State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Enrolled ][ House Amendment 002 ]

91_SB0355eng

 
SB355 Engrossed                                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
 
SB355 Engrossed             -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.)

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