Sen. Kimberly A. Lightford

Filed: 4/11/2011

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 674

2    AMENDMENT NO. ______. Amend Senate Bill 674 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Consumer Installment Loan Act is amended by
5changing Section 1 as follows:
 
6    (205 ILCS 670/1)  (from Ch. 17, par. 5401)
7    Sec. 1. License required to engage in business. No person,
8partnership, association, limited liability company, or
9corporation shall engage in the business of making loans of
10money in a principal amount not exceeding $40,000, and charge,
11contract for, or receive on any such loan a greater rate of
12interest, discount, or consideration therefor than the lender
13would be permitted by law to charge if he were not a licensee
14hereunder, except as authorized by this Act after first
15obtaining a license from the Director of Financial Institutions
16(hereinafter called the Director). No licensee, or employee or

 

 

09700SB0674sam001- 2 -LRB097 04437 CEL 54361 a

1affiliate thereof, that is licensed under the Payday Loan
2Reform Act shall obtain a license under this Act except that a
3licensee under the Payday Loan Reform Act may obtain a license
4under this Act for the exclusive purpose and use of making
5title-secured loans, as defined in subsection (a) of Section 15
6of this Act and governed by Title 38, Section 110.300 of the
7Illinois Administrative Code. For the purpose of this Section,
8"affiliate" means any person or entity that directly or
9indirectly controls, is controlled by, or shares control with
10another person or entity. A person or entity has control over
11another if the person or entity has an ownership interest of
1225% or more in the other.
13(Source: P.A. 96-936, eff. 3-21-11.)".