HB0069 97TH GENERAL ASSEMBLY

LRB097 03211 CEL 43247 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0069

Introduced 1/12/2011, by Rep. Lou Lang

SYNOPSIS AS INTRODUCED:

205 ILCS 670/1

from Ch. 17, par. 5401

Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.

A BILL FOR

AN ACT concerning 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 1 as follows:

(205 ILCS 670/1) (from Ch. 17, par. 5401)

(Text of Section before amendment by P.A. 96-936)

Sec. 1. License required to engage in business. No person, partnership, association, limited liability company, or corporation shall engage in the the business of making loans of money in a principal amount not exceeding $25,000, and charge, contract for, or receive on any such loan a greater rate of interest, discount, or consideration therefor than the lender would be permitted by law to charge if he were not a licensee hereunder, except as authorized by this Act after first obtaining a license from the Director of Financial Institutions (hereinafter called the Director).

(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)

(Text of Section after amendment by P.A. 96-936)

Sec. 1. License required to engage in business. No person, partnership, association, limited liability company, or corporation shall engage in the the business of making loans of money in a principal amount not exceeding $40,000, and charge, contract for, or receive on any such loan a greater rate of interest, discount, or consideration therefor than the lender would be permitted by law to charge if he were not a licensee hereunder, except as authorized by this Act after first obtaining a license from the Director of Financial Institutions (hereinafter called the Director). No licensee, or employee or affiliate thereof, that is licensed under the Payday Loan Reform Act shall obtain a license under this Act except that a licensee under the Payday Loan Reform Act may obtain a license under this Act for the exclusive purpose and use of making title-secured loans, as defined in subsection (a) of Section 15 of this Act and governed by Title 38, Section 110.300 of the Illinois Administrative Code.

(Source: P.A. 96-936, eff. 3-21-11.)

Section 95. No acceleration or delay. Where this Act makes changes in a statute that is represented in this Act by text that is not yet or no longer in effect (for example, a Section represented by multiple versions), the use of that text does not accelerate or delay the taking effect of (i) the changes made by this Act or (ii) provisions derived from any other Public Act.