State of Illinois
92nd General Assembly
Legislation

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92_HB4060

 
                                               LRB9213470JSpc

 1        AN ACT in relation to financial regulation.

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

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

 6        (205 ILCS 670/8) (from Ch. 17, par. 5408)
 7        Sec. 8. Annual license fee; expenses. Before the 15th day
 8    of each December, a licensee must pay to  the  Director,  and
 9    the  Department must receive, the annual license fee required
10    by Section 2 for  the  next  succeeding  calendar  year.  The
11    license  shall  expire  on  the  first  of January unless the
12    license fee has been paid prior thereto.
13        In addition to  the  such  license  fee,  the  reasonable
14    expense  of  any examination, investigation or custody by the
15    Director under any provisions of this Act shall be  borne  by
16    the licensee.
17        If  a  licensee  fails to renew his or her license by the
18    31st day of December, it shall automatically expire  and  the
19    licensee is not entitled to a hearing; however, the Director,
20    in  his  or  her discretion, may reinstate an expired license
21    upon payment of the annual renewal  fee  and  proof  of  good
22    cause for failure to renew.
23    (Source: P.A. 92-398, eff. 1-1-02.)

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