Rep. Emanuel Chris Welch

Filed: 4/2/2019





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2    AMENDMENT NO. ______. Amend House Bill 2468 on page 1, line
35, by changing "Section 15f" to "Sections 1.1" and 15f; and
4on page 1, by replacing lines 19 through 23 with the following:
5"Reform Act may obtain a license under this Act. except that a
6licensee under the Payday Loan Reform Act may obtain a license
7under this Act for the exclusive purpose and use of making
8title-secured loans, as defined in subsection (a) of Section 15
9of this Act and governed by Title 38, Section 110.300 of the
10Illinois Administrative Code. For the purpose of this"; and
11on page 2, by deleting line 1; and
12on page 2, by inserting immediately below line 7 the following:
13    "(205 ILCS 670/1.1 new)
14    Sec. 1.1. Dual licensure. A license under this Act that is



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1held by a licensee that holds a license under the Payday Loan
2Reform Act is valid only for the purpose of servicing loans
3made under this Act that are outstanding as of the effective
4date of this amendatory Act of the 101st General Assembly. A
5license under this Act held by a licensee that holds a license
6under the Payday Loan Reform Act is null and void with respect
7to making loans under this Act. The Director may adopt rules
8providing for the surrender of licenses subject to this
9Section."; and
10on page 4, by replacing lines 4 through 6 with the following:
11"not include a title-secured loan as defined by subsection (a)
12of this Section or a payday loan as defined by the Payday Loan
13Reform Act. "Small consumer loan" does not include a loan
14secured by a motor vehicle, including, but not limited to,
15loans in which, at commencement, an obligor provides or agrees
16to provide to the licensee physical possession of the obligor's
17title to a motor vehicle and loans in which the licensee
18perfects or seeks to perfect a lien on the obligor's title to a
19motor vehicle."; and
20on page 9, by replacing lines 21 through 25 with the following:
21    "Sec. 15f. Title-secured loan rules repealed. 38 Ill. Adm.
22Code Chapter I, Part 110, Subpart B is repealed on the
23effective date of this amendatory Act of the 101st General
24Assembly."; and



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1by deleting all of pages 10 and 11.