[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Engrossed ] |
91_SB0218
LRB9101666JSpc
1 AN ACT to amend the Consumer Installment Loan Act by
2 changing Section 20 and adding Section 15f.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Consumer Installment Loan Act is amended
6 by changing Section 20 and adding Section 15f as follows:
7 (205 ILCS 670/15f new)
8 Sec. 15f. Consumer credit counseling; notice.
9 (a) The Department of Financial Institutions, in
10 cooperation with an organization representing consumer credit
11 counseling corporations, shall prepare a statement that
12 describes the services provided by consumer credit counseling
13 corporations. The statement shall include the address,
14 telephone number, and general area served by all consumer
15 credit counseling corporations in Illinois.
16 (b) A licensee shall provide a copy of the statement
17 prepared pursuant to subsection (a) to its borrowers. The
18 statement shall be provided to the borrower separately from
19 the loan contract at the time the loan contract is signed by
20 the borrower.
21 (c) Each loan contract executed by a licensee shall
22 include a statement, which shall be initialed by the
23 borrower, as follows:
24 "I have received from (name of lender) a statement that
25 discloses information about consumer credit counseling
26 services and the address and telephone number of the consumer
27 credit counseling corporation nearest my residence.".
28 (205 ILCS 670/20) (from Ch. 17, par. 5426)
29 Sec. 20. Penalties for violation.
30 (a) Any person who engages in business as a Consumer
-2- LRB9101666JSpc
1 Installment Loan lender without the license required by this
2 Act shall be guilty of a Class 4 felony.
3 (b) The obligor, prior to the expiration of 2 years
4 after the date of his last scheduled payment, may recover
5 such reasonable attorney's fees and court costs as a court
6 may assess against such licensee or lender for a violation of
7 Sections 1, 12, 15, 15a, 15b, 15d, 15e, 15f, 16, 17, 18, or
8 19.1. The balance due under the terms of the loan contract
9 shall be reduced by the amount which the obligor is thus
10 entitled to recover. A bona fide error by a licensee in
11 calculating charges or rebates is not a violation if the
12 licensee corrects the error within a reasonable time, after
13 discovery.
14 (b-5) A license issued under this Act may be revoked if
15 the licensee, or any directors, managers of a limited
16 liability company, partners, or officer thereof is convicted
17 of a felony.
18 (c) No provision of this Section imposing any liability
19 shall apply to any act done or omitted in conformity with any
20 rule or regulation or written interpretation thereof by the
21 Department of Financial Institutions, notwithstanding that
22 after such act or omission has occurred, such rule,
23 regulation or interpretation is amended, rescinded or
24 determined by judicial or other authority to be invalid for
25 any reason. All interpretations issued after January 1, 1998
26 must be written and signed by the Department's Chief Counsel
27 and approved by the Director.
28 (Source: P.A. 90-437, eff. 1-1-98.)