HB6372 93RD GENERAL ASSEMBLY

LRB093 18938 SAS 44673 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6372

Introduced 02/06/04, by Tom Cross

SYNOPSIS AS INTRODUCED:

205 ILCS 670/8

from Ch. 17, par. 5408

Amends the Consumer Installment Loan Act. Makes technical changes in a Section concerning annual license fees.

A BILL FOR

AN ACT in relation to financial regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Installment Loan Act is amended by changing Section 8 as follows:

(205 ILCS 670/8) (from Ch. 17, par. 5408)

Sec. 8. Annual license fee; expenses. Before the 15th day of each December, a licensee must pay to the Director, and the Department must receive, the annual license fee required by Section 2 for the next succeeding calendar year. The license shall expire on the first of January unless the license fee has been paid prior thereto.

In addition to the such license fee, the reasonable expense of any examination, investigation or custody by the Director under any provisions of this Act shall be borne by the licensee.

If a licensee fails to renew his or her license by the 31st day of December, it shall automatically expire and the licensee is not entitled to a hearing; however, the Director, in his or her discretion, may reinstate an expired license upon payment of the annual renewal fee and proof of good cause for failure to renew.

(Source: P.A. 92-398, eff. 1-1-02.)