Illinois Compiled Statutes 205 Financial Regulation: Article -
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 1
This Act shall be known and may be cited as the Sales Finance Agency Act. (Source: Laws 1967, p. 2062.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 2
Definitions. In this Act, unless the context otherwise requires: "Sales finance agency" means a person, irrespective of his or her state of domicile or...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 3
No person may engage in the business of a sales finance agency in this State without first obtaining a license as provided in this...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 4
After December 31, 1967, a person who is required to be licensed under this Act must display at each of his places of business...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 5
If a licensee fails to renew his or her license by the 31st day of December, it shall automatically expire and the licensee is...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 6
A license fee of $300 for the applicant's principal place of business and $100 for each additional place of business for which a license...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 6.1
All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 7
The Department shall examine each licensee annually to determine if it is in compliance with this Act. The expense of this annual examination shall...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8
The Department may deny an application for a license, deny an application for renewal of a license, or suspend or revoke a license on...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.1
Material misstatement in the application or renewal, in any form prescribed by the Director for the renewal of a license, or in any amendment...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.2
Violating or aiding any person in the violation of this Act or any rule or regulation promulgated by the Director. (Source: P.A. 90-437, eff.
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.3
Aiding or conspiring to aid any person in the violation of the Retail Installment Sales Act or of the Motor Vehicle Retail Installment Sales...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.4
Except for an honest mistake, purchase of any retail contract, retail charge agreement, or evidence of indebtedness thereunder, that on its face violates this...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.5
Purchase of any retail contract, retail charge agreement, or evidence of indebtedness thereunder after actual knowledge that the contract, agreement or evidence of indebtedness...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.6
Use of collection process that violates any of the laws of this State with respect to garnishment, wage deduction orders or wage assignments. (Source:...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.7
(Repealed). (Source: Laws 1967, p. 2062. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.8
Conviction in a criminal matter or final judgment in a civil action of defrauding another person. (Source: P.A. 90-437, eff. 1-1-98.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.9
Fraud, misrepresentation, or concealment by the licensee of material facts that are required to be disclosed to a retail buyer under the Retail Installment...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.10
Conducting business as a sales finance agency, bank, savings and loan association, consumer finance company, or credit union, under the laws of this or...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.11
Purchase of a retail installment contract creating or providing for a security interest in a motor vehicle that qualifies as consumer goods under the...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.12
Ownership by the applicant or licensee or by a shareholder, partner or beneficiary thereof of a substantial or controlling interest in the business of...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.13
Failure to maintain a positive net worth of $30,000 without having access to sources of funding approved by the Director. (Source: P.A. 90-437, eff.
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 8.14
Conviction of a felony. Conviction of a felony of any applicant or licensee, or of any partner, manager of a limited liability company, officer,...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 9
(Repealed). (Source: Laws 1967, p. 2062. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 10
Denial, revocation, fine, or suspension of license. (a) The Director may revoke or suspend a license or fine a licensee if the licensee violates...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 10.1
The Department may suspend or revoke only the particular license with respect to which grounds exist, but if it finds that those grounds are...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 10.2
Closing of business; surrender of license. At least 10 days prior to a licensee ceasing operations, closing business, or filing for bankruptcy, the licensee...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 10.3
No suspension, revocation or surrender of a license issued under this Act impairs or affects the obligation of any retail installment contract, retail charge...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 10.4
The Department may issue a new license to a licensee whose license has been revoked when facts or conditions which clearly would have warranted...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 10.5
(Repealed). (Source: Laws 1967, p. 2062. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 11
For the purpose of discovering violations of this Act or securing information lawfully required by it, the Department may at any time investigate the...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 12
Every licensee shall retain such records as are required by the Department. Every licensee shall preserve the records of each of its transactions for...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 13
Rules. The Department may make and enforce such reasonable rules, regulations, directions, orders, decisions and findings as the execution and enforcement of this Act require,...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 14
All final administrative decisions of the Department shall be subject to judicial review pursuant to the "Administrative Review Law", and all amendments and modifications...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 15
Any person who engages in business as a sales finance agency without the license required by this Act shall be guilty of a Class...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 15.5
Civil action. A claim of violation of this Act may be asserted in a civil action. Additionally, a court may award reasonable attorney's fees...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 16
(Repealed). (Source: P.A. 84-704. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 16.5
Cease and desist orders. (a) The Director may issue a cease and desist order to a sales finance agency or other person doing business...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 17
Application of Act. (a) This Act does not apply to any credit union, bank, banking association, trust company, savings bank, or savings and loan...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 18
Penalties. The Director may set by rule penalties for violations of this Act or rules promulgated under this Act. (Source: P.A. 90-437, eff. 1-1-98.)
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 19
Injunction; civil penalty; costs. If it appears to the Director that a person has committed or is about to commit a violation of this...
- Illinois Sales Finance Agency Act. - 205 ILCS 660, Section 20
Conformance with Department rule does not violate Act. No provision of this Act imposing any civil liability shall apply to any act done or...
Last modified: February 18, 2015