Bill Text: IL SB1398 | 2015-2016 | 99th 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 $40,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-02-20 - Referred to Assignments [SB1398 Detail]

Download: Illinois-2015-SB1398-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB1398 Introduced 2/20/2015, by Sen. Antonio Muñoz 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 $40,000.
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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)
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 $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. For the purpose of this Section,

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"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.
(Source: P.A. 96-936, eff. 3-21-11; 97-420, eff. 1-1-12.)