97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0069

 

Introduced 1/12/2011, 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.


LRB097 03211 CEL 43247 b

 

 

A BILL FOR

 

HB0069LRB097 03211 CEL 43247 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Consumer Installment Loan Act is amended by
5changing Section 1 as follows:
 
6    (205 ILCS 670/1)  (from Ch. 17, par. 5401)
7    (Text of Section before amendment by P.A. 96-936)
8    Sec. 1. License required to engage in business. No person,
9partnership, association, limited liability company, or
10corporation shall engage in the the business of making loans of
11money in a principal amount not exceeding $25,000, and charge,
12contract for, or receive on any such loan a greater rate of
13interest, discount, or consideration therefor than the lender
14would be permitted by law to charge if he were not a licensee
15hereunder, except as authorized by this Act after first
16obtaining a license from the Director of Financial Institutions
17(hereinafter called the Director).
18(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
 
19    (Text of Section after amendment by P.A. 96-936)
20    Sec. 1. License required to engage in business. No person,
21partnership, association, limited liability company, or
22corporation shall engage in the the business of making loans of

 

 

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1money in a principal amount not exceeding $40,000, and charge,
2contract for, or receive on any such loan a greater rate of
3interest, discount, or consideration therefor than the lender
4would be permitted by law to charge if he were not a licensee
5hereunder, except as authorized by this Act after first
6obtaining a license from the Director of Financial Institutions
7(hereinafter called the Director). No licensee, or employee or
8affiliate thereof, that is licensed under the Payday Loan
9Reform Act shall obtain a license under this Act except that a
10licensee under the Payday Loan Reform Act may obtain a license
11under this Act for the exclusive purpose and use of making
12title-secured loans, as defined in subsection (a) of Section 15
13of this Act and governed by Title 38, Section 110.300 of the
14Illinois Administrative Code.
15(Source: P.A. 96-936, eff. 3-21-11.)
 
16    Section 95. No acceleration or delay. Where this Act makes
17changes in a statute that is represented in this Act by text
18that is not yet or no longer in effect (for example, a Section
19represented by multiple versions), the use of that text does
20not accelerate or delay the taking effect of (i) the changes
21made by this Act or (ii) provisions derived from any other
22Public Act.