Bill Text: IL SB3676 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: Amends the Sales Finance Agency Act. Makes changes to defined terms. Provides that applicants for a license shall apply in a form prescribed by the Secretary of Financial and Professional Regulation. Prohibits any person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by the Act from operating the business under a name other than the real names of the entity and individuals conducting the business. Grants the Secretary authority to issue a license upon completion of the specified filing and investigatory requirements. Sets forth further licensing requirements. Provides that all moneys received by the Secretary under the Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund. Prohibits a sales finance agency from aiding or seeking to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. Grants additional investigatory, disciplinary, and examination authority to the Secretary. Establishes rulemaking provisions. Grants the Department authority to adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under the Act. Allows the Secretary to request a circuit court to assess a civil penalty of up to $10,000 (rather than $1,000) for violations of the Act. Repeals various provisions of the Act. Makes other changes. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2026-04-17 - Rule 3-9(a) / Re-referred to Assignments [SB3676 Detail]

Download: Illinois-2025-SB3676-Introduced.html

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104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026SB3676 Introduced 2/5/2026, by Sen. Laura Ellman SYNOPSIS AS INTRODUCED:
See Index
Amends the Sales Finance Agency Act. Makes changes to defined terms. Provides that applicants for a license shall apply in a form prescribed by the Secretary of Financial and Professional Regulation. Prohibits any person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by the Act from operating the business under a name other than the real names of the entity and individuals conducting the business. Grants the Secretary authority to issue a license upon completion of the specified filing and investigatory requirements. Sets forth further licensing requirements. Provides that all moneys received by the Secretary under the Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund. Prohibits a sales finance agency from aiding or seeking to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. Grants additional investigatory, disciplinary, and examination authority to the Secretary. Establishes rulemaking provisions. Grants the Department authority to adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under the Act. Allows the Secretary to request a circuit court to assess a civil penalty of up to $10,000 (rather than $1,000) for violations of the Act. Repeals various provisions of the Act. Makes other changes. Effective immediately.
LRB104 17946 BAB 31383 b
A BILL FOR
SB3676 LRB104 17946 BAB 31383 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Sales Finance Agency Act is amended by
changing Sections 2, 4, 6.1, 10.2, 10.6, 12, 13, 15.5, 16.5,
17, and 19 and by adding Sections 3.5, 4.1, 4.2, 4.3, 4.4, 4.5,
4.6, 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.8, 10.7, 10.8, 13.5, and
14.5 as follows:
(205 ILCS 660/2) (from Ch. 17, par. 5202)
Sec. 2. Definitions. In this Act, unless the context
otherwise requires:
"Sales finance agency" means a person, irrespective of his
or her state of domicile or place of business, engaged in this
State, in whole or in part, in the business of purchasing, or
making loans secured by, retail installment contracts, retail
charge agreements or the outstanding balances under such
contracts or agreements entered into in this State.
"Holder" of a retail installment contract or a retail
charge agreement means the retail seller of the goods or
services under the contract or charge agreement, or if the
outstanding balances thereunder are purchased by or
transferred as security to a sales finance agency or other
assignee, the sales finance agency or other assignee.

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"Person" means an individual, corporation, partnership,
limited liability company, joint venture, or any other form of
business association.
"Department" means the Department of Financial and
Professional Regulation Institutions.
"Director" means the Director of Financial Institutions.
"Holder" of a retail installment contract or a retail
charge agreement means the retail seller of the goods or
services under the contract or charge agreement, or if the
outstanding balances thereunder are purchased by or
transferred as security to a sales finance agency or other
assignee, the sales finance agency or other assignee.
"Motor Vehicle Retail Installment Sales Act" and "Retail
Installment Sales Act" refer to the Acts having those titles
enacted by the 75th General Assembly.
"Person" means an individual, corporation, partnership,
limited liability company, joint venture, or any other form of
business association.
"Retail installment contract" and "retail charge
agreement" have the meanings ascribed to them in the Motor
Vehicle Retail Installment Sales Act and the Retail
Installment Sales Act.
"Sales finance agency" means a person, irrespective of the
person's state of domicile or place of business, engaged in
this State, in whole or in part, in the business of purchasing
or making loans secured by retail installment contracts,

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retail charge agreements, or the outstanding balances under
such contracts or agreements entered into in this State.
"Secretary" means the Secretary of Financial and
Professional Regulation or the Secretary's designee. The
Director of the Division of Financial Institutions of the
Department of Financial and Professional Regulation is a
designee of the Secretary under this Act.
"Special purpose vehicle" means an entity that, in
connection with a securitization, private placement, or
similar type of investment transaction, is administered by a
State or national bank under a management agreement for the
purpose of purchasing, making loans against, or in pools of,
receivables, general intangibles, and other financial assets
including retail installment contracts, retail charge
agreements, or the outstanding balances or any portion of the
outstanding balances under those contracts or agreements.
"Net Worth" means total assets minus total liabilities.
(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
(205 ILCS 660/3.5 new)
Sec. 3.5. License application; Nationwide Multistate
Licensing System and Registry.
(a) Applicants for a license shall apply in a form
prescribed by the Secretary. Each form shall contain content
as set forth by rule, instruction, or procedure of the
Department and may be changed or updated as necessary by the

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Department to carry out the purposes of this Act.
(b) To fulfill the purposes of this Act, the Secretary is
authorized to establish relationships or contracts with the
Nationwide Multistate Licensing System and Registry or other
entities designated by the Nationwide Multistate Licensing
System and Registry to collect and maintain records and
process transaction fees or other fees related to licensees or
other persons subject to this Act.
(c) In connection with an application for licensing, the
applicant may be required, at a minimum, to furnish to the
Nationwide Multistate Licensing System and Registry
information concerning the applicant's identity, including
personal history and experience in a form prescribed by the
Nationwide Multistate Licensing System and Registry, including
the submission of authorization for the Nationwide Multistate
Licensing System and Registry and the Secretary to obtain:
(1) an independent credit report obtained from a
consumer reporting agency described in Section 603(p) of
the Fair Credit Reporting Act, 15 U.S.C. 1681a(p); and
(2) information related to any administrative, civil,
or criminal findings by any governmental jurisdiction.
(d) For the purposes of this Section, and in order to
reduce the points of contact that the Secretary may have to
maintain for purposes of paragraph (2) of subsection (c), the
Secretary may use the Nationwide Multistate Licensing System
and Registry as a channeling agent for requesting and

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distributing information to and from any source as directed by
the Secretary.
(205 ILCS 660/4) (from Ch. 17, par. 5204)
Sec. 4. After December 31, 1967, a person who is required
to be licensed under this Act must display at each of his
places of business, both physical and digital, a
non-transferable and non-assignable license. A licensee who
operates more than one place of business may obtain additional
licenses upon compliance with this Act as to each place of
business. Application for a license must be on a form
prescribed and furnished by the Department. A licensee may
move his place or places of business from one location to
another within a county without obtaining a new license if he
gives the Department at least 10 days' prior written notice of
the relocation.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 660/4.1 new)
Sec. 4.1. Licensee name. No person, partnership,
association, corporation, limited liability company, or other
entity engaged in a business regulated by this Act shall
operate the business under a name other than the real names of
the entity and individuals conducting the business. The
business may, in addition, operate under an assumed corporate
name pursuant to the Business Corporation Act of 1983, an

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assumed limited liability company name pursuant to the Limited
Liability Company Act, or an assumed business name pursuant to
the Assumed Business Name Act.
(205 ILCS 660/4.2 new)
Sec. 4.2. License application process; investigation.
(a) The Secretary may issue a license upon completion of
all of the following:
(1) the filing of an application for a license with
the Secretary or the Nationwide Multistate Licensing
System and Registry as required by the Secretary;
(2) the filing with the Secretary of a listing of
judgments entered against and bankruptcy petitions by the
license applicant for the preceding 10 years;
(3) the filing of an audited balance sheet, including
all footnotes prepared by a certified public accountant in
accordance with generally accepted accounting principles
and generally accepted auditing standards; notwithstanding
the requirements of this subsection, an applicant that is
a subsidiary may submit audited consolidated financial
statements of its parent, intermediary parent, or ultimate
parent if the consolidated statements are supported by
consolidating statements that include the applicant's
financial statement; if the consolidating statements are
unaudited, the applicant's chief financial officer shall
attest to the applicant's financial statements disclosed

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in the consolidating statements; and
(4) an investigation of the averments required by
Section 4.4 which investigation must allow the Secretary
to issue positive findings stating that the financial
responsibility, experience, character, and general fitness
of the license applicant; of the members if the license
applicant is a partnership or association; of the officers
and directors if the license applicant is a corporation;
and of the managers and members that retain any authority
or responsibility under the operating agreement if the
license applicant is a limited liability company are such
as to command the confidence of the community and to
warrant belief that the business will be operated
honestly, fairly, and efficiently within the purpose of
this Act; if the Secretary does not so find, the Secretary
shall not issue the license and shall notify the license
applicant of the denial. The Secretary may impose
conditions on a license if the Secretary determines that
those conditions are necessary or appropriate. These
conditions shall be imposed in writing and shall continue
in effect for a period prescribed by the Secretary.
(b) All licenses shall be issued to the license applicant.
Upon receipt of the license, a sales finance agency licensee
shall be authorized to engage in the business regulated by
this Act. The license shall remain in full force and effect
until it expires, it is surrendered by the licensee, or it is

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revoked or suspended as provided by this Act.
(c) The Secretary may, for good cause shown, waive, in
part, any of the requirements of this Section.
(205 ILCS 660/4.3 new)
Sec. 4.3. License application form.
(a) An application for a sales finance agency license must
be made in accordance with Section 4.2 and, if applicable, in
accordance with requirements of the Nationwide Multistate
Licensing System and Registry. The application shall be in
writing, under oath, and on a form obtained from and
prescribed by the Secretary, or may be submitted
electronically with attestation to the Nationwide Multistate
Licensing System and Registry.
(b) The application shall contain the name and complete
business and residential address or addresses of the license
applicant. If the license applicant is a partnership,
association, corporation, or other form of business
organization, the application shall contain the names and
complete business and residential addresses of each member,
director, and principal officer of the business. The
application shall also include a description of the activities
of the license applicant in such detail and for such periods as
the Secretary may require, including all of the following:
(1) an affirmation of financial solvency noting such
capitalization requirements as may be required by the

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Secretary and access to such credit as may be required by
the Secretary;
(2) proof in a form satisfactory to the Secretary that
the applicant has and will maintain a positive net worth
of a minimum of $30,000;
(3) an applicant shall submit to the Secretary with
the application for a license and every licensee shall
maintain a bond to be approved by the Secretary in which
the applicant shall be the obligor, in the sum of $50,000
or such additional amount as required by the Secretary
based on the sales finance agency activity of the licensee
in the previous year, and in which an insurance company
that is duly authorized by this State to transact the
business of fidelity and surety insurance shall be a
surety. The surety bond shall run to the Secretary and
shall be for the benefit of the Department and of any
consumer who incurs damages as a result of any violation
of this Act or rules adopted pursuant to this Act by a
licensee;
(4) an affirmation that the license applicant or its
members, directors, or principals, as may be appropriate,
are at least 18 years of age;
(5) information as to the character, fitness,
financial and business responsibility, background,
experience, and criminal record of any:
(A) person, entity, or ultimate equitable owner

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that owns or controls, directly or indirectly, 10% or
more of any class of stock of the license applicant;
(B) person, entity, or ultimate equitable owner
that is not a depository institution, as defined in
Section 1007.50 of the Savings Bank Act, that lends,
provides, or infuses, directly or indirectly, in any
way, funds to or into a license applicant in an amount
equal to or more than 10% of the license applicant's
net worth;
(C) person, entity, or ultimate equitable owner
that controls, directly or indirectly, the election of
25% or more of the members of the board of directors of
a license applicant; and
(D) person, entity, or ultimate equitable owner
that the Secretary finds influences management of the
license applicant; the provisions of this subparagraph
shall not apply to a public official serving on the
board of directors of a State guaranty agency; and
(6) any other information the Secretary reasonably
deems necessary to include in the application.
(205 ILCS 660/4.4 new)
Sec. 4.4. Averments of applicant. Each application for
license shall be accompanied by the following averments
stating that the applicant:
(1) will file with the Secretary or Nationwide

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Multistate Licensing System and Registry, as applicable,
any report or reports that it is required to file under any
of the provisions of this Act when due;
(2) has not committed a crime against the law of this
State, any other state, or of the United States involving
moral turpitude or fraudulent or dishonest dealing, and
that no final judgment has been entered against it in a
civil action upon grounds of fraud, misrepresentation, or
deceit that has not been previously reported to the
Secretary;
(3) has not engaged in any conduct that would be cause
for denial of a license;
(4) has not become insolvent;
(5) has not submitted an application for a license
under this Act that contains a material misstatement;
(6) has not demonstrated by course of conduct,
negligence or incompetence in performing any act for which
it is required to hold a license under this Act;
(7) will advise the Secretary in writing or the
Nationwide Multistate Licensing System and Registry, as
applicable, of any changes to the information submitted on
the most recent application for license or averments of
record within 30 days after the change; the written notice
must be signed in the same form as the application for the
license being amended;
(8) will comply with the provisions of this Act and

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with any lawful order, rule, or regulation made or issued
under the provisions of this Act;
(9) will submit to periodic examination by the
Secretary as required by this Act; and
(10) will advise the Secretary in writing of judgments
entered against and bankruptcy petitions by the license
applicant within 5 days after the occurrence.
A licensee who fails to fulfill the obligations of an
averment, fails to comply with averments made, or otherwise
violates any of the averments made under this Section shall be
subject to the penalties of this Act.
(205 ILCS 660/4.5 new)
Sec. 4.5. Refusal to issue license. The Secretary may
refuse to issue or renew a license if:
(1) it is determined that the applicant is not in
compliance with any provisions of this Act;
(2) there is substantial continuity between the
applicant and any violator of this Act; or
(3) the Secretary cannot make the findings specified
in Section 4.4.
(205 ILCS 660/4.6 new)
Sec. 4.6. License renewal; fees.
(a) Licenses shall be renewed every year using the common
renewal date of the Nationwide Multistate Licensing System and

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Registry, as required by the Secretary. Properly completed
renewal application forms and filing fees may be received by
the Secretary 60 days before the license expiration date, but
to be deemed timely, the completed renewal application forms
and filing fees must be received by the Secretary no later than
30 days before the license expiration date.
(b) It shall be the responsibility of each licensee to
accomplish renewal of its license. Failure by a licensee to
submit a properly completed renewal application form and fees
in a timely fashion, absent a written extension from the
Secretary, shall result in the license becoming inactive.
(c) No activity regulated by this Act shall be conducted
by the licensee when a license becomes inactive. An inactive
license may be reactivated by the Secretary, at the
Secretary's discretion, upon payment of a renewal fee, payment
of a reactivation fee equal to the renewal fee, and proof of
good cause for failure to renew. Request for reactivation of a
license must be submitted no more than 90 days after
expiration of license.
(d) A licensee ceasing an activity or activities regulated
by this Act and desiring to no longer be licensed shall inform
the Secretary in writing and, at the same time, convey any
license issued and all other symbols or indicia of licensure.
The licensee shall include a plan for the withdrawal from the
regulated business, including a timetable for the disposition
of the business, and comply with the surrender guidelines or

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rules of the Department. Upon receipt of such written notice,
the Secretary shall post the cancellation or issue a certified
statement canceling the license.
(e) The expenses of administering this Act, including
investigations and examinations provided for in this Act,
shall be borne by and assessed against entities regulated by
this Act. The fees listed in this Section shall be payable to
the Department or to the Nationwide Multistate Licensing
System and Registry for transfer to the required recipients by
the Secretary. The Secretary shall specify the form of payment
to the Department or to the Nationwide Multistate Licensing
System and Registry, which may include certified check, money
order, credit card, or other forms of payment authorized by
the Secretary. The Nationwide Multistate Licensing System and
Registry shall be authorized to collect and process
transaction fees or other fees related to licensees or other
persons subject to this Act.
(f) Applicants and licensees shall be subject to the
following fees:
(1) For each application for an initial company
license, the applicant shall pay a nonrefundable initial
application fee of $1,000 and a nonrefundable background
investigation fee of $800.
(2) For each application for an annual renewal of a
company license, the applicant shall pay a nonrefundable
renewal fee of $300.

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(3) For each application for an initial branch
license, the applicant shall pay a nonrefundable initial
application fee of $100.
(4) For each application for an annual renewal of a
branch license, the applicant shall pay a nonrefundable
renewal fee of $100.
(5) The licensee shall pay a nonrefundable fee of
$1,000 for each notice of change of ownership or control
filed.
(6) The licensee shall pay a nonrefundable fee of $50
for each notice of change of officers or directors or
change of name or address filed.
(7) Any licensee or person who delivers a check or
other payment to the Department that is returned unpaid by
the financial institution upon which it is drawn shall pay
to the Department, in addition to the amount already owed,
a fee of $50.
(8) Time expended in the conduct of any examination of
the affairs of any licensee or its affiliates shall be
billed by the Department at a rate of $1,200 per examiner
day. Examination fees shall be billed following completion
of the examination and shall be paid within 30 days after
receipt of the billing.
(9) If out-of-state travel occurs in the conduct of
any examination, the licensee shall make arrangements to
reimburse the Department for all charges for services,

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including travel expenses such as airfare, hotel, and per
diem expenses incurred by the employee. These expenses are
to be in accord with applicable travel regulations
published by the Department of Central Management Services
and approved by the Governor's Travel Control Board.
(10) Each licensee shall pay to the Department its pro
rata share of the cost for administration of this Act that
exceeds other fees listed in this Section, as estimated by
the Department, for the current year and any deficit
actually incurred in the administration of this Act in
prior years. The calculation method for each licensee's
pro rata share shall be established by rule.
(g) The expenses of administering this Act, including
licensing, investigations, and examinations provided for in
this Act, shall be borne by and assessed against persons and
entities regulated by this Act in such proportions and in such
manner as the Secretary deems appropriate. The Secretary may
establish by rule the category and amount of any fees that such
persons and entities must pay to the Department.
(h) Any fees set forth in this Act may be amended by rule.
(205 ILCS 660/6.1)
Sec. 6.1. Financial Institution Fund. All moneys received
by the Secretary under this Act in conjunction with the
provisions relating to sales finance agencies shall be paid
into the Financial Institution Fund, and all expenses incurred

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by the Secretary under this Act in conjunction with the
provisions relating to sales finance agencies shall be paid
from the Financial Institution Fund. All moneys received by
the Department of Financial Institutions under this Act shall
be deposited in the Financial Institution Fund created under
Section 6z-26 of the State Finance Act.
(Source: P.A. 98-463, eff. 8-16-13.)
(205 ILCS 660/6.2 new)
Sec. 6.2. Secretary of Financial and Professional
Regulation; functions and powers. The functions and powers of
the Secretary shall include the following:
(1) to issue or refuse to issue any license as
provided by this Act;
(2) to revoke or suspend for cause any license issued
under this Act;
(3) to keep records of all licenses issued under this
Act;
(4) to receive, consider, investigate, and act upon
complaints made by any person in connection with any
licensed sales finance agency in this State or unlicensed
sales finance agency activity;
(5) to prescribe the forms of and receive:
(A) applications for licenses; and
(B) all reports and all books and records required
to be made by any licensee under this Act, including

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annual audited financial statements and annual reports
of sales finance agency activity;
(6) to subpoena documents and witnesses and compel
their attendance and production of documents, to
administer oaths, and to require the production of any
books, papers, written reports, or other materials
relevant to any inquiry authorized by this Act;
(7) to issue orders against any person:
(A) if the Secretary has reasonable cause to
believe that an unsafe, unsound, or unlawful practice
has occurred, is occurring, or is about to occur;
(B) if any person has violated, is violating, or
is about to violate any law, rule, or written
agreement with the Secretary; or
(C) for the purpose of administering the
provisions of this Act and any rule adopted in
accordance with this Act;
(8) to address any inquiries to any licensee, or the
officers of the licensee, in relation to the licensee's
activities and conditions or any other matter connected
with its affairs, and it shall be the duty of any licensee
or person so addressed to promptly reply in writing to
those inquiries; the Secretary may also require reports
from any licensee at any time the Secretary chooses;
(9) to examine the books and records of every licensee
under this Act;

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(10) to enforce the provisions of this Act;
(11) to levy fees, fines, and charges for services
performed in administering this Act; the aggregate of all
fees collected by the Secretary on and after the effective
date of this amendatory Act of the 104th General Assembly
shall be paid promptly after receipt, accompanied by a
detailed statement of fees paid, into the Financial
Institutions Fund; the amounts deposited into that Fund
shall be used for the ordinary and contingent expenses of
the Department; nothing in this Act shall prevent the
continuation of the practice of paying expenses involving
salaries, retirement, social security, and State-paid
insurance of State officers by appropriation from the
General Revenue Fund or any other fund;
(12) to appoint examiners, supervisors, experts, and
special assistants as needed to effectively and
efficiently administer this Act;
(13) to conduct hearings for the purpose of:
(A) appeals of orders of the Secretary;
(B) suspensions or revocations of licenses;
(C) fining of licensees or unlicensed persons or
entities;
(D) investigating complaints against licensees or
unlicensed persons or entities; or
(E) carrying out the purposes of this Act;
(14) to exercise visitorial power over a licensee;

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(15) to enter into cooperative agreements with state
regulatory authorities of other states to provide for
examination of corporate offices or branches of those
states and to accept reports of those examinations;
(16) to assign an examiner or examiners to monitor the
affairs of a licensee with whatever frequency the
Secretary determines appropriate and to charge the
licensee for reasonable and necessary expenses of the
Secretary if in the opinion of the Secretary an emergency
exists or appears likely to occur;
(17) to impose civil penalties of up to $50 per day
against a licensee for failing to respond to a regulatory
request or reporting requirement; and
(18) to enter into agreements necessary to implement,
administer, or enforce this Act, including in connection
with the Nationwide Multistate Licensing System and
Registry.
(205 ILCS 660/6.3 new)
Sec. 6.3. Examination; prohibited activities.
(a) The business affairs of a licensee under this Act
shall be examined for compliance with this Act as often as the
Secretary deems necessary and proper. The Department may adopt
rules with respect to the frequency and manner of examination.
The Secretary shall appoint a suitable person to perform an
examination. The Secretary and the Secretary's appointees may

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examine the entire books, records, documents, and operations
of each licensee and its subsidiary, affiliate, or agent and
may examine any of the licensee's or its subsidiaries',
affiliates', or agents' officers, directors, employees, and
agents under oath.
(b) The Secretary shall prepare a sufficiently detailed
report of each licensee's examination, shall issue a copy of
the report to the licensee, and shall take appropriate steps
to ensure correction of violations of this Act.
(c) Affiliates of a licensee shall be subject to
examination by the Secretary on the same terms as the
licensee, but only when reports from or examination of a
licensee provides for documented evidence of unlawful activity
between a licensee and affiliate benefiting, affecting, or
deriving from the activities regulated by this Act.
(d) The expenses of any examination of the licensee and
affiliates shall be borne by the licensee and assessed by the
Secretary as set forth in this Act or by rule.
(e) All confidential supervisory information, including
the examination report and the work papers of the report,
shall belong to the Secretary's office and may not be
disclosed to anyone other than the licensee, law enforcement
officials, or other regulatory agencies that have an
appropriate regulatory interest as determined by the Secretary
or to a party presenting a lawful subpoena to the Department.
The Secretary may, through the Attorney General, immediately

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appeal to the court of jurisdiction the disclosure of such
confidential supervisory information and seek a stay of the
subpoena pending the outcome of the appeal. Reports required
of licensees by the Secretary under this Act and results of
examinations performed by the Secretary under this Act shall
be the property of only the Secretary, but may be shared with
the licensee. Access under this Act to the books and records of
each licensee shall be limited to the Secretary and the
Secretary's agents as provided in this Act and to the licensee
and its authorized agents and designees. No other person shall
have access to the books and records of a licensee under this
Act. Any person upon whom a demand for production of
confidential supervisory information is made, whether by
subpoena, order, or other judicial or administrative process,
must withhold production of the confidential supervisory
information and must notify the Secretary of the demand, at
which time the Secretary is authorized to intervene for the
purpose of enforcing the limitations of this Section or
seeking the withdrawal or termination of the attempt to compel
production of the confidential supervisory information. The
Secretary may impose any conditions and limitations on the
disclosure of confidential supervisory information that are
necessary to protect the confidentiality of that information.
Except as authorized by the Secretary, no person obtaining
access to confidential supervisory information may make a copy
of the confidential supervisory information. The Secretary may

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condition a decision to disclose confidential supervisory
information on entry of a protective order by the court or
administrative tribunal presiding in the particular case or on
a written agreement of confidentiality. In a case in which a
protective order or agreement has already been entered between
parties other than the Secretary, the Secretary may
nevertheless condition approval for release of confidential
supervisory information upon the inclusion of additional or
amended provisions in the protective order. The Secretary may
authorize a party who obtained the records for use in one case
to provide them to another party in another case, subject to
any conditions that the Secretary may impose on either or both
parties. The requester shall promptly notify other parties to
a case of the release of confidential supervisory information
obtained and, upon entry of a protective order, shall provide
copies of confidential supervisory information to the other
parties.
(205 ILCS 660/6.4 new)
Sec. 6.4. Retail Installment Sales Act; Motor Vehicle
Retail Installment Sales Act.
(a) A sales finance agency may not aid or seek to aid any
person in the violation of the Retail Installment Sales Act or
the Motor Vehicle Retail Installment Sales Act.
(b) A sales finance agency may not purchase any retail
installment contract, any retail charge agreement, or evidence

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of indebtedness thereunder that violates the Retail
Installment Sales Act or the Motor Vehicle Retail Installment
Sales Act.
(c) A sales finance agency may not purchase any retail
installment contract, any retail charge agreement, or evidence
of indebtedness thereunder with actual knowledge that the
contract, agreement, or indebtedness violates the Retail
Installment Sales Act or the Motor Vehicle Retail Installment
Sales Act.
(d) A sales finance agency may not purchase a retail
installment contract creating or providing for a security
interest in a motor vehicle that qualifies as consumer goods
under the Uniform Commercial Code, or purchase of the evidence
of indebtedness under such a contract, from a person who is not
licensed under the Illinois Vehicle Code, not licensed under
this Act, and not exempt from licensure under this Act.
(205 ILCS 660/6.5 new)
Sec. 6.5. Investigation of complaints. The Secretary may
receive, record, and investigate complaints and inquiries made
by any person concerning this Act and any licensees under this
Act. Each licensee shall open its books, records, documents,
and offices wherever situated to the Secretary or the
Secretary's appointees as needed to facilitate such
investigations.

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(205 ILCS 660/6.6 new)
Sec. 6.6. Additional investigation and examination
authority. In addition to any authority allowed under this
Act, the Secretary shall have the authority to conduct
investigations and examinations as follows:
(1) For purposes of initial licensing, license
renewal, license suspension, license conditioning, license
revocation or termination, or general or specific inquiry
or investigation to determine compliance with this Act,
the Secretary shall have the authority to access, receive,
and use any books, accounts, records, files, documents,
information, or evidence, including, but not limited to,
the following:
(A) criminal, civil, and administrative history
information, including nonconviction data as specified
in the Criminal Code of 2012;
(B) personal history and experience information,
including independent credit reports obtained from a
consumer reporting agency described in Section 603(p)
of the federal Fair Credit Reporting Act; and
(C) any other documents, information, or evidence
the Secretary deems relevant to the inquiry or
investigation, regardless of the location, possession,
control, or custody of the documents, information, or
evidence.
(2) For the purposes of investigating violations or

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complaints arising under this Act or for the purposes of
examination, the Secretary may review, investigate, or
examine any licensee, individual, or person subject to
this Act as often as necessary in order to carry out the
purposes of this Act. The Secretary may direct, subpoena,
or order the attendance of and examine under oath all
persons whose testimony may be required about the business
or subject matter of any such examination or investigation
and may direct, subpoena, or order the person to produce
books, accounts, records, files, and any other documents
the Secretary deems relevant to the inquiry.
(3) Each licensee, individual, or person subject to
this Act shall make available to the Secretary upon
request the books and records relating to the operations
of the licensee, individual, or person subject to this
Act. The Secretary shall have access to those books and
records and may interview the officers, principals,
employees, independent contractors, agents, and customers
of the licensee, individual, or person subject to this Act
concerning the business of the licensee, individual, or
person.
(4) Each licensee, individual, or person subject to
this Act shall make or compile reports or prepare other
information as directed by the Secretary in order to carry
out the purposes of this Section, including, but not
limited to:

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(A) accounting compilations;
(B) information lists and data concerning sales
finance agency activity in a format prescribed by the
Secretary; or
(C) other information deemed necessary to carry
out the purposes of this Section.
(5) In making any examination or investigation
authorized by this Act, the Secretary may control access
to any documents and records of the licensee or person
under examination or investigation. The Secretary may take
possession of the documents and records or place a person
in exclusive charge of the documents and records in the
place where they are usually kept. During the period of
control, no person shall remove or attempt to remove any
of the documents or records, except pursuant to a court
order or with the consent of the Secretary. Unless the
Secretary has reasonable grounds to believe the documents
or records of the licensee have been or are at risk of
being altered or destroyed for purposes of concealing a
violation of this Act, the licensee or owner of the
documents and records shall have access to the documents
or records as necessary to conduct its ordinary business
affairs.
(6) In order to carry out the purposes of this
Section, the Secretary may:
(A) retain attorneys, accountants, or other

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professionals and specialists as examiners, auditors,
or investigators to conduct or assist in the conduct
of examinations or investigations;
(B) enter into agreements or relationships with
other government officials or regulatory associations
in order to improve efficiencies and reduce regulatory
burden by sharing resources, standardized or uniform
methods or procedures, and documents, records,
information, or evidence obtained under this Section;
(C) use, hire, contract, or employ publicly or
privately available analytical systems, methods, or
software to examine or investigate the licensee,
individual, or person subject to this Act;
(D) accept and rely on examination or
investigation reports made by other government
officials within or outside this State; or
(E) accept audit reports made by an independent
certified public accountant for the licensee,
individual, or person subject to this Act in the
course of that part of the examination covering the
same general subject matter as the audit and may
incorporate the audit report in the report of the
examination, report of investigation, or other writing
of the Secretary.
(7) The authority of this Section shall remain in
effect if a licensee, individual, or person subject to

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this Act acts or claims to act under any licensing or
registration law of this State or claims to act
without the authority.
(8) No licensee, individual, or person subject to
investigation or examination under this Section may
knowingly withhold, abstract, remove, mutilate,
destroy, or secrete any books, records, computer
records, or other information.
(205 ILCS 660/6.7 new)
Sec. 6.7. Confidential information. In hearings conducted
under this Act, information presented into evidence that was
acquired by the licensee when serving any individual in
connection with sales finance agency activity, including all
financial information of the individual, shall be deemed
strictly confidential and shall be made available only as part
of the record of a hearing under this Act or otherwise: (i)
when the record is required, in its entirety, for purposes of
judicial review or (ii) upon the express written consent of
the individual served, or in the case of the individual's
death or disability, the consent of the individual's personal
representative.
(205 ILCS 660/6.8 new)
Sec. 6.8. Information sharing. In order to promote more
effective regulation and reduce regulatory burden through

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supervisory information sharing:
(1) Except as otherwise provided in any federal law or
State law regarding the privacy or confidentiality of any
information or material provided to the Nationwide
Multistate Licensing System and Registry, any privilege
arising under federal or State law, including the rules of
any federal or State court, with respect to such
information or material shall continue to apply to
information or material after the information or material
has been disclosed to the Nationwide Multistate Licensing
System and Registry. The information and material may be
shared with all State and federal regulatory officials
with relevant oversight authority without the loss of
privilege or the loss of confidentiality protections
provided by federal law or State law.
(2) The Secretary is authorized to enter into
agreements or sharing arrangements with other governmental
agencies, the Conference of State Bank Supervisors, or
other associations representing governmental agencies as
established by rule or order of the Department. The
sharing of confidential supervisory information or any
information or material described in paragraph (1)
pursuant to an agreement or sharing arrangement shall not
result in the loss of privilege or the loss of
confidentiality protections provided by federal law or
State law.

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(3) Information or material that is subject to a
privilege or confidentiality under paragraph (1) shall not
be subject to the following:
(A) disclosure under any State law governing the
disclosure to the public of information held by an
officer or an agency of the State; or
(B) subpoena, discovery, or admission into
evidence in any private civil action or administrative
process, unless with respect to any privilege held by
the Nationwide Multistate Licensing System and
Registry with respect to the information or material,
the person to whom such information or material
pertains waives, in whole or in part, in the
discretion of that person, that privilege.
(4) Any other law relating to the disclosure of
confidential supervisory information or any information or
material described in paragraph (1) that is inconsistent
with paragraph (1) shall be superseded by the requirements
of this Section to the extent the other law provides less
confidentiality or a weaker privilege.
(205 ILCS 660/10.2) (from Ch. 17, par. 5225)
Sec. 10.2. Closing of business; surrender of license. At
least 10 days prior to a licensee ceasing operations, closing
business, or filing for bankruptcy, the licensee shall:
(a) Notify the Department of its action in writing.

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(b) With the exception of filing for bankruptcy, surrender
its license to the Secretary Director for cancellation. The
surrender of the license shall not affect the licensee's civil
or criminal liability for acts committed prior to surrender or
entitle the licensee to a return of any part of the annual
license fee.
(c) The licensee shall notify the department of the
location where the books, accounts, contracts, and records
will be maintained and the procedure to ensure prompt return
of contracts, titles, and releases to the customers.
(d) The accounts, books, records, and contracts shall be
maintained and serviced by the licensee or another licensee
under this Act, or an entity exempt from licensure under this
Act.
(e) The Department shall have the authority to conduct
examinations of the books, records, and loan documents at any
time after surrender of the license, filing of bankruptcy, or
the cessation of operations.
(Source: P.A. 90-437, eff. 1-1-98; 90-575, eff. 3-20-98.)
(205 ILCS 660/10.6)
Sec. 10.6. Companion animals.
(a) No sales finance agency shall purchase:
(1) a retail installment contract for the sale of a
canine or feline;
(2) a retail charge agreement for the sale of a canine

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or feline; or
(3) the outstanding balance under a retail installment
contract or a retail charge agreement for the sale of a
canine or feline.
(b) No sales finance agency shall make a loan secured by:
(1) a retail installment contract for the sale of a
canine or feline;
(2) a retail charge agreement for the sale of a canine
or feline; or
(3) the outstanding balance under a retail installment
contract or a retail charge agreements for the sale of a
canine or feline.
(c) Any sales finance agency that purchases a contract or
agreement subject to subsection (a) or makes a loan subject to
subsection (b) has no right to collect, receive, or retain any
principal, interest, or charges related to the contract,
agreement, or loan, and any such loan is null and void.
(d) The changes made to this Section by this amendatory
Act of the 103rd General Assembly shall apply prospectively
and shall not apply retroactively. This Section shall not
impair or affect the obligation of any retail installment
transaction or secured loan entered into before the effective
date of this amendatory Act of the 103rd General Assembly.
(Source: P.A. 102-128, eff. 1-1-22; 103-339, eff. 1-1-24.)
(205 ILCS 660/10.7 new)

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Sec. 10.7. Subpoenas; other remedies.
(a) The Secretary shall have the power to issue and to
serve subpoenas and subpoenas duces tecum to compel the
attendance of witnesses and the production of all books,
accounts, records, and other documents and materials relevant
to an examination or investigation. The Secretary, or the
Secretary's duly authorized representative, shall have power
to administer oaths and affirmations to any person.
(b) In the event of noncompliance with a subpoena or
subpoena duces tecum issued or caused to be issued by the
Secretary, the Secretary may, through the Attorney General,
petition the circuit court of the county in which the person
subpoenaed resides or has its principal place of business for
an order requiring the subpoenaed person to appear and testify
and to produce such books, accounts, records, and other
documents as are specified in the subpoena duces tecum. The
court may grant injunctive relief restraining the person from
advertising, promoting, soliciting, entering into, offering to
enter into, continuing, or completing any sales finance agency
transaction. The court may grant other relief, including, but
not limited to, the restraint, by injunction or appointment of
a receiver, of any transfer, pledge, assignment, or other
disposition of the person's assets or any concealment,
alteration, destruction, or other disposition of books,
accounts, records, or other documents and materials as the
court deems appropriate, until the person has fully complied

SB3676 - 35 - LRB104 17946 BAB 31383 b
with the subpoena or subpoena duces tecum and the Secretary
has completed an investigation or examination.
(c) The Secretary may, in addition to the other remedies
provided for in this Act, through the Attorney General, apply
for relief to the circuit court of the county in which the
subpoenaed person resides or has its principal place of
business. The court shall thereupon direct the issuance of an
order against the subpoenaed person requiring sufficient bond
conditioned on compliance with the subpoena or subpoena duces
tecum. The court shall cause to be endorsed on the order a
suitable amount of bond or payment pursuant to which the
person named in the order shall be freed, having a due regard
to the nature of the case.
(d) In addition, the Secretary may, through the Attorney
General, seek a writ of attachment or an equivalent order from
the circuit court having jurisdiction over the person who has
refused to obey a subpoena, who has refused to give testimony,
or who has refused to produce the matters described in the
subpoena duces tecum.
(205 ILCS 660/10.8 new)
Sec. 10.8. Suspension; revocation of licenses; fines.
(a) If the Secretary finds any person in violation of the
grounds set forth in this Section, the Secretary may enter an
order imposing one or more of the following penalties:
(1) revocation of license;

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(2) suspension of a license subject to reinstatement
upon satisfying all reasonable conditions the Secretary
may specify;
(3) placement of the licensee or applicant on
probation for a period of time and subject to all
reasonable conditions as the Secretary may specify;
(4) issuance of a reprimand;
(5) imposition of a fine not to exceed $25,000 per
violation; except that a fine may be imposed that shall
not exceed $75,000 per violation in violation of paragraph
(2) or (15) of subsection (b);
(6) denial of a license; or
(7) restitution for the benefit of consumers.
(b) The following acts shall constitute grounds for which
the disciplinary actions specified in subsection (a) may be
taken:
(1) being convicted or found guilty, regardless of
pendency of an appeal, of a crime in any jurisdiction that
involves fraud, dishonest dealing, or any other act of
moral turpitude;
(2) fraud, misrepresentation, deceit, or negligence in
any relation to any sales finance agency activity;
(3) a material or intentional misstatement of fact on
an initial or renewal application;
(4) any fact or condition exists that, if it had
existed at the time of the original application for the

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license, would have warranted the Secretary in refusing to
originally issue the license;
(5) insolvency or filing under any provision of the
United States Bankruptcy Code as a debtor;
(6) failure to account or deliver to any person any
property, such as any money, fund, deposit, check, draft,
or other document or thing of value, that has come into the
person's hands and that is not the person's property or
that the person is not in law or equity entitled to retain,
under the circumstances and at the time which has been
agreed upon or is required by law or, in the absence of a
fixed time, upon demand of the person entitled to such
accounting and delivery;
(7) failure to disburse funds in accordance with
agreements;
(8) having a license, or the equivalent, to practice
any profession or occupation revoked, suspended, or
otherwise acted against, including the denial of licensure
by a licensing authority of this State or another state,
territory, or country for fraud, dishonest dealing, or any
other act of moral turpitude;
(9) failure to comply with an order of the Secretary
or rule adopted under the provisions of this Act;
(10) engaging in activities regulated by this Act
without a current, active license unless specifically
exempted by this Act;

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(11) failure to pay in a timely manner any fee,
charge, or fine under this Act;
(12) failure to maintain, preserve, and keep available
for examination all books, accounts, or other documents
required by the provisions of this Act and the rules of the
Department;
(13) refusing, obstructing, evading, or unreasonably
delaying an investigation, information request, or
examination authorized under this Act or refusing,
obstructing, evading, or unreasonably delaying compliance
with the Secretary's subpoena or subpoena duces tecum;
(14) failure to comply with or a violation of any
provision of this Act; and
(15) any unfair, deceptive, or abusive business
practice.
(c) No license shall be suspended or revoked, except as
provided in this Section, nor shall any licensee be fined
without notice of the licensee's right to a hearing as
provided in subsection (n).
(d) The Secretary, on good cause shown that an emergency
exists, may suspend any license for a period not exceeding 180
days, pending investigation.
(e) The provisions of subsection (d) of Section 4.6 shall
not affect a licensee's civil or criminal liability for acts
committed before surrender of a license.
(f) No revocation, suspension, or surrender of any license

SB3676 - 39 - LRB104 17946 BAB 31383 b
shall impair or affect the obligation of any preexisting
lawful contract between the licensee and any person.
(g) Every license issued under this Act shall remain in
force and effect until the license expires without renewal, is
surrendered, is revoked, or is suspended in accordance with
the provisions of this Act, but the Secretary shall have
authority to reinstate a suspended license or to issue a new
license to a licensee whose license has been revoked if no fact
or condition then exists which would have warranted the
Secretary in refusing originally to issue that license under
this Act.
(h) Whenever the Secretary revokes or suspends a license
issued pursuant to this Act or fines a licensee under this Act,
the Secretary shall execute a written order to that effect.
The Secretary shall serve a copy of the order upon the
licensee. Any such order may be reviewed as provided for in
this Act.
(i) The Secretary may fine, suspend, or revoke only the
particular license with respect to which grounds for the fine,
revocation, or suspension occur or exist, but if the Secretary
finds that grounds for revocation are of general application
to all offices or to more than one office of the licensee, the
Secretary shall fine, suspend, or revoke every license to
which the grounds apply.
(j) No revocation, suspension, or surrender of any license
shall impair or affect the obligation of any preexisting

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lawful contract between the licensee and any obligor.
(k) The Secretary may issue a new license to a licensee
whose license has been revoked when facts or conditions which
clearly would have warranted the Secretary in refusing
originally to issue the license no longer exist.
(l) In every case in which a license is suspended or
revoked or an application for a license or renewal of a license
is denied, the Secretary shall serve the licensee with notice
of the Secretary's action, including a statement of the
reasons for the actions, either personally or by certified
mail. Service by certified mail shall be deemed completed when
the notice is deposited in the United States mail.
(m) An order assessing a fine, an order revoking or
suspending a license, or an order denying renewal of a license
shall take effect upon service of the order unless the
licensee requests a hearing, in writing, within 15 days after
the date of service. If a hearing is requested, the order shall
be stayed until a final administrative order is entered.
(1) If the licensee requests a hearing, the Secretary
shall schedule a preliminary hearing within 30 days after
the request for a hearing unless otherwise agreed to by
the parties.
(2) The hearing shall be held at the time and place
designated by the Secretary. The Secretary and any
administrative law judge designated by the Secretary shall
have the power to administer oaths and affirmations,

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subpoena witnesses and compel their attendance, take
evidence, and require the production of books, papers,
correspondence, and other records or information that the
Secretary considers relevant or material to the inquiry.
(n) The costs of administrative hearings conducted
pursuant to this Section shall be paid by the licensee.
(o) A licensee shall be subject to the disciplinary
actions specified in this Act for violations of subsection (b)
by any officer, director, shareholder, joint venture, partner,
ultimate equitable owner, or employee of the licensee.
(p) A licensee shall be subject to suspension or
revocation for unauthorized employee actions only if there is
a pattern of repeated violations by employees, the licensee
has knowledge of the violations, or there is substantial harm
to a consumer. A licensee may be subject to fines for employee
actions, whether authorized or unauthorized, whether there is
a pattern of repeated violations or no pattern of repeated
violations.
(q) Any licensee may submit an application to surrender a
license, but, upon the Secretary approving the surrender, it
shall not affect the licensee's civil or criminal liability
for acts committed before surrender or entitle the licensee to
a return of any part of the license fee.
(205 ILCS 660/12) (from Ch. 17, par. 5230)
Sec. 12. Every licensee shall retain such records as are

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required by the Department. Every licensee shall preserve the
records of each of its transactions for at least 2 years after
making the final entry for that transaction.
With the Secretary's Director's approval, a licensee may
maintain these records at a location other than the licensed
facility.
With the Secretary's Director's approval, a licensee may
contract for servicing of these accounts.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 660/13) (from Ch. 17, par. 5231)
Sec. 13. Rules.
(a) In addition to such powers as may be prescribed by this
Act, the Department is hereby authorized and empowered to
adopt rules consistent with the purposes of this Act,
including, but not limited to:
(1) rules in connection with the activities of
licensees or unlicensed sales finance agencies as may be
necessary and appropriate for the protection of consumers
in this State;
(2) rules as may be necessary and appropriate to
define improper or fraudulent business practices in
connection with the activities of licensees in servicing
retail installment contracts or retail charge agreements;
(3) rules that define the terms used in this Act and as
may be necessary and appropriate to interpret and

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implement the provisions of this Act; and
(4) rules as may be necessary for the enforcement and
administration of this Act.
(b) The Secretary is authorized and empowered to make
specific rulings, demands, and findings that the Secretary
deems necessary for the proper conduct of the sales finance
agency industry.
The Department may make and enforce such reasonable rules,
regulations, directions, orders, decisions and findings as the
execution and enforcement of this Act require, and as are not
inconsistent therewith. In addition, the Department may
promulgate rules in connection with the activities of
licensees that are necessary and appropriate for the
protection of consumers in this State. All rules and
regulations shall be sent electronically to all licensees.
(Source: P.A. 98-44, eff. 6-28-13.)
(205 ILCS 660/13.5 new)
Sec. 13.5. Appeal and review.
(a) The Department may, in accordance with the Illinois
Administrative Procedure Act, adopt rules to provide for
review within the Department of the Secretary's decisions
affecting the rights of persons or entities under this Act.
The review shall provide for, at a minimum:
(1) appointment of a hearing officer other than a
regular employee of the Division of Financial

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Institutions;
(2) appropriate procedural rules, specific deadlines
for filings, and standards of evidence and of proof; and
(3) provision for apportioning costs among parties to
the appeal.
(b) All final agency determinations of appeals to
decisions of the Secretary may be reviewed in accordance with
and under the provisions of the Administrative Review Law.
Appeals from all final orders and judgments entered by a court
in review of any final administrative decision of the
Secretary or of any final agency review of a decision of the
Secretary may be taken as in other civil cases.
(205 ILCS 660/14.5 new)
Sec. 14.5. Collection of compensation. Unless exempt from
licensure under this Act, no person engaged in or offering to
engage in any act or service for which a license under this Act
is required may bring or maintain any action in any court of
this State to collect compensation for the performance of the
licensable services without alleging and proving that the
person was the holder of a valid sales finance agency license
under this Act at all times during the performance of those
services.
(205 ILCS 660/15.5)
Sec. 15.5. Civil action. A claim of violation of this Act

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may be asserted in a civil action. Additionally, a court may
award reasonable attorney's fees and court costs to a person
asserting a claim under this Section.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 660/16.5)
Sec. 16.5. Cease and desist orders.
(a) The Secretary Director may issue a cease and desist
order to a sales finance agency or other person doing business
without the required license when, in the opinion of the
Secretary director, the licensee or other person is violating
or is about to violate any provision of this Act or any law,
rule, or requirement imposed in writing by the Department.
(b) The Secretary Director may issue a cease and desist
order prior to a hearing.
(c) The Secretary Director shall serve notice of the
Secretary's his or her action, designated as a cease and
desist order made pursuant to this Section, including a
statement of the reasons for the action, either personally or
by certified mail, return receipt requested. Service by
certified mail shall be deemed completed when the notice is
deposited in the U.S. mail.
(d) Within 15 days of service of the cease and desist
order, the sales finance agency or other person may request,
in writing, a hearing.
(e) The Secretary Director shall schedule a hearing within

SB3676 - 46 - LRB104 17946 BAB 31383 b
30 days after the request for a hearing unless otherwise
agreed to by the parties.
(f) The Secretary Director shall have the authority to
prescribe rules for the administration of this Section.
(g) If it is determined that the Secretary Director had
the authority to issue the cease and desist order, the
Secretary he or she may issue such orders as may be reasonably
necessary to correct, eliminate, or remedy such conduct.
(h) The powers vested in the Secretary Director by this
Section are additional to any and all other powers and
remedies vested in the Secretary Director by law, and nothing
in this Section shall be construed as requiring that the
Secretary Director shall employ the powers conferred in this
Section instead of or as a condition precedent to the exercise
of any other power or remedy vested in the Secretary Director.
(i) The cost for the administrative hearing shall be set
by rule.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 660/17) (from Ch. 17, par. 5235)
Sec. 17. Application of Act.
(a) This Act does not apply to any credit union, bank,
banking association, trust company, savings bank, or savings
and loan association authorized to do business under the laws
of this State, any other state, or of the United States.
(b) This Act does not apply to a person or entity that, in

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connection with a securitization, private placement, or
similar type of investment transaction, lends against or
purchases from an Illinois licensed sales finance agency
retail installment contracts, retail charge agreements, or the
outstanding balances or any portion of the outstanding
balances under those contracts or agreements, provided that
the licensed sales finance agency retains the servicing of the
agreements or contracts and maintains the records for those
agreements and contracts.
(c) This Act does not apply to a special purpose vehicle.
In this subsection, "special purpose vehicle" means an entity
that, in connection with a securitization, private placement,
or similar type of investment transaction, is administered by
a State or national bank under a management agreement for the
purpose of purchasing, making loans against, or in pools of,
receivables, general intangibles, and other financial assets
including retail installment contracts, retail charge
agreements, or the outstanding balances or any portion of the
outstanding balances under those contracts or agreements.
(Source: P.A. 89-400, eff. 8-20-95.)
(205 ILCS 660/19)
Sec. 19. Injunction; civil penalty; costs. If it appears
to the Secretary Director that a person has committed or is
about to commit a violation of this Act, a rule promulgated
under this Act, or an order of the Secretary Director, the

SB3676 - 48 - LRB104 17946 BAB 31383 b
Secretary Director may apply to the circuit court for an order
enjoining the person from violating or continuing to violate
this Act, the rule, or order and for injunctive or other relief
that the nature of the case may require and may, in addition,
request the court to assess a civil penalty up to $10,000
$1,000 along with costs and attorney's fees.
(Source: P.A. 90-437, eff. 1-1-98.)
(205 ILCS 660/5 rep.)
(205 ILCS 660/6 rep.)
(205 ILCS 660/7 rep.)
(205 ILCS 660/8 rep.)
(205 ILCS 660/8.1 rep.)
(205 ILCS 660/8.2 rep.)
(205 ILCS 660/8.3 rep.)
(205 ILCS 660/8.4 rep.)
(205 ILCS 660/8.5 rep.)
(205 ILCS 660/8.6 rep.)
(205 ILCS 660/8.8 rep.)
(205 ILCS 660/8.9 rep.)
(205 ILCS 660/8.10 rep.)
(205 ILCS 660/8.11 rep.)
(205 ILCS 660/8.12 rep.)
(205 ILCS 660/8.13 rep.)
(205 ILCS 660/8.14 rep.)
(205 ILCS 660/10 rep.)

SB3676 - 49 - LRB104 17946 BAB 31383 b
(205 ILCS 660/10.1 rep.)
(205 ILCS 660/10.3 rep.)
(205 ILCS 660/10.4 rep.)
(205 ILCS 660/11 rep.)
(205 ILCS 660/14 rep.)
(205 ILCS 660/18 rep.)
Section 10. The Sales Finance Agency Act is amended by
repealing Sections 5, 6, 7, 8, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6,
8.8, 8.9, 8.10, 8.11, 8.12, 8.13, 8.14, 10, 10.1, 10.3, 10.4,
11, 14, and 18.
Section 99. Effective date. This Act takes effect upon
becoming law.
SB3676 - 50 - LRB104 17946 BAB 31383 b
INDEX
Statutes amended in order of appearance
205 ILCS 660/2 from Ch. 17, par. 5202
205 ILCS 660/3.5 new
205 ILCS 660/4 from Ch. 17, par. 5204
205 ILCS 660/4.1 new
205 ILCS 660/4.2 new
205 ILCS 660/4.3 new
205 ILCS 660/4.4 new
205 ILCS 660/4.5 new
205 ILCS 660/4.6 new
205 ILCS 660/6.1
205 ILCS 660/6.2 new
205 ILCS 660/6.3 new
205 ILCS 660/6.4 new
205 ILCS 660/6.5 new
205 ILCS 660/6.6 new
205 ILCS 660/6.7 new
205 ILCS 660/6.8 new
205 ILCS 660/10.2 from Ch. 17, par. 5225
205 ILCS 660/10.6
205 ILCS 660/10.7 new
205 ILCS 660/10.8 new
205 ILCS 660/12 from Ch. 17, par. 5230
205 ILCS 660/13 from Ch. 17, par. 5231
SB3676 - 51 - LRB104 17946 BAB 31383 b
205 ILCS 660/13.5 new
205 ILCS 660/14.5 new
205 ILCS 660/15.5
205 ILCS 660/16.5
205 ILCS 660/17 from Ch. 17, par. 5235
205 ILCS 660/19
205 ILCS 660/5 rep.
205 ILCS 660/6 rep.
205 ILCS 660/7 rep.
205 ILCS 660/8 rep.
205 ILCS 660/8.1 rep.
205 ILCS 660/8.2 rep.
205 ILCS 660/8.3 rep.
205 ILCS 660/8.4 rep.
205 ILCS 660/8.5 rep.
205 ILCS 660/8.6 rep.
205 ILCS 660/8.8 rep.
205 ILCS 660/8.9 rep.
205 ILCS 660/8.10 rep.
205 ILCS 660/8.11 rep.
205 ILCS 660/8.12 rep.
205 ILCS 660/8.13 rep.
205 ILCS 660/8.14 rep.
205 ILCS 660/10 rep.
205 ILCS 660/10.1 rep.
205 ILCS 660/10.3 rep.
SB3676 - 52 - LRB104 17946 BAB 31383 b
205 ILCS 660/10.4 rep.
205 ILCS 660/11 rep.
205 ILCS 660/14 rep.
205 ILCS 660/18 rep.