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92_HB5396
LRB9214081LDtm
1 AN ACT in relation to loans.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Consumer Installment Loan Act is amended
5 by changing Section 1 as follows:
6 (205 ILCS 670/1) (from Ch. 17, par. 5401)
7 Sec. 1. License required to engage in business. No
8 person, partnership, association, limited liability company,
9 or corporation shall engage in the business of making loans
10 of money in a principal amount not exceeding $25,000, and
11 charge, contract for, or receive on any such loan a greater
12 rate of interest, discount, or consideration therefor than
13 the lender would be permitted by law to charge if he were not
14 a licensee under this Act hereunder, except as authorized by
15 this Act after first obtaining a license from the Director of
16 Financial Institutions (hereinafter called the Director).
17 (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)