Illinois General Assembly - Full Text of HB2468
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Full Text of HB2468  101st General Assembly


Rep. Emanuel Chris Welch

Filed: 3/12/2019





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2    AMENDMENT NO. ______. Amend House Bill 2468 on page 1, line
35, by changing "15f" to "1.1"; and
4on page 1, by replacing lines 17 through 23 with the following:
5"(hereinafter called the Director). No licensee, or employee or
6affiliate thereof, that is licensed under the Payday Loan
7Reform Act shall obtain a license under this Act except that a
8licensee under the Payday Loan Reform Act may obtain a license
9under this Act for the exclusive purpose and use of making
10title-secured loans, as defined in subsection (a) of Section 15
11of this Act and governed by Title 38, Section 110.300 of the
12Illinois Administrative Code. For the purpose of this"; and
13on page 2, by deleting line 1; and
14on page 2, by inserting immediately below line 7 the following:



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1    "(205 ILCS 670/1.1 new)
2    Sec. 1.1. Dual licensure. A license under this Act that is
3held by a licensee that holds a license under the Payday Loan
4Reform Act is valid only for the purpose of servicing loans
5made under this Act that are outstanding as of the effective
6date of this amendatory Act of the 101st General Assembly. A
7license under this Act held by a licensee that holds a license
8under the Payday Loan Reform Act is null and void with respect
9to making loans under this Act. The Director may adopt rules
10providing for the surrender of licenses subject to this
11Section."; and
12on page 4, by replacing lines 4 through 6 with the following:
13"not include a title-secured loan as defined by subsection (a)
14of this Section or a payday loan as defined by the Payday Loan
15Reform Act. "Small consumer loan" does not include a loan in
16which, at commencement, an obligor provides to the licensee, as
17security for the loan, physical possession of the obligor's
18title to a motor vehicle."; and
19on page 9, by deleting lines 20 through 25; and
20by deleting all of pages 10 and 11.