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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4002
Introduced 1/12/2004, by Thomas Holbrook SYNOPSIS AS INTRODUCED:
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205 ILCS 670/22 |
from Ch. 17, par. 5428 |
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Amends the Consumer Installment Loan Act. Provides that, during the 30-day period beginning with the date the loan is commenced, a short-term lender may not impose fees of more than 25% of the principal amount of a short-term or title-secured loan.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4002 |
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LRB093 15775 WGH 41385 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Consumer Installment Loan Act is amended by |
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| changing Section 22 as follows:
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| (205 ILCS 670/22) (from Ch. 17, par. 5428)
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| Sec. 22. Rules and
regulations.
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| (a) The Department may make and enforce such reasonable |
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| rules, regulations,
directions, orders, decisions, and |
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| findings as the execution and
enforcement of the provisions of |
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| this Act require, and as are not
inconsistent therewith.
In |
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| addition, the Department may promulgate rules in connection |
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| with the
activities of licensees that are necessary and |
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| appropriate for the protection
of consumers in this State.
All |
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| rules, regulations and directions of a general
character
shall |
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| be printed and copies thereof mailed to all licensees. |
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| (b) During the 30-day period beginning with the date the |
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| loan is commenced, a short-term lender may not impose fees, |
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| with respect to a short-term loan or title-secured loan, of |
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| more than 25% of the principal amount of the loan.
As used in |
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| this subsection (b): |
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| (i) "Short-term loan", "title-secured loan", and |
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| "short-term lender" have the meanings ascribed to those |
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| terms in the Department's administrative rules concerning |
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| short term lending at 38 Ill. Adm. Code 110.310 et seq.
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| (ii) "Fees" means the total charges, other than |
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| interest, that are imposed by a short-term lender with |
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| respect to a short-term loan or title-secured loan.
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| (Source: P.A. 90-437, eff. 1-1-98; 91-698, eff. 5-6-00.)
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