SB1150 95TH GENERAL ASSEMBLY

LRB095 05224 MJR 25299 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1150

Introduced 2/8/2007, by Sen. Gary Forby

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

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Installment Loan Act is amended by changing Section 1 as follows:

(205 ILCS 670/1) (from Ch. 17, par. 5401)

Sec. 1. License required to engage in business. No person, partnership, association, limited liability company, or corporation shall engage in the the business of making loans of money in a principal amount not exceeding $25,000, and charge, contract for, or receive on any such loan a greater rate of interest, discount, or consideration therefor than the lender would be permitted by law to charge if he were not a licensee hereunder, except as authorized by this Act after first obtaining a license from the Director of Financial Institutions (hereinafter called the Director).

(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)