HB2468ham001 101ST GENERAL ASSEMBLY

Rep. Emanuel Chris Welch

Filed: 3/12/2019

10100HB2468ham001 LRB101 08098 JLS 57550 a

AMENDMENT TO HOUSE BILL 2468

AMENDMENT NO. ______. Amend House Bill 2468 on page 1, line 5, by changing "15f" to "1.1"; and

on page 1, by replacing lines 17 through 23 with the following: "(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. For the purpose of this"; and

on page 2, by deleting line 1; and

on page 2, by inserting immediately below line 7 the following:

"(205 ILCS 670/1.1 new)

Sec. 1.1. Dual licensure. A license under this Act that is held by a licensee that holds a license under the Payday Loan Reform Act is valid only for the purpose of servicing loans made under this Act that are outstanding as of the effective date of this amendatory Act of the 101st General Assembly. A license under this Act held by a licensee that holds a license under the Payday Loan Reform Act is null and void with respect to making loans under this Act. The Director may adopt rules providing for the surrender of licenses subject to this Section."; and

on page 4, by replacing lines 4 through 6 with the following: "not include a title-secured loan as defined by subsection (a) of this Section or a payday loan as defined by the Payday Loan Reform Act. "Small consumer loan" does not include a loan in which, at commencement, an obligor provides to the licensee, as security for the loan, physical possession of the obligor's title to a motor vehicle."; and

on page 9, by deleting lines 20 through 25; and

by deleting all of pages 10 and 11.