State of Illinois
91st General Assembly
Legislation

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91_HB3606

 
                                               LRB9112501JSpc

 1        AN ACT in relation to financial regulation.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The Consumer Installment Loan Act is amended
 5    by changing Section 8 as follows:

 6        (205 ILCS 670/8) (from Ch. 17, par. 5408)
 7        Sec. 8. Annual license fee, expenses.  A  Every  licensee
 8    shall, on or before the 15th day of each December, pay to the
 9    Director the annual license fee required by Section 2 for the
10    next  succeeding  calendar  year. The license shall expire on
11    the first of January unless the license  fee  has  been  paid
12    prior thereto.
13        In  addition  to such license fee, the reasonable expense
14    of any examination, investigation or custody by the  Director
15    under  any  provisions  of  this  Act  shall  be borne by the
16    licensee.
17        If a licensee fails to renew his or her  license  by  the
18    31st  day  of December, it shall automatically expire and the
19    licensee is not entitled to a hearing; however, the Director,
20    in his or her discretion, may reinstate  an  expired  license
21    upon  payment  of  the  annual  renewal fee and proof of good
22    cause for failure to renew.
23    (Source: P.A. 90-437, eff. 1-1-98.)

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