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| Public Act 100-0958 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Currency Exchange Act is amended by changing | ||||
Section 15.2 as follows:
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(205 ILCS 405/15.2) (from Ch. 17, par. 4831)
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Sec. 15.2.
No community currency exchange shall determine | ||||
its affairs and
close up its business unless it shall first | ||||
deposit with the Secretary an
amount of money equal to the | ||||
whole of its debts, liabilities and lawful
demands against it | ||||
including the costs and expenses of this proceeding, and
shall | ||||
surrender to the Secretary its community currency exchange | ||||
license,
and shall file with the Secretary a statement of | ||||
termination signed by the
licensee of such community currency | ||||
exchange, containing a pronouncement of
intent to close up its | ||||
business and liquidate its liabilities, and also
containing a | ||||
sworn list itemizing in full all such debts, liabilities and
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lawful demands against it. Corporate licensees shall attach to, | ||||
and make a
part of such statement of termination, a copy of a | ||||
resolution providing for
the determination and closing up of | ||||
the licensee's affairs, certified by
the secretary of such | ||||
licensee and duly adopted at a shareholders' meeting
by the | ||||
holders of at least two-thirds of the outstanding shares | ||||
entitled to
vote at such meeting. Upon the filing with the | ||
Secretary of a statement of
termination the Secretary shall | ||
cause notice thereof to be published once
each week for three | ||
consecutive weeks in a public newspaper of general
circulation | ||
published in the city or village where such community currency
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exchange is located, and if no newspaper shall be there | ||
published, then in
a public newspaper of general circulation | ||
nearest to said city or village;
and such publication shall | ||
give notice that the debts, liabilities and
lawful demands | ||
against such community currency exchange will be redeemed by
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the Secretary on demand in writing made by the owner thereof, | ||
at any time
within one year three years from the date of first | ||
publication. After the expiration
of such one-year three year | ||
period, the Secretary shall return to the person or
persons | ||
designated in the statement of termination to receive such
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repayment and in the proportion therein specified, any balance | ||
of money
then remaining in his possession, if any there be, | ||
after first deducting
therefrom all unpaid costs and expenses | ||
incurred in connection with this
proceeding. The Secretary | ||
shall receive for his services, exclusive of costs
and | ||
expenses, two per cent of any amount up to $5,000.00, and one | ||
per cent
of any amount in excess of $5,000.00, deposited with | ||
him hereunder by any
one community currency exchange. Nothing | ||
contained herein shall affect or
impair the liability of any | ||
bonding or insurance company on any bond or
insurance policy | ||
issued under this Act relating to such community currency
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exchange.
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(Source: P.A. 97-315, eff. 1-1-12.)
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Section 10. The Consumer Installment Loan Act is amended by | ||
changing Section 8 as follows:
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(205 ILCS 670/8) (from Ch. 17, par. 5408)
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Sec. 8. Annual license fee - Expenses. Before the 1st 15th | ||
day of each December, a
licensee must pay to
the Director, and | ||
the Department must receive, the annual license fee
required by | ||
Section 2 for the next
succeeding calendar year. The license | ||
shall expire on the first of January
unless the license fee has | ||
been paid prior thereto.
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In addition to such license fee, the reasonable expense of | ||
any
examination, investigation or custody by the Director under | ||
any
provisions of this Act shall be borne by the licensee.
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If a licensee fails to renew his or her license by the 31st | ||
day of
December, it shall automatically expire and the licensee | ||
is not entitled to a
hearing; however, the Director, in his or | ||
her discretion, may reinstate an
expired
license upon payment | ||
of the annual renewal fee and proof of good cause for
failure | ||
to renew.
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(Source: P.A. 92-398, eff. 1-1-02.)
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Section 15. The Payday Loan Reform Act is amended by | ||
changing Section 3-5 as follows: | ||
(815 ILCS 122/3-5)
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Sec. 3-5. Licensure. | ||
(a) A license to make a payday loan shall state the | ||
address,
including city and state, at which
the business is to | ||
be conducted and shall state fully the name of the licensee.
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The license shall be conspicuously posted in the place of | ||
business of the
licensee and shall not be transferable or | ||
assignable.
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(b) An application for a license shall be in writing and in | ||
a form
prescribed by the Secretary. The Secretary may not issue | ||
a payday loan
license unless and until the following findings | ||
are made:
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(1) that the financial responsibility, experience, | ||
character, and general
fitness of the applicant are such as | ||
to command the confidence of the public
and to warrant the | ||
belief that the business will be operated lawfully and
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fairly and within the provisions and purposes of this Act; | ||
and
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(2) that the applicant has submitted such other | ||
information as the
Secretary may deem necessary.
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(c) A license shall be issued for no longer than one year, | ||
and no renewal
of a license may be provided if a licensee has | ||
substantially violated this
Act and has not cured the violation | ||
to the satisfaction of the Department.
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(d) A licensee shall appoint, in writing, the Secretary as | ||
attorney-in-fact
upon whom all lawful process against the | ||
licensee may be served with the
same legal force and validity | ||
as if served on the licensee. A copy of the
written | ||
appointment, duly certified, shall be filed in the office of | ||
the
Secretary, and a copy thereof certified by the Secretary | ||
shall be sufficient
evidence to subject a licensee to | ||
jurisdiction in a court of law. This appointment shall remain | ||
in effect while any liability remains
outstanding in this State | ||
against the licensee. When summons is served upon
the Secretary | ||
as attorney-in-fact for a licensee, the Secretary shall | ||
immediately
notify the licensee by registered mail, enclosing | ||
the summons and specifying
the hour and day of service.
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(e) A licensee must pay an annual fee of $1,000. In | ||
addition to the
license fee, the reasonable expense of any | ||
examination or hearing
by the Secretary under any provisions of | ||
this Act shall be borne by
the licensee. If a licensee fails to | ||
renew its license by December 1 31,
its license
shall | ||
automatically expire; however, the Secretary, in his or her | ||
discretion,
may reinstate an expired license upon:
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(1) payment of the annual fee within 30 days of the | ||
date of
expiration; and
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(2) proof of good cause for failure to renew.
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(f) Not more than one place of business shall be maintained | ||
under the
same license, but the Secretary may issue more than | ||
one license to the same
licensee upon compliance with all the | ||
provisions of this Act governing
issuance of a single license. | ||
The location, except those locations already in
existence as of | ||
June 1, 2005, may not be within one mile of a
horse race track | ||
subject to the Illinois Horse Racing Act of 1975,
within one | ||
mile of a facility at which gambling is conducted under the
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Riverboat Gambling Act, within one mile of the location at | ||
which a
riverboat subject to the Riverboat Gambling Act docks, | ||
or within one mile of
any State of Illinois or United States | ||
military base or naval installation.
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(g) No licensee shall conduct the business of making loans | ||
under this
Act within any office, suite, room, or place of | ||
business in which (1) any loans are offered or made under the | ||
Consumer Installment Loan Act other than title secured loans as | ||
defined in subsection (a) of Section 15 of the Consumer | ||
Installment Loan Act and governed by Title 38, Section 110.330 | ||
of the Illinois Administrative Code or (2) any other
business | ||
is solicited or engaged in unless the other business is | ||
licensed by the Department or, in the opinion of the Secretary, | ||
the
other business would not be contrary to the best interests | ||
of consumers and
is authorized by the Secretary in writing.
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(g-5) Notwithstanding subsection (g) of this Section, a | ||
licensee may obtain a license under the Consumer Installment | ||
Loan Act (CILA) for the exclusive purpose and use of making | ||
title secured loans, as defined in subsection (a) of Section 15 | ||
of CILA and governed by Title 38, Section 110.300 of the | ||
Illinois Administrative Code. A licensee may continue to | ||
service Consumer Installment Loan Act loans that were | ||
outstanding as of the effective date of this amendatory Act of | ||
the 96th General Assembly. | ||
(h) The Secretary shall maintain a list of licensees that | ||
shall be
available to interested consumers and lenders and the | ||
public. The Secretary
shall maintain a toll-free number whereby | ||
consumers may obtain
information about licensees. The | ||
Secretary shall also establish a complaint
process under which | ||
an aggrieved consumer
may file a complaint against a licensee | ||
or non-licensee who violates any
provision of this Act.
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(Source: P.A. 96-936, eff. 3-21-11.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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