Illinois Compiled Statutes 205 Financial Regulation: Article -
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 1
License required to engage in business. No person, partnership, association, limited liability company, or corporation shall engage in the business of making loans of money...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 2
Application; fees; positive net worth. Application for such license shall be in writing, and in the form prescribed by the Director. Such applicant at...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 3
Appointment of attorney-in-fact for service of process. Every licensee shall appoint, in writing, the Director of Financial Institutions (hereinafter called Director) and his successors...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 4
Investigation to determine whether license shall be issued. Upon the filing of an application and the payment of the fee, the Director shall investigate...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 4.1
(Repealed). (Source: P.A. 84-1004. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 5
License. The license shall state the address, including city and state, at which the business is to be conducted and shall state fully the...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 6
(Repealed). (Source: Laws 1963, p. 3526. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 7
More than one license to same licensee - Changing place of business. (a) Not more than one place of business shall be maintained under...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 8
Annual license fee - Expenses. Before the 15th day of each December, a licensee must pay to the Director, and the Department must receive,...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 8.1
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 Consumer Installment Loan Act. - 205 ILCS 670, Section 9
Fines, Suspension or Revocation of license. (a) The Director may, after 10 days notice by registered mail to the licensee at the address set forth...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 9.1
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 Consumer Installment Loan Act. - 205 ILCS 670, Section 10
Investigation of conduct of business. For the purpose of discovering violations of this Act or securing information lawfully required by it, the Director may...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 11
Books and records - Reports. (a) Every licensee shall retain and use in his business or at another location approved by the Director such...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 12
Other business. (a) Upon application by the licensee, and approval by the Director, the Director may approve the conduct of other businesses not specifically...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 12.5
Limited purpose branch. (a) Upon the written approval of the Director, a licensee may maintain a limited purpose branch for the sole purpose of...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 13
Prohibition against taking power of attorney. No licensee shall take any power of attorney except to cancel any policies of insurance financed by the...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 14
Pledge or sale of note. No licensee or other person shall pledge, hypothecate or sell a note entered into under the provisions of this...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 15
Charges permitted. (a) Every licensee may lend a principal amount not exceeding $40,000 and, except as to small consumer loans as defined in this Section,...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 15a
Credit insurance. Voluntary credit life insurance, credit accident and health insurance, involuntary unemployment insurance, credit property insurance, or other credit insurance policies approved or...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 15b
Property insurance. (a) A licensee may require the obligor to provide property damage insurance on real and personal property, all or part of which...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 15d
Extra charges prohibited; exceptions. No amount in addition to the charges authorized by this Act shall be directly or indirectly charged, contracted for, or...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 15e
Insurance. (a) A licensee shall not be considered to be the obligor's agent or broker in connection with the purchase or sale of insurance...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 16
Disclosure of Terms of Contract. In any loan transaction under this Act, the licensee must disclose the following items to the obligor of the...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 16b
No real estate security in certain cases. For loans with an original principal amount of $3,000 or less, a licensee shall not take any...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 16c
Non-English language transactions. A licensee may conduct transactions in a language other than English through an employee or agent acting as interpreter or through...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 17
Maximum term and amount. The loan contract shall provide for repayment of the principal and charges within 181 months from the date of the...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 17.1
Small consumer loans; definition. Sections 17.1, 17.2, 17.3, 17.4, and 17.5 of this Act apply exclusively to small consumer loans as defined in Section 15...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 17.2
Small consumer loans; charges permitted. (a) With respect to a small consumer loan of $1,500 or less: (1) A licensee may charge, contract for and...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 17.3
Small consumer loans; terms. (a) A small consumer loan shall be fully amortizing and be repayable in its entirety in a minimum of 6 substantially...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 17.4
Small consumer loans; loan amount. A licensee is prohibited from making a small consumer loan to a consumer if the total of all payments to...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 17.5
Consumer reporting service. (a) For the purpose of this Section, "certified database" means the consumer reporting service database established pursuant to the Payday Loan Reform...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 18
Advertising. Advertising for loans transacted under this Act may not be false, misleading or deceptive. That advertising, if it states a rate or amount...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 18.5
Incentives. A licensee may pay money or any other thing of value to any person as an incentive or inducement to apply for a...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 19
(Repealed). (Source: P.A. 84-1004. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 19.1
Where the licensee repossesses a motor vehicle that was used as collateral and which is used primarily for the obligor's personal, family or household...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 19.2
Licensee; prohibition against accepting certain checks. At the time a loan is made or within 20 days after a loan is made, a licensee shall...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 20
Penalties for violation. (a) Any person who engages in business as a Consumer Installment Loan lender without the license required by this Act shall be...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 20.5
Cease and desist. (a) The Director may issue a cease and desist order to any licensee, or other person doing business without the required...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 20.7
Civil action. A claim of violation of this Act may be asserted in a civil action. (Source: P.A. 90-437, eff. 1-1-98.)
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 21
Application of Act. This Act does not apply to any person, partnership, association, limited liability company, or corporation doing business under and as permitted by...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 22
Rules and regulations. The Department may make and enforce such reasonable rules, regulations, directions, orders, decisions, and findings as the execution and enforcement of the...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 23
Judicial review. All final administrative decisions of the Department hereunder shall be subject to judicial review pursuant to the provisions of the Administrative Review...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 24
(Repealed). (Source: Laws 1963, p. 3526. Repealed by P.A. 90-437, eff. 1-1-98.)
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 24.5
Injunction; civil penalty; costs. If it appears to the Director that a person or any entity has committed or is about to commit a...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 25
Partial invalidity. If any clause, sentence, provision or part of this Act shall be adjudged to be unconstitutional or invalid for any reason by...
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 26
Title of act. This Act shall be known and may be cited as the Consumer Installment Loan Act. (Source: Laws 1963, p. 3526.)
- Illinois Consumer Installment Loan Act. - 205 ILCS 670, Section 27
Effective date. This Act shall take effect September 1, 1963. During the first 90 days after the effective date of this Act, any person...
Last modified: February 18, 2015