State of Illinois
91st General Assembly
Legislation

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91_HB0973

 
                                               LRB9103304JSpc

 1        AN ACT to amend the  Consumer  Installment  Loan  Act  by
 2    changing Section 8.

 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 changing Section 8 as follows:

 7        (205 ILCS 670/8) (from Ch. 17, par. 5408)
 8        Sec.  8.  Annual  license fee, expenses. A Every licensee
 9    shall, on or before the 15th day of each December, pay to the
10    Director the annual license fee required by Section 2 for the
11    next succeeding calendar year. The license  shall  expire  on
12    the  first  of  January  unless the license fee has been paid
13    prior thereto.
14        In addition to such license fee, the  reasonable  expense
15    of  any examination, investigation or custody by the Director
16    under any provisions of  this  Act  shall  be  borne  by  the
17    licensee.
18        If  a  licensee  fails to renew his or her license by the
19    31st day of December, it shall automatically expire  and  the
20    licensee is not entitled to a hearing; however, the Director,
21    in  his  or  her discretion, may reinstate an expired license
22    upon payment of the annual renewal  fee  and  proof  of  good
23    cause for failure to renew.
24    (Source: P.A. 90-437, eff. 1-1-98.)

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