Bill Text: IL SB1660 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-02-19 - Referred to Assignments [SB1660 Detail]

Download: Illinois-2009-SB1660-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB1660 Introduced 2/19/2009, by Sen. Jacqueline Y. Collins SYNOPSIS AS INTRODUCED:
205 ILCS 670/1 from Ch. 17, par. 5401
Amends the Consumer Installment Loan Act. Makes a technical change in a Section concerning a license required to engage in the business of making loans of money in a principal amount not exceeding $25,000.
LRB096 11151 MJR 21521 b
A BILL FOR
SB1660 LRB096 11151 MJR 21521 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 the business of making loans of
money in a principal amount not exceeding $25,000, 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).
(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)