State of Illinois
90th General Assembly
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[ Introduced ][ Engrossed ][ Senate Amendment 002 ]

90_SB0685sam001

                                           LRB9002691LDcwam01
 1                    AMENDMENT TO SENATE BILL 685
 2        AMENDMENT NO.     .  Amend Senate Bill  685  on  page  1,
 3    lines  2  and 6, by replacing "7.5" each time it appears with
 4    "12.5"; and
 5    on page 1 by replacing lines 7 through 16 with the following:
 6        "(205 ILCS 670/12.5 new)
 7        Sec. 12.5.  Limited purpose branch.
 8        (a)  Upon  the  written  approval  of  the  Director,   a
 9    licensee  may  maintain a limited purpose branch for the sole
10    purpose of making loans as permitted by this Act.  A  limited
11    purpose  branch includes an automatic loan machine.  No other
12    activity shall be conducted at the site  including,  but  not
13    limited  to,  accepting payments, servicing the accounts, and
14    collections.
15        (b)  The  licensee  must  submit  an  application  for  a
16    limited purpose branch to the Director on forms prescribed by
17    the Director with an application fee of $300.   The  approval
18    for  the  limited purpose branch must be renewed concurrently
19    with the renewal of the license along with a renewal  fee  of
20    $300 for the limited purpose branch.
21        (c)  The  books,  accounts,  records,  and  files  of the
22    limited purpose branch's transactions shall be maintained  at
                            -2-            LRB9002691LDcwam01
 1    the  licensee's licensed location.  The licensee shall notify
 2    the Director of the licensed location  at  which  the  books,
 3    accounts, records, and files are maintained.
 4        (d)  The   licensee  shall  prominently  display  at  the
 5    limited purpose branch the address and  telephone  number  of
 6    the licensee's licensed location.
 7        (e)  No  other business shall be conducted at the site of
 8    the limited purpose branch unless authorized by the Director.
 9        (f)  The Director shall make and enforce reasonable rules
10    for the conduct of a limited purpose branch.
11        Section 99.  Effective date.  This Act takes effect  upon
12    becoming law.".

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