Full Text of HB0537 96th General Assembly
HB0537enr 96TH GENERAL ASSEMBLY
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HB0537 Enrolled |
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| AN ACT concerning financial 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 | 5 |
| changing Sections 1 and 15 and by adding Sections 17.1, 17.2, | 6 |
| 17.3, 17.4, 17.5, and 19.2 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, | 9 |
| partnership, association, limited liability
company, or | 10 |
| corporation shall engage in
the business of making loans of | 11 |
| money in a principal amount not
exceeding $40,000 $25,000 , and | 12 |
| charge, contract for, or receive on any
such loan a
greater | 13 |
| rate of interest, discount, or consideration therefor than the
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| lender would be permitted by law to charge if he were not a | 15 |
| licensee
hereunder, except as authorized by this Act after | 16 |
| first obtaining a license
from the Director of Financial | 17 |
| Institutions (hereinafter called the Director). No licensee, | 18 |
| or employee or affiliate thereof, that is licensed under the | 19 |
| Payday Loan Reform Act shall obtain a license under this Act | 20 |
| except that a licensee under the Payday Loan Reform Act may | 21 |
| obtain a license under this Act for the exclusive purpose and | 22 |
| use of making title-secured loans, as defined in subsection (a) | 23 |
| of Section 15 of this Act and governed by Title 38, Section |
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| 110.300 of the Illinois Administrative Code.
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| (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
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| (205 ILCS 670/15) (from Ch. 17, par. 5415)
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| Sec. 15. Charges permitted.
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| (a) Every licensee may
lend a principal amount not | 6 |
| exceeding $40,000 and , except as to small consumer loans as | 7 |
| defined in this Section, may charge,
contract for
and receive | 8 |
| thereon interest at an annual percentage the rate of no more | 9 |
| than 36% agreed upon
by
the licensee and the borrower , subject | 10 |
| to the provisions of this Act ; provided, however, that the | 11 |
| limitation on the annual percentage rate contained in this | 12 |
| subsection (a) does not apply to title-secured loans, which are | 13 |
| loans upon which interest is charged at an annual percentage | 14 |
| rate exceeding 36%, in which, at commencement, an obligor | 15 |
| provides to the licensee, as security for the loan, physical | 16 |
| possession of the obligor's title to a motor vehicle, and upon | 17 |
| which a licensee may charge, contract for, and receive thereon | 18 |
| interest at the rate agreed upon by the licensee and borrower. | 19 |
| For purposes of this Section, the annual percentage rate shall | 20 |
| be calculated in accordance with the federal Truth in Lending | 21 |
| Act .
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| (b) For purpose of this Section, the following terms shall | 23 |
| have the
meanings ascribed herein.
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| "Applicable interest" for a precomputed loan contract | 25 |
| means the amount of
interest attributable to each monthly |
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| installment period. It is computed
as if each installment | 2 |
| period were one month and any interest charged for
extending | 3 |
| the first installment period beyond one month is ignored. The
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| applicable interest for any monthly installment period is , for | 5 |
| loans other than small consumer loans as defined in this | 6 |
| Section, that portion of
the precomputed interest that bears | 7 |
| the same ratio to the total precomputed
interest as the | 8 |
| balances scheduled to be outstanding during that month bear
to | 9 |
| the sum of all scheduled monthly outstanding balances in the | 10 |
| original
contract. With respect to a small consumer loan, the | 11 |
| applicable interest for any installment period is that portion | 12 |
| of the precomputed monthly installment account handling charge | 13 |
| attributable to the installment period calculated based on a | 14 |
| method at least as favorable to the consumer as the actuarial | 15 |
| method, as defined by the federal Truth in Lending Act.
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| "Interest-bearing loan" means a loan in which the debt is
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| expressed as a principal amount plus interest charged on actual | 18 |
| unpaid
principal balances for the time actually outstanding.
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| "Precomputed loan" means a loan in which the debt is | 20 |
| expressed as the sum
of the original principal amount plus | 21 |
| interest computed actuarially in
advance, assuming all | 22 |
| payments will be made when scheduled.
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| "Small consumer loan" means a loan upon which interest is | 24 |
| charged at an annual percentage rate exceeding 36% and with an | 25 |
| amount financed of $4,000 or less. "Small consumer loan" does | 26 |
| not include a title-secured loan as defined by subsection (a) |
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| of this Section or a payday loan as defined by the Payday Loan | 2 |
| Reform Act. | 3 |
| (c) Loans may be interest-bearing or precomputed.
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| (d) To compute time for either interest-bearing or | 5 |
| precomputed loans for
the calculation of interest and other | 6 |
| purposes, a month shall be a calendar
month and a day shall be | 7 |
| considered 1/30th of a month when calculation is
made for a | 8 |
| fraction of a month. A month shall be 1/12th of a year. A
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| calendar month is that period from a given date in one month to | 10 |
| the same
numbered date in the following month, and if there is | 11 |
| no same numbered
date, to the last day of the following month. | 12 |
| When a period of time
includes a month and a fraction of a | 13 |
| month, the fraction of the month is
considered to follow the | 14 |
| whole month. In the alternative, for
interest-bearing loans, | 15 |
| the licensee may charge interest at the rate of
1/365th of the | 16 |
| agreed annual rate for each day actually
elapsed.
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| (d-5) No licensee or other person may condition an | 18 |
| extension of credit to a consumer on the consumer's repayment | 19 |
| by preauthorized electronic fund transfers. Payment options, | 20 |
| including, but not limited to, electronic fund transfers and | 21 |
| Automatic Clearing House (ACH) transactions may be offered to | 22 |
| consumers as a choice and method of payment chosen by the | 23 |
| consumer. | 24 |
| (e) With respect to interest-bearing loans:
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| (1) Interest shall be computed on unpaid principal | 26 |
| balances outstanding
from time to time, for the time |
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| outstanding, until fully paid. Each
payment shall be | 2 |
| applied first to the accumulated interest and the
remainder | 3 |
| of the payment applied to the unpaid principal balance; | 4 |
| provided
however, that if the amount of the payment is | 5 |
| insufficient to pay the
accumulated interest, the unpaid | 6 |
| interest continues to accumulate to be
paid from the | 7 |
| proceeds of subsequent payments and is not added to the | 8 |
| principal
balance.
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| (2) Interest shall not be payable in advance or | 10 |
| compounded. However, if
part or all of the consideration | 11 |
| for a new loan contract is the unpaid
principal balance of | 12 |
| a prior loan, then the principal amount payable under
the | 13 |
| new loan contract may include any unpaid interest which has | 14 |
| accrued.
The unpaid principal balance of a precomputed loan | 15 |
| is the balance due
after refund or credit of unearned | 16 |
| interest as provided in paragraph (f),
clause (3). The | 17 |
| resulting loan contract shall be deemed a new and separate
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| loan transaction for all purposes.
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| (3) Loans must be fully amortizing and be repayable in | 20 |
| substantially equal and consecutive weekly, biweekly, | 21 |
| semimonthly, or monthly installments. Notwithstanding this | 22 |
| requirement, may be payable as agreed between the parties, | 23 |
| including payment
at irregular times or in unequal amounts | 24 |
| and rates that may vary according to with an
index that is | 25 |
| independently verifiable and beyond the control of the | 26 |
| licensee.
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| (4) The lender or creditor may, if the contract | 2 |
| provides, collect a
delinquency or collection charge on | 3 |
| each installment in default for a period of
not less than | 4 |
| 10 days in an amount not exceeding 5% of the installment on
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| installments in excess of $200, or $10 on installments of | 6 |
| $200 or less, but
only
one delinquency and collection | 7 |
| charge may be collected on any installment
regardless of | 8 |
| the period during which it remains in default.
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| (f) With respect to precomputed loans:
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| (1) Loans shall be repayable in substantially equal and | 11 |
| consecutive weekly, biweekly, semimonthly, or
monthly | 12 |
| installments of principal and interest combined, except | 13 |
| that the
first installment period may be longer than one | 14 |
| month by not more than 15
days, and the first installment | 15 |
| payment amount may be larger than the
remaining payments by | 16 |
| the amount of interest charged for the extra days;
and | 17 |
| provided further that monthly installment payment dates | 18 |
| may be omitted
to accommodate borrowers with seasonal | 19 |
| income.
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| (2) Payments may be applied to the combined total of | 21 |
| principal and
precomputed interest until the loan is fully | 22 |
| paid. Payments shall be
applied in the order in which they | 23 |
| become due, except that any insurance
proceeds received as | 24 |
| a result of any claim made on any insurance, unless
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| sufficient to prepay the contract in full, may be applied | 26 |
| to the unpaid
installments of the total of payments in |
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| inverse order.
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| (3) When any loan contract is paid in full by cash, | 3 |
| renewal or
refinancing, or a new loan, one month or more | 4 |
| before the final installment
due date, a licensee shall | 5 |
| refund or credit the obligor with
the total of
the | 6 |
| applicable interest for all fully unexpired installment | 7 |
| periods, as
originally scheduled or as deferred, which | 8 |
| follow the day of prepayment;
provided, if the prepayment | 9 |
| occurs prior to the first installment due date,
the | 10 |
| licensee may retain 1/30 of the applicable interest for a | 11 |
| first
installment period of one month for each day from the | 12 |
| date of the loan to
the date of prepayment, and shall | 13 |
| refund or credit the obligor
with the
balance of the total | 14 |
| interest contracted for. If the maturity of the loan
is | 15 |
| accelerated for any reason and judgment is entered, the | 16 |
| licensee shall
credit the borrower with the same refund as | 17 |
| if prepayment in full had been
made on the date the | 18 |
| judgement is entered.
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| (4) The lender or creditor may, if the contract | 20 |
| provides, collect a
delinquency or collection charge on | 21 |
| each installment in default for a period of
not less than | 22 |
| 10 days in an amount not exceeding 5% of the installment on
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| installments in excess of $200, or $10 on installments of | 24 |
| $200 or less, but
only
one delinquency or collection charge | 25 |
| may be collected on any installment
regardless of the | 26 |
| period during which it remains in default.
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| (5) If the parties agree in writing, either in the loan | 2 |
| contract or in a
subsequent agreement, to a deferment of | 3 |
| wholly unpaid installments, a
licensee may grant a | 4 |
| deferment and may collect a deferment charge as
provided in | 5 |
| this Section. A deferment postpones the scheduled due date | 6 |
| of
the earliest unpaid installment and all subsequent | 7 |
| installments as
originally scheduled, or as previously | 8 |
| deferred, for a period equal to the
deferment period. The | 9 |
| deferment period is that period during which no
installment | 10 |
| is scheduled to be paid by reason of the deferment. The
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| deferment charge for a one month period may not exceed the | 12 |
| applicable
interest for the installment period immediately | 13 |
| following the due date of
the last undeferred payment. A | 14 |
| proportionate charge may be made for
deferment for periods | 15 |
| of more or less than one month. A deferment charge
is | 16 |
| earned pro rata during the deferment period and is fully | 17 |
| earned on the
last day of the deferment period. Should a | 18 |
| loan be prepaid in full during
a deferment period, the | 19 |
| licensee shall credit to the obligor a
refund of the | 20 |
| unearned deferment charge in addition to any other refund | 21 |
| or
credit made for prepayment of the loan in full.
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| (6) If two or more installments are delinquent one full | 23 |
| month or more on
any due date, and if the contract so | 24 |
| provides, the licensee may reduce the
unpaid balance by the | 25 |
| refund credit which would be required for prepayment
in | 26 |
| full on the due date of the most recent maturing |
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| installment in default.
Thereafter, and in lieu of any | 2 |
| other default or deferment charges, the
agreed rate of | 3 |
| interest or, in the case of small consumer loans, interest | 4 |
| at the rate of 18% per annum, may be charged on the unpaid | 5 |
| balance until fully paid.
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| (7) Fifteen days after the final installment as | 7 |
| originally scheduled or
deferred, the licensee, for any | 8 |
| loan contract which has not previously been
converted to | 9 |
| interest-bearing under paragraph (f), clause (6), may | 10 |
| compute
and charge interest on any balance remaining | 11 |
| unpaid, including unpaid
default or deferment charges, at | 12 |
| the agreed rate of interest or, in the case of small | 13 |
| consumer loans, interest at the rate of 18% per annum, | 14 |
| until fully
paid. At the time of payment of said final | 15 |
| installment, the licensee shall
give notice to the obligor | 16 |
| stating any amounts unpaid.
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| (Source: P.A. 93-264, eff. 1-1-04.)
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| (205 ILCS 670/17.1 new) | 19 |
| Sec. 17.1. Small consumer loans; definition. Sections | 20 |
| 17.1, 17.2, 17.3, 17.4, and 17.5 of this Act apply exclusively | 21 |
| to small consumer loans as defined in Section 15 of this Act. | 22 |
| (205 ILCS 670/17.2 new)
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| Sec. 17.2. Small consumer loans; charges permitted. | 24 |
| (a) With respect to a small consumer loan of $1,500 or |
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| less: | 2 |
| (1) A licensee may charge, contract for and receive | 3 |
| interest at an annual percentage rate of no more than 99% | 4 |
| calculated in accordance with the federal Truth in Lending | 5 |
| Act. | 6 |
| (2) A licensee may charge an acquisition charge not to | 7 |
| exceed 10% of the amount financed. The acquisition charge | 8 |
| is in lieu of the fee permitted under Section 15d(5) and is | 9 |
| fully earned at the time the loan is made and shall not be | 10 |
| subject to refund. | 11 |
| (b) With respect to a small consumer loan over $1,500: | 12 |
| (1) A licensee may charge the following finance | 13 |
| charges: | 14 |
| (A) an acquisition charge for making the original | 15 |
| loan, not to exceed $100; for purposes of this | 16 |
| subsection (b), "original loan" means a loan in which | 17 |
| none of the proceeds are used by the licensee to pay | 18 |
| off the outstanding balance of another small consumer | 19 |
| loan made to the same consumer by the same licensee or | 20 |
| any employee or affiliate of the licensee; | 21 |
| (B) an acquisition charge for the first time that | 22 |
| an original loan is refinanced, not to exceed $50; | 23 |
| (C) an acquisition charge for any subsequent | 24 |
| refinancing not to exceed $25; for purposes of this | 25 |
| subsection (b), "refinancing" occurs when an existing | 26 |
| small consumer loan is satisfied and replaced by a new |
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| small consumer loan made to the same consumer by the | 2 |
| same licensee or any employee or affiliate of the | 3 |
| licensee; and | 4 |
| (D) a monthly installment account handling charge, | 5 |
| not to exceed the following amounts: | |
6 | | Amount financed | Per month charge |
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7 | | $1,500.01 - $1,600 | $69 |
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8 | | $1,600.01 - $1,700 | $72 |
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9 | | $1,700.01 - $1,800 | $75 |
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10 | | $1,800.01 - $1,900 | $78 |
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11 | | $1,900.01 - $2,000 | $81 |
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12 | | $2,000.01 - $2,100 | $84 |
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13 | | $2,100.01 - $2,200 | $87 |
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14 | | $2,200.01 - $2,300 | $90 |
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15 | | $2,300.01 - $2,400 | $92 |
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16 | | $2,400.01 - $2,500 | $94 |
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17 | | $2,500.01 - $2,600 | $96 |
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18 | | $2,600.01 - $2,700 | $98 |
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19 | | $2,700.01 - $2,800 | $100 |
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20 | | $2,800.01 - $2,900 | $102 |
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21 | | $2,900.01 - $3,000 | $104 |
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22 | | $3,000.01 - $3,100 | $106 |
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23 | | $3,100.01 - $3,200 | $108 |
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24 | | $3,200.01 - $3,300 | $110 |
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25 | | $3,300.01 - $3,400 | $112 |
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| 1 | | $3,400.01 - $3,500 | $114 |
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2 | | $3,500.01 - $3,600 | $116 |
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3 | | $3,600.01 - $3,700 | $118 |
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4 | | $3,700.01 - $3,800 | $120 |
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5 | | $3,800.01 - $3,900 | $122 |
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6 | | $3,900.01 - $4,000 | $124 |
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| (2) The acquisition charge is in lieu of the fee | 8 |
| permitted under Section 15d(5) and is fully earned at the | 9 |
| time the loan is made and shall not be subject to refund; | 10 |
| except that, if the loan is paid in full within the first | 11 |
| 60 days of the loan term, the first $25 of the acquisition | 12 |
| charge may be retained by the licensee and the remainder of | 13 |
| the acquisition charge shall be refunded at a rate of | 14 |
| one-sixtieth of the remainder of the acquisition charge per | 15 |
| day, beginning on the day after the date of the prepayment | 16 |
| and ending on the sixtieth day after the loan was made. | 17 |
| (3) In no event shall the annual percentage rate on the | 18 |
| loan transaction as calculated in accordance with the | 19 |
| federal Truth in Lending Act exceed 99%. | 20 |
| (c) In addition to the charges permitted in subsections (a) | 21 |
| and (b) of this Section, a licensee may charge a consumer a fee | 22 |
| not to exceed $1 to cover the licensee's cost of submitting | 23 |
| loan information into the consumer reporting service, as | 24 |
| required under Section 17.5 of this Act. Only one such fee may | 25 |
| be collected by the licensee with respect to a particular loan. |
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| (d) When any loan contract is paid in full by cash, | 2 |
| renewal, or refinancing, or a new loan, the licensee shall | 3 |
| refund any unearned interest or unearned portion of the monthly | 4 |
| installment account handling charge, whichever is applicable. | 5 |
| The unearned interest or unearned portion of the monthly | 6 |
| installment account handling charge that is refunded shall be | 7 |
| calculated based on a method that is at least as favorable to | 8 |
| the consumer as the actuarial method, as defined by the federal | 9 |
| Truth in Lending Act. The sum of the digits or rule of 78ths | 10 |
| method of calculating prepaid interest refunds is prohibited. | 11 |
| (e) The maximum acquisition charges that are expressed as | 12 |
| flat dollar amounts under this Section shall be subject to an | 13 |
| annual adjustment as of the first day of each year following | 14 |
| the effective date of this amendatory Act of the 96th General | 15 |
| Assembly equal to the percentage change in the Consumer Price | 16 |
| Index compiled by the Bureau of Labor Statistics, United States | 17 |
| Department of Labor, or, if that index is canceled or | 18 |
| superseded, the index chosen by the Bureau of Labor Statistics | 19 |
| as most accurately reflecting the changes in the purchasing | 20 |
| power of the dollar for consumers, or, if no such index is | 21 |
| chosen by the Bureau of Labor Statistics, the index chosen by | 22 |
| the Department as most accurately reflecting the changes in the | 23 |
| purchasing power of the dollar for consumers. The adjusted | 24 |
| amounts shall take effect on July 1 of the year of the | 25 |
| computations. |
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| (205 ILCS 670/17.3 new) | 2 |
| Sec. 17.3. Small consumer loans; terms. | 3 |
| (a) A small consumer loan shall be fully amortizing and be | 4 |
| repayable in its entirety in a minimum of 6 substantially equal | 5 |
| and consecutive payments with a period of not less than 180 | 6 |
| days to maturity. | 7 |
| (b) No licensee, or employee or affiliate thereof, may | 8 |
| extend to or have open with a consumer more than one small | 9 |
| consumer loan at any time; provided, however, that loans | 10 |
| acquired by a licensee from another licensee are not included | 11 |
| within this prohibition. | 12 |
| (c) A licensee is prohibited from refinancing a small | 13 |
| consumer loan during the first 75 days of the loan term. For | 14 |
| purposes of this Act, a refinancing occurs when an existing | 15 |
| small consumer loan is satisfied and replaced by a new small | 16 |
| consumer loan made to the same consumer by the same licensee or | 17 |
| any employee or affiliate of the licensee. | 18 |
| (d) Except for the deferment charge permitted by item (5) | 19 |
| of subsection (f) of Section 15, a licensee is prohibited from | 20 |
| collecting any fee, charge, or remuneration of any sort for | 21 |
| renewing, amending, or extending a small consumer loan beyond | 22 |
| its original term. | 23 |
| (e) Before entering into a small consumer loan agreement, a | 24 |
| licensee must provide to the consumer a pamphlet, prepared by | 25 |
| the Director, describing general information about consumer | 26 |
| credit and about the consumer's rights and responsibilities in |
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| a small consumer loan transaction. Each small consumer loan | 2 |
| agreement executed by a licensee shall include a statement, | 3 |
| located just above the signature line for the consumer, and | 4 |
| shall provide as follows: "In addition to agreeing to the terms | 5 |
| of this agreement, I acknowledge, by my signature below, | 6 |
| receipt from (name of lender) a pamphlet regarding small | 7 |
| consumer loans.". | 8 |
| (f) Each small consumer loan agreement entered into between | 9 |
| a licensee and a consumer shall include a notification, in such | 10 |
| loan agreement, of a toll-free number furnished by the | 11 |
| Department of Financial and Professional Regulation, Division | 12 |
| of Financial Institutions that the consumer may contact for the | 13 |
| purpose of receiving information from the Division regarding | 14 |
| credit or assistance with credit problems. | 15 |
| (205 ILCS 670/17.4 new) | 16 |
| Sec. 17.4. Small consumer loans; loan amount. A licensee | 17 |
| is prohibited from making a small consumer loan to a consumer | 18 |
| if the total of all payments to be made in any month on the loan | 19 |
| exceeds 22.5% of the consumer's gross monthly income, as | 20 |
| demonstrated by official documentation of the income, | 21 |
| including, but not limited to, the consumer's most recent pay | 22 |
| stub, receipt reflecting payment of government benefits, or | 23 |
| other official documentation. "Official documentation" | 24 |
| includes tax returns and documentation prepared by the source | 25 |
| of the income. A statement by the consumer is not official |
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| documentation. | 2 |
| (205 ILCS 670/17.5 new) | 3 |
| Sec. 17.5. Consumer reporting service. | 4 |
| (a) For the purpose of this Section, "certified database" | 5 |
| means the consumer reporting
service database established | 6 |
| pursuant to the Payday Loan Reform
Act. | 7 |
| (b) Within 90 days after making a small consumer loan, a | 8 |
| licensee shall enter information about the loan into the | 9 |
| certified database. | 10 |
| (c) For every small consumer loan made, the licensee shall | 11 |
| input the following information into the certified database | 12 |
| within 90 days after the loan is made: | 13 |
| (i) the consumer's name and official identification | 14 |
| number (for purposes of this Act, "official identification | 15 |
| number" includes a Social Security Number, an Individual | 16 |
| Taxpayer Identification Number, a Federal Employer | 17 |
| Identification Number, an Alien Registration Number, or an | 18 |
| identification number imprinted on a passport or consular | 19 |
| identification document issued by a foreign government); | 20 |
| (ii) the consumer's gross monthly income; | 21 |
| (iii) the date of the loan; | 22 |
| (iv) the amount financed; | 23 |
| (v) the term of the loan; | 24 |
| (vi) the acquisition charge; | 25 |
| (vii) the monthly installment account handling charge; |
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HB0537 Enrolled |
- 17 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| (viii) the verification fee; | 2 |
| (ix) the number and amount of payments; and | 3 |
| (x) whether the loan is a first or subsequent | 4 |
| refinancing of a prior small consumer loan. | 5 |
| (d) Once a loan is entered with the certified database, the | 6 |
| certified database shall provide to the licensee a dated, | 7 |
| time-stamped statement acknowledging the certified database's | 8 |
| receipt of the information and assigning each loan a unique | 9 |
| loan number. | 10 |
| (e) The licensee shall update the certified database within | 11 |
| 90 days if any of the following events occur: | 12 |
| (i) the loan is paid in full by cash; | 13 |
| (ii) the loan is refinanced; | 14 |
| (iii) the loan is renewed; | 15 |
| (iv) the loan is satisfied in full or in part by | 16 |
| collateral being sold after default; | 17 |
| (v) the loan is cancelled or rescinded; or | 18 |
| (vi) the consumer's obligation on the loan is otherwise | 19 |
| discharged by the licensee. | 20 |
| (f) To the extent a licensee sells a product or service to | 21 |
| a consumer, other than a small consumer loan, and finances any | 22 |
| portion of the cost of the product or service, the licensee | 23 |
| shall, in addition to and at the same time as the information | 24 |
| inputted under subsection (d) of this Section, enter into the | 25 |
| certified database: | 26 |
| (i) a description of the product or service sold; |
|
|
|
HB0537 Enrolled |
- 18 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| (ii) the charge for the product or service; and | 2 |
| (iii) the portion of the charge for the product or | 3 |
| service, if any, that is included in the amount financed by
| 4 |
| a small consumer loan. | 5 |
| (g) The certified database provider shall indemnify the | 6 |
| licensee against all claims and actions arising from illegal or | 7 |
| willful or wanton acts on the part of the certified database | 8 |
| provider. The certified database provider may charge a fee not | 9 |
| to exceed $1 for each loan entered into the certified database | 10 |
| under subsection (d) of this Section. The database provider | 11 |
| shall not charge any additional fees or charges to the | 12 |
| licensee. | 13 |
| (h) All personally identifiable information regarding any | 14 |
| consumer obtained by way of the certified database and | 15 |
| maintained by the Department is strictly confidential and shall | 16 |
| be exempt from disclosure under provision (i) of item (b) of | 17 |
| subsection (1) of Section 7 of the Freedom of Information Act. | 18 |
| (i) A licensee who submits information to a certified | 19 |
| database provider in accordance with this Section shall not be | 20 |
| liable to any person for any subsequent release or disclosure | 21 |
| of that information by the certified database provider, the | 22 |
| Department, or any other person acquiring possession of the | 23 |
| information, regardless of whether such subsequent release or | 24 |
| disclosure was lawful, authorized, or intentional. | 25 |
| (j) To the extent the certified database becomes | 26 |
| unavailable to a licensee as a result of some event or events |
|
|
|
HB0537 Enrolled |
- 19 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| outside the control of the licensee or the certified database | 2 |
| is decertified, the requirements of this Section and Section | 3 |
| 17.4 of this Act are suspended until such time as the certified | 4 |
| database becomes available. | 5 |
| (205 ILCS 670/19.2 new) | 6 |
| Sec. 19.2. Licensee; prohibition against accepting certain | 7 |
| checks. At the time a loan is made or within 20 days after a | 8 |
| loan is made, a licensee shall not (i) accept a check and agree | 9 |
| to hold it for a period of days before deposit or presentment | 10 |
| or (ii) accept a check dated subsequent to the date written. | 11 |
| Section 10. The Illinois Financial Services Development | 12 |
| Act is amended by changing Section 3 as follows:
| 13 |
| (205 ILCS 675/3) (from Ch. 17, par. 7003)
| 14 |
| Sec. 3. As used in this Section:
| 15 |
| (a) "Financial institution" means any bank with its
main | 16 |
| office or, after May 31, 1997, a branch in this State, any | 17 |
| state or
federal savings and loan
association or savings bank | 18 |
| with its main office or branch in this State,
any state or | 19 |
| federal credit
union with its main office in this State, and | 20 |
| any lender licensed under the
Consumer Installment Loan Act or | 21 |
| the Sales Finance Agency Act ; provided, however, that lenders | 22 |
| licensed under the Consumer Installment Loan Act or the Sales | 23 |
| Finance Agency Act are prohibited from charging interest in |
|
|
|
HB0537 Enrolled |
- 20 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| excess of 36% per annum for any extension of credit under this | 2 |
| Act .
| 3 |
| (b) "Revolving credit plan" or "plan" means a plan | 4 |
| contemplating the
extension of credit under an account governed | 5 |
| by an agreement between a
financial institution and a borrower | 6 |
| who is a natural person pursuant to which:
| 7 |
| (1) The financial institution permits the borrower | 8 |
| and, if the agreement
governing the plan so provides, | 9 |
| persons acting on behalf of or with
authorization from the | 10 |
| borrower, from time to time to make purchases and to
obtain | 11 |
| loans by any means whatsoever, including use
of a credit | 12 |
| device primarily for personal, family or household | 13 |
| purposes;
| 14 |
| (2) the amounts of such purchases and loans are charged | 15 |
| to the
borrower's account under the revolving credit plan;
| 16 |
| (3) the borrower is required to pay the financial | 17 |
| institution the
amounts of all purchases and loans charged | 18 |
| to such borrower's account under
the plan but has the | 19 |
| privilege of paying such amounts outstanding from time
to | 20 |
| time in full or installments; and
| 21 |
| (4) interest may be charged and collected by the | 22 |
| financial institution
from time to time on the outstanding | 23 |
| unpaid indebtedness under such plan.
| 24 |
| (c) "Credit device" means any card, check, identification | 25 |
| code or other
means of identification contemplated by the | 26 |
| agreement governing the plan.
|
|
|
|
HB0537 Enrolled |
- 21 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| (d) "Outstanding unpaid indebtedness" means on any day an | 2 |
| amount not in
excess of the total amount of purchases and loans | 3 |
| charged to the borrower's
account under the plan which is | 4 |
| outstanding and unpaid at the end of the day,
after adding the | 5 |
| aggregate amount of any new purchases and loans charged to
the | 6 |
| account as of that day and deducting the aggregate amount of | 7 |
| any
payments and credits applied to that indebtedness as of | 8 |
| that day and, if
the agreement governing the plan so provides, | 9 |
| may include the amount of any
billed and unpaid interest and | 10 |
| other charges.
| 11 |
| (Source: P.A. 89-208, eff. 9-29-95.)
| 12 |
| Section 15. The Payday Loan Reform Act is amended by | 13 |
| changing Sections 1-10, 2-5, 2-10, 2-15, 2-17, 2-20, 2-30, | 14 |
| 2-40, 2-45, 3-5, and 4-5 as follows: | 15 |
| (815 ILCS 122/1-10)
| 16 |
| Sec. 1-10. Definitions. As used in this Act: | 17 |
| "Check" means a "negotiable instrument", as defined in | 18 |
| Article 3 of the Uniform Commercial Code, that is drawn on a | 19 |
| financial institution. | 20 |
| "Commercially reasonable method of verification" or | 21 |
| "certified database" means a consumer reporting service | 22 |
| database certified by the Department as effective in verifying | 23 |
| that a proposed loan agreement is permissible under this Act, | 24 |
| or, in the absence of the Department's certification, any |
|
|
|
HB0537 Enrolled |
- 22 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| reasonably reliable written verification by the consumer | 2 |
| concerning (i) whether the consumer has any outstanding payday | 3 |
| loans, (ii) the principal amount of those outstanding payday | 4 |
| loans, and (iii) whether any payday loans have been paid in | 5 |
| full by the consumer in the preceding 7 days. | 6 |
| "Consumer" means any natural person who, singly or jointly | 7 |
| with another consumer, enters into a loan. | 8 |
| "Consumer reporting service" means an entity that provides | 9 |
| a database certified by the Department. | 10 |
| "Department" means the Department of Financial and | 11 |
| Professional Regulation. | 12 |
| "Secretary" means the Secretary of Financial and | 13 |
| Professional Regulation. | 14 |
| "Gross monthly income" means monthly income as | 15 |
| demonstrated by official documentation of the income, | 16 |
| including, but not limited to, a pay stub or a receipt | 17 |
| reflecting payment of government benefits, for the period 30 | 18 |
| days prior to the date on which the loan is made. | 19 |
| "Lender" and "licensee" mean any person or entity, | 20 |
| including any affiliate or subsidiary of a lender or licensee, | 21 |
| that offers or makes a payday loan, buys a whole or partial | 22 |
| interest in a payday loan, arranges a payday loan for a third | 23 |
| party, or acts as an agent for a third party in making a payday | 24 |
| loan, regardless of whether approval, acceptance, or | 25 |
| ratification by the third party is necessary to create a legal | 26 |
| obligation for the third party, and includes any other person |
|
|
|
HB0537 Enrolled |
- 23 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| or entity if the Department determines that the person or | 2 |
| entity is engaged in a transaction that is in substance a | 3 |
| disguised payday loan or a subterfuge for the purpose of | 4 |
| avoiding this Act. | 5 |
| "Loan agreement" means a written agreement between a lender | 6 |
| and consumer to make a loan to the consumer, regardless of | 7 |
| whether any loan proceeds are actually paid to the consumer on | 8 |
| the date on which the loan agreement is made. | 9 |
| "Member of the military" means a person serving in the | 10 |
| armed forces of the United States, the Illinois National Guard, | 11 |
| or any reserve component of the armed forces of the United | 12 |
| States. "Member of the military" includes those persons engaged | 13 |
| in (i) active duty, (ii) training or education under the | 14 |
| supervision of the United States preliminary to induction into | 15 |
| military service, or (iii) a period of active duty with the | 16 |
| State of Illinois under Title 10 or Title 32 of the United | 17 |
| States Code pursuant to order of the President or the Governor | 18 |
| of the State of Illinois. | 19 |
| "Outstanding balance" means the total amount owed by the | 20 |
| consumer on a loan to a lender, including all principal, | 21 |
| finance charges, fees, and charges of every kind. | 22 |
| "Payday loan" or "loan" means a loan with a finance charge | 23 |
| exceeding an annual percentage rate of 36% and with a term that | 24 |
| does not exceed 120 days, including any transaction conducted | 25 |
| via any medium whatsoever, including, but not limited to, | 26 |
| paper, facsimile, Internet, or telephone, in which: |
|
|
|
HB0537 Enrolled |
- 24 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| (1) A lender accepts one or more checks dated on the | 2 |
| date written and agrees to hold them for a period of days | 3 |
| before deposit or presentment, or accepts one or more | 4 |
| checks dated subsequent to the date written and agrees to | 5 |
| hold them for deposit; or | 6 |
| (2) A lender accepts one or more authorizations to | 7 |
| debit a consumer's bank account; or | 8 |
| (3) A lender accepts an interest in a consumer's wages, | 9 |
| including, but not limited to, a wage assignment. | 10 |
| The term "payday loan" includes "installment payday loan", | 11 |
| unless otherwise specified in
this Act. | 12 |
| "Principal amount" means the amount received by the | 13 |
| consumer from the lender due and owing on a loan, excluding any | 14 |
| finance charges, interest, fees, or other loan-related | 15 |
| charges. | 16 |
| "Rollover" means to refinance, renew, amend, or extend a | 17 |
| loan beyond its original term.
| 18 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 19 |
| (815 ILCS 122/2-5)
| 20 |
| Sec. 2-5. Loan terms. | 21 |
| (a) Without affecting the right of a consumer to prepay at | 22 |
| any time without cost or penalty, no payday loan may have a | 23 |
| minimum term of less than 13 days. | 24 |
| (b) Except for an installment payday loan as defined in | 25 |
| this Section,
no No payday loan may be made to a consumer if |
|
|
|
HB0537 Enrolled |
- 25 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| the loan would result in the consumer being indebted to one or | 2 |
| more payday lenders for a period in excess of 45 consecutive | 3 |
| days. Except as provided under subsection (c) of this Section | 4 |
| and Section 2-40, if a consumer has or has had loans | 5 |
| outstanding for a period in excess of 45 consecutive days, no | 6 |
| payday lender may offer or make a loan to the consumer for at | 7 |
| least 7 calendar days after the date on which the outstanding | 8 |
| balance of all payday loans made during the 45 consecutive day | 9 |
| period is paid in full. For purposes of this subsection, the | 10 |
| term "consecutive days" means a series of continuous calendar | 11 |
| days in which the consumer has an outstanding balance on one or | 12 |
| more payday loans; however, if a payday loan is made to a | 13 |
| consumer within 6 days or less after the outstanding balance of | 14 |
| all loans is paid in full, those days are counted as | 15 |
| "consecutive days" for purposes of this subsection. | 16 |
| (c) Notwithstanding anything in this Act to the contrary, a | 17 |
| payday loan
shall also include any installment loan otherwise | 18 |
| meeting the definition of
payday loan contained in Section | 19 |
| 1-10, but that has a term agreed by the
parties of not less | 20 |
| than 112 days and not exceeding 180 days; hereinafter an
| 21 |
| "installment payday loan". The following provisions shall | 22 |
| apply:
| 23 |
| (i) Any installment payday loan must be fully | 24 |
| amortizing, with a finance
charge calculated on the | 25 |
| principal balances scheduled to be outstanding and
be | 26 |
| repayable in substantially equal and consecutive |
|
|
|
HB0537 Enrolled |
- 26 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| installments, according
to a payment schedule agreed by the | 2 |
| parties with not less than 13 days and
not more than one | 3 |
| month between payments; except that the first installment
| 4 |
| period may be longer than the remaining installment periods | 5 |
| by not more than
15 days, and the first installment payment | 6 |
| may be larger than the remaining
installment payments by | 7 |
| the amount of finance charges applicable to the
extra days. | 8 |
| (ii) An installment payday loan may be refinanced by a | 9 |
| new installment
payday loan one time during the term of the | 10 |
| initial loan; provided that the
total duration of | 11 |
| indebtedness on the initial installment payday loan | 12 |
| combined
with the total term of indebtedness of the new | 13 |
| loan refinancing that initial
loan, shall not exceed 180 | 14 |
| days. For purposes of this Act, a refinancing
occurs when | 15 |
| an existing installment payday loan is paid from the | 16 |
| proceeds of
a new installment payday loan. | 17 |
| (iii) In the event an installment payday loan is paid | 18 |
| in full prior to
the date on which the last scheduled | 19 |
| installment payment before maturity is
due, other than | 20 |
| through a refinancing, no licensee may offer or make a | 21 |
| payday
loan to the consumer for at least 2 calendar days | 22 |
| thereafter. | 23 |
| (iv) No installment payday loan may be made to a | 24 |
| consumer if the loan would
result in the consumer being | 25 |
| indebted to one or more payday lenders for a
period in | 26 |
| excess of 180 consecutive days. |
|
|
|
HB0537 Enrolled |
- 27 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| No lender may make a payday loan to a consumer if the total | 2 |
| principal amount of the loan, when combined with the principal | 3 |
| amount of all of the consumer's other outstanding payday loans, | 4 |
| exceeds $1,000 or 25% of the consumer's gross monthly income , | 5 |
| whichever is less. | 6 |
| (d) (Blank). No payday loan may be made to a consumer who | 7 |
| has an outstanding balance on 2 payday loans. | 8 |
| (e) No lender may make a payday loan to a consumer if the | 9 |
| total of all payday loan payments coming due within the first | 10 |
| calendar month of the loan, when combined with the payment | 11 |
| amount of all of the consumer's other outstanding payday loans | 12 |
| coming due within the same month, exceeds the lesser of: | 13 |
| (1) $1,000; or | 14 |
| (2) in the case of one or more payday loans, 25% of the | 15 |
| consumer's gross monthly income; or | 16 |
| (3) in the case of one or more installment payday | 17 |
| loans, 22.5% of the consumer's gross monthly income; or | 18 |
| (4) in the case of a payday loan and an installment | 19 |
| payday loan, 22.5% of the consumer's gross monthly income. | 20 |
| No loan shall be made to a consumer who has an outstanding | 21 |
| balance on 2 payday loans, except that, for a period of 12 | 22 |
| months after the effective date of this amendatory Act of the | 23 |
| 96th General Assembly, consumers with an existing CILA loan may | 24 |
| be issued an installment loan issued under this Act from the | 25 |
| company from which their CILA loan was issued. | 26 |
| (e-5) No lender may charge more than $15.50 per $100 loaned |
|
|
|
HB0537 Enrolled |
- 28 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| on any payday loan , or more than $15.50 per $100 on the initial | 2 |
| principal balance and on the principal balances scheduled to be | 3 |
| outstanding during any installment period on any installment | 4 |
| payday loan over the term of the loan . Except for installment | 5 |
| payday loans and except as provided in Section 2-25, this | 6 |
| charge is considered fully earned as of the date on which the | 7 |
| loan is made. For purposes of determining the finance charge | 8 |
| earned on an installment payday loan, the disclosed annual | 9 |
| percentage rate shall be applied to the principal balances | 10 |
| outstanding from time to time until the loan is paid in full, | 11 |
| or until the maturity date, which ever occurs first. No finance | 12 |
| charge may be imposed after the final scheduled maturity date. | 13 |
| When any loan contract is paid in full, the licensee shall | 14 |
| refund any unearned finance charge. The unearned finance charge | 15 |
| that is refunded shall be calculated based on a method that is | 16 |
| at least as favorable to the consumer as the actuarial method, | 17 |
| as defined by the federal Truth in Lending Act. The sum of the | 18 |
| digits or rule of 78ths method of calculating prepaid interest | 19 |
| refunds is prohibited. | 20 |
| (f) A lender may not take or attempt to take an interest in | 21 |
| any of the consumer's personal property to secure a payday | 22 |
| loan. | 23 |
| (g) A consumer has the right to redeem a check or any other | 24 |
| item described in the definition of payday loan under Section | 25 |
| 1-10 issued in connection with a payday loan from the lender | 26 |
| holding the check or other item at any time before the payday |
|
|
|
HB0537 Enrolled |
- 29 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| loan becomes payable by paying the full amount of the check or | 2 |
| other item.
| 3 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 4 |
| (815 ILCS 122/2-10)
| 5 |
| Sec. 2-10. Permitted fees. | 6 |
| (a) If there are insufficient funds to pay a check, | 7 |
| Automatic Clearing House (ACH) debit, or any other item | 8 |
| described in the definition of payday loan under Section 1-10 | 9 |
| on the day of presentment and only after the lender has | 10 |
| incurred an expense, a lender may charge a fee not to exceed | 11 |
| $25. Only one such fee may be collected by the lender with | 12 |
| respect to a particular check, ACH debit, or item even if it | 13 |
| has been deposited and returned more than once. A lender shall | 14 |
| present the check, ACH debit, or other item described in the | 15 |
| definition of payday loan under Section 1-10 for payment not | 16 |
| more than twice. A fee charged under this subsection (a) is a | 17 |
| lender's exclusive charge for late payment. | 18 |
| (a-5) A lender may charge a borrower a fee not to exceed $1 | 19 |
| for the
verification required under Section 2-15 of this Act. | 20 |
| Only one such fee may
be collected by the lender with respect | 21 |
| to a particular loan. | 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.
|
|
|
|
HB0537 Enrolled |
- 30 - |
LRB096 06068 MJR 16150 b |
|
| 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 |
|
|
|
HB0537 Enrolled |
- 31 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| Information Act. | 2 |
| (d) Notwithstanding any other provision of law to the | 3 |
| contrary, a consumer seeking a payday loan may make a direct | 4 |
| inquiry to the consumer reporting service to request a more | 5 |
| detailed explanation of the basis for a consumer reporting | 6 |
| service's determination that the consumer is ineligible for a | 7 |
| new payday 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; |
|
|
|
HB0537 Enrolled |
- 32 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| (5) provides licensees only with a statement that a | 2 |
| consumer is eligible or ineligible for a new payday loan | 3 |
| and a description of the reason for the determination; and | 4 |
| (6) contains safeguards to ensure that all information | 5 |
| contained in the database regarding consumers is kept | 6 |
| strictly confidential.
| 7 |
| (f) The licensee shall update the certified database by | 8 |
| inputting all information required under item (3) of subsection | 9 |
| (e): | 10 |
| (1) on the same day that a payday loan is made; | 11 |
| (2) on the same day that a consumer elects a repayment | 12 |
| plan, as provided in Section 2-40; and | 13 |
| (3) on the same day that a consumer's payday loan is | 14 |
| paid in full ,
including the refinancing of an installment | 15 |
| payday loan as permitted under subsection (c) of
Section | 16 |
| 2-5 . | 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 |
| (i) The certified consumer reporting service may charge a | 26 |
| verification
fee not to exceed $1 upon a loan being made or |
|
|
|
HB0537 Enrolled |
- 33 - |
LRB096 06068 MJR 16150 b |
|
| 1 |
| entered into in the
database. The certified consumer reporting | 2 |
| service shall not charge any
additional fees or charges. | 3 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 4 |
| (815 ILCS 122/2-17)
| 5 |
| Sec. 2-17. Consumer reporting services qualification and | 6 |
| bonding. | 7 |
| (a) Each consumer reporting service shall have at all times | 8 |
| a net worth of not less than $1,000,000 calculated in | 9 |
| accordance with generally accepted accounting principles. | 10 |
| (b) Each application for certification under this Act shall | 11 |
| be accompanied by a surety bond acceptable to the Department in | 12 |
| the amount of $1,000,000. The surety bond shall be in a form | 13 |
| satisfactory to the Department and shall run to the State of | 14 |
| Illinois for the benefit of any claimants against the consumer | 15 |
| reporting service to secure the faithful performance of its | 16 |
| obligations under this Act. The aggregate liability of the | 17 |
| surety may exceed the principal sum of the bond. Claimants | 18 |
| against the consumer reporting service may themselves bring | 19 |
| suit directly on the surety bond or the Department may bring | 20 |
| suit on behalf of claimants, either in one action or in | 21 |
| successive actions. | 22 |
| (c) The surety bond shall remain in effect until | 23 |
| cancellation, which may occur only after 90 days' written | 24 |
| notice to the Department. Cancellation shall not affect any | 25 |
| liability incurred or accrued during that period. |
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| (d) The surety bond shall remain in place for 5 years after | 2 |
| the consumer reporting service ceases operation in the State. | 3 |
| (e) The surety bond proceeds and any cash or other | 4 |
| collateral posted as security by a consumer reporting service | 5 |
| shall be deemed by operation of law to be held in trust for any | 6 |
| claimants under this Act in the event of the bankruptcy of the | 7 |
| consumer reporting service. | 8 |
| (f) To the extent that any indemnity or fine exceeds the | 9 |
| amount of the surety bond described under this Section, the | 10 |
| consumer reporting service shall be liable for that amount. | 11 |
| (g) Each application for certification under this Act shall | 12 |
| be accompanied by a nonrefundable investigation fee of $2,500, | 13 |
| together with an initial certification fee of $1,000. | 14 |
| (h) On or before March 1 of each year, each consumer | 15 |
| reporting service qualified under this Section shall pay to the | 16 |
| Department a certification fee in the amount of $1,000.
| 17 |
| (i) Each consumer reporting service shall maintain at all | 18 |
| times an ID
Theft Red Flag Program that meets the standards | 19 |
| established by the Federal
Trade Commission's Red Flags Rule, | 20 |
| promulgated under the Fair and Accurate
Credit Transactions Act | 21 |
| of 2003. | 22 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 23 |
| (815 ILCS 122/2-20)
| 24 |
| Sec. 2-20. Required disclosures. | 25 |
| (a) Before a payday loan is made, a lender shall
deliver to |
|
|
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| the consumer a pamphlet prepared by the Secretary that:
| 2 |
| (1) explains, in simple English and Spanish, all of the | 3 |
| consumer's
rights and responsibilities in a payday loan | 4 |
| transaction;
| 5 |
| (2) includes a toll-free number to the Secretary's | 6 |
| office to handle
concerns or provide information about | 7 |
| whether a lender is licensed, whether
complaints have been | 8 |
| filed with the Secretary, and the resolution of those
| 9 |
| complaints; and
| 10 |
| (3) provides information regarding the availability of | 11 |
| debt
management services.
| 12 |
| (b) Lenders shall provide consumers with a written | 13 |
| agreement that may be kept by the
consumer. The written | 14 |
| agreement must include the following information in
English and | 15 |
| in the language in which the loan was negotiated:
| 16 |
| (1) the name and address of the lender making the | 17 |
| payday loan, and the name and title of the individual | 18 |
| employee who signs the
agreement on behalf of the lender;
| 19 |
| (2) disclosures required by the federal Truth in | 20 |
| Lending Act;
| 21 |
| (3) a clear description of the consumer's payment | 22 |
| obligations under
the loan;
| 23 |
| (4) the following statement, in at least 14-point bold | 24 |
| type face: "You
cannot be prosecuted in criminal court to | 25 |
| collect this loan." The
information required to be | 26 |
| disclosed under this subdivision (4) must be
conspicuously |
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| disclosed
in the loan document and shall be located | 2 |
| immediately preceding
the signature of the consumer; and
| 3 |
| (5) the following statement, in at least 14-point bold | 4 |
| type face:
| 5 |
| "WARNING: This loan is not intended to meet long-term | 6 |
| financial needs. This
loan should be used only to meet | 7 |
| short-term cash needs. The cost of your loan may be higher | 8 |
| than loans offered by other lending
institutions. This loan | 9 |
| is regulated by the Department of Financial
and | 10 |
| Professional Regulation." | 11 |
| (c) The following notices in English and Spanish must be | 12 |
| conspicuously posted by a lender in each location of
a business | 13 |
| providing payday loans:
| 14 |
| (1) A notice that informs consumers that the lender | 15 |
| cannot use the
criminal process against a consumer to | 16 |
| collect any payday loan.
| 17 |
| (2) The schedule of all finance charges to be charged | 18 |
| on loans with an
example of the amounts that would be | 19 |
| charged on a $100 loan payable in 13
days , and a $400 loan | 20 |
| payable in 30 days, and an installment payday loan of
$400 | 21 |
| payable on a monthly basis over 180 days, giving the | 22 |
| corresponding annual
percentage rate.
| 23 |
| (3) In one-inch bold type, a notice to the public in | 24 |
| the lending
area of each business location containing the | 25 |
| following
statement:
| 26 |
| "WARNING: This loan is not intended to meet long-term |
|
|
|
HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| financial needs. This
loan should be used only to meet | 2 |
| short-term cash needs. The cost of your loan may be higher | 3 |
| than loans offered by other lending
institutions. This loan | 4 |
| is regulated by the Department of Financial
and | 5 |
| Professional Regulation." | 6 |
| (4) In one-inch bold type, a notice to the public in | 7 |
| the lending area of each business location containing the | 8 |
| following statement: | 9 |
| "INTEREST-FREE REPAYMENT PLAN: If you still owe on one | 10 |
| or more payday loans , other than an installment payday | 11 |
| loan, after 35 days, you are entitled to enter into a | 12 |
| repayment plan. The repayment plan will give you at least | 13 |
| 55 days to repay your loan in installments with no | 14 |
| additional finance charges, interest, fees, or other | 15 |
| charges of any kind."
| 16 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 17 |
| (815 ILCS 122/2-30)
| 18 |
| Sec. 2-30. Rollovers prohibited. Rollover of a payday loan | 19 |
| by any lender is prohibited , except as provided in subsection | 20 |
| (c) of Section 2-5 . This Section does not prohibit entering | 21 |
| into a repayment plan, as provided under Section 2-40.
| 22 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 23 |
| (815 ILCS 122/2-40)
| 24 |
| Sec. 2-40. Repayment plan. |
|
|
|
HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| (a) At the time a payday loan is made, the lender must | 2 |
| provide the consumer with a separate written notice signed by | 3 |
| the consumer of the consumer's right to request a repayment | 4 |
| plan. The written notice must comply with the requirements of | 5 |
| subsection (c). | 6 |
| (b) The loan agreement must include the following language | 7 |
| in at least 14-point bold type: IF YOU STILL OWE ON ONE OR MORE | 8 |
| PAYDAY LOANS AFTER 35 DAYS, YOU ARE ENTITLED TO ENTER INTO A | 9 |
| REPAYMENT PLAN. THE REPAYMENT PLAN WILL GIVE YOU AT LEAST 55 | 10 |
| DAYS TO REPAY YOUR LOAN IN INSTALLMENTS WITH NO ADDITIONAL | 11 |
| FINANCE CHARGES, INTEREST, FEES, OR OTHER CHARGES OF ANY KIND. | 12 |
| (c) At the time a payday loan is made, on the first page of | 13 |
| the loan agreement and in a separate document signed by the | 14 |
| consumer, the following shall be inserted in at least 14-point | 15 |
| bold type: I UNDERSTAND THAT IF I STILL OWE ON ONE OR MORE | 16 |
| PAYDAY LOANS AFTER 35 DAYS, I AM ENTITLED TO ENTER INTO A | 17 |
| REPAYMENT PLAN THAT WILL GIVE ME AT LEAST 55 DAYS TO REPAY THE | 18 |
| LOAN IN INSTALLMENTS WITH NO ADDITIONAL FINANCE CHARGES, | 19 |
| INTEREST, FEES, OR OTHER CHARGES OF ANY KIND. | 20 |
| (d) If the consumer has or has had one or more payday loans | 21 |
| outstanding for 35 consecutive days, any payday loan | 22 |
| outstanding on the 35th consecutive day shall be payable under | 23 |
| the terms of a repayment plan as provided for in this Section, | 24 |
| if the consumer requests the repayment plan. As to any loan | 25 |
| that becomes eligible for a repayment plan under this | 26 |
| subsection, the consumer has until 28 days after the default |
|
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| date of the loan to request a repayment plan. Within 48 hours | 2 |
| after the request for a repayment plan is made, the lender must | 3 |
| prepare the repayment plan agreement and both parties must | 4 |
| execute the agreement. Execution of the repayment plan | 5 |
| agreement shall be made in the same manner in which the loan | 6 |
| was made and shall be evidenced in writing. | 7 |
| (e) The terms of the repayment plan for a payday loan must | 8 |
| include the following: | 9 |
| (1) The lender may not impose any charge on the | 10 |
| consumer for requesting or using a repayment plan. | 11 |
| Performance of the terms of the repayment plan extinguishes | 12 |
| the consumer's obligation on the loan. | 13 |
| (2) No lender shall charge the consumer any finance | 14 |
| charges, interest, fees, or other charges of any kind, | 15 |
| except a fee for insufficient funds, as provided under | 16 |
| Section 2-10.
| 17 |
| (3) The consumer shall be allowed to repay the loan in | 18 |
| at least 4 equal installments with at least 13 days between | 19 |
| installments, provided that the term of the repayment plan | 20 |
| does not exceed 90 days. The first payment under the | 21 |
| repayment plan shall not be due before at least 13 days | 22 |
| after the repayment plan is signed by both parties. The | 23 |
| consumer may prepay the amount due under the repayment plan | 24 |
| at any time, without charge or penalty. | 25 |
| (4) The length of time between installments may be | 26 |
| extended by the parties so long as the total period of |
|
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| repayment does not exceed 90 days. Any such modification | 2 |
| must be in writing and signed by both parties. | 3 |
| (f) Notwithstanding any provision of law to the contrary, a | 4 |
| lender is prohibited from making a payday loan to a consumer | 5 |
| who has a payday loan outstanding under a repayment plan and | 6 |
| for at least 14 days after the outstanding balance of the loan | 7 |
| under the repayment plan and the outstanding balance of all | 8 |
| other payday loans outstanding during the term of the repayment | 9 |
| plan are paid in full. | 10 |
| (g) A lender may not accept postdated checks for payments | 11 |
| under a repayment plan. | 12 |
| (h) Notwithstanding any provision of law to the contrary, a | 13 |
| lender may voluntarily agree to enter into a repayment plan | 14 |
| with a consumer at any time.
If a consumer is eligible for a | 15 |
| repayment plan under subsection (d), any repayment agreement | 16 |
| constitutes a repayment plan under this Section and all | 17 |
| provisions of this Section apply to that agreement.
| 18 |
| (i) The provisions of this Section 2-40 do not apply to an | 19 |
| installment
payday loan, except for subsection (f) of this | 20 |
| Section. | 21 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 22 |
| (815 ILCS 122/2-45)
| 23 |
| Sec. 2-45. Default. | 24 |
| (a) No legal proceeding of any kind, including, but not | 25 |
| limited to, a lawsuit or arbitration, may be filed or initiated |
|
|
|
HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| against a consumer to collect on a payday loan until 28 days | 2 |
| after the default date of the loan, or, in the case of a payday | 3 |
| loan under a repayment plan, for 28 days after the default date | 4 |
| under the terms of the repayment plan , or in the case of an
| 5 |
| installment payday loan, for 28 days after default in making a | 6 |
| scheduled
payment . | 7 |
| (b) Upon and after default, a lender shall not charge the | 8 |
| consumer any finance charges, interest, fees, or charges of any | 9 |
| kind, other than the insufficient fund fee described in Section | 10 |
| 2-10.
| 11 |
| (c) Notwithstanding whether a loan is or has been in | 12 |
| default, once the loan becomes subject to a repayment plan, the | 13 |
| loan shall not be construed to be in default until the default | 14 |
| date provided under the terms of the repayment plan.
| 15 |
| (Source: P.A. 94-13, eff. 12-6-05.) | 16 |
| (815 ILCS 122/3-5)
| 17 |
| Sec. 3-5. Licensure. | 18 |
| (a) A license to make a payday loan shall state the | 19 |
| address,
including city and state, at which
the business is to | 20 |
| be conducted and shall state fully the name of the licensee.
| 21 |
| The license shall be conspicuously posted in the place of | 22 |
| business of the
licensee and shall not be transferable or | 23 |
| assignable.
| 24 |
| (b) An application for a license shall be in writing and in | 25 |
| a form
prescribed by the Secretary. The Secretary may not issue |
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| a payday loan
license unless and until the following findings | 2 |
| are made:
| 3 |
| (1) that the financial responsibility, experience, | 4 |
| character, and general
fitness of the applicant are such as | 5 |
| to command the confidence of the public
and to warrant the | 6 |
| belief that the business will be operated lawfully and
| 7 |
| fairly and within the provisions and purposes of this Act; | 8 |
| and
| 9 |
| (2) that the applicant has submitted such other | 10 |
| information as the
Secretary may deem necessary.
| 11 |
| (c) A license shall be issued for no longer than one year, | 12 |
| and no renewal
of a license may be provided if a licensee has | 13 |
| substantially violated this
Act and has not cured the violation | 14 |
| to the satisfaction of the Department.
| 15 |
| (d) A licensee shall appoint, in writing, the Secretary as | 16 |
| attorney-in-fact
upon whom all lawful process against the | 17 |
| licensee may be served with the
same legal force and validity | 18 |
| as if served on the licensee. A copy of the
written | 19 |
| appointment, duly certified, shall be filed in the office of | 20 |
| the
Secretary, and a copy thereof certified by the Secretary | 21 |
| shall be sufficient
evidence to subject a licensee to | 22 |
| jurisdiction in a court of law. This appointment shall remain | 23 |
| in effect while any liability remains
outstanding in this State | 24 |
| against the licensee. When summons is served upon
the Secretary | 25 |
| as attorney-in-fact for a licensee, the Secretary shall | 26 |
| immediately
notify the licensee by registered mail, enclosing |
|
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| the summons and specifying
the hour and day of service.
| 2 |
| (e) A licensee must pay an annual fee of $1,000. In | 3 |
| addition to the
license fee, the reasonable expense of any | 4 |
| examination or hearing
by the Secretary under any provisions of | 5 |
| this Act shall be borne by
the licensee. If a licensee fails to | 6 |
| renew its license by December 31,
its license
shall | 7 |
| automatically expire; however, the Secretary, in his or her | 8 |
| discretion,
may reinstate an expired license upon:
| 9 |
| (1) payment of the annual fee within 30 days of the | 10 |
| date of
expiration; and
| 11 |
| (2) proof of good cause for failure to renew.
| 12 |
| (f) Not more than one place of business shall be maintained | 13 |
| under the
same license, but the Secretary may issue more than | 14 |
| one license to the same
licensee upon compliance with all the | 15 |
| provisions of this Act governing
issuance of a single license. | 16 |
| The location, except those locations already in
existence as of | 17 |
| June 1, 2005, may not be within one mile of a
horse race track | 18 |
| subject to the Illinois Horse Racing Act of 1975,
within one | 19 |
| mile of a facility at which gambling is conducted under the
| 20 |
| Riverboat Gambling Act, within one mile of the location at | 21 |
| which a
riverboat subject to the Riverboat Gambling Act docks, | 22 |
| or within one mile of
any State of Illinois or United States | 23 |
| military base or naval installation.
| 24 |
| (g) No licensee shall conduct the business of making loans | 25 |
| under this
Act within any office, suite, room, or place of | 26 |
| business in which (1) any loans are offered or made under the |
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| Consumer Installment Loan Act other than title secured loans as | 2 |
| defined in subsection (a) of Section 15 of the Consumer | 3 |
| Installment Loan Act and governed by Title 38, Section 110.330 | 4 |
| of the Illinois Administrative Code or (2) any other
business | 5 |
| is solicited or engaged in unless the other business is | 6 |
| licensed by the Department or, in the opinion of the Secretary, | 7 |
| the
other business would not be contrary to the best interests | 8 |
| of consumers and
is authorized by the Secretary in writing.
| 9 |
| (g-5) Notwithstanding subsection (g) of this Section, a | 10 |
| licensee may obtain a license under the Consumer Installment | 11 |
| Loan Act (CILA) for the exclusive purpose and use of making | 12 |
| title secured loans, as defined in subsection (a) of Section 15 | 13 |
| of CILA and governed by Title 38, Section 110.300 of the | 14 |
| Illinois Administrative Code. A licensee may continue to | 15 |
| service Consumer Installment Loan Act loans that were | 16 |
| outstanding as of the effective date of this amendatory Act of | 17 |
| the 96th General Assembly. | 18 |
| (h) The Secretary shall maintain a list of licensees that | 19 |
| shall be
available to interested consumers and lenders and the | 20 |
| public. The Secretary
shall maintain a toll-free number whereby | 21 |
| consumers may obtain
information about licensees. The | 22 |
| Secretary shall also establish a complaint
process under which | 23 |
| an aggrieved consumer
may file a complaint against a licensee | 24 |
| or non-licensee who violates any
provision of this Act.
| 25 |
| (Source: P.A. 94-13, eff. 12-6-05.) |
|
|
|
HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| (815 ILCS 122/4-5)
| 2 |
| Sec. 4-5. Prohibited acts. A licensee or unlicensed person | 3 |
| or entity making payday
loans may not commit, or have committed | 4 |
| on behalf of the
licensee
or unlicensed person or entity, any | 5 |
| of the following acts: | 6 |
| (1) Threatening to use or using the criminal process in | 7 |
| this or any
other state to collect on the loan.
| 8 |
| (2) Using any device or agreement that would have the | 9 |
| effect of
charging or collecting more fees or charges than | 10 |
| allowed by this
Act, including, but not limited to, | 11 |
| entering into a different type of
transaction
with the | 12 |
| consumer.
| 13 |
| (3) Engaging in unfair, deceptive, or fraudulent | 14 |
| practices in the
making or collecting of a payday loan.
| 15 |
| (4) Using or attempting to use the check provided by | 16 |
| the consumer in
a payday loan as collateral for a | 17 |
| transaction not related to a payday loan.
| 18 |
| (5) Knowingly accepting payment in whole or in part of | 19 |
| a payday
loan through the proceeds of another payday loan | 20 |
| provided by any licensee , except
as provided in subsection | 21 |
| (c) of Section 2.5 .
| 22 |
| (6) Knowingly accepting any security, other than that | 23 |
| specified in the
definition of payday loan in Section 1-10, | 24 |
| for a payday loan.
| 25 |
| (7) Charging any fees or charges other than those | 26 |
| specifically
authorized by this Act.
|
|
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HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| (8) Threatening to take any action against a consumer | 2 |
| that is
prohibited by this Act or making any misleading or | 3 |
| deceptive statements
regarding the payday loan or any | 4 |
| consequences thereof.
| 5 |
| (9) Making a misrepresentation of a material fact by an | 6 |
| applicant for licensure in
obtaining or attempting to | 7 |
| obtain a license.
| 8 |
| (10) Including any of the following provisions in loan | 9 |
| documents
required by subsection (b) of Section 2-20:
| 10 |
| (A) a confession of judgment clause;
| 11 |
| (B) a waiver of the right to a jury trial, if | 12 |
| applicable, in any action
brought by or against a | 13 |
| consumer, unless the waiver is included in an | 14 |
| arbitration clause allowed under
subparagraph (C) of | 15 |
| this paragraph (11);
| 16 |
| (C) a mandatory arbitration clause that is | 17 |
| oppressive, unfair,
unconscionable, or substantially | 18 |
| in derogation of the rights of consumers; or
| 19 |
| (D) a provision in which the consumer agrees not to | 20 |
| assert any claim
or defense arising out of the | 21 |
| contract.
| 22 |
| (11) Selling any insurance of any kind whether or not | 23 |
| sold in
connection with the making or collecting of a | 24 |
| payday loan.
| 25 |
| (12) Taking any power of attorney.
| 26 |
| (13) Taking any security interest in real estate.
|
|
|
|
HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
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| 1 |
| (14) Collecting a delinquency or collection charge on | 2 |
| any installment
regardless of the period in which it | 3 |
| remains in default.
| 4 |
| (15) Collecting treble damages on an amount owing from | 5 |
| a payday loan.
| 6 |
| (16) Refusing, or intentionally delaying or
| 7 |
| inhibiting, the consumer's right to enter into a repayment | 8 |
| plan pursuant to this
Act. | 9 |
| (17) Charging for, or attempting to
collect, | 10 |
| attorney's fees, court costs, or arbitration costs | 11 |
| incurred in connection with the
collection of a payday | 12 |
| loan. | 13 |
| (18) Making a loan in violation of this Act. | 14 |
| (19) Garnishing the wages or salaries of a consumer who | 15 |
| is a member of the military. | 16 |
| (20) Failing to suspend or defer collection activity | 17 |
| against a consumer who is a member of the military and who | 18 |
| has been deployed to a combat or combat-support posting. | 19 |
| (21) Contacting the military chain of command of a | 20 |
| consumer who is a member of the military in an effort to | 21 |
| collect on a payday loan.
| 22 |
| (22) Making or offering to make any loan other than a | 23 |
| payday loan or
a title-secured loan, provided however, that | 24 |
| to make or offer to make a
title-secured loan, a licensee | 25 |
| must obtain a license under the Consumer
Installment Loan | 26 |
| Act. |
|
|
|
HB0537 Enrolled |
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LRB096 06068 MJR 16150 b |
|
| 1 |
| (Source: P.A. 94-13, eff. 12-6-05.)
| 2 |
| Section 99. Effective date. This Act takes effect 9 months | 3 |
| after becoming law. |
|