means the Department of Financial | ||||||||||||||||||||||||
9 | Institutions.
| ||||||||||||||||||||||||
10 | (b) "Director" means the Director of Financial | ||||||||||||||||||||||||
11 | Institutions.
| ||||||||||||||||||||||||
12 | (c) "Person" means any individual, partnership, joint | ||||||||||||||||||||||||
13 | venture, trust,
estate, firm, corporation, association or | ||||||||||||||||||||||||
14 | cooperative society or
association.
| ||||||||||||||||||||||||
15 | (d) "Financial institutions" means ambulatory and | ||||||||||||||||||||||||
16 | community currency
exchanges, credit unions, guaranteed credit | ||||||||||||||||||||||||
17 | unions, persons engaged in the
business of transmitting money | ||||||||||||||||||||||||
18 | to foreign countries or buying and selling
foreign money, | ||||||||||||||||||||||||
19 | pawners' societies, title insuring or guaranteeing
companies, | ||||||||||||||||||||||||
20 | and persons engaged in the business of making loans of $800 or
| ||||||||||||||||||||||||
21 | less, all as respectively defined in the laws referred to in | ||||||||||||||||||||||||
22 | Section 6 of
this Act. The term includes sales finance | ||||||||||||||||||||||||
23 | agencies, as defined in the
"Sales Finance Agency Act", enacted |
| |||||||
| |||||||
1 | by the 75th General Assembly.
| ||||||
2 | (e) "Payday loan" has the meaning ascribed to that
term in | ||||||
3 | the Payday and Small Consumer Loan Reform Act.
| ||||||
4 | (Source: P.A. 94-13, eff. 12-6-05.)
| ||||||
5 | (20 ILCS 1205/6) (from Ch. 17, par. 106)
| ||||||
6 | Sec. 6. In addition to the duties imposed elsewhere in this | ||||||
7 | Act, the
Department has the following powers:
| ||||||
8 | (1) To exercise the rights, powers and duties vested by law | ||||||
9 | in the
Auditor of Public Accounts under "An Act to provide for | ||||||
10 | the incorporation,
management and regulation of pawners' | ||||||
11 | societies and limiting the rate of
compensation to be paid for | ||||||
12 | advances, storage and insurance on pawns and
pledges and to | ||||||
13 | allow the loaning of money upon personal property", approved
| ||||||
14 | March 29, 1899, as amended.
| ||||||
15 | (2) To exercise the rights, powers and duties vested by law | ||||||
16 | in the
Auditor of Public Accounts under "An Act in relation to | ||||||
17 | the definition,
licensing and regulation of community currency | ||||||
18 | exchanges and ambulatory
currency exchanges, and the operators | ||||||
19 | and employees thereof, and to make an
appropriation therefor, | ||||||
20 | and to provide penalties and remedies for the
violation | ||||||
21 | thereof", approved June 30, 1943, as amended.
| ||||||
22 | (3) To exercise the rights, powers, and duties vested by | ||||||
23 | law in the
Auditor of Public Accounts under "An Act in relation | ||||||
24 | to the buying and
selling of foreign exchange and the | ||||||
25 | transmission or transfer of money to
foreign countries", |
| |||||||
| |||||||
1 | approved June 28, 1923, as amended.
| ||||||
2 | (4) To exercise the rights, powers, and duties vested by | ||||||
3 | law in the
Auditor of Public Accounts under "An Act to provide | ||||||
4 | for and regulate the
business of guaranteeing titles to real | ||||||
5 | estate by corporations", approved
May 13, 1901, as amended.
| ||||||
6 | (5) To exercise the rights, powers and duties vested by law | ||||||
7 | in the
Department of Insurance under "An Act to define, | ||||||
8 | license, and regulate the
business of making loans of eight | ||||||
9 | hundred dollars or less, permitting an
interest charge thereon | ||||||
10 | greater than otherwise allowed by law, authorizing
and | ||||||
11 | regulating the assignment of wages or salary when taken as | ||||||
12 | security for
any such loan or as consideration for a payment of | ||||||
13 | eight hundred dollars or
less, providing penalties, and to | ||||||
14 | repeal Acts therein named", approved July
11, 1935, as amended.
| ||||||
15 | (6) To administer and enforce "An Act to license and | ||||||
16 | regulate the
keeping and letting of safety deposit boxes, | ||||||
17 | safes, and vaults, and the
opening thereof, and to repeal a | ||||||
18 | certain Act therein named", approved June
13, 1945, as amended.
| ||||||
19 | (7) Whenever the Department is authorized or required by | ||||||
20 | law to consider
some aspect of criminal history record | ||||||
21 | information for the purpose of
carrying out its statutory | ||||||
22 | powers and responsibilities, then, upon request
and payment of | ||||||
23 | fees in conformance with the requirements of Section 2605-400 | ||||||
24 | of the Department of State Police Law
(20 ILCS 2605/2605-400), | ||||||
25 | the
Department of State Police is authorized to furnish, | ||||||
26 | pursuant to positive
identification, such information |
| |||||||
| |||||||
1 | contained in State files as is necessary
to fulfill the | ||||||
2 | request.
| ||||||
3 | (8) To administer the Payday and Small Consumer Loan Reform | ||||||
4 | Act.
| ||||||
5 | (Source: P.A. 94-13, eff. 12-6-05.)
| ||||||
6 | Section 10. The Consumer Installment Loan Act is amended by | ||||||
7 | changing Section 21 as follows:
| ||||||
8 | (205 ILCS 670/21) (from Ch. 17, par. 5427)
| ||||||
9 | Sec. 21. Application of Act. This Act does not apply to any | ||||||
10 | person, partnership,
association, limited liability company, | ||||||
11 | or
corporation doing business under and as permitted by any law | ||||||
12 | of this State
or of the United States relating to banks, | ||||||
13 | savings and
loan
associations, savings banks, credit unions, or
| ||||||
14 | licensees under the Residential Mortgage License Act for | ||||||
15 | residential mortgage
loans made pursuant to that Act. This Act | ||||||
16 | does
not apply to
business loans. This Act does not apply to | ||||||
17 | payday or small consumer loans as defined in the Payday and | ||||||
18 | Small Consumer Loan Reform Act .
| ||||||
19 | (Source: P.A. 94-13, eff. 12-6-05.)
| ||||||
20 | Section 15. The Payday Loan Reform Act is amended by | ||||||
21 | changing Sections 1-1, 1-5, 1-10, 1-15, 2-5, 2-7, 2-10, 2-15, | ||||||
22 | 2-17, 2-20, 2-25, 2-30, 2-35, 2-40, 2-45, 2-50, 2-55, 2-60, | ||||||
23 | 3-3, 3-5, 3-10, 4-5, 4-10, 4-15, 4-20, 4-25, 4-30, 4-35, 4-40, |
| |||||||
| |||||||
1 | 4-45, and 4-50 and the heading of Article 2 as follows: | ||||||
2 | (815 ILCS 122/1-1)
| ||||||
3 | Sec. 1-1. Short title. This Act may be cited as the Payday | ||||||
4 | and Small Consumer Loan Reform Act.
| ||||||
5 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
6 | (815 ILCS 122/1-5)
| ||||||
7 | Sec. 1-5. Purpose and construction. The purpose of this Act | ||||||
8 | is to protect consumers who enter into payday and small | ||||||
9 | consumer loans and to regulate the lenders of payday and small | ||||||
10 | consumer loans. This Act shall be construed as a consumer | ||||||
11 | protection law for all purposes. This Act shall be liberally | ||||||
12 | construed to effectuate its purpose.
| ||||||
13 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
14 | (815 ILCS 122/1-10)
| ||||||
15 | Sec. 1-10. Definitions. As used in this Act: | ||||||
16 | "Check" means a "negotiable instrument", as defined in | ||||||
17 | Article 3 of the Uniform Commercial Code, that is drawn on a | ||||||
18 | financial institution. | ||||||
19 | "Commercially reasonable method of verification" or | ||||||
20 | "certified database" means a consumer reporting service | ||||||
21 | database certified by the Department as effective in verifying | ||||||
22 | that a proposed loan agreement is permissible under this Act, | ||||||
23 | or, in the absence of the Department's certification, any |
| |||||||
| |||||||
1 | reasonably reliable written verification by the consumer | ||||||
2 | concerning (i) whether the consumer has any outstanding payday | ||||||
3 | or small consumer loans, (ii) the principal amount of those | ||||||
4 | outstanding payday or small consumer loans, and (iii) whether | ||||||
5 | any payday or small consumer loans have been paid in full by | ||||||
6 | the consumer in the preceding 7 days. | ||||||
7 | "Consumer" means any natural person who, singly or jointly | ||||||
8 | with another consumer, enters into a loan. | ||||||
9 | "Consumer reporting service" means an entity that provides | ||||||
10 | a database certified by the Department. | ||||||
11 | "Department" means the Department of Financial and | ||||||
12 | Professional Regulation. | ||||||
13 | "Secretary" means the Secretary of Financial and | ||||||
14 | Professional Regulation. | ||||||
15 | "Gross monthly income" means monthly income as | ||||||
16 | demonstrated by official documentation of the income, | ||||||
17 | including, but not limited to, a pay stub or a receipt | ||||||
18 | reflecting payment of government benefits, for the period 30 | ||||||
19 | days prior to the date on which the loan is made. | ||||||
20 | "Lender" and "licensee" mean any person or entity, | ||||||
21 | including any affiliate or subsidiary of a lender or licensee, | ||||||
22 | that offers or makes a payday or small consumer loan, buys a | ||||||
23 | whole or partial interest in a payday or small consumer loan, | ||||||
24 | arranges a payday or small consumer loan for a third party, or | ||||||
25 | acts as an agent for a third party in making a payday or small | ||||||
26 | consumer loan, regardless of whether approval, acceptance, or |
| |||||||
| |||||||
1 | ratification by the third party is necessary to create a legal | ||||||
2 | obligation for the third party, and includes any other person | ||||||
3 | or entity if the Department determines that the person or | ||||||
4 | entity is engaged in a transaction that is in substance a | ||||||
5 | disguised payday or small consumer loan or a subterfuge for the | ||||||
6 | purpose of avoiding this Act. | ||||||
7 | "Loan agreement" means a written agreement between a lender | ||||||
8 | and consumer to make a loan to the consumer, regardless of | ||||||
9 | whether any loan proceeds are actually paid to the consumer on | ||||||
10 | the date on which the loan agreement is made. | ||||||
11 | "Member of the military" means a person serving in the | ||||||
12 | armed forces of the United States, the Illinois National Guard, | ||||||
13 | or any reserve component of the armed forces of the United | ||||||
14 | States. "Member of the military" includes those persons engaged | ||||||
15 | in (i) active duty, (ii) training or education under the | ||||||
16 | supervision of the United States preliminary to induction into | ||||||
17 | military service, or (iii) a period of active duty with the | ||||||
18 | State of Illinois under Title 10 or Title 32 of the United | ||||||
19 | States Code pursuant to order of the President or the Governor | ||||||
20 | of the State of Illinois. | ||||||
21 | "Outstanding balance" means the total amount owed by the | ||||||
22 | consumer on a loan to a lender, including all principal, | ||||||
23 | finance charges, fees, and charges of every kind. | ||||||
24 | "Payday loan" or " small consumer loan" means a loan with a | ||||||
25 | finance charge exceeding an annual percentage rate of 36% and | ||||||
26 | with a term that does not exceed 240 120 days, including any |
| |||||||
| |||||||
1 | transaction conducted via any medium whatsoever, including, | ||||||
2 | but not limited to, paper, facsimile, Internet, or telephone . , | ||||||
3 | in This category includes loans in which: | ||||||
4 | (1) A lender accepts one or more checks dated on the | ||||||
5 | date written and agrees to hold them for a period of days | ||||||
6 | before deposit or presentment, or accepts one or more | ||||||
7 | checks dated subsequent to the date written and agrees to | ||||||
8 | hold them for deposit; or | ||||||
9 | (2) A lender accepts one or more authorizations to | ||||||
10 | debit a consumer's bank account; or | ||||||
11 | (3) A lender accepts an interest in a consumer's wages, | ||||||
12 | including, but not limited to, a wage assignment. | ||||||
13 | "Principal amount" means the amount received by the | ||||||
14 | consumer from the lender due and owing on a loan, excluding any | ||||||
15 | finance charges, interest, fees, or other loan-related | ||||||
16 | charges. | ||||||
17 | "Rollover" means to refinance, renew, amend, or extend a | ||||||
18 | loan beyond its original term.
| ||||||
19 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
20 | (815 ILCS 122/1-15)
| ||||||
21 | Sec. 1-15. Applicability. | ||||||
22 | (a) Except as otherwise provided in this Section, this Act | ||||||
23 | applies to any lender that offers or makes a payday or small | ||||||
24 | consumer loan to a consumer in Illinois. | ||||||
25 | (b) The provisions of this Act apply to any person or |
| |||||||
| |||||||
1 | entity that seeks to evade its applicability by any device, | ||||||
2 | subterfuge, or pretense whatsoever. | ||||||
3 | (c) Retail sellers who cash checks incidental to a retail | ||||||
4 | sale and who charge no more than the fees as provided by the | ||||||
5 | Check Cashing Act per check for the service are exempt from the | ||||||
6 | provisions of this Act.
| ||||||
7 | (d) Banks, savings banks, savings and loan associations, | ||||||
8 | credit unions, and insurance companies organized, chartered, | ||||||
9 | or holding a certificate of authority to do business under the | ||||||
10 | laws of this State or any other state or under the laws of the | ||||||
11 | United States are exempt from the provisions of this Act. | ||||||
12 | (e) A lender, as defined in Section 1-10, that is an agent | ||||||
13 | for a bank, savings bank, savings and loan association, credit | ||||||
14 | union, or insurance company for the purpose of brokering, | ||||||
15 | selling, or otherwise offering payday or small consumer loans | ||||||
16 | made by the bank, savings bank, savings and loan association, | ||||||
17 | credit union, or insurance company shall be subject to all of | ||||||
18 | the provisions of this Act, except those provisions related to | ||||||
19 | finance charges.
| ||||||
20 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
21 | (815 ILCS 122/Art. 2 heading)
| ||||||
22 | Article 2. Payday and Small Consumer Loans
| ||||||
23 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
24 | (815 ILCS 122/2-5)
|
| |||||||
| |||||||
1 | Sec. 2-5. Loan terms. | ||||||
2 | (a) Without affecting the right of a consumer to prepay at | ||||||
3 | any time without cost or penalty, no payday or small consumer | ||||||
4 | loan may have a minimum term of less than 13 days. | ||||||
5 | (b) No payday or small consumer loan may be made to a | ||||||
6 | consumer if the loan would result in the consumer being | ||||||
7 | indebted to one or more payday or small consumer lenders for a | ||||||
8 | period in excess of 45 consecutive days. Except as provided | ||||||
9 | under Section 2-40, if a consumer has or has had loans | ||||||
10 | outstanding for a period in excess of 45 consecutive days, no | ||||||
11 | payday or small consumer lender may offer or make a loan to the | ||||||
12 | consumer for at least 7 calendar days after the date on which | ||||||
13 | the outstanding balance of all payday or small consumer loans | ||||||
14 | made during the 45 consecutive day period is paid in full. For | ||||||
15 | purposes of this subsection, the term "consecutive days" means | ||||||
16 | a series of continuous calendar days in which the consumer has | ||||||
17 | an outstanding balance on one or more payday or small consumer | ||||||
18 | loans; however, if a payday or small consumer loan is made to a | ||||||
19 | consumer within 6 days or less after the outstanding balance of | ||||||
20 | all loans is paid in full, those days are counted as | ||||||
21 | "consecutive days" for purposes of this subsection. | ||||||
22 | (c) No lender may make a payday or small consumer loan to a | ||||||
23 | consumer if the total principal amount of the loan, when | ||||||
24 | combined with the principal amount of all of the consumer's | ||||||
25 | other outstanding payday or small consumer loans, exceeds | ||||||
26 | $1,000 or 25% of the consumer's gross monthly income, whichever |
| |||||||
| |||||||
1 | is less.
| ||||||
2 | (d) No payday or small consumer loan may be made to a | ||||||
3 | consumer who has an outstanding balance on 2 payday or small | ||||||
4 | consumer loans. | ||||||
5 | (e) No lender may charge more than 36% interest, calculated | ||||||
6 | on an annual percentage rate basis, with all interest charges | ||||||
7 | and fees included on any payday or small consumer loan more | ||||||
8 | than $15.50 per $100 loaned on any payday loan over the term of | ||||||
9 | the loan. Except as provided in Section 2-25, this charge is | ||||||
10 | considered fully earned as of the date on which the loan is | ||||||
11 | made . | ||||||
12 | (f) A lender may not take or attempt to take an interest in | ||||||
13 | any of the consumer's personal property to secure a payday or | ||||||
14 | small consumer loan. | ||||||
15 | (g) A consumer has the right to redeem a check or any other | ||||||
16 | item described in the definition of payday or small consumer | ||||||
17 | loan under Section 1-10 issued in connection with a payday or | ||||||
18 | small consumer loan from the lender holding the check or other | ||||||
19 | item at any time before the payday or small consumer loan | ||||||
20 | becomes payable by paying the full amount of the check or other | ||||||
21 | item.
| ||||||
22 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
23 | (815 ILCS 122/2-7)
| ||||||
24 | Sec. 2-7. Wage assignments. Any payday or small consumer | ||||||
25 | loan that is a transaction in which the lender accepts a wage |
| |||||||
| |||||||
1 | assignment must meet the requirements of this Act, the | ||||||
2 | requirements of the Illinois Wage Assignment Act, and the | ||||||
3 | requirements of 16 C.F.R. 444.2(a)(3)(i)(2003, no subsequent | ||||||
4 | amendments or editions are included). A violation of this | ||||||
5 | Section constitutes a material violation of the Payday and | ||||||
6 | Small Consumer Loan Reform Act.
| ||||||
7 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
8 | (815 ILCS 122/2-10)
| ||||||
9 | Sec. 2-10. Permitted fees. | ||||||
10 | (a) If there are insufficient funds to pay a check, | ||||||
11 | Automatic Clearing House (ACH) debit, or any other item | ||||||
12 | described in the definition of payday or small consumer loan | ||||||
13 | under Section 1-10 on the day of presentment and only after the | ||||||
14 | lender has incurred an expense, a lender may charge a fee not | ||||||
15 | to exceed $25. Only one such fee may be collected by the lender | ||||||
16 | with respect to a particular check, ACH debit, or item even if | ||||||
17 | it has been deposited and returned more than once. A lender | ||||||
18 | shall present the check, ACH debit, or other item described in | ||||||
19 | the definition of payday or small consumer loan under Section | ||||||
20 | 1-10 for payment not more than twice. A fee charged under this | ||||||
21 | subsection (a) is a lender's exclusive charge for late payment. | ||||||
22 | (b) Except for the finance charges described in Section 2-5 | ||||||
23 | and as specifically allowed by this Section, a lender may not | ||||||
24 | impose on a consumer any additional finance charges, interest, | ||||||
25 | fees, or charges of any sort for any purpose.
|
| |||||||
| |||||||
1 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
2 | (815 ILCS 122/2-15)
| ||||||
3 | Sec. 2-15. Verification. | ||||||
4 | (a) Before entering into a loan agreement with a consumer, | ||||||
5 | a lender must use a commercially reasonable method of | ||||||
6 | verification to verify that the proposed loan agreement is | ||||||
7 | permissible under this Act. | ||||||
8 | (b) Within 6 months after the effective date of this Act, | ||||||
9 | the Department shall certify that one or more consumer | ||||||
10 | reporting service databases are commercially reasonable | ||||||
11 | methods of verification. Upon certifying that a consumer | ||||||
12 | reporting service database is a commercially reasonable method | ||||||
13 | of verification, the Department shall:
| ||||||
14 | (1) provide reasonable notice to all licensees | ||||||
15 | identifying the commercially reasonable methods of | ||||||
16 | verification that are available; and
| ||||||
17 | (2) immediately upon certification, require each | ||||||
18 | licensee to use a commercially reasonable method of | ||||||
19 | verification as a means of complying with subsection (a) of | ||||||
20 | this Section. | ||||||
21 | (c) Except as otherwise provided in this Section, all | ||||||
22 | personally identifiable information regarding any consumer | ||||||
23 | obtained by way of the certified database and maintained by the | ||||||
24 | Department is strictly confidential and shall be exempt from | ||||||
25 | disclosure under Section 7(1)(b)(i) of the Freedom of |
| |||||||
| |||||||
1 | Information Act. | ||||||
2 | (d) Notwithstanding any other provision of law to the | ||||||
3 | contrary, a consumer seeking a payday or small consumer loan | ||||||
4 | may make a direct inquiry to the consumer reporting service to | ||||||
5 | request a more detailed explanation of the basis for a consumer | ||||||
6 | reporting service's determination that the consumer is | ||||||
7 | ineligible for a new payday or small consumer loan. | ||||||
8 | (e) In certifying a commercially reasonable method of | ||||||
9 | verification, the Department shall ensure that the certified | ||||||
10 | database: | ||||||
11 | (1) provides real-time access through an Internet | ||||||
12 | connection or, if real-time access through an Internet | ||||||
13 | connection becomes unavailable to lenders due to a consumer | ||||||
14 | reporting service's technical problems incurred by the | ||||||
15 | consumer reporting service, through alternative | ||||||
16 | verification mechanisms, including, but not limited to, | ||||||
17 | verification by telephone; | ||||||
18 | (2) is accessible to the Department and to licensees in | ||||||
19 | order to ensure
compliance with this Act and in order to | ||||||
20 | provide any other information that the Department deems | ||||||
21 | necessary; | ||||||
22 | (3) requires licensees to input whatever information | ||||||
23 | is required by the Department; | ||||||
24 | (4) maintains a real-time copy of the required | ||||||
25 | reporting information that is available to the Department | ||||||
26 | at all times and is the property of the Department; |
| |||||||
| |||||||
1 | (5) provides licensees only with a statement that a | ||||||
2 | consumer is eligible or ineligible for a new payday or | ||||||
3 | small consumer loan and a description of the reason for the | ||||||
4 | determination; and | ||||||
5 | (6) contains safeguards to ensure that all information | ||||||
6 | contained in the database regarding consumers is kept | ||||||
7 | strictly confidential.
| ||||||
8 | (f) The licensee shall update the certified database by | ||||||
9 | inputting all information required under item (3) of subsection | ||||||
10 | (e): | ||||||
11 | (1) on the same day that a payday or small consumer | ||||||
12 | loan is made; | ||||||
13 | (2) on the same day that a consumer elects a repayment | ||||||
14 | plan, as provided in Section 2-40; and | ||||||
15 | (3) on the same day that a consumer's payday or small | ||||||
16 | consumer loan is paid in full. | ||||||
17 | (g) A licensee may rely on the information contained in the | ||||||
18 | certified database as accurate and is not subject to any | ||||||
19 | administrative penalty or liability as a result of relying on | ||||||
20 | inaccurate information contained in the database. | ||||||
21 | (h) The certified consumer reporting service shall | ||||||
22 | indemnify the licensee against all claims and actions arising | ||||||
23 | from illegal or willful or wanton acts on the part of the | ||||||
24 | certified consumer reporting service.
| ||||||
25 | (Source: P.A. 94-13, eff. 12-6-05.) |
| |||||||
| |||||||
1 | (815 ILCS 122/2-20)
| ||||||
2 | Sec. 2-20. Required disclosures. | ||||||
3 | (a) Before a payday or small consumer loan is made, a | ||||||
4 | lender shall
deliver to the consumer a pamphlet prepared by the | ||||||
5 | Secretary that:
| ||||||
6 | (1) explains, in simple English and Spanish, all of the | ||||||
7 | consumer's
rights and responsibilities in a payday or small | ||||||
8 | consumer loan transaction;
| ||||||
9 | (2) includes a toll-free number to the Secretary's | ||||||
10 | office to handle
concerns or provide information about | ||||||
11 | whether a lender is licensed, whether
complaints have been | ||||||
12 | filed with the Secretary, and the resolution of those
| ||||||
13 | complaints; and
| ||||||
14 | (3) provides information regarding the availability of | ||||||
15 | debt
management services.
| ||||||
16 | (b) Lenders shall provide consumers with a written | ||||||
17 | agreement that may be kept by the
consumer. The written | ||||||
18 | agreement must include the following information in
English and | ||||||
19 | in the language in which the loan was negotiated:
| ||||||
20 | (1) the name and address of the lender making the | ||||||
21 | payday or small consumer loan, and the name and title of | ||||||
22 | the individual employee who signs the
agreement on behalf | ||||||
23 | of the lender;
| ||||||
24 | (2) disclosures required by the federal Truth in | ||||||
25 | Lending Act;
| ||||||
26 | (3) a clear description of the consumer's payment |
| |||||||
| |||||||
1 | obligations under
the loan;
| ||||||
2 | (4) the following statement, in at least 14-point bold | ||||||
3 | type face: "You
cannot be prosecuted in criminal court to | ||||||
4 | collect this loan." The
information required to be | ||||||
5 | disclosed under this subdivision (4) must be
conspicuously | ||||||
6 | disclosed
in the loan document and shall be located | ||||||
7 | immediately preceding
the signature of the consumer; and
| ||||||
8 | (5) the following statement, in at least 14-point bold | ||||||
9 | type face:
| ||||||
10 | "WARNING: This loan is not intended to meet long-term | ||||||
11 | financial needs. This
loan should be used only to meet | ||||||
12 | short-term cash needs. The cost of your loan may be higher | ||||||
13 | than loans offered by other lending
institutions. This loan | ||||||
14 | is regulated by the Department of Financial
and | ||||||
15 | Professional Regulation." | ||||||
16 | (c) The following notices in English and Spanish must be | ||||||
17 | conspicuously posted by a lender in each location of
a business | ||||||
18 | providing payday or small consumer loans:
| ||||||
19 | (1) A notice that informs consumers that the lender | ||||||
20 | cannot use the
criminal process against a consumer to | ||||||
21 | collect any payday or small consumer loan.
| ||||||
22 | (2) The schedule of all finance charges to be charged | ||||||
23 | on loans with an
example of the amounts that would be | ||||||
24 | charged on a $100 loan payable in 13
days and a $400 loan | ||||||
25 | payable in 30 days, giving the corresponding annual
| ||||||
26 | percentage rate.
|
| |||||||
| |||||||
1 | (3) In one-inch bold type, a notice to the public in | ||||||
2 | the lending
area of each business location containing the | ||||||
3 | following
statement:
| ||||||
4 | "WARNING: This loan is not intended to meet long-term | ||||||
5 | financial needs. This
loan should be used only to meet | ||||||
6 | short-term cash needs. The cost of your loan may be higher | ||||||
7 | than loans offered by other lending
institutions. This loan | ||||||
8 | is regulated by the Department of Financial
and | ||||||
9 | Professional Regulation." | ||||||
10 | (4) In one-inch bold type, a notice to the public in | ||||||
11 | the lending area of each business location containing the | ||||||
12 | following statement: | ||||||
13 | "INTEREST-FREE REPAYMENT PLAN: If you still owe on one | ||||||
14 | or more payday or small consumer loans after 35 days, you | ||||||
15 | are entitled to enter into a repayment plan. The repayment | ||||||
16 | plan will give you at least 55 days to repay your loan in | ||||||
17 | installments with no additional finance charges, interest, | ||||||
18 | fees, or other charges of any kind."
| ||||||
19 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
20 | (815 ILCS 122/2-25)
| ||||||
21 | Sec. 2-25. Right to cancel future payment obligations. A | ||||||
22 | consumer may cancel future payment obligations on a payday or | ||||||
23 | small consumer loan, without cost or finance charges, no later | ||||||
24 | than the end of the second business day immediately following | ||||||
25 | the day on which the payday or small consumer loan agreement |
| |||||||
| |||||||
1 | was executed. To cancel future payment obligations on a payday | ||||||
2 | or small consumer loan, the consumer must inform the lender in | ||||||
3 | writing that the consumer wants to cancel the future payment | ||||||
4 | obligations on the payday or small consumer loan and must | ||||||
5 | return the uncashed proceeds, check or cash, in an amount equal | ||||||
6 | to the principal amount of the loan.
| ||||||
7 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
8 | (815 ILCS 122/2-30)
| ||||||
9 | Sec. 2-30. Rollovers prohibited. Rollover of a payday or | ||||||
10 | small consumer loan by any lender is prohibited. This Section | ||||||
11 | does not prohibit entering into a repayment plan, as provided | ||||||
12 | under Section 2-40.
| ||||||
13 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
14 | (815 ILCS 122/2-35)
| ||||||
15 | Sec. 2-35. Proceeds and payments. | ||||||
16 | (a) A lender may issue the proceeds of a loan in the form | ||||||
17 | of a check drawn on the lender's bank account, in cash, by | ||||||
18 | money order, by debit card, or by electronic funds transfer. | ||||||
19 | When the proceeds are issued in the form of a check drawn on | ||||||
20 | the lender's bank account, by money order, or by electronic | ||||||
21 | funds transfer, the lender may not charge a fee for cashing the | ||||||
22 | check, money order, or electronic funds transfer. When the | ||||||
23 | proceeds are issued in cash, the lender must provide the | ||||||
24 | consumer with written verification of the cash transaction and |
| |||||||
| |||||||
1 | shall maintain a record of the transaction for at least 3 | ||||||
2 | years.
| ||||||
3 | (b) After each payment made in full or in part on any loan, | ||||||
4 | the lender shall give the consumer making the payment either a | ||||||
5 | signed, dated receipt or a signed, computer-generated receipt | ||||||
6 | showing the amount paid and the balance due on the loan. | ||||||
7 | (c) Before a loan is made, the lender must provide the | ||||||
8 | consumer, or each consumer if there is more than one, with a | ||||||
9 | copy of the loan documents described in Section 2-20. | ||||||
10 | (d) The holder or assignee of any loan agreement or of any | ||||||
11 | check written by a consumer in connection with a payday or | ||||||
12 | small consumer loan takes the loan agreement or check subject | ||||||
13 | to all claims and defenses of the consumer against the maker. | ||||||
14 | (e) Upon receipt of a check from a consumer for a loan, the | ||||||
15 | lender must immediately stamp the back of the check with an | ||||||
16 | endorsement that states: "This check is being negotiated as | ||||||
17 | part of a loan under the Payday and Small Consumer Loan Reform | ||||||
18 | Act, and any holder of this check takes it subject to all | ||||||
19 | claims and defenses of the maker." | ||||||
20 | (f) Loan payments may be electronically debited from the | ||||||
21 | consumer's bank account. Except as provided by federal law, the | ||||||
22 | lender must obtain prior written approval from the consumer. | ||||||
23 | (g) A consumer may prepay on a loan in increments of $5 or | ||||||
24 | more at any time without cost or penalty. | ||||||
25 | (h) A loan is made on the date on which a loan agreement is | ||||||
26 | signed by both parties, regardless of whether the lender gives |
| |||||||
| |||||||
1 | any moneys to the consumer on that date.
| ||||||
2 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
3 | (815 ILCS 122/2-40)
| ||||||
4 | Sec. 2-40. Repayment plan. | ||||||
5 | (a) At the time a payday or small consumer loan is made, | ||||||
6 | the lender must provide the consumer with a separate written | ||||||
7 | notice signed by the consumer of the consumer's right to | ||||||
8 | request a repayment plan. The written notice must comply with | ||||||
9 | the requirements of subsection (c). | ||||||
10 | (b) The loan agreement must include the following language | ||||||
11 | in at least 14-point bold type: IF YOU STILL OWE ON ONE OR MORE | ||||||
12 | PAYDAY OR SMALL CONSUMER LOANS AFTER 35 DAYS, YOU ARE ENTITLED | ||||||
13 | TO ENTER INTO A REPAYMENT PLAN. THE REPAYMENT PLAN WILL GIVE | ||||||
14 | YOU AT LEAST 55 DAYS TO REPAY YOUR LOAN IN INSTALLMENTS WITH NO | ||||||
15 | ADDITIONAL FINANCE CHARGES, INTEREST, FEES, OR OTHER CHARGES OF | ||||||
16 | ANY KIND. | ||||||
17 | (c) At the time a payday or small consumer loan is made, on | ||||||
18 | the first page of the loan agreement and in a separate document | ||||||
19 | signed by the consumer, the following shall be inserted in at | ||||||
20 | least 14-point bold type: I UNDERSTAND THAT IF I STILL OWE ON | ||||||
21 | ONE OR MORE PAYDAY OR SMALL CONSUMER LOANS AFTER 35 DAYS, I AM | ||||||
22 | ENTITLED TO ENTER INTO A REPAYMENT PLAN THAT WILL GIVE ME AT | ||||||
23 | LEAST 55 DAYS TO REPAY THE LOAN IN INSTALLMENTS WITH NO | ||||||
24 | ADDITIONAL FINANCE CHARGES, INTEREST, FEES, OR OTHER CHARGES OF | ||||||
25 | ANY KIND. |
| |||||||
| |||||||
1 | (d) If the consumer has or has had one or more payday or | ||||||
2 | small consumer loans outstanding for 35 consecutive days, any | ||||||
3 | payday or small consumer loan outstanding on the 35th | ||||||
4 | consecutive day shall be payable under the terms of a repayment | ||||||
5 | plan as provided for in this Section, if the consumer requests | ||||||
6 | the repayment plan. As to any loan that becomes eligible for a | ||||||
7 | repayment plan under this subsection, the consumer has until 28 | ||||||
8 | days after the default date of the loan to request a repayment | ||||||
9 | plan. Within 48 hours after the request for a repayment plan is | ||||||
10 | made, the lender must prepare the repayment plan agreement and | ||||||
11 | both parties must execute the agreement. Execution of the | ||||||
12 | repayment plan agreement shall be made in the same manner in | ||||||
13 | which the loan was made and shall be evidenced in writing. | ||||||
14 | (e) The terms of the repayment plan for a payday or small | ||||||
15 | consumer loan must include the following: | ||||||
16 | (1) The lender may not impose any charge on the | ||||||
17 | consumer for requesting or using a repayment plan. | ||||||
18 | Performance of the terms of the repayment plan extinguishes | ||||||
19 | the consumer's obligation on the loan. | ||||||
20 | (2) No lender shall charge the consumer any finance | ||||||
21 | charges, interest, fees, or other charges of any kind, | ||||||
22 | except a fee for insufficient funds, as provided under | ||||||
23 | Section 2-10.
| ||||||
24 | (3) The consumer shall be allowed to repay the loan in | ||||||
25 | at least 4 equal installments with at least 13 days between | ||||||
26 | installments, provided that the term of the repayment plan |
| |||||||
| |||||||
1 | does not exceed 90 days. The first payment under the | ||||||
2 | repayment plan shall not be due before at least 13 days | ||||||
3 | after the repayment plan is signed by both parties. The | ||||||
4 | consumer may prepay the amount due under the repayment plan | ||||||
5 | at any time, without charge or penalty. | ||||||
6 | (4) The length of time between installments may be | ||||||
7 | extended by the parties so long as the total period of | ||||||
8 | repayment does not exceed 90 days. Any such modification | ||||||
9 | must be in writing and signed by both parties. | ||||||
10 | (f) Notwithstanding any provision of law to the contrary, a | ||||||
11 | lender is prohibited from making a payday or small consumer | ||||||
12 | loan to a consumer who has a payday or small consumer loan | ||||||
13 | outstanding under a repayment plan and for at least 14 days | ||||||
14 | after the outstanding balance of the loan under the repayment | ||||||
15 | plan and the outstanding balance of all other payday or small | ||||||
16 | consumer loans outstanding during the term of the repayment | ||||||
17 | plan are paid in full. | ||||||
18 | (g) A lender may not accept postdated checks for payments | ||||||
19 | under a repayment plan. | ||||||
20 | (h) Notwithstanding any provision of law to the contrary, a | ||||||
21 | lender may voluntarily agree to enter into a repayment plan | ||||||
22 | with a consumer at any time.
If a consumer is eligible for a | ||||||
23 | repayment plan under subsection (d), any repayment agreement | ||||||
24 | constitutes a repayment plan under this Section and all | ||||||
25 | provisions of this Section apply to that agreement.
| ||||||
26 | (Source: P.A. 94-13, eff. 12-6-05.) |
| |||||||
| |||||||
1 | (815 ILCS 122/2-45)
| ||||||
2 | Sec. 2-45. Default. | ||||||
3 | (a) No legal proceeding of any kind, including, but not | ||||||
4 | limited to, a lawsuit or arbitration, may be filed or initiated | ||||||
5 | against a consumer to collect on a payday or small consumer | ||||||
6 | loan until 28 days after the default date of the loan, or, in | ||||||
7 | the case of a payday or small consumer loan under a repayment | ||||||
8 | plan, for 28 days after the default date under the terms of the | ||||||
9 | repayment plan. | ||||||
10 | (b) Upon and after default, a lender shall not charge the | ||||||
11 | consumer any finance charges, interest, fees, or charges of any | ||||||
12 | kind, other than the insufficient fund fee described in Section | ||||||
13 | 2-10.
| ||||||
14 | (c) Notwithstanding whether a loan is or has been in | ||||||
15 | default, once the loan becomes subject to a repayment plan, the | ||||||
16 | loan shall not be construed to be in default until the default | ||||||
17 | date provided under the terms of the repayment plan.
| ||||||
18 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
19 | (815 ILCS 122/2-50)
| ||||||
20 | Sec. 2-50. Practices concerning members of the military. | ||||||
21 | (a) A lender may not garnish the wages or salaries of a | ||||||
22 | consumer who is a member of the military. | ||||||
23 | (b) In addition to any rights and obligations provided | ||||||
24 | under the federal Servicemembers Civil Relief Act, a lender |
| |||||||
| |||||||
1 | shall suspend and defer collection activity against a consumer | ||||||
2 | who is a member of the military and who has been deployed to a | ||||||
3 | combat or combat support posting for the duration of the | ||||||
4 | deployment. | ||||||
5 | (c) A lender may not knowingly contact the military chain | ||||||
6 | of command of a consumer who is a member of the military in an | ||||||
7 | effort to collect on a payday or small consumer loan. | ||||||
8 | (d) Lenders must honor the terms of any repayment plan that | ||||||
9 | they have entered into with any consumer, including a repayment | ||||||
10 | agreement negotiated through military counselors or | ||||||
11 | third-party credit counselors.
| ||||||
12 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
13 | (815 ILCS 122/2-55)
| ||||||
14 | Sec. 2-55. Information, reporting, and examination. | ||||||
15 | (a) A licensee shall keep and use books, accounts, and | ||||||
16 | records that
will enable the Secretary to determine if the | ||||||
17 | licensee is complying with the
provisions of this Act and | ||||||
18 | maintain any other records as required by the
Secretary.
| ||||||
19 | (b) A licensee shall collect and maintain information | ||||||
20 | annually for a report that shall
disclose in detail and under | ||||||
21 | appropriate headings:
| ||||||
22 | (1) the total number of payday or small consumer loans | ||||||
23 | made during the
preceding calendar year;
| ||||||
24 | (2) the total number of payday or small consumer loans | ||||||
25 | outstanding as of December 31 of
the preceding calendar |
| |||||||
| |||||||
1 | year;
| ||||||
2 | (3) the minimum, maximum, and average dollar amount of | ||||||
3 | payday or small consumer loans made during the preceding | ||||||
4 | calendar year;
| ||||||
5 | (4) the average annual percentage rate and the average | ||||||
6 | term of payday or small consumer loans made during the | ||||||
7 | preceding calendar year; and
| ||||||
8 | (5) the total number of payday or small consumer loans | ||||||
9 | paid in full, the total number of loans that went into | ||||||
10 | default, and the
total number of loans written off during | ||||||
11 | the preceding calendar year.
| ||||||
12 | The report shall be verified by the oath or affirmation of | ||||||
13 | the owner,
manager, or president of the licensee. The report | ||||||
14 | must be filed with the
Secretary no later than March 1 of the | ||||||
15 | year following the year for which
the report discloses the | ||||||
16 | information specified in this subsection (b). The
Secretary may | ||||||
17 | impose upon the licensee a fine of $25 per day for each day
| ||||||
18 | beyond the filing deadline that the report is not filed.
| ||||||
19 | (c) No later than July 31 of the second year following the | ||||||
20 | effective date of this Act, the Department shall publish a | ||||||
21 | biennial report that contains a compilation of aggregate data | ||||||
22 | concerning the payday and small consumer lending industries | ||||||
23 | industry and shall make the report available to the Governor, | ||||||
24 | the General Assembly, and the general public. | ||||||
25 | (d) The Department shall have the authority to conduct | ||||||
26 | examinations of
the books, records, and loan documents at any |
| |||||||
| |||||||
1 | time.
| ||||||
2 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
3 | (815 ILCS 122/2-60)
| ||||||
4 | Sec. 2-60. Advertising. | ||||||
5 | (a) Advertising for loans transacted under this Act may not | ||||||
6 | be false,
misleading, or deceptive. Payday and small consumer | ||||||
7 | loan advertising, if it states a rate or amount of
charge for a | ||||||
8 | loan, must state the rate as an annual percentage rate. No
| ||||||
9 | licensee may advertise in any manner so as to indicate or imply | ||||||
10 | that its
rates or charges for loans are in any way recommended, | ||||||
11 | approved,
set, or established by the State government or by | ||||||
12 | this Act.
| ||||||
13 | (b) If any advertisement to which this Section applies | ||||||
14 | states the
amount of any installment payment, the dollar amount | ||||||
15 | of any finance charge,
or the number of installments or the | ||||||
16 | period of repayment, then the
advertisement shall state all of | ||||||
17 | the following items:
| ||||||
18 | (1) The amount of the loan.
| ||||||
19 | (2) The number, amount, and due dates or period of | ||||||
20 | payments
scheduled to repay the indebtedness if the credit | ||||||
21 | is extended.
| ||||||
22 | (3) The finance charge expressed as an annual | ||||||
23 | percentage
rate.
| ||||||
24 | (Source: P.A. 94-13, eff. 12-6-05.) |
| |||||||
| |||||||
1 | (815 ILCS 122/3-3)
| ||||||
2 | Sec. 3-3. Licensure requirement. | ||||||
3 | (a) Except as provided in subsection (b), on and after the | ||||||
4 | effective date of this Act, a person or entity acting as a | ||||||
5 | payday or small consumer lender must be licensed by the | ||||||
6 | Department as provided in this Article. | ||||||
7 | (b) A person or entity acting as a payday or small consumer | ||||||
8 | lender who is licensed on the effective date of this Act under | ||||||
9 | the Consumer Installment Loan Act need not comply with | ||||||
10 | subsection (a) until the Department takes action on the | ||||||
11 | person's or entity's application for a payday or small consumer | ||||||
12 | loan license. The application must be submitted to the | ||||||
13 | Department within 9 months after the effective date of this | ||||||
14 | Act. If the application is not submitted within 9 months after | ||||||
15 | the effective date of this Act, the person or entity acting as | ||||||
16 | a payday or small consumer lender is subject to subsection (a).
| ||||||
17 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
18 | (815 ILCS 122/3-5)
| ||||||
19 | Sec. 3-5. Licensure. | ||||||
20 | (a) A license to make a payday or small consumer loan shall | ||||||
21 | state the address,
including city and state, at which
the | ||||||
22 | business is to be conducted and shall state fully the name of | ||||||
23 | the licensee.
The license shall be conspicuously posted in the | ||||||
24 | place of business of the
licensee and shall not be transferable | ||||||
25 | or assignable.
|
| |||||||
| |||||||
1 | (b) An application for a license shall be in writing and in | ||||||
2 | a form
prescribed by the Secretary. The Secretary may not issue | ||||||
3 | a payday or small consumer loan
license unless and until the | ||||||
4 | following findings are made:
| ||||||
5 | (1) that the financial responsibility, experience, | ||||||
6 | character, and general
fitness of the applicant are such as | ||||||
7 | to command the confidence of the public
and to warrant the | ||||||
8 | belief that the business will be operated lawfully and
| ||||||
9 | fairly and within the provisions and purposes of this Act; | ||||||
10 | and
| ||||||
11 | (2) that the applicant has submitted such other | ||||||
12 | information as the
Secretary may deem necessary.
| ||||||
13 | (c) A license shall be issued for no longer than one year, | ||||||
14 | and no renewal
of a license may be provided if a licensee has | ||||||
15 | substantially violated this
Act and has not cured the violation | ||||||
16 | to the satisfaction of the Department.
| ||||||
17 | (d) A licensee shall appoint, in writing, the Secretary as | ||||||
18 | attorney-in-fact
upon whom all lawful process against the | ||||||
19 | licensee may be served with the
same legal force and validity | ||||||
20 | as if served on the licensee. A copy of the
written | ||||||
21 | appointment, duly certified, shall be filed in the office of | ||||||
22 | the
Secretary, and a copy thereof certified by the Secretary | ||||||
23 | shall be sufficient
evidence to subject a licensee to | ||||||
24 | jurisdiction in a court of law. This appointment shall remain | ||||||
25 | in effect while any liability remains
outstanding in this State | ||||||
26 | against the licensee. When summons is served upon
the Secretary |
| |||||||
| |||||||
1 | as attorney-in-fact for a licensee, the Secretary shall | ||||||
2 | immediately
notify the licensee by registered mail, enclosing | ||||||
3 | the summons and specifying
the hour and day of service.
| ||||||
4 | (e) A licensee must pay an annual fee of $1,000. In | ||||||
5 | addition to the
license fee, the reasonable expense of any | ||||||
6 | examination or hearing
by the Secretary under any provisions of | ||||||
7 | this Act shall be borne by
the licensee. If a licensee fails to | ||||||
8 | renew its license by December 31,
its license
shall | ||||||
9 | automatically expire; however, the Secretary, in his or her | ||||||
10 | discretion,
may reinstate an expired license upon:
| ||||||
11 | (1) payment of the annual fee within 30 days of the | ||||||
12 | date of
expiration; and
| ||||||
13 | (2) proof of good cause for failure to renew.
| ||||||
14 | (f) Not more than one place of business shall be maintained | ||||||
15 | under the
same license, but the Secretary may issue more than | ||||||
16 | one license to the same
licensee upon compliance with all the | ||||||
17 | provisions of this Act governing
issuance of a single license. | ||||||
18 | The location, except those locations already in
existence as of | ||||||
19 | June 1, 2005, may not be within one mile of a
horse race track | ||||||
20 | subject to the Illinois Horse Racing Act of 1975,
within one | ||||||
21 | mile of a facility at which gambling is conducted under the
| ||||||
22 | Riverboat Gambling Act, within one mile of the location at | ||||||
23 | which a
riverboat subject to the Riverboat Gambling Act docks, | ||||||
24 | or within one mile of
any State of Illinois or United States | ||||||
25 | military base or naval installation.
| ||||||
26 | (g) No licensee shall conduct the business of making loans |
| |||||||
| |||||||
1 | under this
Act within any office, suite, room, or place of | ||||||
2 | business in which any other
business is solicited or engaged in | ||||||
3 | unless the other business is licensed by the Department or, in | ||||||
4 | the opinion of the Secretary, the
other business would not be | ||||||
5 | contrary to the best interests of consumers and
is authorized | ||||||
6 | by the Secretary in writing.
| ||||||
7 | (h) The Secretary shall maintain a list of licensees that | ||||||
8 | shall be
available to interested consumers and lenders and the | ||||||
9 | public. The Secretary
shall maintain a toll-free number whereby | ||||||
10 | consumers may obtain
information about licensees. The | ||||||
11 | Secretary shall also establish a complaint
process under which | ||||||
12 | an aggrieved consumer
may file a complaint against a licensee | ||||||
13 | or non-licensee who violates any
provision of this Act.
| ||||||
14 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
15 | (815 ILCS 122/4-5)
| ||||||
16 | Sec. 4-5. Prohibited acts. A licensee or unlicensed person | ||||||
17 | or entity making payday or small consumer
loans may not commit, | ||||||
18 | or have committed on behalf of the
licensee
or unlicensed | ||||||
19 | person or entity, any of the following acts: | ||||||
20 | (1) Threatening to use or using the criminal process in | ||||||
21 | this or any
other state to collect on the loan.
| ||||||
22 | (2) Using any device or agreement that would have the | ||||||
23 | effect of
charging or collecting more fees or charges than | ||||||
24 | allowed by this
Act, including, but not limited to, | ||||||
25 | entering into a different type of
transaction
with the |
| |||||||
| |||||||
1 | consumer.
| ||||||
2 | (3) Engaging in unfair, deceptive, or fraudulent | ||||||
3 | practices in the
making or collecting of a payday or small | ||||||
4 | consumer loan.
| ||||||
5 | (4) Using or attempting to use the check provided by | ||||||
6 | the consumer in
a payday or small consumer loan as | ||||||
7 | collateral for a transaction not related to a payday or | ||||||
8 | small consumer loan.
| ||||||
9 | (5) Knowingly accepting payment in whole or in part of | ||||||
10 | a payday or small consumer
loan through the proceeds of | ||||||
11 | another payday or small consumer loan provided by any | ||||||
12 | licensee.
| ||||||
13 | (6) Knowingly accepting any security, other than that | ||||||
14 | specified in the
definition of payday or small consumer | ||||||
15 | loan in Section 1-10, for a payday or small consumer loan.
| ||||||
16 | (7) Charging any fees or charges other than those | ||||||
17 | specifically
authorized by this Act.
| ||||||
18 | (8) Threatening to take any action against a consumer | ||||||
19 | that is
prohibited by this Act or making any misleading or | ||||||
20 | deceptive statements
regarding the payday or small | ||||||
21 | consumer loan or any consequences thereof.
| ||||||
22 | (9) Making a misrepresentation of a material fact by an | ||||||
23 | applicant for licensure in
obtaining or attempting to | ||||||
24 | obtain a license.
| ||||||
25 | (10) Including any of the following provisions in loan | ||||||
26 | documents
required by subsection (b) of Section 2-20:
|
| |||||||
| |||||||
1 | (A) a confession of judgment clause;
| ||||||
2 | (B) a waiver of the right to a jury trial, if | ||||||
3 | applicable, in any action
brought by or against a | ||||||
4 | consumer, unless the waiver is included in an | ||||||
5 | arbitration clause allowed under
subparagraph (C) of | ||||||
6 | this paragraph (11);
| ||||||
7 | (C) a mandatory arbitration clause that is | ||||||
8 | oppressive, unfair,
unconscionable, or substantially | ||||||
9 | in derogation of the rights of consumers; or
| ||||||
10 | (D) a provision in which the consumer agrees not to | ||||||
11 | assert any claim
or defense arising out of the | ||||||
12 | contract.
| ||||||
13 | (11) Selling any insurance of any kind whether or not | ||||||
14 | sold in
connection with the making or collecting of a | ||||||
15 | payday or small consumer loan.
| ||||||
16 | (12) Taking any power of attorney.
| ||||||
17 | (13) Taking any security interest in real estate.
| ||||||
18 | (14) Collecting a delinquency or collection charge on | ||||||
19 | any installment
regardless of the period in which it | ||||||
20 | remains in default.
| ||||||
21 | (15) Collecting treble damages on an amount owing from | ||||||
22 | a payday or small consumer loan.
| ||||||
23 | (16) Refusing, or intentionally delaying or
| ||||||
24 | inhibiting, the consumer's right to enter into a repayment | ||||||
25 | plan pursuant to this
Act. | ||||||
26 | (17) Charging for, or attempting to
collect, |
| |||||||
| |||||||
1 | attorney's fees, court costs, or arbitration costs | ||||||
2 | incurred in connection with the
collection of a payday or | ||||||
3 | small consumer loan. | ||||||
4 | (18) Making a loan in violation of this Act. | ||||||
5 | (19) Garnishing the wages or salaries of a consumer who | ||||||
6 | is a member of the military. | ||||||
7 | (20) Failing to suspend or defer collection activity | ||||||
8 | against a consumer who is a member of the military and who | ||||||
9 | has been deployed to a combat or combat-support posting. | ||||||
10 | (21) Contacting the military chain of command of a | ||||||
11 | consumer who is a member of the military in an effort to | ||||||
12 | collect on a payday or small consumer loan.
| ||||||
13 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
14 | (815 ILCS 122/4-15)
| ||||||
15 | Sec. 4-15. Bonding. | ||||||
16 | (a) A person or entity engaged in making payday or small | ||||||
17 | consumer loans under
this Act shall post a bond to the | ||||||
18 | Department in the amount of $50,000 for
each location where | ||||||
19 | loans will be made, up to a maximum bond amount of
$500,000.
| ||||||
20 | (b) A bond posted under subsection (a) must continue in | ||||||
21 | effect for the period of licensure and for 3 additional years | ||||||
22 | if the bond is still available. The bond must be
available to | ||||||
23 | pay damages and penalties to a consumer harmed by a violation
| ||||||
24 | of this Act. | ||||||
25 | (c) From time to time the Secretary may require a licensee |
| |||||||
| |||||||
1 | to file a bond in an additional sum if the Secretary determines | ||||||
2 | it to be necessary. In no case shall the bond be more than the | ||||||
3 | outstanding liabilities of the licensee.
| ||||||
4 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
5 | (815 ILCS 122/4-20)
| ||||||
6 | Sec. 4-20. Preemption of administrative rules. Any
| ||||||
7 | administrative rule
promulgated prior to the effective
date of | ||||||
8 | this Act by the Department regarding payday or small consumer | ||||||
9 | loans is
preempted.
| ||||||
10 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
11 | (815 ILCS 122/4-30)
| ||||||
12 | Sec. 4-30. Rulemaking; industry review. | ||||||
13 | (a) The Department may make and enforce such reasonable | ||||||
14 | rules, regulations, directions, orders, decisions, and | ||||||
15 | findings as the execution and enforcement of the provisions of | ||||||
16 | this Act require, and as are not inconsistent therewith. All | ||||||
17 | rules, regulations, and directions of a general character shall | ||||||
18 | be printed and copies thereof mailed to all licensees. | ||||||
19 | (b) Within 6 months after the effective date of this | ||||||
20 | amendatory Act of the 95th General Assembly , the Department | ||||||
21 | shall promulgate reasonable rules regarding the issuance of | ||||||
22 | payday or small consumer loans by banks, savings banks, savings | ||||||
23 | and loan associations, credit unions, and insurance companies. | ||||||
24 | These rules shall be consistent with this Act and shall be |
| |||||||
| |||||||
1 | limited in scope to the actual products and services offered by | ||||||
2 | lenders governed by this Act. | ||||||
3 | (c) After the effective date of this amendatory Act of the | ||||||
4 | 95th General Assembly , the Department shall, over a 3-year | ||||||
5 | period, conduct a study of the payday and small consumer loan | ||||||
6 | industries industry
to determine the impact and effectiveness | ||||||
7 | of this Act. The Department
shall report its findings to the | ||||||
8 | General Assembly within 3 months of the
third anniversary of | ||||||
9 | the effective date of this amendatory Act of the 95th General | ||||||
10 | Assembly . The study shall
determine the effect of this Act on | ||||||
11 | the protection of consumers in this
State and on the fair and | ||||||
12 | reasonable regulation of the payday and small consumer loan | ||||||
13 | industries industry . The
study shall include, but shall not be | ||||||
14 | limited to, an analysis of the ability
of the industries | ||||||
15 | industry to use private reporting tools that: | ||||||
16 | (1) ensure substantial compliance with this Act, | ||||||
17 | including real time reporting of outstanding payday and | ||||||
18 | small consumer loans; and | ||||||
19 | (2) provide data to the Department in an appropriate | ||||||
20 | form and with appropriate content to allow the Department | ||||||
21 | to adequately monitor the industries industry . | ||||||
22 | The report of the Department shall, if necessary, identify | ||||||
23 | and recommend specific amendments to this Act to further | ||||||
24 | protect consumers and to guarantee fair and reasonable | ||||||
25 | regulation of the payday and small consumer loan industries | ||||||
26 | industry .
|
| |||||||
| |||||||
1 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
2 | (815 ILCS 122/4-45)
| ||||||
3 | Sec. 4-45. Superiority of Act. To the extent this Act | ||||||
4 | conflicts with
any other State financial regulation laws, this | ||||||
5 | Act is superior and
supersedes those laws for the
purposes of | ||||||
6 | regulating payday and small consumer loans in Illinois, | ||||||
7 | provided that nothing herein shall apply to any lender that is | ||||||
8 | a bank, savings bank, savings and loan association, credit | ||||||
9 | union, or insurance company organized, chartered, or holding a | ||||||
10 | certificate of authority to do business under the laws of this | ||||||
11 | State or any other state or under the laws of the United | ||||||
12 | States. This Act, as amended, explicitly includes under its | ||||||
13 | terms all small consumer loans with terms under 241 days which, | ||||||
14 | prior to the effective date of this amendatory Act of the 95th | ||||||
15 | General Assembly, were regulated under the terms of the | ||||||
16 | Consumer Installment Loan Act.
| ||||||
17 | (Source: P.A. 94-13, eff. 12-6-05.) | ||||||
18 | Section 20. The Interest Act is amended by changing Section | ||||||
19 | 4 as follows:
| ||||||
20 | (815 ILCS 205/4) (from Ch. 17, par. 6404)
| ||||||
21 | Sec. 4. General interest rate.
| ||||||
22 | (1) Except as otherwise provided in Section 4.05, in all | ||||||
23 | written contracts it shall be lawful for the parties to
|
| |||||||
| |||||||
1 | stipulate or agree that 9% per annum, or any less sum of | ||||||
2 | interest, shall be
taken and paid upon every $100 of money | ||||||
3 | loaned or in any manner due and
owing from any person to any | ||||||
4 | other person or corporation in this state, and
after that rate | ||||||
5 | for a greater or less sum, or for a longer or shorter time,
| ||||||
6 | except as herein provided.
| ||||||
7 | The maximum rate of interest that may lawfully be | ||||||
8 | contracted for is
determined by the law applicable thereto at | ||||||
9 | the time the contract is
made. Any provision in any contract, | ||||||
10 | whether made before or after July
1, 1969, which provides for | ||||||
11 | or purports to authorize, contingent upon a
change in the | ||||||
12 | Illinois law after the contract is made, any rate of
interest | ||||||
13 | greater than the maximum lawful rate at the time the contract
| ||||||
14 | is made, is void.
| ||||||
15 | It is lawful for a state bank or a branch of an | ||||||
16 | out-of-state bank, as those
terms are defined in Section 2 of | ||||||
17 | the Illinois Banking Act, to receive or to
contract to receive
| ||||||
18 | and collect interest and charges at any rate or rates agreed | ||||||
19 | upon by
the bank or branch and the borrower.
It is lawful for a | ||||||
20 | savings bank chartered under the Savings Bank Act or a
savings | ||||||
21 | association chartered under the Illinois Savings and Loan Act | ||||||
22 | of 1985
to receive or contract to receive and collect interest | ||||||
23 | and charges at any rate
agreed upon by the savings bank or | ||||||
24 | savings association and the borrower.
| ||||||
25 | It is lawful to receive or to contract to receive and | ||||||
26 | collect
interest and charges as authorized by this Act and as |
| |||||||
| |||||||
1 | authorized by the
Consumer Installment Loan Act and by the | ||||||
2 | "Consumer Finance Act", approved July
10,
1935, as now or | ||||||
3 | hereafter amended, or by the Payday and Small Consumer Loan | ||||||
4 | Reform Act. It is lawful to charge, contract
for, and receive | ||||||
5 | any rate or amount of interest or compensation with
respect to | ||||||
6 | the following transactions:
| ||||||
7 | (a) Any loan made to a corporation;
| ||||||
8 | (b) Advances of money, repayable on demand, to an | ||||||
9 | amount not less
than $5,000, which are made upon warehouse | ||||||
10 | receipts, bills of lading,
certificates of stock, | ||||||
11 | certificates of deposit, bills of exchange, bonds
or other | ||||||
12 | negotiable instruments pledged as collateral security for | ||||||
13 | such
repayment, if evidenced by a writing;
| ||||||
14 | (c) Any credit transaction between a merchandise | ||||||
15 | wholesaler and
retailer; any business loan to a business | ||||||
16 | association or copartnership
or to a person owning and | ||||||
17 | operating a business as sole proprietor or to
any persons | ||||||
18 | owning and operating a business as joint venturers, joint
| ||||||
19 | tenants or tenants in common, or to any limited | ||||||
20 | partnership, or to any
trustee owning and operating a | ||||||
21 | business or whose beneficiaries own and
operate a business, | ||||||
22 | except that any loan which is secured (1) by an
assignment | ||||||
23 | of an individual obligor's salary, wages, commissions or
| ||||||
24 | other compensation for services, or (2) by his household | ||||||
25 | furniture or
other goods used for his personal, family or | ||||||
26 | household purposes shall be
deemed not to be a loan within |
| |||||||
| |||||||
1 | the meaning of this subsection; and
provided further that a | ||||||
2 | loan which otherwise qualifies as a business
loan within | ||||||
3 | the meaning of this subsection shall not be deemed as not | ||||||
4 | so
qualifying because of the inclusion, with other security | ||||||
5 | consisting of
business assets of any such obligor, of real | ||||||
6 | estate occupied by an
individual obligor solely as his | ||||||
7 | residence. The term "business" shall
be deemed to mean a | ||||||
8 | commercial, agricultural or industrial enterprise
which is | ||||||
9 | carried on for the purpose of investment or profit, but | ||||||
10 | shall
not be deemed to mean the ownership or maintenance of | ||||||
11 | real estate
occupied by an individual obligor solely as his | ||||||
12 | residence;
| ||||||
13 | (d) Any loan made in accordance with the provisions of | ||||||
14 | Subchapter I
of Chapter 13 of Title 12 of the United States | ||||||
15 | Code, which is designated
as "Housing Renovation and | ||||||
16 | Modernization";
| ||||||
17 | (e) Any mortgage loan insured or upon which a | ||||||
18 | commitment to insure
has been issued under the provisions | ||||||
19 | of the National Housing Act,
Chapter 13 of Title 12 of the | ||||||
20 | United States Code;
| ||||||
21 | (f) Any mortgage loan guaranteed or upon which a | ||||||
22 | commitment to
guaranty has been issued under the provisions | ||||||
23 | of the Veterans' Benefits
Act, Subchapter II of Chapter 37 | ||||||
24 | of Title 38 of the United States Code;
| ||||||
25 | (g) Interest charged by a broker or dealer registered | ||||||
26 | under the
Securities Exchange Act of 1934, as amended, or |
| |||||||
| |||||||
1 | registered under the
Illinois Securities Law of 1953, | ||||||
2 | approved July 13, 1953, as now or
hereafter amended, on a | ||||||
3 | debit balance in an account for a customer if
such debit | ||||||
4 | balance is payable at will without penalty and is secured | ||||||
5 | by
securities as defined in Uniform Commercial | ||||||
6 | Code-Investment Securities;
| ||||||
7 | (h) Any loan made by a participating bank as part of | ||||||
8 | any loan
guarantee program which provides for loans and for | ||||||
9 | the refinancing of
such loans to medical students, interns | ||||||
10 | and residents and which are
guaranteed by the American | ||||||
11 | Medical Association Education and Research
Foundation;
| ||||||
12 | (i) Any loan made, guaranteed, or insured in accordance | ||||||
13 | with the
provisions of the Housing Act of 1949, Subchapter | ||||||
14 | III of Chapter 8A of
Title 42 of the United States Code and | ||||||
15 | the Consolidated Farm and Rural
Development Act, | ||||||
16 | Subchapters I, II, and III of Chapter 50 of Title 7 of
the | ||||||
17 | United States Code;
| ||||||
18 | (j) Any loan by an employee pension benefit plan, as | ||||||
19 | defined in Section
3 (2) of the Employee Retirement Income | ||||||
20 | Security Act of 1974 (29 U.S.C.A.
Sec. 1002), to an | ||||||
21 | individual participating in such plan, provided that such
| ||||||
22 | loan satisfies the prohibited transaction exemption | ||||||
23 | requirements of Section
408 (b) (1) (29 U.S.C.A. Sec. 1108 | ||||||
24 | (b) (1)) or Section 2003 (a) (26 U.S.C.A.
Sec. 4975 (d) | ||||||
25 | (1)) of the Employee Retirement Income Security Act of | ||||||
26 | 1974;
|
| |||||||
| |||||||
1 | (k) Written contracts, agreements or bonds for deed | ||||||
2 | providing for
installment purchase of real estate;
| ||||||
3 | (1) Loans secured by a mortgage on real estate;
| ||||||
4 | (m) Loans made by a sole proprietorship, partnership, | ||||||
5 | or corporation to
an employee or to a person who has been | ||||||
6 | offered employment by such sole
proprietorship, | ||||||
7 | partnership, or corporation made for the sole purpose of
| ||||||
8 | transferring an employee or person who has been offered | ||||||
9 | employment to another
office maintained and operated by the | ||||||
10 | same sole proprietorship, partnership,
or corporation;
| ||||||
11 | (n) Loans to or for the benefit of students made by an | ||||||
12 | institution of
higher education.
| ||||||
13 | (2) Except for loans described in subparagraph (a), (c), | ||||||
14 | (d),
(e), (f) or (i) of subsection (1) of this Section, and | ||||||
15 | except to the
extent permitted by the applicable statute for | ||||||
16 | loans made pursuant to
Section 4a or pursuant to the Consumer | ||||||
17 | Installment Loan Act:
| ||||||
18 | (a) Whenever the rate of interest exceeds 8% per annum | ||||||
19 | on any
written contract, agreement or bond for deed | ||||||
20 | providing for the installment
purchase of residential real | ||||||
21 | estate, or on any loan secured by a mortgage
on residential | ||||||
22 | real estate, it shall be unlawful to provide for a
| ||||||
23 | prepayment penalty or other charge for prepayment.
| ||||||
24 | (b) No agreement, note or other instrument evidencing a | ||||||
25 | loan
secured by a mortgage on residential real estate, or | ||||||
26 | written contract,
agreement or bond for deed providing for |
| |||||||
| |||||||
1 | the installment purchase of
residential real estate, may | ||||||
2 | provide for any change in the contract rate of
interest | ||||||
3 | during the term thereof. However, if the Congress of the | ||||||
4 | United
States or any federal agency authorizes any class of | ||||||
5 | lender to enter, within
limitations, into mortgage | ||||||
6 | contracts or written contracts, agreements or
bonds for | ||||||
7 | deed in which the rate of interest may be changed during | ||||||
8 | the
term of the contract, any person, firm, corporation or | ||||||
9 | other entity
not otherwise prohibited from entering into | ||||||
10 | mortgage contracts or
written contracts, agreements or | ||||||
11 | bonds for deed in Illinois may enter
into mortgage | ||||||
12 | contracts or written contracts, agreements or bonds
for | ||||||
13 | deed in which the rate of interest may be changed during | ||||||
14 | the term
of the contract, within the same limitations.
| ||||||
15 | (3) In any contract or loan which is secured by a mortgage, | ||||||
16 | deed of
trust, or conveyance in the nature of a mortgage, on | ||||||
17 | residential real
estate, the interest which is computed, | ||||||
18 | calculated, charged, or collected
pursuant to such contract or | ||||||
19 | loan, or pursuant to any regulation or rule
promulgated | ||||||
20 | pursuant to this Act, may not be computed, calculated, charged
| ||||||
21 | or collected for any period of time occurring after the date on | ||||||
22 | which the
total indebtedness, with the exception of late | ||||||
23 | payment penalties, is paid
in full.
| ||||||
24 | For purposes of this Section, a prepayment shall mean the | ||||||
25 | payment of the
total indebtedness, with the exception of late | ||||||
26 | payment penalties if
incurred or charged, on any date before |
| |||||||
| |||||||
1 | the date specified in the contract
or loan agreement on which | ||||||
2 | the total indebtedness shall be paid in full, or
before the | ||||||
3 | date on which all payments, if timely made, shall have been
| ||||||
4 | made. In the event of a prepayment of the indebtedness which is | ||||||
5 | made on a
date after the date on which interest on the | ||||||
6 | indebtedness was last
computed, calculated, charged, or | ||||||
7 | collected but before the next date on
which interest on the | ||||||
8 | indebtedness was to be calculated, computed, charged,
or | ||||||
9 | collected, the lender may calculate, charge and collect | ||||||
10 | interest on the
indebtedness for the period which elapsed | ||||||
11 | between the date on which the
prepayment is made and the date | ||||||
12 | on which interest on the indebtedness was
last computed, | ||||||
13 | calculated, charged or collected at a rate equal to 1/360 of
| ||||||
14 | the annual rate for each day which so elapsed, which rate shall | ||||||
15 | be applied
to the indebtedness outstanding as of the date of | ||||||
16 | prepayment. The lender
shall refund to the borrower any | ||||||
17 | interest charged or collected which
exceeds that which the | ||||||
18 | lender may charge or collect pursuant to the
preceding | ||||||
19 | sentence. The provisions of this amendatory Act of 1985 shall
| ||||||
20 | apply only to contracts or loans entered into on or after the | ||||||
21 | effective
date of this amendatory Act, but shall not apply to | ||||||
22 | contracts or loans
entered into on or after that date that are | ||||||
23 | subject to Section 4a of this
Act, the Consumer Installment | ||||||
24 | Loan Act, the Payday and Small Consumer Loan Reform Act, or the | ||||||
25 | Retail Installment Sales
Act, or that provide for the refund of | ||||||
26 | precomputed interest on prepayment
in the manner provided by |
| |||||||
| |||||||
1 | such Act.
| ||||||
2 | (Source: P.A. 94-13, eff. 12-6-05; 94-635, eff. 8-22-05; | ||||||
3 | 95-331, eff. 8-21-07.)
| ||||||
4 | Section 25. The Consumer Fraud and Deceptive Business | ||||||
5 | Practices Act is amended by changing Section 2Z as follows:
| ||||||
6 | (815 ILCS 505/2Z) (from Ch. 121 1/2, par. 262Z)
| ||||||
7 | Sec. 2Z. Violations of other Acts. Any person who knowingly | ||||||
8 | violates
the Automotive Repair Act, the Automotive Collision | ||||||
9 | Repair Act,
the Home Repair and Remodeling Act,
the Dance | ||||||
10 | Studio Act,
the Physical Fitness Services Act,
the Hearing | ||||||
11 | Instrument Consumer Protection Act,
the Illinois Union Label | ||||||
12 | Act,
the Job Referral and Job Listing Services Consumer | ||||||
13 | Protection Act,
the Travel Promotion Consumer Protection Act,
| ||||||
14 | the Credit Services Organizations Act,
the Automatic Telephone | ||||||
15 | Dialers Act,
the Pay-Per-Call Services Consumer Protection | ||||||
16 | Act,
the Telephone Solicitations Act,
the Illinois Funeral or | ||||||
17 | Burial Funds Act,
the Cemetery Care Act,
the Safe and Hygienic | ||||||
18 | Bed Act,
the Pre-Need Cemetery Sales Act,
the High Risk Home | ||||||
19 | Loan Act, the Payday and Small Consumer Loan Reform Act, the | ||||||
20 | Mortgage Rescue Fraud Act, subsection (a) or (b) of Section | ||||||
21 | 3-10 of the
Cigarette Tax Act, the Payday Loan Reform Act, | ||||||
22 | subsection
(a) or (b) of Section 3-10 of the Cigarette Use Tax | ||||||
23 | Act, the Electronic
Mail Act, the Internet Caller | ||||||
24 | Identification Act, paragraph (6)
of
subsection (k) of Section |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 6-305 of the Illinois Vehicle Code, Section 18d-115, 18d-120, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 18d-125, 18d-135, or 18d-150 of the Illinois Vehicle Code, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Article 3 of the Residential Real Property Disclosure Act, the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | Automatic Contract Renewal Act, or the Personal Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Protection Act commits an unlawful practice within the meaning | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | of this Act.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | (Source: P.A. 94-13, eff. 12-6-05; 94-36, eff. 1-1-06; 94-280, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | eff. 1-1-06; 94-292, eff. 1-1-06; 94-822, eff. 1-1-07; 95-413, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | eff. 1-1-08; 95-562, eff. 7-1-08; 95-876, eff. 8-21-08.)
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | Section 99. Effective date. This Act takes effect upon | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | becoming law.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||