Public Act 097-0420
 
SB0674 EnrolledLRB097 04437 RPM 44476 b

    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)
    Sec. 1. License required to engage in business. No person,
partnership, association, limited liability company, or
corporation shall engage in 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. For the purpose of this Section,
"affiliate" means any person or entity that directly or
indirectly controls, is controlled by, or shares control with
another person or entity. A person or entity has control over
another if the person or entity has an ownership interest of
25% or more in the other.
(Source: P.A. 96-936, eff. 3-21-11.)

Effective Date: 1/1/2012