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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1177
Introduced 2/8/2007, by Sen. Terry Link SYNOPSIS AS INTRODUCED:
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205 ILCS 670/1 |
from Ch. 17, par. 5401 |
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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.
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A BILL FOR
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SB1177 |
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LRB095 07341 MJR 27482 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Consumer Installment Loan Act is amended by |
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| changing Section 1 as follows:
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| (205 ILCS 670/1) (from Ch. 17, par. 5401)
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| Sec. 1. License required to engage in business. No person, |
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| partnership, association, limited liability
company, or |
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| corporation shall engage in
the
the business of making loans of |
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| money in a principal amount not
exceeding $25,000, and charge, |
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| contract for, or receive on any
such loan a
greater rate of |
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| interest, discount, or consideration therefor than the
lender |
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| would be permitted by law to charge if he were not a licensee
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| hereunder, except as authorized by this Act after first |
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| obtaining a license
from the Director of Financial Institutions |
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| (hereinafter called the Director). |
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| (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
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