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90_SB0685sam001
LRB9002691LDcwam01
1 AMENDMENT TO SENATE BILL 685
2 AMENDMENT NO. . Amend Senate Bill 685 on page 1,
3 lines 2 and 6, by replacing "7.5" each time it appears with
4 "12.5"; and
5 on page 1 by replacing lines 7 through 16 with the following:
6 "(205 ILCS 670/12.5 new)
7 Sec. 12.5. Limited purpose branch.
8 (a) Upon the written approval of the Director, a
9 licensee may maintain a limited purpose branch for the sole
10 purpose of making loans as permitted by this Act. A limited
11 purpose branch includes an automatic loan machine. No other
12 activity shall be conducted at the site including, but not
13 limited to, accepting payments, servicing the accounts, and
14 collections.
15 (b) The licensee must submit an application for a
16 limited purpose branch to the Director on forms prescribed by
17 the Director with an application fee of $300. The approval
18 for the limited purpose branch must be renewed concurrently
19 with the renewal of the license along with a renewal fee of
20 $300 for the limited purpose branch.
21 (c) The books, accounts, records, and files of the
22 limited purpose branch's transactions shall be maintained at
-2- LRB9002691LDcwam01
1 the licensee's licensed location. The licensee shall notify
2 the Director of the licensed location at which the books,
3 accounts, records, and files are maintained.
4 (d) The licensee shall prominently display at the
5 limited purpose branch the address and telephone number of
6 the licensee's licensed location.
7 (e) No other business shall be conducted at the site of
8 the limited purpose branch unless authorized by the Director.
9 (f) The Director shall make and enforce reasonable rules
10 for the conduct of a limited purpose branch.
11 Section 99. Effective date. This Act takes effect upon
12 becoming law.".