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Public Act 91-0435
HB1740 Enrolled LRB9103434WHpr
AN ACT to amend the Illinois Loan Brokers Act of 1995 by
changing Section 15-80.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Loan Brokers Act of 1995 is
amended by changing Section 15-80 as follows:
(815 ILCS 175/15-80)
Sec. 15-80. Persons exempt from registration and other
duties; burden of proof thereof.
(a) The following persons are exempt from the
registration and bonding requirements of Sections 15-10,
15-15, 15-20, 15-25, 15-30, 15-35, 15-40, and 15-75 of this
Act:
(1) Any attorney while engaging in the practice of
law.
(2) Any certified public accountant licensed to
practice in Illinois, while engaged in practice as a
certified public accountant and whose service in relation
to procurement of a loan is incidental to his or her
practice.
(3) Any person licensed to engage in business as a
real estate broker or salesperson in Illinois while
rendering services in the ordinary course of a
transaction in which a license as a real estate broker or
salesperson is required.
(4) Any dealer, salesperson or investment adviser
registered under the Illinois Securities Law of 1953, or
an investment advisor, representative, or any person who
is regularly engaged in the business of offering or
selling securities in a transaction exempted under
subsection C, H, M, R, Q, or S of Section 4 of the
Illinois Securities Law of 1953 or subsection G of
Section 4 of the Illinois Securities Law of 1953 provided
that such person is registered under the federal
securities law.
(4.1) An associated person described in subdivision
(h)(2) of Section 15 of the Federal 1934 Act.
(4.2) An investment adviser registered pursuant to
Section 203 of the Federal 1940 Investment Advisors Act.
(4.3) A person described in subdivision (a)(11) of
Section 202 of the Federal 1940 Investment Advisors Act.
(5) Any person whose fee is wholly contingent on
the successful procurement of a loan from a third party
and to whom no fee, other than a bona fide third party
fee, is paid before the procurement.
(6) Any person who is a creditor, or proposed to be
a creditor, for any loan.
(7) (Blank).
(8) Any person regulated by the Department of
Financial Institutions or the Office of Banks and Real
Estate, or any insurance producer or company authorized
to do business in this State.
(b) As used in this Section, "bona fide third party fee"
includes fees for:
(1) Credit reports, appraisals and investigations.
(2) If the loan is to be secured by real property,
title examinations, an abstract of title, title
insurance, a property survey and similar purposes.
(c) As used in this Section, "successful procurement of
a loan" means that a binding commitment from a creditor to
advance money has been received and accepted by the borrower.
(d) The burden of proof of any exemption provided in
this Act shall be on the party claiming the exemption.
(Source: P.A. 89-209, eff. 1-1-96; 89-508, eff. 7-3-96;
90-70, eff. 7-8-97.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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