Illinois House Bill HB3693 Introduced / Bill

                    103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3693 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:  See Index  Amends the Illinois Credit Union Act, the Transmitters of Money Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act. Requires applicants for a license or renewal of a license to operate a credit union, operate as a transmitter of money, engage in the business of a sales finance agency, engage in a debt management service, make consumer installment loans, operate as a debt settlement provider, or operate as a lender of payday loans to provide an email address of record to the Department of Financial and Professional Regulation. In provisions concerning service of certain notices and orders, allows service by email to the email address of record. Provides that service to an email address of record is deemed complete when sent. Provides that service by certified mail shall be deemed completed when the notice is deposited in the United States mail. Defines the term "email address of record". Makes other changes.   LRB103 28809 BMS 55194 b   A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3693 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:  See Index See Index  Amends the Illinois Credit Union Act, the Transmitters of Money Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act. Requires applicants for a license or renewal of a license to operate a credit union, operate as a transmitter of money, engage in the business of a sales finance agency, engage in a debt management service, make consumer installment loans, operate as a debt settlement provider, or operate as a lender of payday loans to provide an email address of record to the Department of Financial and Professional Regulation. In provisions concerning service of certain notices and orders, allows service by email to the email address of record. Provides that service to an email address of record is deemed complete when sent. Provides that service by certified mail shall be deemed completed when the notice is deposited in the United States mail. Defines the term "email address of record". Makes other changes.  LRB103 28809 BMS 55194 b     LRB103 28809 BMS 55194 b   A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3693 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:
See Index See Index
See Index
Amends the Illinois Credit Union Act, the Transmitters of Money Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act. Requires applicants for a license or renewal of a license to operate a credit union, operate as a transmitter of money, engage in the business of a sales finance agency, engage in a debt management service, make consumer installment loans, operate as a debt settlement provider, or operate as a lender of payday loans to provide an email address of record to the Department of Financial and Professional Regulation. In provisions concerning service of certain notices and orders, allows service by email to the email address of record. Provides that service to an email address of record is deemed complete when sent. Provides that service by certified mail shall be deemed completed when the notice is deposited in the United States mail. Defines the term "email address of record". Makes other changes.
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A BILL FOR
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1  AN ACT concerning regulation.
2  Be it enacted by the People of the State of Illinois,
3  represented in the General Assembly:
4  Section 5. The Illinois Credit Union Act is amended by
5  changing Sections 1.1, 2, 8, 21, and 61 as follows:
6  (205 ILCS 305/1.1) (from Ch. 17, par. 4402)
7  Sec. 1.1. Definitions.
8  Credit Union - The term "credit union" means a
9  cooperative, non-profit association, incorporated under this
10  Act, under the laws of the United States of America or under
11  the laws of another state, for the purposes of encouraging
12  thrift among its members, creating a source of credit at a
13  reasonable rate of interest, and providing an opportunity for
14  its members to use and control their own money in order to
15  improve their economic and social conditions. The membership
16  of a credit union shall consist of a group or groups each
17  having a common bond as set forth in this Act.
18  Common Bond - The term "common bond" refers to groups of
19  people who meet one of the following qualifications:
20  (1) Persons belonging to a specific association, group
21  or organization, such as a church, labor union, club or
22  society and members of their immediate families which
23  shall include any relative by blood or marriage or foster

 

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3693 Introduced , by Rep. Camille Y. Lilly SYNOPSIS AS INTRODUCED:
See Index See Index
See Index
Amends the Illinois Credit Union Act, the Transmitters of Money Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act. Requires applicants for a license or renewal of a license to operate a credit union, operate as a transmitter of money, engage in the business of a sales finance agency, engage in a debt management service, make consumer installment loans, operate as a debt settlement provider, or operate as a lender of payday loans to provide an email address of record to the Department of Financial and Professional Regulation. In provisions concerning service of certain notices and orders, allows service by email to the email address of record. Provides that service to an email address of record is deemed complete when sent. Provides that service by certified mail shall be deemed completed when the notice is deposited in the United States mail. Defines the term "email address of record". Makes other changes.
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A BILL FOR

 

 

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1  and adopted children.
2  (2) Persons who reside in a reasonably compact and
3  well defined neighborhood or community, and members of
4  their immediate families which shall include any relative
5  by blood or marriage or foster and adopted children.
6  (3) Persons who have a common employer or who are
7  members of an organized labor union or an organized
8  occupational or professional group within a defined
9  geographical area, and members of their immediate families
10  which shall include any relative by blood or marriage or
11  foster and adopted children.
12  Shares - The term "shares" or "share accounts" means any
13  form of shares issued by a credit union and established by a
14  member in accordance with standards specified by a credit
15  union, including but not limited to common shares, share draft
16  accounts, classes of shares, share certificates, special
17  purpose share accounts, shares issued in trust, custodial
18  accounts, and individual retirement accounts or other plans
19  established pursuant to Section 401(d) or (f) or Section
20  408(a) of the Internal Revenue Code, as now or hereafter
21  amended, or similar provisions of any tax laws of the United
22  States that may hereafter exist.
23  Credit Union Organization - The term "credit union
24  organization" means any organization established to serve the
25  needs of credit unions, the business of which relates to the
26  daily operations of credit unions.

 

 

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1  Department - The term "Department" means the Illinois
2  Department of Financial and Professional Regulation.
3  Email address of record The term "email address of
4  record" means an accurate and current email address designated
5  by a credit union and recorded by the Division of Financial
6  Institutions in the credit union's file maintained by the
7  Division of Financial Institutions.
8  Secretary - The term "Secretary" means the Secretary of
9  Financial and Professional Regulation or a person authorized
10  by the Secretary or this Act to act in the Secretary's stead.
11  Division of Financial Institutions - The term "Division of
12  Financial Institutions" means the Division of Financial
13  Institutions of the Department of Financial and Professional
14  Regulation.
15  Director - The term "Director of Financial Institutions"
16  means the Director of the Division of Financial Institutions
17  of the Department of Financial and Professional Regulation.
18  Office - The term "office" means the Division of Financial
19  Institutions of the Department of Financial and Professional
20  Regulation.
21  NCUA - The term "NCUA" means the National Credit Union
22  Administration, an agency of the United States Government
23  charged with the supervision of credit unions chartered under
24  the laws of the United States of America.
25  Central Credit Union - The term "central credit union"
26  means a credit union incorporated primarily to receive shares

 

 

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1  from and make loans to credit unions and directors, officers,
2  committee members and employees of credit unions. A central
3  credit union may also accept as members persons who were
4  members of credit unions which were liquidated and persons
5  from occupational groups not otherwise served by another
6  credit union.
7  Corporate Credit Union - The term "corporate credit union"
8  means a credit union which is a cooperative, non-profit
9  association, the membership of which is limited primarily to
10  other credit unions.
11  Insolvent - "Insolvent" means the condition that results
12  when the total of all liabilities and shares exceeds net
13  assets of the credit union.
14  Danger of insolvency - For purposes of Section 61, a
15  credit union is in "danger of insolvency" if its net worth to
16  asset ratio falls below 2%. In calculating the danger of
17  insolvency ratio, secondary capital shall be excluded. For
18  purposes of Section 61, a credit union is also in "danger of
19  insolvency" if the Department is unable to ascertain, upon
20  examination, the true financial condition of the credit union.
21  Net Worth - "Net worth" means the retained earnings
22  balance of the credit union, as determined under generally
23  accepted accounting principles, and forms of secondary capital
24  approved by the Secretary and the Director pursuant to
25  rulemaking.
26  Charitable Donation Account - The term "charitable

 

 

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1  donation account" means an account owned by a credit union
2  that is held in a segregated custodial account or special
3  purpose entity and specifically identified as a charitable
4  donation account whereby, no less frequently than every 5
5  years and upon termination of the account, at least 51% of the
6  total return on assets in the account is distributed to one or
7  more charitable organizations or non-profit entities.
8  (Source: P.A. 97-133, eff. 1-1-12; 98-784, eff. 7-24-14.)
9  (205 ILCS 305/2) (from Ch. 17, par. 4403)
10  Sec. 2. Organization procedure.
11  (1) Any 9 or more persons of legal age, the majority of
12  whom shall be residents of the State of Illinois, who have a
13  common bond referred to in Section 1.1 may organize a credit
14  union or a central credit union by complying with this
15  Section.
16  (2) The subscribers shall execute in duplicate Articles of
17  Incorporation and agree to the terms thereof, which Articles
18  shall state:
19  (a) The name, which shall include the words "credit
20  union" and which shall not be the same as that of any other
21  existing credit union in this state, and the location
22  where the proposed credit union is to have its principal
23  place of business;
24  (b) The common bond of the members of the credit
25  union;

 

 

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1  (c) The par value of the shares of the credit union,
2  which must be at least $1;
3  (d) The names, addresses and Social Security numbers
4  of the subscribers to the Articles of Incorporation, and
5  the number and the value of shares subscribed to by each;
6  (e) That the credit union may exercise such incidental
7  powers as are necessary or requisite to enable it to carry
8  on effectively the purposes for which it is incorporated,
9  and those powers which are inherent in the credit union as
10  a legal entity;
11  (f) That the existence of the credit union shall be
12  perpetual.
13  (3) The subscribers shall prepare and adopt bylaws for the
14  general government of the credit union, consistent with this
15  Act, and execute same in duplicate.
16  (4) The subscribers shall forward the articles of
17  incorporation and the bylaws to the Secretary in duplicate,
18  along with the required charter fee. If they conform to the
19  law, and such rules and regulations as the Secretary and the
20  Director may prescribe, if the Secretary determines that a
21  common bond exists, and that it is economically advisable to
22  organize the credit union, he or she shall within 60 days issue
23  a certificate of approval attached to the articles of
24  incorporation and return a copy of the bylaws and the articles
25  of incorporation to the applicants or their representative,
26  which shall be preserved in the permanent files of the credit

 

 

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1  union. The subscribers shall file the certificate of approval,
2  with the articles of incorporation attached, in the office of
3  the recorder (or, if there is no recorder, in the office of the
4  county clerk) of the county in which the credit union is to
5  locate its principal place of business. The recorder or the
6  county clerk, as the case may be, shall accept and record the
7  documents if they are accompanied by the proper fee. When the
8  documents are so recorded, the credit union is incorporated
9  under this Act.
10  (5) The subscribers for a credit union charter shall not
11  transact any business until the certificate of approval has
12  been received.
13  (6) At the time of executing the articles of
14  incorporation, the subscribers shall provide an email address
15  of record.
16  (Source: P.A. 100-361, eff. 8-25-17.)
17  (205 ILCS 305/8) (from Ch. 17, par. 4409)
18  Sec. 8. Secretary's powers and duties. Credit unions are
19  regulated by the Department. The Secretary in executing the
20  powers and discharging the duties vested by law in the
21  Department has the following powers and duties:
22  (1) To exercise the rights, powers, and duties set
23  forth in this Act or any related Act. The Director shall
24  oversee the functions of the Division and report to the
25  Secretary, with respect to the Director's exercise of any

 

 

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1  of the rights, powers, and duties vested by law in the
2  Secretary under this Act. All references in this Act to
3  the Secretary shall be deemed to include the Director, as
4  a person authorized by the Secretary or this Act to assume
5  responsibility for the oversight of the functions of the
6  Department relating to the regulatory supervision of
7  credit unions under this Act.
8  (2) To prescribe rules and regulations for the
9  administration of this Act. The provisions of the Illinois
10  Administrative Procedure Act are hereby expressly adopted
11  and incorporated herein as though a part of this Act, and
12  shall apply to all administrative rules and procedures of
13  the Department under this Act.
14  (3) To direct and supervise all the administrative and
15  technical activities of the Department including the
16  employment of a Credit Union Supervisor who shall have
17  knowledge in the theory and practice of, or experience in,
18  the operations or supervision of financial institutions,
19  preferably credit unions, and such other persons as are
20  necessary to carry out his functions. The Secretary shall
21  ensure that all examiners appointed or assigned to examine
22  the affairs of State-chartered credit unions possess the
23  necessary training and continuing education to effectively
24  execute their jobs.
25  (4) To issue cease and desist orders when in the
26  opinion of the Secretary, a credit union is engaged or has

 

 

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1  engaged, or the Secretary has reasonable cause to believe
2  the credit union is about to engage, in an unsafe or
3  unsound practice, or is violating or has violated or the
4  Secretary has reasonable cause to believe is about to
5  violate a law, rule, or regulation or any condition
6  imposed in writing by the Department.
7  (5) To suspend from office and to prohibit from
8  further participation in any manner in the conduct of the
9  affairs of any credit union any director, officer, or
10  committee member who has committed any violation of a law,
11  rule, or regulation or of a cease and desist order or who
12  has engaged or participated in any unsafe or unsound
13  practice in connection with the credit union or who has
14  committed or engaged in any act, omission, or practice
15  which constitutes a breach of his fiduciary duty as such
16  director, officer, or committee member, when the Secretary
17  has determined that such action or actions have resulted
18  or will result in substantial financial loss or other
19  damage that seriously prejudices the interests of the
20  members.
21  (6) To assess a civil penalty against a credit union
22  provided that:
23  (A) the Secretary reasonably determines, based on
24  objective facts and an accurate assessment of
25  applicable legal standards, that the credit union has:
26  (i) committed a violation of this Act, any

 

 

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1  rule adopted in accordance with this Act, or any
2  order of the Secretary issued pursuant to his or
3  her authority under this Act; or
4  (ii) engaged or participated in any unsafe or
5  unsound practice;
6  (B) before a civil penalty is assessed under this
7  item (6), the Secretary must make the further
8  reasonable determination, based on objective facts and
9  an accurate assessment of applicable legal standards,
10  that the credit union's action constituting a
11  violation under subparagraph (i) of paragraph (A) of
12  this item (6) or an unsafe and unsound practice under
13  subparagraph (ii) of paragraph (A) of this item (6):
14  (i) directly resulted in a substantial and
15  material financial loss or created a reasonable
16  probability that a substantial and material
17  financial loss will directly result; or
18  (ii) constituted willful misconduct or a
19  material breach of fiduciary duty of any director,
20  officer, or committee member of the credit union;
21  Material financial loss, as referenced in this
22  paragraph (B), shall be assessed in light of
23  surrounding circumstances and the relative size and
24  nature of the financial loss or probable financial
25  loss. Certain benchmarks shall be used in determining
26  whether financial loss is material, such as a

 

 

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1  percentage of total assets or total gross income for
2  the immediately preceding 12-month period. Absent
3  compelling and extraordinary circumstances, no civil
4  penalty shall be assessed, unless the financial loss
5  or probable financial loss is equal to or greater than
6  either 1% of the credit union's total assets for the
7  immediately preceding 12-month period, or 1% of the
8  credit union's total gross income for the immediately
9  preceding 12-month period, whichever is less;
10  (C) before a civil penalty is assessed under this
11  item (6), the credit union must be expressly advised
12  in writing of the:
13  (i) specific violation that could subject it
14  to a penalty under this item (6); and
15  (ii) specific remedial action to be taken
16  within a specific and reasonable time frame to
17  avoid imposition of the penalty;
18  (D) civil Civil penalties assessed under this item
19  (6) shall be remedial, not punitive, and reasonably
20  tailored to ensure future compliance by the credit
21  union with the provisions of this Act and any rules
22  adopted pursuant to this Act;
23  (E) a credit union's failure to take timely
24  remedial action with respect to the specific violation
25  may result in the issuance of an order assessing a
26  civil penalty up to the following maximum amount,

 

 

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1  based upon the total assets of the credit union:
2  (i) Credit unions with assets of less than $10
3  million................................................$1,000
4  (ii) Credit unions with assets of at least $10
5  million and less than $50 million......................$2,500
6  (iii) Credit unions with assets of at least
7  $50 million and less than $100 million.................$5,000
8  (iv) Credit unions with assets of at least
9  $100 million and less than $500 million...............$10,000
10  (v) Credit unions with assets of at least $500
11  million and less than $1 billion......................$25,000
12  (vi) Credit unions with assets of $1 billion
13  and greater.....................................$50,000; and
14  (F) an order assessing a civil penalty under this
15  item (6) shall be served by certified mail or email to
16  the email address of record and take effect upon
17  service of the order, unless the credit union makes a
18  written request for a hearing under 38 Ill. IL. Adm.
19  Code 190.20 of the Department's rules for credit
20  unions within 90 days after issuance of the order; in
21  that event, the order shall be stayed until a final
22  administrative order is entered. Service by certified
23  mail shall be deemed completed when the notice is
24  deposited in the United States mail. Service to the
25  email address of record shall be deemed completed when
26  sent.

 

 

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1  This item (6) shall not apply to violations separately
2  addressed in rules as authorized under item (7) of this
3  Section.
4  (7) Except for the fees established in this Act, to
5  prescribe, by rule and regulation, fees and penalties for
6  preparing, approving, and filing reports and other
7  documents; furnishing transcripts; holding hearings;
8  investigating applications for permission to organize,
9  merge, or convert; failure to maintain accurate books and
10  records to enable the Department to conduct an
11  examination; and taking supervisory actions.
12  (8) To destroy, in his discretion, any or all books
13  and records of any credit union in his possession or under
14  his control after the expiration of three years from the
15  date of cancellation of the charter of such credit unions.
16  (9) To make investigations and to conduct research and
17  studies and to publish some of the problems of persons in
18  obtaining credit at reasonable rates of interest and of
19  the methods and benefits of cooperative saving and lending
20  for such persons.
21  (10) To authorize, foster, or establish experimental,
22  developmental, demonstration, or pilot projects by public
23  or private organizations including credit unions which:
24  (a) promote more effective operation of credit
25  unions so as to provide members an opportunity to use
26  and control their own money to improve their economic

 

 

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1  and social conditions; or
2  (b) are in the best interests of credit unions,
3  their members and the people of the State of Illinois.
4  (11) To cooperate in studies, training, or other
5  administrative activities with, but not limited to, the
6  NCUA, other state credit union regulatory agencies and
7  industry trade associations in order to promote more
8  effective and efficient supervision of Illinois chartered
9  credit unions.
10  (12) Notwithstanding the provisions of this Section,
11  the Secretary shall not:
12  (1) issue an order against a credit union
13  organized under this Act for unsafe or unsound banking
14  practices solely because the entity provides or has
15  provided financial services to a cannabis-related
16  legitimate business;
17  (2) prohibit, penalize, or otherwise discourage a
18  credit union from providing financial services to a
19  cannabis-related legitimate business solely because
20  the entity provides or has provided financial services
21  to a cannabis-related legitimate business;
22  (3) recommend, incentivize, or encourage a credit
23  union not to offer financial services to an account
24  holder or to downgrade or cancel the financial
25  services offered to an account holder solely because:
26  (A) the account holder is a manufacturer or

 

 

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1  producer, or is the owner, operator, or employee
2  of a cannabis-related legitimate business;
3  (B) the account holder later becomes an owner
4  or operator of a cannabis-related legitimate
5  business; or
6  (C) the credit union was not aware that the
7  account holder is the owner or operator of a
8  cannabis-related legitimate business; and
9  (4) take any adverse or corrective supervisory
10  action on a loan made to an owner or operator of:
11  (A) a cannabis-related legitimate business
12  solely because the owner or operator owns or
13  operates a cannabis-related legitimate business;
14  or
15  (B) real estate or equipment that is leased to
16  a cannabis-related legitimate business solely
17  because the owner or operator of the real estate
18  or equipment leased the equipment or real estate
19  to a cannabis-related legitimate business.
20  (Source: P.A. 101-27, eff. 6-25-19; 102-858, eff. 5-13-22;
21  revised 8-19-22.)
22  (205 ILCS 305/21) (from Ch. 17, par. 4422)
23  Sec. 21. Record of board and committee members. Within 30
24  days after election or appointment, the names and addresses of
25  the members of the board of directors, committees and all

 

 

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1  officers of the credit union shall be filed with the
2  Department on forms provided by the Department. The form shall
3  also include the email address of record of the credit union.
4  (Source: P.A. 97-133, eff. 1-1-12.)
5  (205 ILCS 305/61) (from Ch. 17, par. 4462)
6  Sec. 61. Suspension.
7  (1) If the Secretary determines that any credit union is
8  bankrupt, insolvent, impaired or that it has violated this
9  Act, or is operating in an unsafe or unsound manner, he shall
10  issue an order temporarily suspending the credit union's
11  operations for not more than 60 days. The board of directors
12  shall be given notice by registered or certified mail, or by
13  email to the email address of record, of such suspension,
14  which notice shall include the reasons for such suspension and
15  a list of specific violations of the Act. Service by certified
16  mail shall be deemed completed when the notice is deposited in
17  the United States mail. Service to the email address of record
18  shall be deemed completed when sent. The Secretary shall also
19  notify the members of the credit union board of advisors of any
20  suspension. The Director may assess to the credit union a
21  penalty, not to exceed the regulatory fee as set forth in this
22  Act, to offset costs incurred in determining the condition of
23  the credit union's books and records.
24  (2) Upon receipt of such suspension notice, the credit
25  union shall cease all operations, except those authorized by

 

 

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1  the Secretary, or the Secretary may appoint a manager-trustee
2  to operate the credit union during the suspension period. The
3  board of directors shall, within 10 days of the receipt of the
4  suspension notice, file with the Secretary a reply to the
5  suspension notice by submitting a corrective plan of action or
6  a request for formal hearing on said action pursuant to the
7  Department's rules and regulations.
8  (3) Upon receipt from the suspended credit union of
9  evidence that the conditions causing the order of suspension
10  have been corrected, and after determining that the proposed
11  corrective plan of action submitted is factual, the Secretary
12  shall revoke the suspension notice, permit the credit union to
13  resume normal operations, and notify the board of credit union
14  advisors of such action.
15  (4) If the Secretary determines that the proposed
16  corrective plan of action will not correct such conditions, he
17  may take possession and control of the credit union. The
18  Secretary may permit the credit union to operate under his
19  direction and control and may appoint a manager-trustee to
20  manage its affairs until such time as the condition requiring
21  such action has been remedied, or in the case of insolvency or
22  danger of insolvency where an emergency requiring expeditious
23  action exists, the Secretary may involuntarily merge the
24  credit union without the vote of the suspended credit union's
25  board of directors or members (hereafter involuntary merger)
26  subject to rules promulgated by the Secretary. No credit union

 

 

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1  shall be required to serve as a surviving credit union in any
2  involuntary merger. Upon the request of the Secretary, a
3  credit union by a vote of a majority of its board of directors
4  may elect to serve as a surviving credit union in an
5  involuntary merger. If the Secretary determines that the
6  suspended credit union should be liquidated, he may appoint a
7  liquidating agent and require of that person such bond and
8  security as he considers proper.
9  (5) Upon receipt of a request for a formal hearing, the
10  Secretary shall conduct proceedings pursuant to rules and
11  regulations of the Department. The credit union may request
12  the appropriate court to stay execution of such action.
13  Involuntary liquidation or involuntary merger may not be
14  ordered prior to the conclusion of suspension procedures
15  outlined in this Section.
16  (6) If, within the suspension period, the credit union
17  fails to answer the suspension notice or fails to request a
18  formal hearing, or both, the Secretary may then (i)
19  involuntarily merge the credit union if the credit union is
20  insolvent or in danger of insolvency and an emergency
21  requiring expeditious action exists or (ii) revoke the credit
22  union's charter, appoint a liquidating agent and liquidate the
23  credit union.
24  (Source: P.A. 97-133, eff. 1-1-12.)
25  Section 10. The Transmitters of Money Act is amended by

 

 

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1  changing Sections 5, 25, 40, 80, 90, and 100 as follows:
2  (205 ILCS 657/5)
3  Sec. 5. Definitions. As used in this Act, unless the
4  context otherwise requires, the words and phrases defined in
5  this Section have the meanings set forth in this Section.
6  "Authorized seller" means a person not an employee of a
7  licensee who engages in the business regulated by this Act on
8  behalf of a licensee under a contract between that person and
9  the licensee.
10  "Bill payment service" means the business of transmitting
11  money on behalf of an Illinois resident for the purpose of
12  paying the resident's bills.
13  "Controlling person" means a person owning or holding the
14  power to vote 25% or more of the outstanding voting securities
15  of a licensee or the power to vote the securities of another
16  controlling person of the licensee. For purposes of
17  determining the percentage of a licensee controlled by a
18  controlling person, the person's interest shall be combined
19  with the interest of any other person controlled, directly or
20  indirectly, by that person or by a spouse, parent, or child of
21  that person.
22  "Department" means the Department of Financial and
23  Professional Regulation Institutions.
24  "Director" means the Director of Financial Institutions.
25  "Division of Financial Institutions" means the Division of

 

 

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1  Financial Institutions of the Department of Financial and
2  Professional Regulation.
3  "Email address of record" means the designated email
4  address recorded by the Division of Financial Institutions in
5  the applicant's applicant file or the licensee's license file,
6  as maintained by the Division of Financial Institutions'
7  licensure unit.
8  "Licensee" means a person licensed under this Act.
9  "Location" means a place of business at which activity
10  regulated by this Act occurs.
11  "Material litigation" means any litigation that, according
12  to generally accepted accounting principles, is deemed
13  significant to a licensee's financial health and would be
14  required to be referenced in a licensee's annual audited
15  financial statements, reports to shareholders, or similar
16  documents.
17  "Money" means a medium of exchange that is authorized or
18  adopted by a domestic or foreign government as a part of its
19  currency and that is customarily used and accepted as a medium
20  of exchange in the country of issuance.
21  "Money transmitter" means a person who is located in or
22  doing business in this State and who directly or through
23  authorized sellers does any of the following in this State:
24  (1) Sells or issues payment instruments.
25  (2) Engages in the business of receiving money for
26  transmission or transmitting money.

 

 

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1  (3) Engages in the business of exchanging, for
2  compensation, money of the United States Government or a
3  foreign government to or from money of another government.
4  "Outstanding payment instrument" means, unless otherwise
5  treated by or accounted for under generally accepted
6  accounting principles on the books of the licensee, a payment
7  instrument issued by the licensee that has been sold in the
8  United States directly by the licensee or has been sold in the
9  United States by an authorized seller of the licensee and
10  reported to the licensee as having been sold, but has not been
11  paid by or for the licensee.
12  "Payment instrument" means a check, draft, money order,
13  traveler's check, stored value card, or other instrument or
14  memorandum, written order or written receipt for the
15  transmission or payment of money sold or issued to one or more
16  persons whether or not that instrument or order is negotiable.
17  Payment instrument does not include an instrument that is
18  redeemable by the issuer in merchandise or service, a credit
19  card voucher, or a letter of credit. A written order for the
20  transmission or payment of money that results in the issuance
21  of a check, draft, money order, traveler's check, or other
22  instrument or memorandum is not a payment instrument.
23  "Person" means an individual, partnership, association,
24  joint stock association, corporation, or any other form of
25  business organization.
26  "Stored value card" means any magnetic stripe card or

 

 

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1  other electronic payment instrument given in exchange for
2  money and other similar consideration, including but not
3  limited to checks, debit payments, money orders, drafts,
4  credit payments, and traveler's checks, where the card or
5  other electronic payment instrument represents a dollar value
6  that the consumer can either use or give to another
7  individual.
8  "Transmitting money" means the transmission of money by
9  any means, including transmissions to or from locations within
10  the United States or to and from locations outside of the
11  United States by payment instrument, facsimile or electronic
12  transfer, or otherwise, and includes bill payment services.
13  (Source: P.A. 92-400, eff. 1-1-02; 93-535, eff. 1-1-04.)
14  (205 ILCS 657/25)
15  Sec. 25. Application for license.
16  (a) An application for a license must be in writing, under
17  oath, and in the form the Director prescribes. At the time of
18  application, each applicant shall provide an email address of
19  record. The application must contain or be accompanied by all
20  of the following:
21  (1) The name of the applicant and the address of the
22  principal place of business of the applicant and the
23  address of all locations and proposed locations of the
24  applicant in this State.
25  (2) The form of business organization of the

 

 

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1  applicant, including:
2  (A) a copy of its articles of incorporation and
3  amendments thereto and a copy of its bylaws, certified
4  by its secretary, if the applicant is a corporation;
5  (B) a copy of its partnership agreement, certified
6  by a partner, if the applicant is a partnership; or
7  (C) a copy of the documents that control its
8  organizational structure, certified by a managing
9  official, if the applicant is organized in some other
10  form.
11  (3) The name, business and home address, and a
12  chronological summary of the business experience, material
13  litigation history, and felony convictions over the
14  preceding 10 years of:
15  (A) the proprietor, if the applicant is an
16  individual;
17  (B) every partner, if the applicant is a
18  partnership;
19  (C) each officer, director, and controlling
20  person, if the applicant is a corporation; and
21  (D) each person in a position to exercise control
22  over, or direction of, the business of the applicant,
23  regardless of the form of organization of the
24  applicant.
25  (4) Financial statements, not more than one year old,
26  prepared in accordance with generally accepted accounting

 

 

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1  principles and audited by a licensed public accountant or
2  certified public accountant showing the financial
3  condition of the applicant and an unaudited balance sheet
4  and statement of operation as of the most recent quarterly
5  report before the date of the application, certified by
6  the applicant or an officer or partner thereof. If the
7  applicant is a wholly owned subsidiary or is eligible to
8  file consolidated federal income tax returns with its
9  parent, however, unaudited financial statements for the
10  preceding year along with the unaudited financial
11  statements for the most recent quarter may be submitted if
12  accompanied by the audited financial statements of the
13  parent company for the preceding year along with the
14  unaudited financial statement for the most recent quarter.
15  (5) Filings of the applicant with the Securities and
16  Exchange Commission or similar foreign governmental entity
17  (English translation), if any.
18  (6) A list of all other states in which the applicant
19  is licensed as a money transmitter and whether the license
20  of the applicant for those purposes has ever been
21  withdrawn, refused, canceled, or suspended in any other
22  state, with full details.
23  (7) A list of all money transmitter locations and
24  proposed locations in this State.
25  (8) A sample of the contract for authorized sellers.
26  (9) A sample form of the proposed payment instruments

 

 

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1  to be used in this State.
2  (10) The name and business address of the clearing
3  banks through which the applicant intends to conduct any
4  business regulated under this Act.
5  (11) A surety bond as required by Section 30 of this
6  Act.
7  (12) The applicable fees as required by Section 45 of
8  this Act.
9  (13) A written consent to service of process as
10  provided by Section 100 of this Act.
11  (14) A written statement that the applicant is in full
12  compliance with and agrees to continue to fully comply
13  with all state and federal statutes and regulations
14  relating to money laundering.
15  (15) All additional information the Director considers
16  necessary in order to determine whether or not to issue
17  the applicant a license under this Act.
18  (a-5) The proprietor, partner, officer, director, and
19  controlling person of the applicant shall submit their
20  fingerprints to the Illinois State Police in an electronic
21  format that complies with the form and manner for requesting
22  and furnishing criminal history record information as
23  prescribed by the Illinois State Police. These fingerprints
24  shall be retained and checked against the Illinois State
25  Police and Federal Bureau of Investigation criminal history
26  record databases now and hereafter filed, including latent

 

 

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1  fingerprint searches. The Illinois State Police shall charge
2  applicants a fee for conducting the criminal history records
3  check, which shall be deposited into the State Police Services
4  Fund and shall not exceed the actual cost of the records check.
5  The Illinois State Police shall furnish records of Illinois
6  convictions to the Department pursuant to positive
7  identification and shall forward the national criminal history
8  record information to the Department. The Department may
9  require applicants to pay a separate fingerprinting fee,
10  either to the Department or to a Department-designated or
11  Department-approved vendor. The Department, in its discretion,
12  may allow a proprietor, partner, officer, director, or
13  controlling person of an applicant who does not have
14  reasonable access to a designated vendor to provide his or her
15  fingerprints in an alternative manner. The Department, in its
16  discretion, may also use other procedures in performing or
17  obtaining criminal background checks of applicants. Instead of
18  submitting his or her fingerprints, an individual may submit
19  proof that is satisfactory to the Department that an
20  equivalent security clearance has been conducted. The
21  Department may adopt any rules necessary to implement this
22  subsection.
23  (b) The Director may, for good cause shown, waive, in
24  part, any of the requirements of this Section.
25  (Source: P.A. 102-538, eff. 8-20-21.)

 

 

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1  (205 ILCS 657/40)
2  Sec. 40. Renewals of license. As a condition for renewal
3  of a license, a licensee must submit to the Director, and the
4  Director must receive, on or before December 1 of each year, an
5  application for renewal made in writing and under oath on a
6  form prescribed by the Director. At the time of renewal, each
7  licensee shall provide an email address of record. A licensee
8  whose application for renewal is not received by the
9  Department on or before December 31 shall not have its license
10  renewed and shall be required to submit to the Director an
11  application for a new license in accordance with Section 25.
12  Upon a showing of good cause, the Director may extend the
13  deadline for the filing of an application for renewal. The
14  application for renewal of a license shall contain or be
15  accompanied by all of the following:
16  (1) The name of the licensee and the address of the
17  principal place of business of the licensee.
18  (2) A list of all locations where the licensee is
19  conducting business under its license and a list of all
20  authorized sellers through whom the licensee is conducting
21  business under its license, including the name and
22  business address of each authorized seller.
23  (3) Audited financial statements covering the past
24  year of operations, prepared in accordance with generally
25  accepted accounting principles, showing the financial
26  condition of the licensee. The licensee shall submit the

 

 

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1  audited financial statement after the application for
2  renewal has been approved. The audited financial statement
3  must be received by the Department no later than 120 days
4  after the end of the licensee's fiscal year. If the
5  licensee is a wholly owned subsidiary or is eligible to
6  file consolidated federal income tax returns with its
7  parent, the licensee may submit unaudited financial
8  statements if accompanied by the audited financial
9  statements of the parent company for its most recently
10  ended year.
11  (4) A statement of the dollar amount and number of
12  money transmissions and payment instruments sold, issued,
13  exchanged, or transmitted in this State by the licensee
14  and its authorized sellers for the past year.
15  (5) A statement of the dollar amount of uncompleted
16  money transmissions and payment instruments outstanding or
17  in transit, in this State, as of the most recent quarter
18  available.
19  (6) The annual license renewal fees and any penalty
20  fees as provided by Section 45 of this Act.
21  (7) Evidence sufficient to prove to the satisfaction
22  of the Director that the licensee has complied with all
23  requirements under Section 20 relating to its net worth,
24  under Section 30 relating to its surety bond or other
25  security, and under Section 50 relating to permissible
26  investments.

 

 

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1  (8) A statement of a change in information provided by
2  the licensee in its application for a license or its
3  previous applications for renewal including, but not
4  limited to, new directors, officers, authorized sellers,
5  or clearing banks and material changes in the operation of
6  the licensee's business.
7  (Source: P.A. 92-400, eff. 1-1-02.)
8  (205 ILCS 657/80)
9  Sec. 80. Revocation or suspension of licenses.
10  (a) The Director may suspend or revoke a license if the
11  Director finds any of the following:
12  (1) The licensee has knowingly made a material
13  misstatement or suppressed or withheld information on an
14  application for a license or a document required to be
15  filed with the Director.
16  (2) A fact or condition exists that, if it had existed
17  or had been known at the time the licensee applied for its
18  license, would have been grounds for denying the
19  application.
20  (3) The licensee is insolvent.
21  (4) The licensee has knowingly violated a material
22  provision of this Act or rules adopted under this Act or an
23  order of the Director.
24  (5) The licensee refuses to permit the Director to
25  make an examination at reasonable times as authorized by

 

 

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1  this Act.
2  (6) The licensee knowingly fails to make a report
3  required by this Act.
4  (7) The licensee fails to pay a judgment entered in
5  favor of a claimant, plaintiff, or creditor in an action
6  arising out of the licensee's business regulated under
7  this Act within 30 days after the judgment becomes final
8  or within 30 days after expiration or termination of a
9  stay of execution.
10  (8) The licensee has been convicted under the laws of
11  this State, another state, or the United States of a
12  felony or of a crime involving a breach of trust or
13  dishonesty.
14  (9) The licensee has failed to suspend or terminate
15  its authorized seller's authority to act on its behalf
16  when the licensee knew its authorized seller was violating
17  or had violated a material provision of this Act or rules
18  adopted under this Act or an order of the Director.
19  (b) In every case in which a license is suspended or
20  revoked or an application for a license or renewal of a license
21  is denied, the Director shall serve notice of his action,
22  including a statement of the reasons for his action, either
23  personally, to the email address of record, or by certified
24  mail, return receipt requested. Service by certified mail
25  shall be deemed completed if the notice is deposited in the
26  United States mail post office, postage paid, addressed to the

 

 

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1  last known address specified in the application for a license.
2  Service to the email address of record shall be deemed
3  completed when sent.
4  (c) In the case of denial of an application for a license
5  or renewal of a license, the applicant or licensee may request
6  in writing, within 30 days after the date of service, a
7  hearing. In the case of a denial of an application for renewal
8  of a license, the expiring license shall be deemed to continue
9  in force until 30 days after the service of the notice of
10  denial or, if a hearing is requested during that period, until
11  a final order is entered pursuant to a hearing.
12  (d) The order of suspension or revocation of a license
13  shall take effect upon service of the order. The holder of any
14  suspended or revoked license may request in writing, within 30
15  days after the date of service, a hearing. In the event a
16  hearing is requested, the order shall remain temporary until a
17  final order is entered pursuant to the hearing.
18  (e) The hearing shall be held at the time and place
19  designated by the Director in either the City of Springfield
20  or the City of Chicago. The Director and any administrative
21  law judge designated by him shall have the power to administer
22  oaths and affirmations, subpoena witnesses and compel their
23  attendance, take evidence, authorize the taking of
24  depositions, and require the production of books, papers,
25  correspondence, and other records or information that he
26  considers relevant or material to the inquiry.

 

 

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1  (f) The Director may issue an order of suspension or
2  revocation of a license that takes effect upon service of the
3  order and remains in effect regardless of a request for a
4  hearing when the Director finds that the public welfare will
5  be endangered if the licensee is permitted to continue to
6  operate the business regulated by this Act.
7  (g) The decision of the Director to deny any application
8  for a license or renewal of a license or to suspend or revoke a
9  license is subject to judicial review under the Administrative
10  Review Law.
11  (h) The costs for administrative hearing shall be set by
12  rule.
13  (i) Appeals from all final orders and judgments entered by
14  the circuit court under this Section in review of a decision of
15  the Director may be taken as in other civil actions by any
16  party to the proceeding.
17  (Source: P.A. 88-643, eff. 1-1-95.)
18  (205 ILCS 657/90)
19  Sec. 90. Enforcement.
20  (a) If it appears to the Director that a person has
21  committed or is about to commit a violation of this Act, a rule
22  promulgated under this Act, or an order of the Director, the
23  Director may apply to the circuit court for an order enjoining
24  the person from violating or continuing to violate this Act,
25  the rule, or order and for injunctive or other relief that the

 

 

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1  nature of the case may require and may, in addition, request
2  the court to assess a civil penalty up to $1,000 along with
3  costs and attorney fees.
4  (b) If the Director finds, after an investigation that he
5  considers appropriate, that a licensee or other person is
6  engaged in practices contrary to this Act or to the rules
7  promulgated under this Act, the Director may issue an order
8  directing the licensee or person to cease and desist the
9  violation. The Director may, in addition to or without the
10  issuance of a cease and desist order, assess an administrative
11  penalty up to $1,000 against a licensee for each violation of
12  this Act or the rules promulgated under this Act. The issuance
13  of an order under this Section shall not be a prerequisite to
14  the taking of any action by the Director under this or any
15  other Section of this Act. The Director shall serve notice of
16  his action, including a statement of the reasons for his
17  actions, either personally, to the email address of record, or
18  by certified mail, return receipt requested. Service by
19  certified mail shall be deemed completed if the notice is
20  deposited in the United States mail post office, postage paid,
21  addressed to the last known address for a license. Service to
22  the email address of record shall be deemed completed when
23  sent.
24  (c) In the case of the issuance of a cease and desist order
25  or assessment order, a hearing may be requested in writing
26  within 30 days after the date of service. The hearing shall be

 

 

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1  held at the time and place designated by the Director in either
2  the City of Springfield or the City of Chicago. The Director
3  and any administrative law judge designated by him shall have
4  the power to administer oaths and affirmations, subpoena
5  witnesses and compel their attendance, take evidence,
6  authorize the taking of depositions, and require the
7  production of books, papers, correspondence, and other records
8  or information that he considers relevant or material to the
9  inquiry.
10  (d) After the Director's final determination under a
11  hearing under this Section, a party to the proceedings whose
12  interests are affected by the Director's final determination
13  shall be entitled to judicial review of that final
14  determination under the Administrative Review Law.
15  (e) The costs for administrative hearings shall be set by
16  rule.
17  (f) Except as otherwise provided in this Act, a violation
18  of this Act shall subject the party violating it to a fine of
19  $1,000 for each offense.
20  (g) Each transaction in violation of this Act or the rules
21  promulgated under this Act and each day that a violation
22  continues shall be a separate offense.
23  (h) A person who engages in conduct requiring a license
24  under this Act and fails to obtain a license from the Director
25  or knowingly makes a false statement, misrepresentation, or
26  false certification in an application, financial statement,

 

 

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1  account record, report, or other document filed or required to
2  be maintained or filed under this Act or who knowingly makes a
3  false entry or omits a material entry in a document is guilty
4  of a Class 3 felony.
5  (i) The Director is authorized to compromise, settle, and
6  collect civil penalties and administrative penalties, as set
7  by rule, with any person for violations of this Act or of any
8  rule or order issued or promulgated under this Act. Any person
9  who, without the required license, engages in conduct
10  requiring a license under this Act shall be liable to the
11  Department in an amount equal to the greater of (i) $5,000 or
12  (ii) an amount of money accepted for transmission plus an
13  amount equal to 3 times the amount accepted for transmission.
14  The Department shall cause any funds so recovered to be
15  deposited in the TOMA Consumer Protection Fund.
16  (j) The Director may enter into consent orders at any time
17  with a person to resolve a matter arising under this Act. A
18  consent order must be signed by the person to whom it is issued
19  and must indicate agreement to the terms contained in it. A
20  consent order need not constitute an admission by a person
21  that this Act or a rule or order issued or promulgated under
22  this Act has been violated, nor need it constitute a finding by
23  the Director that the person has violated this Act or a rule or
24  order promulgated under this Act.
25  (k) Notwithstanding the issuance of a consent order, the
26  Director may seek civil or criminal penalties or compromise

 

 

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1  civil penalties concerning matter encompassed by the consent
2  order unless the consent order by its terms expressly
3  precludes the Director from doing so.
4  (l) Appeals from all final orders and judgments entered by
5  the circuit court under this Section in review of a decision of
6  the Director may be taken as in other civil actions by any
7  party to the proceeding.
8  (Source: P.A. 100-201, eff. 8-18-17.)
9  (205 ILCS 657/100)
10  Sec. 100. Consent to service of process.
11  (a) A licensee, before doing business in this State, shall
12  appoint the Director its true and lawful attorney-in-fact upon
13  whom all lawful process in any action or legal proceeding
14  against it may be served and shall agree that any lawful
15  process against it that may be served upon its attorney shall
16  be of the same force and validity as if served on itself. The
17  consent to the service of process shall be in the form
18  prescribed by the Director, shall be irrevocable, and shall
19  provide that actions or proceedings arising out of or founded
20  upon the conduct of the licensee's business may be commenced
21  against the licensee in any court of competent jurisdiction
22  and proper venue within this State by the service of process or
23  other notice of the institution of proceedings on the
24  Director.
25  (b) Service of process or other notice, accompanied by the

 

 

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1  fee provided in Section 45, shall be by duplicate copies, one
2  of which shall be filed with the Director and the other
3  forwarded by the Director within 5 business days by certified
4  mail with a return receipt to the licensee against whom the
5  process or other notice is directed at its latest address on
6  file with the Department or to the email address of record.
7  Service by certified mail shall be deemed completed when the
8  notice is deposited in the United States mail. Service to the
9  email address of record shall be deemed completed when sent.
10  (c) No judgment shall be entered against a licensee
11  pursuant to service upon the Director until at least 30 days
12  have elapsed after process or notice has been served on the
13  Director.
14  (Source: P.A. 88-643, eff. 1-1-95.)
15  Section 15. The Sales Finance Agency Act is amended by
16  changing Sections 2, 6, 10, and 16.5 as follows:
17  (205 ILCS 660/2) (from Ch. 17, par. 5202)
18  Sec. 2. Definitions. In this Act, unless the context
19  otherwise requires:
20  "Sales finance agency" means a person, irrespective of his
21  or her state of domicile or place of business, engaged in this
22  State, in whole or in part, in the business of purchasing, or
23  making loans secured by, retail installment contracts, retail
24  charge agreements or the outstanding balances under such

 

 

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1  contracts or agreements entered into in this State.
2  "Holder" of a retail installment contract or a retail
3  charge agreement means the retail seller of the goods or
4  services under the contract or charge agreement, or if the
5  outstanding balances thereunder are purchased by or
6  transferred as security to a sales finance agency or other
7  assignee, the sales finance agency or other assignee.
8  "Person" means an individual, corporation, partnership,
9  limited liability company, joint venture, or any other form of
10  business association.
11  "Department" means the Department of Financial and
12  Professional Regulation Institutions.
13  "Director" means the Director of Financial Institutions.
14  "Division of Financial Institutions" means the Division of
15  Financial Institutions of the Department of Financial and
16  Professional Regulation.
17  "Email address of record" means the designated email
18  address recorded by the Division of Financial Institutions in
19  the applicant's applicant file or the licensee's license file,
20  as maintained by the Division of Financial Institutions'
21  licensure unit.
22  "Motor Vehicle Retail Installment Sales Act" and "Retail
23  Installment Sales Act" refer to the Acts having those titles
24  enacted by the 75th General Assembly.
25  "Retail installment contract" and "retail charge
26  agreement" have the meanings ascribed to them in the Motor

 

 

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1  Vehicle Retail Installment Sales Act and the Retail
2  Installment Sales Act.
3  "Special purpose vehicle" means an entity that, in
4  connection with a securitization, private placement, or
5  similar type of investment transaction, is administered by a
6  State or national bank under a management agreement for the
7  purpose of purchasing, making loans against, or in pools of,
8  receivables, general intangibles, and other financial assets
9  including retail installment contracts, retail charge
10  agreements, or the outstanding balances or any portion of the
11  outstanding balances under those contracts or agreements.
12  "Net Worth" means total assets minus total liabilities.
13  (Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)
14  (205 ILCS 660/6) (from Ch. 17, par. 5206)
15  Sec. 6.  A license fee of $300 for the applicant's
16  principal place of business and $100 for each additional place
17  of business for which a license is sought must be submitted
18  with an application for license made before July 1 of any year.
19  If application for a license is made on July 1 or thereafter, a
20  license fee of $150 for the principal place of business and of
21  $50 for each additional place of business must accompany the
22  application. Each license remains in force until surrendered,
23  suspended, or revoked. If the application for license is
24  denied, the original license fee shall be retained by the
25  State in reimbursement of its costs of investigating that

 

 

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1  application.
2  Before the license is granted, the applicant shall prove
3  in form satisfactory to the Director, that the applicant has a
4  positive net worth of a minimum of $30,000. At the time of
5  application, each applicant shall provide an email address of
6  record.
7  A licensee must pay to the Department, and the Department
8  must receive, by December 1 of each year, the renewal license
9  application on forms prescribed by the Director and $300 for
10  the license for his principal place of business and $100 for
11  each additional license held as a renewal license fee for the
12  succeeding calendar year.
13  (Source: P.A. 92-398, eff. 1-1-02.)
14  (205 ILCS 660/10) (from Ch. 17, par. 5223)
15  Sec. 10. Denial, revocation, fine, or suspension of
16  license.
17  (a) The Director may revoke or suspend a license or fine a
18  licensee if the licensee violates any provisions of this Act.
19  (b) In every case in which a license is revoked or
20  suspended, a licensee is fined, or an application for a
21  license or renewal of a license is denied, the Director shall
22  serve notice of his or her action, including a statement of the
23  reasons for the action either personally, to the email address
24  of record, or by certified mail, return receipt requested.
25  Service by certified mail shall be deemed completed when the

 

 

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1  notice is deposited in the United States U.S. mail. Service to
2  the email address of record shall be deemed completed when
3  sent.
4  (c) An order revoking or suspending a license or an order
5  denying renewal of a license shall take effect upon service of
6  the order, unless the licensee requests, in writing, within 10
7  days after the date of service, a hearing. In the event a
8  hearing is requested, the order shall be stayed until a final
9  administrative order is entered.
10  (d) If the licensee requests a hearing, the Director shall
11  schedule a hearing within 30 days after the request for a
12  hearing unless otherwise agreed to by the parties.
13  (e) The hearing shall be held at the time and place
14  designated by the Director. The Director and any
15  administrative law judge designated by him or her shall have
16  the power to administer oaths and affirmations, subpoena
17  witnesses and compel their attendance, take evidence, and
18  require the production of books, papers, correspondence, and
19  other records or information that he or she considers relevant
20  or material to the inquiry.
21  (f) The costs for the administrative hearing shall be set
22  by rule.
23  (g) The Director shall have the authority to prescribe
24  rules for the administration of this Section.
25  (Source: P.A. 92-398, eff. 1-1-02.)

 

 

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1  (205 ILCS 660/16.5)
2  Sec. 16.5. Cease and desist orders.
3  (a) The Director may issue a cease and desist order to a
4  sales finance agency or other person doing business without
5  the required license when, in the opinion of the director, the
6  licensee or other person is violating or is about to violate
7  any provision of this Act or any law, rule, or requirement
8  imposed in writing by the Department.
9  (b) The Director may issue a cease and desist order prior
10  to a hearing.
11  (c) The Director shall serve notice of his or her action,
12  designated as a cease and desist order made pursuant to this
13  Section, including a statement of the reasons for the action,
14  either personally, to the email address of record, or by
15  certified mail, return receipt requested. Service by certified
16  mail shall be deemed completed when the notice is deposited in
17  the United States U.S. mail. Service to the email address of
18  record shall be deemed completed when sent.
19  (d) Within 15 days of service of the cease and desist
20  order, the sales finance agency or other person may request,
21  in writing, a hearing.
22  (e) The Director shall schedule a hearing within 30 days
23  after the request for a hearing unless otherwise agreed to by
24  the parties.
25  (f) The Director shall have the authority to prescribe
26  rules for the administration of this Section.

 

 

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1  (g) If it is determined that the Director had the
2  authority to issue the cease and desist order, he or she may
3  issue such orders as may be reasonably necessary to correct,
4  eliminate, or remedy such conduct.
5  (h) The powers vested in the Director by this Section are
6  additional to any and all other powers and remedies vested in
7  the Director by law, and nothing in this Section shall be
8  construed as requiring that the Director shall employ the
9  powers conferred in this Section instead of or as a condition
10  precedent to the exercise of any other power or remedy vested
11  in the Director.
12  (i) The cost for the administrative hearing shall be set
13  by rule.
14  (Source: P.A. 90-437, eff. 1-1-98.)
15  Section 20. The Debt Management Service Act is amended by
16  changing Sections 2, 4, 10, and 20 as follows:
17  (205 ILCS 665/2) (from Ch. 17, par. 5302)
18  Sec. 2. Definitions. As used in this Act:
19  "Credit counselor" means an individual, corporation, or
20  other entity that is not a debt management service that
21  provides (1) guidance, educational programs, or advice for the
22  purpose of addressing budgeting, personal finance, financial
23  literacy, saving and spending practices, or the sound use of
24  consumer credit; or (2) assistance or offers to assist

 

 

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1  individuals and families with financial problems by providing
2  counseling; or (3) a combination of the activities described
3  in items (1) and (2) of this definition.
4  "Debt management service" means the planning and
5  management of the financial affairs of a debtor for a fee and
6  the receiving of money from the debtor for the purpose of
7  distributing it to the debtor's creditors in payment or
8  partial payment of the debtor's obligations or soliciting
9  financial contributions from creditors. The business of debt
10  management is conducted in this State if the debt management
11  business, its employees, or its agents are located in this
12  State or if the debt management business solicits or contracts
13  with debtors located in this State. "Debt management service"
14  does not include "debt settlement service" as defined in the
15  Debt Settlement Consumer Protection Act.
16  This term shall not include the following when engaged in
17  the regular course of their respective businesses and
18  professions:
19  (a) Attorneys at law licensed, or otherwise authorized
20  to practice, in Illinois who are engaged in the practice
21  of law.
22  (b) Banks, operating subsidiaries of banks, affiliates
23  of banks, fiduciaries, credit unions, savings and loan
24  associations, and savings banks as duly authorized and
25  admitted to transact business in the State of Illinois and
26  performing credit and financial adjusting service in the

 

 

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1  regular course of their principal business.
2  (c) Title insurers, title agents, independent
3  escrowees, and abstract companies, while doing an escrow
4  business.
5  (d) Judicial officers or others acting pursuant to
6  court order.
7  (e) Employers for their employees, except that no
8  employer shall retain the services of an outside debt
9  management service to perform this service unless the debt
10  management service is licensed pursuant to this Act.
11  (f) Bill payment services, as defined in the
12  Transmitters of Money Act.
13  (g) Credit counselors, only when providing services
14  described in the definition of credit counselor in this
15  Section.
16  "Debtor" means the person or persons for whom the debt
17  management service is performed.
18  "Department" means the Department of Financial and
19  Professional Regulation.
20  "Director" means the Director of Financial Institutions.
21  "Division of Financial Institutions" means the Division of
22  Financial Institutions of the Department of Financial and
23  Professional Regulation.
24  "Email address of record" means the designated email
25  address recorded by the Division of Financial Institutions in
26  the applicant's applicant file or the licensee's license file,

 

 

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1  as maintained by the Division of Financial Institutions'
2  licensure unit.
3  "Person" means an individual, firm, partnership,
4  association, limited liability company, corporation, or
5  not-for-profit corporation.
6  "Licensee" means a person licensed under this Act.
7  "Secretary" means the Secretary of Financial and
8  Professional Regulation or a person authorized by the
9  Secretary to act in the Secretary's stead.
10  (Source: P.A. 100-201, eff. 8-18-17.)
11  (205 ILCS 665/4) (from Ch. 17, par. 5304)
12  Sec. 4. Application for license. Application for a license
13  to engage in the debt management service business in this
14  State shall be made to the Secretary and shall be in writing,
15  under oath, and in the form prescribed by the Secretary. Each
16  applicant shall provide an email address of record.
17  Each applicant, at the time of making such application,
18  shall pay to the Secretary the sum of $30.00 as a fee for
19  investigation of the applicant, and the additional sum of
20  $100.00 as a license fee.
21  Every applicant shall submit to the Secretary, at the time
22  of the application for a license, a bond to be approved by the
23  Secretary in which the applicant shall be the obligor, in the
24  sum of $25,000 or such additional amount as required by the
25  Secretary based on the amount of disbursements made by the

 

 

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1  licensee in the previous year, and in which an insurance
2  company, which is duly authorized by the State of Illinois, to
3  transact the business of fidelity and surety insurance shall
4  be a surety.
5  The bond shall run to the Secretary for the use of the
6  Department or of any person or persons who may have a cause of
7  action against the obligor in said bond arising out of any
8  violation of this Act or rules by a license. Such bond shall be
9  conditioned that the obligor will faithfully conform to and
10  abide by the provisions of this Act and of all rules,
11  regulations and directions lawfully made by the Secretary and
12  will pay to the Secretary or to any person or persons any and
13  all money that may become due or owing to the State or to such
14  person or persons, from said obligor under and by virtue of the
15  provisions of this Act.
16  (Source: P.A. 96-1420, eff. 8-3-10.)
17  (205 ILCS 665/10) (from Ch. 17, par. 5310)
18  Sec. 10. Revocation, suspension, or refusal to renew
19  license.
20  (a) The Secretary may revoke or suspend or refuse to renew
21  any license if he finds that:
22  (1) any licensee has failed to pay the annual license
23  fee, or to maintain in effect the bond required under the
24  provisions of this Act;
25  (2) the licensee has violated any provisions of this

 

 

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1  Act or any rule, lawfully made by the Secretary within the
2  authority of this Act;
3  (3) any fact or condition exists which, if it had
4  existed at the time of the original application for a
5  license, would have warranted the Secretary in refusing
6  its issuance; or
7  (4) any applicant has made any false statement or
8  representation to the Secretary in applying for a license
9  hereunder.
10  (b) In every case in which a license is suspended or
11  revoked or an application for a license or renewal of a license
12  is denied, the Secretary shall serve notice of his action,
13  including a statement of the reasons for his actions, either
14  personally, to the email address of record, or by certified
15  mail, return receipt requested. Service by mail shall be
16  deemed completed if the notice is deposited in the United
17  States mail U.S. Mail. Service to the email address of record
18  shall be deemed completed when sent.
19  (c) In the case of a denial of an application or renewal of
20  a license, the applicant or licensee may request in writing,
21  within 30 days after the date of service, a hearing. In the
22  case of a denial of a renewal of a license, the license shall
23  be deemed to continue in force until 30 days after the service
24  of the notice of denial, or if a hearing is requested during
25  that period, until a final administrative order is entered.
26  (d) An order of revocation or suspension of a license

 

 

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1  shall take effect upon service of the order unless the
2  licensee requests, in writing, within 10 days after the date
3  of service, a hearing. In the event a hearing is requested, the
4  order shall be stayed until a final administrative order is
5  entered.
6  (e) If the licensee requests a hearing, the Secretary
7  shall schedule either a status date or a hearing within 30 days
8  after the request for a hearing unless otherwise agreed to by
9  the parties.
10  (f) The hearing shall be held at the time and place
11  designated by the Secretary. The Secretary and any
12  administrative law judge designated by him have the power to
13  administer oaths and affirmations, subpoena witnesses and
14  compel their attendance, take evidence, and require the
15  production of books, papers, correspondence, and other records
16  or information that he considers relevant or material to the
17  injury.
18  (g) The costs for the administrative hearing shall be set
19  by rule and shall be borne by the respondent.
20  (Source: P.A. 96-1420, eff. 8-3-10.)
21  (205 ILCS 665/20) (from Ch. 17, par. 5323)
22  Sec. 20. Cease and desist orders.
23  (a) The Secretary may issue a cease and desist order to any
24  licensee, or other person doing business without the required
25  license, when in the opinion of the Secretary, the licensee,

 

 

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1  or other person, is violating or is about to violate any
2  provision of the Act or any rule or condition imposed in
3  writing by the Department.
4  (b) The Secretary may issue a cease and desist order prior
5  to a hearing.
6  (c) The Secretary shall serve notice of his action,
7  including a statement of the reasons for his action either
8  personally, to the email address of record, or by certified
9  mail, return receipt requested. Service by mail shall be
10  deemed completed if the notice is deposited in the U.S. Mail.
11  Service to the email address of record shall be deemed
12  completed when sent.
13  (d) Within 10 days after service of the cease and desist
14  order, the licensee or other person may request, in writing, a
15  hearing.
16  (e) The Secretary shall schedule either a status date or a
17  hearing within 30 days after the request for a hearing unless
18  otherwise agreed to by the parties.
19  (g) If it is determined that the Secretary had the
20  authority to issue the cease and desist order, he may issue
21  such orders as may be reasonably necessary to correct,
22  eliminate, or remedy such conduct.
23  (h) The powers vested in the Secretary by this Section are
24  additional to any and all other powers and remedies vested in
25  the Secretary by law, and nothing in this Section shall be
26  construed as requiring that the Secretary shall employ the

 

 

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1  power conferred in this Section instead of or as a condition
2  precedent to the exercise of any other power or remedy vested
3  in the Secretary.
4  (i) The cost for the administrative hearing shall be set
5  by rule and shall be borne by the respondent.
6  (Source: P.A. 96-1420, eff. 8-3-10.)
7  Section 25. The Consumer Installment Loan Act is amended
8  by changing Sections 2, 3, 8, 9, and 20.5 and by adding Section
9  0.5 as follows:
10  (205 ILCS 670/0.5 new)
11  Sec. 0.5. Definitions. As used in this Act:
12  "Department" means the Department of Financial and
13  Professional Regulation.
14  "Director" means the Director of the Division of Financial
15  Institutions.
16  "Division of Financial Institutions" means the Division of
17  Financial Institutions of the Department of Financial and
18  Professional Regulation.
19  "Email address of record" means the designated email
20  address recorded by the Division of Financial Institutions in
21  the applicant's applicant file or the licensee's license file,
22  as maintained by the Division of Financial Institutions'
23  licensure unit.
24  "Secretary" means the Secretary of Financial and

 

 

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1  Professional Regulation or a person authorized by the
2  Secretary to act in the Secretary's stead.
3  (205 ILCS 670/2) (from Ch. 17, par. 5402)
4  Sec. 2. Application; fees; positive net worth. Application
5  for such license shall be in writing, and in the form
6  prescribed by the Director. Such applicant at the time of
7  making such application shall pay to the Director the sum of
8  $300 as an application fee and the additional sum of $450 as an
9  annual license fee, for a period terminating on the last day of
10  the current calendar year; provided that if the application is
11  filed after June 30th in any year, such license fee shall be
12  1/2 of the annual license fee for such year. At the time of
13  application, each applicant shall provide an email address of
14  record.
15  Before the license is granted, every applicant shall prove
16  in form satisfactory to the Director that the applicant has
17  and will maintain a positive net worth of a minimum of $30,000.
18  Every applicant and licensee shall maintain a surety bond in
19  the principal sum of $25,000 issued by a bonding company
20  authorized to do business in this State and which shall be
21  approved by the Director. Such bond shall run to the Director
22  and shall be for the benefit of any consumer who incurs damages
23  as a result of any violation of the Act or rules by a licensee.
24  If the Director finds at any time that a bond is of
25  insufficient size, is insecure, exhausted, or otherwise

 

 

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1  doubtful, an additional bond in such amount as determined by
2  the Director shall be filed by the licensee within 30 days
3  after written demand therefor by the Director. "Net worth"
4  means total assets minus total liabilities.
5  (Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
6  (205 ILCS 670/3) (from Ch. 17, par. 5403)
7  Sec. 3. Appointment of attorney-in-fact for service of
8  process. Every licensee shall appoint, in writing, the
9  Director of Financial Institutions (hereinafter called
10  Director) and his successors in office or any official who
11  shall hereafter be charged with the administration of this
12  Act, as attorney-in-fact upon whom all lawful process against
13  such licensee may be served with the same legal force and
14  validity as if served on such licensee. A copy of such written
15  appointment, duly certified, shall be filed in the office of
16  the Director; and a copy thereof certified by him shall be
17  sufficient evidence. This appointment shall remain in effect
18  while any liability remains outstanding in this State against
19  the licensee. When summons is served upon the Director as
20  attorney-in-fact for such licensee, the Director shall
21  immediately notify the licensee by certified registered mail,
22  return receipt requested, or by email to the email address of
23  record, enclosing the summons and specifying the hour and day
24  of service. Service by certified mail shall be deemed
25  completed when the notice is deposited in the United States

 

 

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1  mail. Service to the email address of record shall be deemed
2  completed when sent.
3  (Source: Laws 1963, p. 3526.)
4  (205 ILCS 670/8) (from Ch. 17, par. 5408)
5  Sec. 8. Annual license fee; expenses fee - Expenses.
6  Before the 1st day of each December, a licensee must pay to the
7  Director, and the Department must receive, the annual license
8  fee required by Section 2 for the next succeeding calendar
9  year. The license shall expire on the first of January unless
10  the license fee has been paid prior thereto. At the time of
11  renewal, each licensee shall provide an email address of
12  record.
13  In addition to such license fee, the reasonable expense of
14  any examination, investigation or custody by the Director
15  under any provisions of this Act shall be borne by the
16  licensee.
17  If a licensee fails to renew his or her license by the 31st
18  day of December, it shall automatically expire and the
19  licensee is not entitled to a hearing; however, the Director,
20  in his or her discretion, may reinstate an expired license
21  upon payment of the annual renewal fee and proof of good cause
22  for failure to renew.
23  (Source: P.A. 100-958, eff. 8-19-18.)
24  (205 ILCS 670/9) (from Ch. 17, par. 5409)

 

 

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1  Sec. 9. Fines; suspension or revocation , Suspension or
2  Revocation of license.
3  (a) The Director may, after 10 days notice by certified
4  registered mail to the licensee at the address set forth in the
5  license, or by email to the email address of record, stating
6  the contemplated action and in general the grounds therefor,
7  fine such licensee an amount not exceeding $10,000 per
8  violation, or revoke or suspend any license issued hereunder
9  if he or she finds that:
10  (1) The licensee has failed to comply with any
11  provision of this Act or any order, decision, finding,
12  rule, regulation or direction of the Director lawfully
13  made pursuant to the authority of this Act; or
14  (2) Any fact or condition exists which, if it had
15  existed at the time of the original application for the
16  license, clearly would have warranted the Director in
17  refusing to issue the license.
18  Service by certified mail shall be deemed completed when
19  the notice is deposited in the United States mail. Service to
20  the email address of record shall be deemed completed when
21  sent.
22  (b) The Director may fine, suspend, or revoke only the
23  particular license with respect to which grounds for the fine,
24  revocation or suspension occur or exist, but if the Director
25  shall find that grounds for revocation are of general
26  application to all offices or to more than one office of the

 

 

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1  licensee, the Director shall fine, suspend, or revoke every
2  license to which such grounds apply.
3  (c) (Blank).
4  (d) No revocation, suspension, or surrender of any license
5  shall impair or affect the obligation of any pre-existing
6  lawful contract between the licensee and any obligor.
7  (e) The Director may issue a new license to a licensee
8  whose license has been revoked when facts or conditions which
9  clearly would have warranted the Director in refusing
10  originally to issue the license no longer exist.
11  (f) (Blank).
12  (g) In every case in which a license is suspended or
13  revoked or an application for a license or renewal of a license
14  is denied, the Director shall serve the licensee with notice
15  of his or her action, including a statement of the reasons for
16  his or her actions, either personally, to the email address of
17  record, or by certified mail, return receipt requested.
18  Service by certified mail shall be deemed completed when the
19  notice is deposited in the United States mail U.S. Mail.
20  Service to the email address of record shall be deemed
21  completed when sent.
22  (h) An order assessing a fine, an order revoking or
23  suspending a license or, an order denying renewal of a license
24  shall take effect upon service of the order unless the
25  licensee requests, in writing, within 10 days after the date
26  of service, a hearing. In the event a hearing is requested, the

 

 

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1  order shall be stayed until a final administrative order is
2  entered.
3  (i) If the licensee requests a hearing, the Director shall
4  schedule a hearing within 30 days after the request for a
5  hearing unless otherwise agreed to by the parties.
6  (j) The hearing shall be held at the time and place
7  designated by the Director. The Director and any
8  administrative law judge designated by him or her shall have
9  the power to administer oaths and affirmations, subpoena
10  witnesses and compel their attendance, take evidence, and
11  require the production of books, papers, correspondence, and
12  other records or information that he or she considers relevant
13  or material to the inquiry.
14  (k) The costs for the administrative hearing shall be set
15  by rule.
16  (l) The Director shall have the authority to prescribe
17  rules for the administration of this Section.
18  (m) The Department shall establish by rule and publish a
19  schedule of fines that are reasonably tailored to ensure
20  compliance with the provisions of this Act and which include
21  remedial measures intended to improve licensee compliance.
22  Such rules shall set forth the standards and procedures to be
23  used in imposing any such fines and remedies.
24  (Source: P.A. 98-209, eff. 1-1-14.)
25  (205 ILCS 670/20.5)

 

 

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1  Sec. 20.5. Cease and desist.
2  (a) The Director may issue a cease and desist order to any
3  licensee, or other person doing business without the required
4  license, when in the opinion of the Director, the licensee, or
5  other person, is violating or is about to violate any
6  provision of this Act or any rule or requirement imposed in
7  writing by the Department as a condition of granting any
8  authorization permitted by this Act.
9  (b) The Director may issue a cease and desist order prior
10  to a hearing.
11  (c) The Director shall serve notice of his or her action,
12  designated as a cease and desist order made pursuant to this
13  Section, including a statement of the reasons for the action,
14  either personally, to the email address of record, or by
15  certified mail, return receipt requested. Service by certified
16  mail shall be deemed completed when the notice is deposited in
17  the United States U.S. mail. Service to the email address of
18  record shall be deemed completed when sent.
19  (d) Within 15 days of service of the cease and desist
20  order, the licensee or other person may request, in writing, a
21  hearing.
22  (e) The Director shall schedule a hearing within 30 days
23  after the request for a hearing unless otherwise agreed to by
24  the parties.
25  (f) The Director shall have the authority to prescribe
26  rules for the administration of this Section.

 

 

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1  (g) If it is determined that the Director had the
2  authority to issue the cease and desist order, he or she may
3  issue such orders as may be reasonably necessary to correct,
4  eliminate, or remedy such conduct.
5  (h) The powers vested in the Director by this Section are
6  additional to any and all other powers and remedies vested in
7  the Director by law, and nothing in this Section shall be
8  construed as requiring that the Director shall employ the
9  power conferred in this Section instead of or as a condition
10  precedent to the exercise of any other power or remedy vested
11  in the Director.
12  (i) The cost for the administrative hearing shall be set
13  by rule.
14  (Source: P.A. 90-437, eff. 1-1-98.)
15  Section 30. The Debt Settlement Consumer Protection Act is
16  amended by changing Sections 10, 20, 50, 80, and 95 as follows:
17  (225 ILCS 429/10)
18  Sec. 10. Definitions. As used in this Act:
19  "Consumer" means any person who purchases or contracts for
20  the purchase of debt settlement services or a student loan
21  borrower.
22  "Consumer settlement account" means any account or other
23  means or device in which payments, deposits, or other
24  transfers from a consumer are arranged, held, or transferred

 

 

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1  by or to a debt settlement provider for the accumulation of the
2  consumer's funds in anticipation of proffering an adjustment
3  or settlement of a debt or obligation of the consumer to a
4  creditor on behalf of the consumer.
5  "Debt settlement provider" means: (1) any person or entity
6  engaging in, or holding itself out as engaging in, the
7  business of providing debt settlement service in exchange for
8  any fee or compensation; (2) any person who solicits for or
9  acts on behalf of any person or entity engaging in, or holding
10  itself out as engaging in, the business of providing debt
11  settlement service in exchange for any fee or compensation;
12  (3) any person or entity engaging in, or holding itself out as
13  engaging in the business of student loan debt relief services
14  in exchange for any fee or compensation assessed against or
15  charged to a consumer; or (4) any person who solicits for or
16  acts on behalf of such person or entity engaging in or holding
17  itself out as engaging in, the business of student loan debt
18  relief services in exchange for any fee or compensation
19  assessed against or charged to a consumer. "Debt settlement
20  provider" does not include:
21  (1) attorneys licensed, or otherwise authorized, to
22  practice in Illinois who are engaged in the practice of
23  law;
24  (2) escrow agents, accountants, broker dealers in
25  securities, or investment advisors in securities, when
26  acting in the ordinary practice of their professions and

 

 

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1  through the entity used in the ordinary practice of their
2  profession;
3  (3) any bank, agent of a bank, operating subsidiary of
4  a bank, affiliate of a bank, trust company, savings and
5  loan association, savings bank, credit union, crop credit
6  association, development credit corporation, industrial
7  development corporation, title insurance company, title
8  insurance agent, independent escrowee or insurance company
9  operating or organized under the laws of a state or the
10  United States, or any other person authorized to make
11  loans under State law while acting in the ordinary
12  practice of that business;
13  (4) any person who performs credit services for his or
14  her employer while receiving a regular salary or wage when
15  the employer is not engaged in the business of offering or
16  providing debt settlement service;
17  (5) a collection agency licensed pursuant to the
18  Collection Agency Act that is collecting a debt on its own
19  behalf or on behalf of a third party;
20  (6) an organization that is described in Section
21  501(c)(3) and subject to Section 501(q) of Title 26 of the
22  United States Code and exempt from tax under Section
23  501(a) of Title 26 of the United States Code and governed
24  by the Debt Management Service Act;
25  (7) public officers while acting in their official
26  capacities and persons acting under court order;

 

 

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1  (8) any person while performing services incidental to
2  the dissolution, winding up, or liquidating of a
3  partnership, corporation, or other business enterprise;
4  (9) persons licensed under the Real Estate License Act
5  of 2000 when acting in the ordinary practice of their
6  profession and not holding themselves out as debt
7  settlement providers; or
8  (10) any institution of higher education as defined in
9  the Higher Education Act of 1965, 20 U.S.C. 1001.
10  "Debt settlement service" means:
11  (1) offering to provide advice or service, or acting
12  as an intermediary between or on behalf of a consumer and
13  one or more of a consumer's creditors, where the primary
14  purpose of the advice, service, or action is to obtain a
15  settlement, adjustment, or satisfaction of the consumer's
16  unsecured debt to a creditor in an amount less than the
17  full amount of the principal amount of the debt or in an
18  amount less than the current outstanding balance of the
19  debt;
20  (2) offering to provide services related to or
21  providing services advising, encouraging, assisting, or
22  counseling a consumer to accumulate funds for the primary
23  purpose of proposing or obtaining or seeking to obtain a
24  settlement, adjustment, or satisfaction of the consumer's
25  unsecured debt to a creditor in an amount less than the
26  full amount of the principal amount of the debt or in an

 

 

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1  amount less than the current outstanding balance of the
2  debt; or
3  (3) student loan debt relief.
4  "Debt settlement service" does not include (A) the
5  services of attorneys licensed, or otherwise authorized, to
6  practice in Illinois who are engaged in the practice of law,
7  (B) debt management service as defined in the Debt Management
8  Service Act, (C) the services of a student loan servicer, as
9  defined in the Student Loan Servicing Rights Act, or (D) the
10  services of any other originator, guarantor, or servicer of
11  federal education loans or private education loans.
12  "Department" means the Department of Financial and
13  Professional Regulation.
14  "Director" means the Director of the Division of Financial
15  Institutions.
16  "Division of Financial Institutions" means the Division of
17  Financial Institutions of the Department of Financial and
18  Professional Regulation.
19  "Email address of record" means the designated email
20  address recorded by the Division of Financial Institutions in
21  the applicant's applicant file or the licensee's license file,
22  as maintained by the Division of Financial Institutions'
23  licensure unit.
24  "Enrollment or set up fee" means any fee, obligation, or
25  compensation paid or to be paid by the consumer to a debt
26  settlement provider in consideration of or in connection with

 

 

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1  establishing a contract or other agreement with a consumer
2  related to the provision of debt settlement service.
3  "Federal education loan" means any loan made, guaranteed,
4  or insured under Title IV of the federal Higher Education Act
5  of 1965.
6  "Maintenance fee" means any fee, obligation, or
7  compensation paid or to be paid by the consumer on a periodic
8  basis to a debt settlement provider in consideration of
9  maintaining the relationship and services to be provided by a
10  debt settlement provider in accordance with a contract with a
11  consumer related to the provision of debt settlement service.
12  "Principal amount of the debt" means the total amount or
13  outstanding balance owed by a consumer to one or more
14  creditors for a debt that is included in a contract for debt
15  settlement service at the time when the consumer enters into a
16  contract for debt settlement service.
17  "Savings" means the difference between the principal
18  amount of the debt and the amount paid by the debt settlement
19  provider to the creditor or negotiated by the debt settlement
20  provider and paid by the consumer to the creditor pursuant to a
21  settlement negotiated by the debt settlement provider on
22  behalf of the consumer as full and complete satisfaction of
23  the creditor's claim with regard to that debt.
24  "Secretary" means the Secretary of Financial and
25  Professional Regulation or a person authorized by the
26  Secretary to act in the Secretary's stead.

 

 

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1  "Settlement fee" means any fee, obligation, or
2  compensation paid or to be paid by the consumer to a debt
3  settlement provider in consideration of or in connection with
4  a completed agreement or other arrangement on the part of a
5  creditor to accept less than the principal amount of the debt
6  as satisfaction of the creditor's claim against the consumer.
7  "Student loan borrower" means a person who has received or
8  agreed to pay a student loan for his or her own educational
9  expenses; a parent, grandparent, or other family member who
10  has received or agreed to pay a student loan for a family
11  member receiving the education; or any co-signer who has
12  agreed to share responsibility for repaying a student loan
13  with the person receiving the education.
14  "Student loan debt relief" means, in exchange for any fee
15  or compensation assessed against or charged to a student loan
16  borrower, offering to provide advice or service, or acting as
17  an intermediary between or on behalf of a consumer and the
18  United States Department of Education or any other originator
19  or guarantor of federal education loans or one or more of the
20  servicers of a student loan borrower's federal education loan,
21  where the primary purpose of the advice, service, or action is
22  to (1) negotiate, arrange, or obtain a settlement, adjustment,
23  discharge, or satisfaction of the student loan borrower's
24  federal education loan debt in an amount less than the full
25  amount of the principal amount of the debt, a reduction or
26  alteration to the interest rate, a reduction or alteration in

 

 

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1  the amount of monthly payment or fees owed, or in an amount
2  less than the current outstanding balance of the debt, (2)
3  enroll the student loan borrower in a repayment plan,
4  forbearance, or deferment of his or her federal education loan
5  debt, (3) apply for consolidation or consolidate the student
6  loan borrower's federal education loans, or (4) offer to
7  provide any other services related to altering the terms of a
8  student loan borrower's federal education loan debt,
9  including, but not limited to, a reduction in the amount of
10  interest, the principal balance, or the amount of monthly
11  payment or fees owed.
12  (Source: P.A. 102-298, eff. 8-6-21.)
13  (225 ILCS 429/20)
14  Sec. 20. Application for license. An application for a
15  license to operate as a debt settlement provider in this State
16  shall be made to the Secretary and shall be in writing, under
17  oath, and in the form prescribed by the Secretary. Each
18  applicant shall provide an email address of record.
19  Each applicant, at the time of making such application,
20  shall pay to the Secretary the required fee as set by rule.
21  Every applicant shall submit to the Secretary, at the time
22  of the application for a license, a bond to be approved by the
23  Secretary in which the applicant shall be the obligor, in the
24  sum of $100,000 or an additional amount as required by the
25  Secretary, and in which an insurance company, which is duly

 

 

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1  authorized by the State of Illinois to transact the business
2  of fidelity and surety insurance, shall be a surety.
3  The bond shall run to the Secretary for the use of the
4  Department or of any person or persons who may have a cause of
5  action against the obligor in said bond arising out of any
6  violation of this Act or rules by a debt settlement provider.
7  Such bond shall be conditioned that the obligor must
8  faithfully conform to and abide by the provisions of this Act
9  and of all rules, regulations, and directions lawfully made by
10  the Secretary and pay to the Secretary or to any person or
11  persons any and all money that may become due or owing to the
12  State or to such person or persons, from the obligor under and
13  by virtue of the provisions of this Act.
14  (Source: P.A. 96-1420, eff. 8-3-10.)
15  (225 ILCS 429/50)
16  Sec. 50. Revocation or suspension of license.
17  (a) The Secretary may revoke or suspend any license if he
18  or she finds that:
19  (1) any debt settlement provider has failed to pay the
20  annual license fee or to maintain in effect the bond
21  required under the provisions of this Act;
22  (2) the debt settlement provider has violated any
23  provisions of this Act or any rule lawfully made by the
24  Secretary under the authority of this Act;
25  (3) any fact or condition exists that, if it had

 

 

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1  existed at the time of the original application for a
2  license, would have warranted the Secretary in refusing
3  its issuance; or
4  (4) any applicant has made any false statement or
5  representation to the Secretary in applying for a license
6  under this Act.
7  (b) In every case in which a license is suspended or
8  revoked or an application for a license or renewal of a license
9  is denied, the Secretary shall serve notice of his or her
10  action, including a statement of the reasons for his or her
11  actions, either personally, to the email address of record, or
12  by certified mail, return receipt requested. Service by mail
13  shall be deemed completed if the notice is deposited in the
14  United States mail U.S. Mail. Service to the email address of
15  record shall be deemed completed when sent.
16  (c) In the case of a denial of an application or renewal of
17  a license, the applicant or debt settlement provider may
18  request, in writing, a hearing within 30 days after the date of
19  service. In the case of a denial of a renewal of a license, the
20  license shall be deemed to continue in force until 30 days
21  after the service of the notice of denial, or if a hearing is
22  requested during that period, until a final administrative
23  order is entered.
24  (d) An order of revocation or suspension of a license
25  shall take effect upon service of the order unless the debt
26  settlement provider requests, in writing, a hearing within 10

 

 

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1  days after the date of service. In the event a hearing is
2  requested, the order shall be stayed until a final
3  administrative order is entered.
4  (e) If the debt settlement provider requests a hearing,
5  then the Secretary shall schedule the hearing within 30 days
6  after the request for a hearing unless otherwise agreed to by
7  the parties.
8  (f) The hearing shall be held at the time and place
9  designated by the Secretary. The Secretary and any
10  administrative law judge designated by the Secretary have the
11  power to administer oaths and affirmations, subpoena witnesses
12  and compel their attendance, take evidence, and require the
13  production of books, papers, correspondence, and other records
14  or information that the Secretary considers relevant or
15  material to the injury.
16  (g) The costs for the administrative hearing shall be set
17  by rule.
18  (Source: P.A. 96-1420, eff. 8-3-10.)
19  (225 ILCS 429/80)
20  Sec. 80. Penalties.
21  (a) Any person who operates as a debt settlement provider
22  without a license shall be guilty of a Class 4 felony.
23  (b) Any contract of debt settlement service as defined in
24  this Act made by an unlicensed person shall be null and void
25  and of no legal effect.

 

 

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1  (c) The Secretary may, after 10 days notice by certified
2  registered mail to the debt settlement service provider at the
3  address on the license or unlicensed entity engaging in the
4  debt settlement service business, or by email to the email
5  address of record, stating the contemplated action and in
6  general the grounds therefore, fine such debt settlement
7  service provider or unlicensed entity an amount not exceeding
8  $10,000 per violation, and revoke or suspend any license
9  issued hereunder if he or she finds that:
10  (1) The debt settlement service provider has failed to
11  comply with any provision of this Act or any order,
12  decision, finding, rule, regulation or direction of the
13  Secretary lawfully made pursuant to the authority of this
14  Act; or
15  (2) Any fact or condition exists which, if it had
16  existed at the time of the original application for the
17  license, clearly would have warranted the Secretary in
18  refusing to issue the license.
19  Service by certified mail shall be deemed completed when
20  the notice is deposited in the United States mail. Service to
21  the email address of record shall be deemed completed when
22  sent.
23  (Source: P.A. 96-1420, eff. 8-3-10.)
24  (225 ILCS 429/95)
25  Sec. 95. Cease and desist orders.

 

 

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1  (a) The Secretary may issue a cease and desist order to any
2  debt settlement provider or other person doing business
3  without the required license when, in the opinion of the
4  Secretary, the debt settlement provider or other person is
5  violating or is about to violate any provision of the Act or
6  any rule or condition imposed in writing by the Department.
7  (b) The Secretary may issue a cease and desist order prior
8  to a hearing.
9  (c) The Secretary shall serve notice of his or her action,
10  including a statement of the reasons for his or her action
11  either personally, to the email address of record, or by
12  certified mail, return receipt requested. Service by mail
13  shall be deemed completed if the notice is deposited in the
14  United States mail U.S. Mail. Service to the email address of
15  record shall be deemed completed when sent.
16  (d) Within 10 days after service of the cease and desist
17  order, the licensee or other person may request, in writing, a
18  hearing.
19  (e) The Secretary shall schedule a hearing within 30 days
20  after the request for a hearing unless otherwise agreed to by
21  the parties.
22  (f) If it is determined that the Secretary had the
23  authority to issue the cease and desist order, then he or she
24  may issue such orders as may be reasonably necessary to
25  correct, eliminate, or remedy that conduct.
26  (g) The powers vested in the Secretary by this Section are

 

 

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1  additional to any and all other powers and remedies vested in
2  the Secretary by law, and nothing in this Section shall be
3  construed as requiring that the Secretary shall employ the
4  power conferred in this Section instead of or as a condition
5  precedent to the exercise of any other power or remedy vested
6  in the Secretary.
7  (h) The cost for the administrative hearing shall be set
8  by rule.
9  (Source: P.A. 96-1420, eff. 8-3-10.)
10  Section 35. The Payday Loan Reform Act is amended by
11  changing Sections 1-10, 3-5, and 4-10 as follows:
12  (815 ILCS 122/1-10)
13  Sec. 1-10. Definitions. As used in this Act:
14  "Check" means a "negotiable instrument", as defined in
15  Article 3 of the Uniform Commercial Code, that is drawn on a
16  financial institution.
17  "Commercially reasonable method of verification" or
18  "certified database" means a consumer reporting service
19  database certified by the Department as effective in verifying
20  that a proposed loan agreement is permissible under this Act,
21  or, in the absence of the Department's certification, any
22  reasonably reliable written verification by the consumer
23  concerning (i) whether the consumer has any outstanding payday
24  loans, (ii) the principal amount of those outstanding payday

 

 

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1  loans, and (iii) whether any payday loans have been paid in
2  full by the consumer in the preceding 7 days.
3  "Consumer" means any natural person who, singly or jointly
4  with another consumer, enters into a loan.
5  "Consumer reporting service" means an entity that provides
6  a database certified by the Department.
7  "Department" means the Department of Financial and
8  Professional Regulation.
9  "Director" means the Director of the Division of Financial
10  Institutions.
11  "Division of Financial Institutions" means the Division of
12  Financial Institutions of the Department of Financial and
13  Professional Regulation.
14  "Email address of record" means the designated email
15  address recorded by the Division of Financial Institutions in
16  the applicant's applicant file or the licensee's license file,
17  as maintained by the Division of Financial Institutions'
18  licensure unit.
19  "Secretary" means the Secretary of Financial and
20  Professional Regulation or a person authorized by the
21  Secretary to act in the Secretary's stead.
22  "Gross monthly income" means monthly income as
23  demonstrated by official documentation of the income,
24  including, but not limited to, a pay stub or a receipt
25  reflecting payment of government benefits, for the period 30
26  days prior to the date on which the loan is made.

 

 

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1  "Lender" and "licensee" mean any person or entity,
2  including any affiliate or subsidiary of a lender or licensee,
3  that offers or makes a payday loan, buys a whole or partial
4  interest in a payday loan, arranges a payday loan for a third
5  party, or acts as an agent for a third party in making a payday
6  loan, regardless of whether approval, acceptance, or
7  ratification by the third party is necessary to create a legal
8  obligation for the third party, and includes any other person
9  or entity if the Department determines that the person or
10  entity is engaged in a transaction that is in substance a
11  disguised payday loan or a subterfuge for the purpose of
12  avoiding this Act.
13  "Loan agreement" means a written agreement between a
14  lender and consumer to make a loan to the consumer, regardless
15  of whether any loan proceeds are actually paid to the consumer
16  on the date on which the loan agreement is made.
17  "Member of the military" means a person serving in the
18  armed forces of the United States, the Illinois National
19  Guard, or any reserve component of the armed forces of the
20  United States. "Member of the military" includes those persons
21  engaged in (i) active duty, (ii) training or education under
22  the supervision of the United States preliminary to induction
23  into military service, or (iii) a period of active duty with
24  the State of Illinois under Title 10 or Title 32 of the United
25  States Code pursuant to order of the President or the Governor
26  of the State of Illinois.

 

 

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1  "Outstanding balance" means the total amount owed by the
2  consumer on a loan to a lender, including all principal,
3  finance charges, fees, and charges of every kind.
4  "Payday loan" or "loan" means a loan with a term that does
5  not exceed 120 days, including any transaction conducted via
6  any medium whatsoever, including, but not limited to, paper,
7  facsimile, Internet, or telephone, in which:
8  (1) A lender accepts one or more checks dated on the
9  date written and agrees to hold them for a period of days
10  before deposit or presentment, or accepts one or more
11  checks dated subsequent to the date written and agrees to
12  hold them for deposit; or
13  (2) A lender accepts one or more authorizations to
14  debit a consumer's bank account; or
15  (3) A lender accepts an interest in a consumer's
16  wages, including, but not limited to, a wage assignment.
17  "Principal amount" means the amount received by the
18  consumer from the lender due and owing on a loan, excluding any
19  finance charges, interest, fees, or other loan-related
20  charges.
21  "Rollover" means to refinance, renew, amend, or extend a
22  loan beyond its original term.
23  (Source: P.A. 101-658, eff. 3-23-21.)
24  (815 ILCS 122/3-5)
25  Sec. 3-5. Licensure.

 

 

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1  (a) A license to make a payday loan shall state the
2  address, including city and state, at which the business is to
3  be conducted and shall state fully the name of the licensee.
4  The license shall be conspicuously posted in the place of
5  business of the licensee and shall not be transferable or
6  assignable.
7  (b) An application for a license shall be in writing and in
8  a form prescribed by the Secretary. Each applicant shall
9  provide an email address of record. The Secretary may not
10  issue a payday loan license unless and until the following
11  findings are made:
12  (1) that the financial responsibility, experience,
13  character, and general fitness of the applicant are such
14  as to command the confidence of the public and to warrant
15  the belief that the business will be operated lawfully and
16  fairly and within the provisions and purposes of this Act;
17  and
18  (2) that the applicant has submitted such other
19  information as the Secretary may deem necessary.
20  (c) A license shall be issued for no longer than one year,
21  and no renewal of a license may be provided if a licensee has
22  substantially violated this Act and has not cured the
23  violation to the satisfaction of the Department.
24  (d) A licensee shall appoint, in writing, the Secretary as
25  attorney-in-fact upon whom all lawful process against the
26  licensee may be served with the same legal force and validity

 

 

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1  as if served on the licensee. A copy of the written
2  appointment, duly certified, shall be filed in the office of
3  the Secretary, and a copy thereof certified by the Secretary
4  shall be sufficient evidence to subject a licensee to
5  jurisdiction in a court of law. This appointment shall remain
6  in effect while any liability remains outstanding in this
7  State against the licensee. When summons is served upon the
8  Secretary as attorney-in-fact for a licensee, the Secretary
9  shall immediately notify the licensee by certified registered
10  mail, return receipt requested, or to the email address of
11  record, enclosing the summons and specifying the hour and day
12  of service. Service by certified mail shall be deemed
13  completed when the notice is deposited in the United States
14  mail. Service to the email address of record shall be deemed
15  completed when sent.
16  (e) A licensee must pay an annual fee of $1,000. In
17  addition to the license fee, the reasonable expense of any
18  examination or hearing by the Secretary under any provisions
19  of this Act shall be borne by the licensee. If a licensee fails
20  to renew its license by December 1, its license shall
21  automatically expire; however, the Secretary, in his or her
22  discretion, may reinstate an expired license upon:
23  (1) payment of the annual fee within 30 days of the
24  date of expiration; and
25  (2) proof of good cause for failure to renew.
26  (f) Not more than one place of business shall be

 

 

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1  maintained under the same license, but the Secretary may issue
2  more than one license to the same licensee upon compliance
3  with all the provisions of this Act governing issuance of a
4  single license. The location, except those locations already
5  in existence as of June 1, 2005, may not be within one mile of
6  a horse race track subject to the Illinois Horse Racing Act of
7  1975, within one mile of a facility at which gambling is
8  conducted under the Illinois Gambling Act, within one mile of
9  the location at which a riverboat subject to the Illinois
10  Gambling Act docks, or within one mile of any State of Illinois
11  or United States military base or naval installation.
12  (g) No licensee shall conduct the business of making loans
13  under this Act within any office, suite, room, or place of
14  business in which (1) any loans are offered or made under the
15  Consumer Installment Loan Act other than title secured loans
16  as defined in subsection (a) of Section 15 of the Consumer
17  Installment Loan Act and governed by Title 38, Section 110.330
18  of the Illinois Administrative Code or (2) any other business
19  is solicited or engaged in unless the other business is
20  licensed by the Department or, in the opinion of the
21  Secretary, the other business would not be contrary to the
22  best interests of consumers and is authorized by the Secretary
23  in writing.
24  (g-5) Notwithstanding subsection (g) of this Section, a
25  licensee may obtain a license under the Consumer Installment
26  Loan Act (CILA) for the exclusive purpose and use of making

 

 

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1  title secured loans, as defined in subsection (a) of Section
2  15 of CILA and governed by Title 38, Section 110.300 of the
3  Illinois Administrative Code. A licensee may continue to
4  service Consumer Installment Loan Act loans that were
5  outstanding as of the effective date of this amendatory Act of
6  the 96th General Assembly.
7  (h) The Secretary shall maintain a list of licensees that
8  shall be available to interested consumers and lenders and the
9  public. The Secretary shall maintain a toll-free number
10  whereby consumers may obtain information about licensees. The
11  Secretary shall also establish a complaint process under which
12  an aggrieved consumer may file a complaint against a licensee
13  or non-licensee who violates any provision of this Act.
14  (Source: P.A. 100-958, eff. 8-19-18; 101-31, eff. 6-28-19.)
15  (815 ILCS 122/4-10)
16  Sec. 4-10. Enforcement and remedies.
17  (a) The remedies provided in this Act are cumulative and
18  apply to persons or entities subject to this Act.
19  (b) Any material violation of this Act, including the
20  commission of an act prohibited under Section 4-5, constitutes
21  a violation of the Consumer Fraud and Deceptive Business
22  Practices Act.
23  (c) If any provision of the written agreement described in
24  subsection (b) of Section 2-20 violates this Act, then that
25  provision is unenforceable against the consumer.

 

 

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1  (d) Subject to the Illinois Administrative Procedure Act,
2  the Secretary may hold hearings, make findings of fact,
3  conclusions of law, issue cease and desist orders, have the
4  power to issue fines of up to $10,000 per violation, refer the
5  matter to the appropriate law enforcement agency for
6  prosecution under this Act, and suspend or revoke a license
7  granted under this Act. All proceedings shall be open to the
8  public.
9  (e) The Secretary may issue a cease and desist order to any
10  licensee or other person doing business without the required
11  license, when in the opinion of the Secretary the licensee or
12  other person is violating or is about to violate any provision
13  of this Act or any rule or requirement imposed in writing by
14  the Department as a condition of granting any authorization
15  permitted by this Act. The cease and desist order permitted by
16  this subsection (e) may be issued prior to a hearing.
17  The Secretary shall serve notice of his or her action,
18  including, but not limited to, a statement of the reasons for
19  the action, either personally, to the email address of record,
20  or by certified mail, return receipt requested. Service by
21  certified mail shall be deemed completed when the notice is
22  deposited in the United States mail U.S. Mail. Service to the
23  email address of record shall be deemed completed when sent.
24  Within 10 days of service of the cease and desist order,
25  the licensee or other person may request a hearing in writing.
26  The Secretary shall schedule a hearing within 30 days after

 

 

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1  the request for a hearing unless otherwise agreed to by the
2  parties.
3  If it is determined that the Secretary had the authority
4  to issue the cease and desist order, he or she may issue such
5  orders as may be reasonably necessary to correct, eliminate,
6  or remedy the conduct.
7  The powers vested in the Secretary by this subsection (e)
8  are additional to any and all other powers and remedies vested
9  in the Secretary by law, and nothing in this subsection (e)
10  shall be construed as requiring that the Secretary shall
11  employ the power conferred in this subsection instead of or as
12  a condition precedent to the exercise of any other power or
13  remedy vested in the Secretary.
14  (f) The Secretary may, after 10 days notice by certified
15  registered mail to the licensee at the address set forth in the
16  license, or by email to the email address of record, stating
17  the contemplated action and in general the grounds therefore,
18  fine the licensee an amount not exceeding $10,000 per
19  violation, or revoke or suspend any license issued hereunder
20  if he or she finds that:
21  (1) the licensee has failed to comply with any
22  provision of this Act or any order, decision, finding,
23  rule, regulation, or direction of the Secretary lawfully
24  made pursuant to the authority of this Act; or
25  (2) any fact or condition exists which, if it had
26  existed at the time of the original application for the

 

 

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1  license, clearly would have warranted the Secretary in
2  refusing to issue the license.
3  The Secretary may fine, suspend, or revoke only the
4  particular license with respect to which grounds for the fine,
5  revocation, or suspension occur or exist, but if the Secretary
6  finds that grounds for revocation are of general application
7  to all offices or to more than one office of the licensee, the
8  Secretary shall fine, suspend, or revoke every license to
9  which the grounds apply.
10  The Department shall establish by rule and publish a
11  schedule of fines that are reasonably tailored to ensure
12  compliance with the provisions of this Act and which include
13  remedial measures intended to improve licensee compliance.
14  Such rules shall set forth the standards and procedures to be
15  used in imposing any such fines and remedies.
16  No revocation, suspension, or surrender of any license
17  shall impair or affect the obligation of any pre-existing
18  lawful contract between the licensee and any obligor.
19  The Secretary may issue a new license to a licensee whose
20  license has been revoked when facts or conditions which
21  clearly would have warranted the Secretary in refusing
22  originally to issue the license no longer exist.
23  In every case in which a license is suspended or revoked or
24  an application for a license or renewal of a license is denied,
25  the Secretary shall serve the licensee with notice of his or
26  her action, including a statement of the reasons for his or her

 

 

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1  actions, either personally, to the email address of record, or
2  by certified mail, return receipt requested. Service by
3  certified mail shall be deemed completed when the notice is
4  deposited in the United States mail U.S. Mail. Service to the
5  email address of record shall be deemed completed when sent.
6  An order assessing a fine, an order revoking or suspending
7  a license, or an order denying renewal of a license shall take
8  effect upon service of the order unless the licensee requests
9  a hearing, in writing, within 10 days after the date of
10  service. In the event a hearing is requested, the order shall
11  be stayed until a final administrative order is entered.
12  If the licensee requests a hearing, the Secretary shall
13  schedule a hearing within 30 days after the request for a
14  hearing unless otherwise agreed to by the parties.
15  The hearing shall be held at the time and place designated
16  by the Secretary. The Secretary and any administrative law
17  judge designated by him or her shall have the power to
18  administer oaths and affirmations, subpoena witnesses and
19  compel their attendance, take evidence, and require the
20  production of books, papers, correspondence, and other records
21  or information that he or she considers relevant or material
22  to the inquiry.
23  (g) The costs of administrative hearings conducted
24  pursuant to this Section shall be paid by the licensee.
25  (h) Notwithstanding any other provision of this Section,
26  if a lender who does not have a license issued under this Act

 

 

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1  makes a loan pursuant to this Act to an Illinois consumer, then
2  the loan shall be null and void and the lender who made the
3  loan shall have no right to collect, receive, or retain any
4  principal, interest, or charges related to the loan.
5  (Source: P.A. 97-1039, eff. 1-1-13; 98-209, eff. 1-1-14.)
HB3693- 85 -LRB103 28809 BMS 55194 b 1 INDEX 2 Statutes amended in order of appearance  3 205 ILCS 305/1.1from Ch. 17, par. 4402  4 205 ILCS 305/2from Ch. 17, par. 4403  5 205 ILCS 305/8from Ch. 17, par. 4409  6 205 ILCS 305/21from Ch. 17, par. 4422  7 205 ILCS 305/61from Ch. 17, par. 4462  8 205 ILCS 657/5  9 205 ILCS 657/25  10 205 ILCS 657/40  11 205 ILCS 657/80  12 205 ILCS 657/90  13 205 ILCS 657/100  14 205 ILCS 660/2from Ch. 17, par. 5202  15 205 ILCS 660/6from Ch. 17, par. 5206  16 205 ILCS 660/10from Ch. 17, par. 5223  17 205 ILCS 660/16.5  18 205 ILCS 665/2from Ch. 17, par. 5302  19 205 ILCS 665/4from Ch. 17, par. 5304  20 205 ILCS 665/10from Ch. 17, par. 5310  21 205 ILCS 665/20from Ch. 17, par. 5323 22 205 ILCS 670/0.5 new 23 205 ILCS 670/2from Ch. 17, par. 5402  24 205 ILCS 670/3from Ch. 17, par. 5403  25 205 ILCS 670/8from Ch. 17, par. 5408    HB3693- 86 -LRB103 28809 BMS 55194 b  HB3693- 85 -LRB103 28809 BMS 55194 b   HB3693 - 85 - LRB103 28809 BMS 55194 b  1  INDEX 2  Statutes amended in order of appearance  3  205 ILCS 305/1.1 from Ch. 17, par. 4402  4  205 ILCS 305/2 from Ch. 17, par. 4403  5  205 ILCS 305/8 from Ch. 17, par. 4409  6  205 ILCS 305/21 from Ch. 17, par. 4422  7  205 ILCS 305/61 from Ch. 17, par. 4462  8  205 ILCS 657/5   9  205 ILCS 657/25   10  205 ILCS 657/40   11  205 ILCS 657/80   12  205 ILCS 657/90   13  205 ILCS 657/100   14  205 ILCS 660/2 from Ch. 17, par. 5202  15  205 ILCS 660/6 from Ch. 17, par. 5206  16  205 ILCS 660/10 from Ch. 17, par. 5223  17  205 ILCS 660/16.5   18  205 ILCS 665/2 from Ch. 17, par. 5302  19  205 ILCS 665/4 from Ch. 17, par. 5304  20  205 ILCS 665/10 from Ch. 17, par. 5310  21  205 ILCS 665/20 from Ch. 17, par. 5323  22  205 ILCS 670/0.5 new   23  205 ILCS 670/2 from Ch. 17, par. 5402  24  205 ILCS 670/3 from Ch. 17, par. 5403  25  205 ILCS 670/8 from Ch. 17, par. 5408   HB3693- 86 -LRB103 28809 BMS 55194 b   HB3693 - 86 - LRB103 28809 BMS 55194 b
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  HB3693 - 85 - LRB103 28809 BMS 55194 b
1  INDEX
2  Statutes amended in order of appearance
3  205 ILCS 305/1.1 from Ch. 17, par. 4402
4  205 ILCS 305/2 from Ch. 17, par. 4403
5  205 ILCS 305/8 from Ch. 17, par. 4409
6  205 ILCS 305/21 from Ch. 17, par. 4422
7  205 ILCS 305/61 from Ch. 17, par. 4462
8  205 ILCS 657/5
9  205 ILCS 657/25
10  205 ILCS 657/40
11  205 ILCS 657/80
12  205 ILCS 657/90
13  205 ILCS 657/100
14  205 ILCS 660/2 from Ch. 17, par. 5202
15  205 ILCS 660/6 from Ch. 17, par. 5206
16  205 ILCS 660/10 from Ch. 17, par. 5223
17  205 ILCS 660/16.5
18  205 ILCS 665/2 from Ch. 17, par. 5302
19  205 ILCS 665/4 from Ch. 17, par. 5304
20  205 ILCS 665/10 from Ch. 17, par. 5310
21  205 ILCS 665/20 from Ch. 17, par. 5323
22  205 ILCS 670/0.5 new
23  205 ILCS 670/2 from Ch. 17, par. 5402
24  205 ILCS 670/3 from Ch. 17, par. 5403
25  205 ILCS 670/8 from Ch. 17, par. 5408
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1  INDEX
2  Statutes amended in order of appearance
3  205 ILCS 305/1.1 from Ch. 17, par. 4402
4  205 ILCS 305/2 from Ch. 17, par. 4403
5  205 ILCS 305/8 from Ch. 17, par. 4409
6  205 ILCS 305/21 from Ch. 17, par. 4422
7  205 ILCS 305/61 from Ch. 17, par. 4462
8  205 ILCS 657/5
9  205 ILCS 657/25
10  205 ILCS 657/40
11  205 ILCS 657/80
12  205 ILCS 657/90
13  205 ILCS 657/100
14  205 ILCS 660/2 from Ch. 17, par. 5202
15  205 ILCS 660/6 from Ch. 17, par. 5206
16  205 ILCS 660/10 from Ch. 17, par. 5223
17  205 ILCS 660/16.5
18  205 ILCS 665/2 from Ch. 17, par. 5302
19  205 ILCS 665/4 from Ch. 17, par. 5304
20  205 ILCS 665/10 from Ch. 17, par. 5310
21  205 ILCS 665/20 from Ch. 17, par. 5323
22  205 ILCS 670/0.5 new
23  205 ILCS 670/2 from Ch. 17, par. 5402
24  205 ILCS 670/3 from Ch. 17, par. 5403
25  205 ILCS 670/8 from Ch. 17, par. 5408

 

 

  HB3693 - 85 - LRB103 28809 BMS 55194 b


HB3693- 86 -LRB103 28809 BMS 55194 b   HB3693 - 86 - LRB103 28809 BMS 55194 b
  HB3693 - 86 - LRB103 28809 BMS 55194 b

 

 

  HB3693 - 86 - LRB103 28809 BMS 55194 b