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(205 ILCS 670/1)
(from Ch. 17, par. 5401)
License required to engage in business.
No person, partnership, association, limited liability
company, or corporation shall engage in
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, "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.)