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Rep. Emanuel Chris Welch
Filed: 4/2/2019
| | 10100HB2468ham002 | | LRB101 08098 JLS 58835 a |
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| 1 | | AMENDMENT TO HOUSE BILL 2468
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| 2 | | AMENDMENT NO. ______. Amend House Bill 2468 on page 1, line |
| 3 | | 5, by changing "Section 15f" to "Sections 1.1" and 15f; and
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| 4 | | on page 1, by replacing lines 19 through 23 with the following: |
| 5 | | "Reform Act may obtain a license
under this Act. except that a
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| 6 | | licensee under the Payday Loan Reform Act may obtain a license
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| 7 | | under this Act for the exclusive purpose and use of making
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| 8 | | title-secured loans, as defined in subsection (a) of Section
15 |
| 9 | | of this Act and governed by Title 38, Section 110.300 of the |
| 10 | | Illinois Administrative Code. For the purpose of this"; and
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| 11 | | on page 2, by deleting line 1; and
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| 12 | | on page 2, by inserting immediately below line 7 the following:
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| 13 | | "(205 ILCS 670/1.1 new) |
| 14 | | Sec. 1.1. Dual licensure. A license under this Act that is |
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| | 10100HB2468ham002 | - 2 - | LRB101 08098 JLS 58835 a |
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| 1 | | held by a licensee that holds a license under the Payday Loan |
| 2 | | Reform Act is valid only for the purpose of servicing loans |
| 3 | | made under this Act that are outstanding as of the effective |
| 4 | | date of this amendatory Act of the 101st General Assembly. A |
| 5 | | license under this Act held by a licensee that holds a license |
| 6 | | under the Payday Loan Reform Act is null and void with respect |
| 7 | | to making loans under this Act. The Director may adopt rules |
| 8 | | providing for the surrender of licenses subject to this |
| 9 | | Section."; and
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| 10 | | on page 4, by replacing lines 4 through 6 with the following: |
| 11 | | "not include a title-secured loan as defined by subsection (a)
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| 12 | | of this Section or a payday loan as defined by the Payday
Loan |
| 13 | | Reform Act. "Small consumer loan" does not include a loan |
| 14 | | secured by a motor vehicle, including, but not limited to, |
| 15 | | loans in which, at commencement, an obligor provides or agrees |
| 16 | | to provide to the licensee physical possession of the obligor's |
| 17 | | title to a motor vehicle and loans in which the licensee |
| 18 | | perfects or seeks to perfect a lien on the obligor's title to a |
| 19 | | motor vehicle."; and
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| 20 | | on page 9, by replacing lines 21 through 25 with the following: |
| 21 | | "Sec. 15f. Title-secured loan rules repealed. 38 Ill. Adm. |
| 22 | | Code Chapter I, Part 110, Subpart B is repealed on the |
| 23 | | effective date of this amendatory Act of the 101st General |
| 24 | | Assembly."; and
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