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91_SB0355
LRB9103205JSpc
1 AN ACT relating to consumer finance.
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.)
24 Section 10. The Illinois Financial Services Development
25 Act is amended by changing Section 6 as follows:
26 (205 ILCS 675/6) (from Ch. 17, par. 7006)
27 Sec. 6. Additional fees. In addition to or in lieu of
28 interest at a periodic rate or rates as provided in Section
29 5, and without limitation of the foregoing Section 4, a
-2- LRB9103205JSpc
1 financial institution may, if the agreement governing the
2 revolving credit plan so provides, charge and collect as
3 interest, in such manner or form as the plan may provide, an
4 annual or other periodic fee for the privileges made
5 available to the borrower under the plan, a transaction
6 charge or charges, late fees or delinquency charges, returned
7 payment charges, over limit charges and fees for services
8 rendered.
9 (Source: P.A. 85-1432.)