Bill Text: IL SB0674 | 2011-2012 | 97th General Assembly | Chaptered
Bill Title: Amends the Nursing Home Care Act. Makes a technical change in a Section concerning medical treatment.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2011-08-16 - Public Act . . . . . . . . . 97-0420 [SB0674 Detail]
Download: Illinois-2011-SB0674-Chaptered.html
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Public Act 097-0420 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Consumer Installment Loan Act is amended by | ||||
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, | ||||
partnership, association, limited liability
company, or | ||||
corporation shall engage in
the business of making loans of | ||||
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
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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. For the purpose of this Section, |
"affiliate" means any person or entity that directly or | ||
indirectly controls, is controlled by, or shares control with | ||
another person or entity. A person or entity has control over | ||
another if the person or entity has an ownership interest of | ||
25% or more in the other.
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(Source: P.A. 96-936, eff. 3-21-11 .)
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