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Full Text of SB0703  100th General Assembly

SB0703 100TH GENERAL ASSEMBLY


 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0703

 

Introduced 1/30/2017, by Sen. Daniel Biss

 

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.


LRB100 08793 SMS 18932 b

 

 

A BILL FOR

 

SB0703LRB100 08793 SMS 18932 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    Sec. 1. License required to engage in business. No person,
8partnership, association, limited liability company, or
9corporation shall engage in the the business of making loans of
10money in a principal amount not exceeding $40,000, and charge,
11contract for, or receive on any such loan a greater rate of
12interest, discount, or consideration therefor than the lender
13would be permitted by law to charge if he were not a licensee
14hereunder, except as authorized by this Act after first
15obtaining a license from the Director of Financial Institutions
16(hereinafter called the Director). No licensee, or employee or
17affiliate thereof, that is licensed under the Payday Loan
18Reform Act shall obtain a license under this Act except that a
19licensee under the Payday Loan Reform Act may obtain a license
20under this Act for the exclusive purpose and use of making
21title-secured loans, as defined in subsection (a) of Section 15
22of this Act and governed by Title 38, Section 110.300 of the
23Illinois Administrative Code. For the purpose of this Section,

 

 

SB0703- 2 -LRB100 08793 SMS 18932 b

1"affiliate" means any person or entity that directly or
2indirectly controls, is controlled by, or shares control with
3another person or entity. A person or entity has control over
4another if the person or entity has an ownership interest of
525% or more in the other.
6(Source: P.A. 96-936, eff. 3-21-11; 97-420, eff. 1-1-12.)