Rep. Emanuel Chris Welch
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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
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:
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"(205 ILCS 670/1.1 new)
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
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
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.
on page 9, by deleting lines 20 through 25; and
by deleting all of pages 10 and 11.