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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6641
Introduced 02/09/04, by Maria Antonia Berrios SYNOPSIS AS INTRODUCED:
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205 ILCS 670/22 |
from Ch. 17, par. 5428 |
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Amends the Consumer Installment Loan Act. Provides that a short-term lender may not charge interest on a short-term loan at an
annual percentage rate exceeding 32%.
Requires the Department of Financial Institutions to conform its rules to the new provisions.
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A BILL FOR
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HB6641 |
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LRB093 19743 WGH 45484 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Consumer Installment Loan Act is amended by |
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| changing Section 22 as follows:
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| (205 ILCS 670/22) (from Ch. 17, par. 5428)
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| Sec. 22. Rules and
regulations.
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| (a) The Department may make and enforce such reasonable |
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| rules, regulations,
directions, orders, decisions, and |
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| findings as the execution and
enforcement of the provisions of |
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| this Act require, and as are not
inconsistent therewith.
In |
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| addition, the Department may promulgate rules in connection |
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| with the
activities of licensees that are necessary and |
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| appropriate for the protection
of consumers in this State.
All |
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| rules, regulations and directions of a general
character
shall |
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| be printed and copies thereof mailed to all licensees. |
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| (b) A short-term lender may not charge interest on a |
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| short-term loan at an
annual percentage rate exceeding 32%.
As |
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| used in this subsection (b): |
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| "Title-secured loan" and "short-term lender" have the |
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| meanings ascribed to those terms in the Department's |
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| administrative rules concerning short term lending at 38 Ill. |
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| Adm. Code 110.310 et seq. |
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| "Short-term loan" means a loan upon which interest is |
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| charged at an annual percentage rate of 32% and for a term of |
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| not more than 30 days in the case of a non-title-secured loan |
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| or for a term not more than 60 days in the case of a |
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| title-secured loan. |
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| (c) The Department shall conform the definition of |
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| "short-term loan" in the Department's administrative rules |
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| concerning short term lending at 38 Ill. Adm. Code 110.310 et |
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| seq. to the definition of "short-term loan" in subsection (b) |