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90_HB0597
205 ILCS 670/7.5 new
Amends the Consumer Installment Loan Act. Provides that
upon written notice to the Director of Financial
Institutions, a licensee may make loans by electronic or
other means at off-site lending locations.
LRB9002691JScc
LRB9002691JScc
1 AN ACT to amend the Consumer Installment Loan Act by
2 adding Section 7.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Consumer Installment Loan Act is amended
6 by adding Section 7.5 as follows:
7 (205 ILCS 670/7.5 new)
8 Sec. 7.5. Off-site lending. Upon written notification to
9 the Director, a licensee may make loans by electronic or
10 other means from an off-site location so long as the books,
11 accounts, records, and files of these off-site loan
12 transactions are maintained at a location that is licensed or
13 approved by the Director. At every off-site lending location,
14 the licensee shall post the address where the books,
15 accounts, records, and files are maintained and a phone
16 number where the licensee may be contacted.