093_SB1193sam001











                                     LRB093 10704 JLS 12879 a

 1                    AMENDMENT TO SENATE BILL 1193

 2        AMENDMENT NO.     .  Amend Senate Bill 1193 by  replacing
 3    the title with the following:

 4        "AN ACT in relation to financial regulation."; and

 5    by  replacing  everything  after the enacting clause with the
 6    following:

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

 9        (205 ILCS 670/8) (from Ch. 17, par. 5408)
10        Sec. 8.  Annual license fee; expenses.  Before  the  15th
11    day  of  each  December, a licensee must pay to the Director,
12    and the Department  must  receive,  the  annual  license  fee
13    required  by Section 2 for the next succeeding calendar year.
14    The license shall expire on the first of January  unless  the
15    license fee has been paid prior thereto.
16        In  addition  to  the  such  license  fee, the reasonable
17    expense of any examination, investigation or custody  by  the
18    Director  under  any provisions of this Act shall be borne by
19    the licensee.
20        If a licensee fails to renew his or her  license  by  the
21    31st  day  of December, it shall automatically expire and the
 
                            -2-      LRB093 10704 JLS 12879 a
 1    licensee is not entitled to a hearing; however, the Director,
 2    in his or her discretion, may reinstate  an  expired  license
 3    upon  payment  of  the  annual  renewal fee and proof of good
 4    cause for failure to renew.
 5    (Source: P.A. 92-398, eff. 1-1-02.)".