Bill Text: IL HB0069 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB0069 Detail]

Download: Illinois-2011-HB0069-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB0069 Introduced , by Rep. Lou Lang 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.
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A BILL FOR
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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)
(Text of Section before amendment by P.A. 96-936)
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.)
(Text of Section after amendment by P.A. 96-936)
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

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money in a principal amount not exceeding $40,000, 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). No licensee, or employee or
affiliate thereof, that is licensed under the Payday Loan
Reform Act shall obtain a license under this Act except that a
licensee under the Payday Loan Reform Act may obtain a license
under this Act for the exclusive purpose and use of making
title-secured loans, as defined in subsection (a) of Section 15
of this Act and governed by Title 38, Section 110.300 of the
Illinois Administrative Code.
(Source: P.A. 96-936, eff. 3-21-11.)
Section 95. No acceleration or delay. Where this Act makes
changes in a statute that is represented in this Act by text
that is not yet or no longer in effect (for example, a Section
represented by multiple versions), the use of that text does
not accelerate or delay the taking effect of (i) the changes
made by this Act or (ii) provisions derived from any other
Public Act.