Illinois 2023-2024 Regular Session

Illinois Senate Bill SB3550 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Public Act 103-1014
2	1		SB3550 EnrolledLRB103 37880 RTM 68011 b SB3550 Enrolled LRB103 37880 RTM 68011 b
3	2		SB3550 Enrolled LRB103 37880 RTM 68011 b
4		-	AN ACT concerning State government.
5		-	Be it enacted by the People of the State of Illinois,
6		-	represented in the General Assembly:
7		-	Section 5. The Financial Institutions Code is amended by
8		-	changing Sections 1, 2, 4, 6, 6a, 7, 8, 15, 16, 17, and 18 and
9		-	by adding Sections 18.2, 18.3, and 18.5 as follows:
10		-	(20 ILCS 1205/1) (from Ch. 17, par. 101)
11		-	Sec. 1. Short title. This Act shall be known and shall be
12		-	cited as the "Financial Institutions Act Code."
13		-	(Source: Laws 1957, p. 369.)
14		-	(20 ILCS 1205/2) (from Ch. 17, par. 102)
15		-	Sec. 2. Purpose. The purpose of the Financial Institutions
16		-	Act Code is to provide under the Governor for the orderly
17		-	administration and enforcement of laws relating to financial
18		-	institutions under the authority of the Governor.
19		-	(Source: Laws 1957, p. 369.)
20		-	(20 ILCS 1205/4) (from Ch. 17, par. 104)
21		-	Sec. 4. Definitions. As used in this Act:
22		-	"Address of record" means the designated address recorded
23		-	by the Division in the applicant's application file or the
24		-	licensee's license file, as maintained by the Division.
	3	+	1 AN ACT concerning State government.
	4	+	2 Be it enacted by the People of the State of Illinois,
	5	+	3 represented in the General Assembly:
	6	+	4 Section 5. The Financial Institutions Code is amended by
	7	+	5 changing Sections 1, 2, 4, 6, 6a, 7, 8, 15, 16, 17, and 18 and
	8	+	6 by adding Sections 18.2, 18.3, and 18.5 as follows:
	9	+	7 (20 ILCS 1205/1) (from Ch. 17, par. 101)
	10	+	8 Sec. 1. Short title. This Act shall be known and shall be
	11	+	9 cited as the "Financial Institutions Act Code."
	12	+	10 (Source: Laws 1957, p. 369.)
	13	+	11 (20 ILCS 1205/2) (from Ch. 17, par. 102)
	14	+	12 Sec. 2. Purpose. The purpose of the Financial Institutions
	15	+	13 Act Code is to provide under the Governor for the orderly
	16	+	14 administration and enforcement of laws relating to financial
	17	+	15 institutions under the authority of the Governor.
	18	+	16 (Source: Laws 1957, p. 369.)
	19	+	17 (20 ILCS 1205/4) (from Ch. 17, par. 104)
	20	+	18 Sec. 4. Definitions. As used in this Act:
	21	+	19 "Address of record" means the designated address recorded
	22	+	20 by the Division in the applicant's application file or the
	23	+	21 licensee's license file, as maintained by the Division.
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28	27		SB3550 Enrolled LRB103 37880 RTM 68011 b
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30	29
31		-	"Department" means the Department of Financial and
32		-	Professional Regulation.
33		-	"Director" means the Director or acting Director of the
34		-	Division of Financial Institutions and any authorized
35		-	representative of the Director.
36		-	"Division" means the Division of Financial Institutions of
37		-	the Department.
38		-	"Financial institutions" means ambulatory and community
39		-	currency exchanges, credit unions, guaranteed credit unions,
40		-	money transmitters, title insuring or guaranteeing companies
41		-	and their agents, consumer installment lenders, payday
42		-	lenders, sales finance agencies, consumer legal funding
43		-	companies, collection agencies, and any other person who
44		-	industry or business that offers services or products that are
45		-	regulated under any Act administered by the Director.
46		-	"License" means any certificate or authorization issued to
47		-	any person, party, or entity pursuant to any Act administered
48		-	by the Division.
49		-	"Licensee" means any person, party, or entity who is or
50		-	comes to be certified, chartered, registered, licensed, or
51		-	otherwise authorized by the Division pursuant to any Act
52		-	administered by the Division.
53		-	"Payday loan" has the meaning ascribed to that term in the
54		-	Payday Loan Reform Act.
55		-	"Person" means any individual, partnership, joint venture,
56		-	trust, estate, firm, corporation, cooperative society or
57		-
58		-
59		-	association, or any other form of business association or
60		-	legal entity.
61		-	"Regulated person" means a person whose activities are
62		-	subject to an Act or rule that is administered by the Division.
63		-	"Regulated person" includes licensees as well as persons who
64		-	are lawfully or unlawfully unlicensed. "Regulated person" also
65		-	includes managers and owners of the licensee.
66		-	"Secretary" means the Secretary or acting Secretary of
67		-	Financial and Professional Regulation and any authorized
68		-	representative of the Secretary.
69		-	(Source: P.A. 102-975, eff. 1-1-23.)
70		-	(20 ILCS 1205/6)
71		-	Sec. 6. General powers and duties. In addition to the
72		-	powers and duties provided by law and imposed elsewhere in
73		-	this Act, the Division has the following powers and duties:
74		-	(1) To administer and enforce the Consumer Installment
75		-	Loan Act and its implementing rules.
76		-	(2) To administer and enforce the Currency Exchange
77		-	Act and its implementing rules.
78		-	(3) To administer and enforce the Debt Management
79		-	Service Act and its implementing rules.
80		-	(4) To administer and enforce the Debt Settlement
81		-	Consumer Protection Act and its implementing rules.
82		-	(5) To administer and enforce the Illinois Development
83		-	Credit Corporation Act and its implementing rules.
84		-
85		-
86		-	(6) To administer and enforce the Payday Loan Reform
87		-	Act and its implementing rules.
88		-	(7) To administer and enforce the Safety Deposit
89		-	License Act and its implementing rules.
90		-	(8) To administer and enforce the Sales Finance Agency
91		-	Act and its implementing rules.
92		-	(9) To administer and enforce the Title Insurance Act
93		-	and its implementing rules.
94		-	(10) To administer and enforce the Transmitters of
95		-	Money Act and its implementing rules.
96		-	(11) To administer and enforce the Predatory Loan
97		-	Prevention Act and its implementing rules.
98		-	(12) To administer and enforce the Motor Vehicle
99		-	Retail Installment Sales Act and its implementing rules.
100		-	(13) To administer and enforce the Retail Installment
101		-	Sales Act and its implementing rules.
102		-	(14) To administer and enforce the Illinois Credit
103		-	Union Act and its implementing rules.
104		-	(15) To administer and enforce the Collection Agency
105		-	Act and its implementing rules.
106		-	(16) To administer and enforce the Consumer Legal
107		-	Funding Act and its implementing rules.
108		-	(17) (16) To administer and enforce this Act and any
109		-	other Act administered by the Director or Division.
110		-	(17) If the Division is authorized or required by law
111		-	to consider some aspect of criminal history record
112		-
113		-
114		-	information for the purpose of carrying out its statutory
115		-	powers and responsibilities, to obtain from the Illinois
116		-	State Police, upon request and payment of the fees
117		-	required by the Illinois State Police Law of the Civil
118		-	Administrative Code of Illinois, pursuant to positive
119		-	identification, such information contained in State files
120		-	as is necessary to carry out the duties of the Division.
121		-	(18) To authorize and administer examinations to
122		-	ascertain the qualifications of applicants and licensees
123		-	for which the examination is held.
124		-	(19) To conduct hearings in proceedings to revoke,
125		-	suspend, refuse to renew, or take other disciplinary
126		-	action regarding licenses, charters, certifications,
127		-	registrations, or authorities of persons as authorized in
128		-	any Act administered by the Division.
129		-	Whenever the Division is authorized or required by law to
130		-	consider some aspect of criminal history record information
131		-	for the purpose of carrying out its statutory powers and
132		-	responsibilities, then, upon request and payment of fees in
133		-	conformance with the requirements of Section 2605-400 of the
134		-	Illinois State Police Law, the Illinois State Police is
135		-	authorized to furnish, pursuant to positive identification,
136		-	the information contained in State files that is necessary to
137		-	fulfill the request.
138		-	(Source: P.A. 102-538, eff. 8-20-21; 102-813, eff. 5-13-22;
139		-	102-975, eff. 1-1-23; 103-154, eff. 6-30-23.)
140		-
141		-
142		-	(20 ILCS 1205/6a) (from Ch. 17, par. 107)
143		-	Sec. 6a. The Secretary Director may, in accordance with
144		-	the The Illinois Administrative Procedure Act, adopt
145		-	reasonable rules with respect to the administration and
146		-	enforcement of any Act the administration of which is vested
147		-	in the Division Director or the Department.
148		-	(Source: P.A. 81-205.)
149		-	(20 ILCS 1205/7) (from Ch. 17, par. 108)
150		-	Sec. 7. Illinois Administrative Procedure Act. The
151		-	provisions of the "The Illinois Administrative Procedure Act",
152		-	as now or hereafter amended, are hereby expressly adopted and
153		-	incorporated herein as though a part of this Act, and shall
154		-	apply to all administrative rules and procedures of the
155		-	Division Director and the Department of Financial Institutions
156		-	under this Act. , except that the provisions of the
157		-	Administrative Procedure Act regarding contested cases shall
158		-	not apply to actions of the Director under Section 15.1 of "An
159		-	Act in relation to the definition, licensing and regulation of
160		-	community currency exchanges and ambulatory currency
161		-	exchanges, and the operators and employees thereof, and to
162		-	make an appropriation therefor, and to provide penalties and
163		-	remedies for the violation thereof", approved June 30, 1943,
164		-	as amended, or Sections 8 and 61 of "The Illinois Credit Union
165		-	Act".
166		-
167		-
168		-	(Source: P.A. 100-22, eff. 1-1-18.)
169		-	(20 ILCS 1205/8) (from Ch. 17, par. 109)
170		-	Sec. 8. Duties of the Secretary. The Secretary Director
171		-	shall direct and supervise all Department administrative and
172		-	technical activities, in addition to the duties imposed upon
173		-	the Secretary him elsewhere in this Act Code, and shall:
174		-	(1) Apply and carry out this Act Code and the laws and all
175		-	rules adopted in pursuance thereof.
176		-	(2) Appoint, subject to the provisions of the Personnel
177		-	Code, such employees of the Division Department and such
178		-	experts and special assistants as may be necessary to carry
179		-	out effectively the provisions of this Act Code.
180		-	(3) Foster and develop programs with financial
181		-	institutions, for the best interests of these institutions,
182		-	their services, and the People people of the State of
183		-	Illinois.
184		-	(4) Attend meetings of the Advisory Boards created by laws
185		-	relating to financial institutions.
186		-	(5) Make continuous studies and report his recommendations
187		-	to the Governor for the improvement of the Department.
188		-	(6) Make an annual report regarding the work of the
189		-	Department and such special reports as he may consider
190		-	desirable to the Governor, or as the Governor may request.
191		-	(5) (7) Perform any other lawful acts that the Secretary
192		-	which he may consider necessary or desirable to carry out the
193		-
194		-
195		-	purposes and provisions of this Act Law.
196		-	(Source: Laws 1957, p. 369.)
197		-	(20 ILCS 1205/15) (from Ch. 17, par. 116)
198		-	Sec. 15. Pending actions and proceedings. This Act shall
199		-	not affect any act done, ratified or confirmed or any right
200		-	accrued or established, or affect or abate any action or
201		-	proceeding had or commenced in a civil or criminal cause
202		-	before this Act takes effect; but such actions or proceedings
203		-	may be prosecuted and continued by the Division Department of
204		-	Financial Institutions.
205		-	(Source: Laws 1957, p. 369.)
206		-	(20 ILCS 1205/16) (from Ch. 17, par. 117)
207		-	Sec. 16. Director and supervisors. The Governor shall, by
208		-	and with the advice and consent of the Senate, appoint a
209		-	Director of the Division, who shall oversee the Division and
210		-	who shall report to the Secretary. There shall be a Supervisor
211		-	of Consumer Credit, a Supervisor of Currency Exchanges, a
212		-	Supervisor of Title Insurance, and a Supervisor of Credit
213		-	Unions. The respective supervisors Supervisors shall be
214		-	appointed by and responsible to the Director and shall be
215		-	administratively responsible within the Department for the
216		-	financial institutions and title insurance entities to which
217		-	their appointments pertain. The Secretary may appoint other
218		-	supervisory staff as deemed necessary to implement Acts the
219		-
220		-
221		-	Division administers.
222		-	(Source: P.A. 99-549, eff. 7-15-16.)
223		-	(20 ILCS 1205/17) (from Ch. 17, par. 118)
224		-	Sec. 17. Prohibited interests. Neither the Secretary, the
225		-	Director, nor any supervisor in the Division, nor any examiner
226		-	in the Division shall be an officer, director, owner, or
227		-	shareholder of, or a partner in, or have any proprietary
228		-	interest, direct or indirect, in any financial institution
229		-	under the jurisdiction of the Division. However, ; provided,
230		-	however, that ownership of withdrawable capital accounts or
231		-	shares in credit unions and ownership of diversified
232		-	investment funds, employee benefit plans, pensions, retirement
233		-	and thrift saving plans, or similar financial instruments in
234		-	which the employee has no ability to exercise control over or
235		-	selection of the financial interests held by the fund are
236		-	permitted shall not be deemed to be prevented hereby. If the
237		-	Secretary, Director, or any supervisor, or examiner within the
238		-	Division is a , shall be a shareholder, or partner in, or an
239		-	owner of or has have any interest, direct or indirect, in any
240		-	such financial institution under the jurisdiction of the
241		-	Division at the time of his appointment, that person he shall
242		-	dispose of the his shares of stock or other evidences of
243		-	ownership or property within 120 days from the date of his
244		-	appointment. It is unlawful for the Secretary, Director, or
245		-	any supervisor or examiner within the Division to obtain or
246		-
247		-
248		-	repay any loan, product, or service from a financial
249		-	institution subject to the jurisdiction of the Division on
250		-	terms more favorable than those offered to the general public.
251		-	The Secretary is authorized to adopt rules to implement or
252		-	interpret this Section. It is unlawful for the Director, any
253		-	supervisor or examiner to obtain any loan or gratuity from a
254		-	financial institution subject to the jurisdiction of the
255		-	Department as herein provided. If any other employee of the
256		-	Department borrows from or becomes indebted in an aggregate
257		-	amount of $2,500 or more to any financial institution subject
258		-	to the jurisdiction of the Department, he shall make a written
259		-	report to the Director stating the date and amount of such loan
260		-	or indebtedness, the security therefor, if any, and the
261		-	purpose or purposes for which proceeds have been or are to be
262		-	used.
263		-	(Source: P.A. 91-357, eff. 7-29-99.)
264		-	(20 ILCS 1205/18) (from Ch. 17, par. 119)
265		-	Sec. 18. Oaths; subpoenas; penalty.
266		-	(a) At any time during the course of any investigation or
267		-	hearing conducted pursuant to any Act administered by the
268		-	Division, the Secretary The Director shall have the power to
269		-	administer oaths, subpoena witnesses, take evidence, and
270		-	compel the production of any books, records, or any other
271		-	documents that the Secretary deems relevant or and papers
272		-	pertinent to any investigation or hearing regarding the
273		-
274		-
275		-	operation of any financial institution. Witnesses in
276		-	investigations or hearings conducted under this Section are
277		-	entitled to the same fees and mileage, and in the same manner,
278		-	as prescribed by law in judicial proceedings in civil cases of
279		-	this State.
280		-	(b) Any person who fails to appear in response to a
281		-	subpoena, or to answer any question, to or produce any books,
282		-	and papers, records, or any documents deemed relevant or
283		-	pertinent to such investigation or hearing, or who knowingly
284		-	gives false testimony therein, is guilty of a Class A
285		-	misdemeanor. Each violation shall constitute a separate and
286		-	distinct offense. In addition to initiating criminal
287		-	proceedings through referral, the Division, through the
288		-	Attorney General, may seek enforcement of any such subpoena in
289		-	any circuit court of this State.
290		-	(Source: P.A. 77-2594.)
291		-	(20 ILCS 1205/18.2 new)
292		-	Sec. 18.2. Court order requiring attendance of witnesses
293		-	or production of materials. Upon application by the Division,
294		-	any Illinois circuit court may enter an order to enforce a
295		-	subpoena issued by the Division for the attendance of
296		-	witnesses and the production of relevant books and papers or
297		-	other documents deemed relevant or pertinent before the
298		-	Division in any hearing relative to the denial of an
299		-	application, refusal to renew, suspension, revocation, placing
300		-
301		-
302		-	on probationary status, reprimand, fine, or the taking of any
303		-	other disciplinary action as may be authorized in any Act
304		-	administered by the Division. The court may compel obedience
305		-	to its order through proceedings for contempt.
306		-	(20 ILCS 1205/18.3 new)
307		-	Sec. 18.3. Perjury; penalty. The Secretary may require any
308		-	document filed under any Act administered or rule adopted by
309		-	the Division to be verified or contain a written affirmation
310		-	that it is signed under the penalties of perjury. Any person
311		-	who knowingly signs a fraudulent document commits perjury as
312		-	defined in Section 32-2 of the Criminal Code of 2012 and shall
313		-	be guilty of a Class A misdemeanor.
314		-	(20 ILCS 1205/18.5 new)
315		-	Sec. 18.5. Consent orders and settlement agreements. The
316		-	Secretary may enter into a consent order or settlement
317		-	agreement at any time with a regulated person to resolve a
318		-	matter arising under this Act or any other Act under the
319		-	jurisdiction of the Division. A consent order or settlement
320		-	agreement need not constitute an admission by a regulated
321		-	person that this Act or a rule or order issued or adopted under
322		-	this Act or any Act under the jurisdiction of the Division has
323		-	been violated, nor need it constitute a finding by the
324		-	Secretary that the person has violated this Act or a rule or
325		-	order adopted under this Act or any Act under the jurisdiction
326		-
327		-
328		-	of the Division. Nothing in this Section shall be construed as
329		-	requiring a regulated person to enter a consent order or
330		-	settlement agreement with the Secretary.
331		-	(20 ILCS 1205/9 rep.)
332		-	(20 ILCS 1205/10 rep.)
333		-	(20 ILCS 1205/11 rep.)
334		-	(20 ILCS 1205/12 rep.)
335		-	(20 ILCS 1205/13 rep.)
336		-	(20 ILCS 1205/13.5 rep.)
337		-	(20 ILCS 1205/14 rep.)
338		-	Section 10. The Financial Institutions Code is amended by
339		-	repealing Sections 9, 10, 11, 12, 13, 13.5, and 14.
340		-	Section 15. The Currency Exchange Act is amended by
341		-	changing Section 19 as follows:
342		-	(205 ILCS 405/19) (from Ch. 17, par. 4835)
343		-	Sec. 19. The Department may make and enforce such
344		-	reasonable rules, directions, orders, decisions and findings
345		-	as the execution and enforcement of the provisions of this Act
346		-	require, and as are not inconsistent within this Act. All such
347		-	rules, directions, orders, decisions and findings shall be
348		-	filed and entered by the Secretary in an indexed permanent
349		-	book or record, or electronic record, with the effective date
350		-	thereof suitably indicated, and such book or record shall be a
351		-
352		-
353		-	public document. All rules and directions, which are of a
354		-	general character, shall be made available in electronic form
355		-	to all licensees within 10 days after filing and any changes
356		-	shall be emailed to all licensees shall receive by mail notice
357		-	of any changes. Copies of all findings, orders and decisions
358		-	shall be mailed to the parties affected thereby by United
359		-	States mail within 5 days of such filing.
360		-	The Department shall adopt rules concerning classes of
361		-	violations, which may include continuing violations of this
362		-	Act, and factors in mitigation of violations.
363		-	(Source: P.A. 99-445, eff. 1-1-16.)
364		-	Section 20. The Sales Finance Agency Act is amended by
365		-	changing Section 8 as follows:
366		-	(205 ILCS 660/8) (from Ch. 17, par. 5208)
367		-	Sec. 8. The Department may deny an application for a
368		-	license, deny an application for renewal of a license, or
369		-	suspend or revoke a license on any of the grounds listed in
370		-	Sections 8.1 through 8.14 and the Financial Institutions Act.
371		-	(Source: P.A. 90-437, eff. 1-1-98.)
372		-	Section 25. The Consumer Installment Loan Act is amended
373		-	by changing Sections 9, 15 and 20.5 as follows:
374		-	(205 ILCS 670/9) (from Ch. 17, par. 5409)
375		-
376		-
377		-	Sec. 9. Fines, Suspension or Revocation of license.
378		-	(a) The Director may fine a licensee or any other person or
379		-	entity doing business without the required license , after 10
380		-	days notice by registered mail to the licensee at the address
381		-	set forth in the license, stating the contemplated action and
382		-	in general the grounds therefor, fine such licensee an amount
383		-	not exceeding $10,000 per violation, or revoke or suspend any
384		-	license issued hereunder if he or she finds that:
385		-	(1) The licensee has failed to comply with any
386		-	provision of this Act or any order, decision, finding,
387		-	rule, regulation or direction of the Director lawfully
388		-	made pursuant to the authority of this Act; or
389		-	(2) Any fact or condition exists which, if it had
390		-	existed at the time of the original application for the
391		-	license, clearly would have warranted the Director in
392		-	refusing to issue the license.
393		-	(a-5) All orders issued pursuant to this Act shall be
394		-	served on the licensee, person, or entity with notice of his or
395		-	her action, including a statement of the reasons for his or her
396		-	actions, either personally, or by certified mail. Service by
397		-	certified mail shall be deemed completed when the notice is
398		-	deposited in the U.S. Mail.
399		-	(b) The Director may fine, suspend, or revoke only the
400		-	particular license with respect to which grounds for the fine,
401		-	revocation or suspension occur or exist, but if the Director
402		-	shall find that grounds for revocation are of general
403		-
404		-
405		-	application to all offices or to more than one office of the
406		-	licensee, the Director shall fine, suspend, or revoke every
407		-	license to which such grounds apply.
408		-	(c) (Blank).
409		-	(d) No revocation, suspension, or surrender of any license
410		-	shall impair or affect the obligation of any pre-existing
411		-	lawful contract between the licensee and any obligor.
412		-	(e) The Director may issue a new license to a licensee
413		-	whose license has been revoked when facts or conditions which
414		-	clearly would have warranted the Director in refusing
415		-	originally to issue the license no longer exist.
416		-	(f) (Blank).
417		-	(g) In every case in which a license is suspended or
418		-	revoked or an application for a license or renewal of a license
419		-	is denied, the Director shall serve the licensee with notice
420		-	of his or her action, including a statement of the reasons for
421		-	his or her actions, either personally, or by certified mail,
422		-	return receipt requested. Service by certified mail shall be
423		-	deemed completed when the notice is deposited in the U.S.
424		-	Mail.
425		-	(h) An order assessing a fine, an order revoking or
426		-	suspending a license or, an order denying renewal of a license
427		-	shall take effect upon service of the order unless the
428		-	licensee requests, in writing, within 10 days after the date
429		-	of service, a hearing. In the event a hearing is requested, the
430		-	order shall be stayed until a final administrative order is
431		-
432		-
433		-	entered.
434		-	(i) If the licensee requests a hearing, the Director shall
435		-	schedule a preliminary hearing within 30 days after the
436		-	request for a hearing unless otherwise agreed to by the
437		-	parties.
438		-	(j) The hearing shall be held at the time and place
439		-	designated by the Director. The Director and any
440		-	administrative law judge designated by him or her shall have
441		-	the power to administer oaths and affirmations, subpoena
442		-	witnesses and compel their attendance, take evidence, and
443		-	require the production of books, papers, correspondence, and
444		-	other records or information that he or she considers relevant
445		-	or material to the inquiry.
446		-	(k) The costs for the administrative hearing shall be set
447		-	by rule.
448		-	(l) The Director shall have the authority to prescribe
449		-	rules for the administration of this Section.
450		-	(m) The Department shall establish by rule and publish a
451		-	schedule of fines that are reasonably tailored to ensure
452		-	compliance with the provisions of this Act and which include
453		-	remedial measures intended to improve licensee compliance.
454		-	Such rules shall set forth the standards and procedures to be
455		-	used in imposing any such fines and remedies.
456		-	(Source: P.A. 98-209, eff. 1-1-14.)
457		-	(205 ILCS 670/15) (from Ch. 17, par. 5415)
458		-
459		-
460		-	Sec. 15. Charges permitted.
461		-	(a) Every licensee may lend a principal amount not
462		-	exceeding $40,000 and may charge, contract for and receive
463		-	thereon interest at an annual percentage rate of no more than
464		-	36%, subject to the provisions of this Act. For purposes of
465		-	this Section, the annual percentage rate shall be calculated
466		-	as such rate is calculated using the system for calculating a
467		-	military annual percentage rate under Section 232.4 of Title
468		-	32 of the Code of Federal Regulations as in effect on the
469		-	effective date of this amendatory Act of the 101st General
470		-	Assembly.
471		-	(b) For purpose of this Section, the following terms shall
472		-	have the meanings ascribed herein.
473		-	"Applicable interest" for a precomputed loan contract
474		-	means the amount of interest attributable to each monthly
475		-	installment period. It is computed as if each installment
476		-	period were one month and any interest charged for extending
477		-	the first installment period beyond one month is ignored. The
478		-	applicable interest for any monthly installment period is that
479		-	portion of the precomputed interest that bears the same ratio
480		-	to the total precomputed interest as the balances scheduled to
481		-	be outstanding during that month bear to the sum of all
482		-	scheduled monthly outstanding balances in the original
483		-	contract.
484		-	"Interest-bearing loan" means a loan in which the debt is
485		-	expressed as a principal amount plus interest charged on
486		-
487		-
488		-	actual unpaid principal balances for the time actually
489		-	outstanding.
490		-	"Precomputed loan" means a loan in which the debt is
491		-	expressed as the sum of the original principal amount plus
492		-	interest computed actuarially in advance, assuming all
493		-	payments will be made when scheduled.
494		-	"Substantially equal installment" includes a last
495		-	regularly scheduled payment that may be less than, but not
496		-	more than 5% larger than, the previous scheduled payment
497		-	according to a disclosed payment schedule agreed to by the
498		-	parties.
499		-	(c) Loans may be interest-bearing or precomputed.
500		-	(d) To compute time for either interest-bearing or
501		-	precomputed loans for the calculation of interest and other
502		-	purposes, a month shall be a calendar month and a day shall be
503		-	considered 1/30th of a month when calculation is made for a
504		-	fraction of a month. A month shall be 1/12th of a year. A
505		-	calendar month is that period from a given date in one month to
506		-	the same numbered date in the following month, and if there is
507		-	no same numbered date, to the last day of the following month.
508		-	When a period of time includes a month and a fraction of a
509		-	month, the fraction of the month is considered to follow the
510		-	whole month. In the alternative, for interest-bearing loans,
511		-	the licensee may charge interest at the rate of 1/365th of the
512		-	agreed annual rate for each day actually elapsed.
513		-	(d-5) No licensee or other person may condition an
514		-
515		-
516		-	extension of credit to a consumer on the consumer's repayment
517		-	by preauthorized electronic fund transfers. Payment options,
518		-	including, but not limited to, electronic fund transfers and
519		-	Automatic Clearing House (ACH) transactions may be offered to
520		-	consumers as a choice and method of payment chosen by the
521		-	consumer.
522		-	(e) With respect to interest-bearing loans:
523		-	(1) Interest shall be computed on unpaid principal
524		-	balances outstanding from time to time, for the time
525		-	outstanding, until fully paid. Each payment shall be
526		-	applied first to the accumulated interest and the
527		-	remainder of the payment applied to the unpaid principal
528		-	balance; provided however, that if the amount of the
529		-	payment is insufficient to pay the accumulated interest,
530		-	the unpaid interest continues to accumulate to be paid
531		-	from the proceeds of subsequent payments and is not added
532		-	to the principal balance.
533		-	(2) Interest shall not be payable in advance or
534		-	compounded. However, if part or all of the consideration
535		-	for a new loan contract is the unpaid principal balance of
536		-	a prior loan, then the principal amount payable under the
537		-	new loan contract may include any unpaid interest which
538		-	has accrued. The unpaid principal balance of a precomputed
539		-	loan is the balance due after refund or credit of unearned
540		-	interest as provided in paragraph (f), clause (3). The
541		-	resulting loan contract shall be deemed a new and separate
542		-
543		-
544		-	loan transaction for all purposes.
545		-	(3) Loans must be fully amortizing and be repayable in
546		-	substantially equal and consecutive weekly, biweekly,
547		-	semimonthly, or monthly installments. Notwithstanding this
548		-	requirement, rates may vary according to an index that is
549		-	independently verifiable and beyond the control of the
550		-	licensee.
551		-	(4) The lender or creditor may, if the contract
552		-	provides, collect a delinquency or collection charge on
553		-	each installment in default for a period of not less than
554		-	10 days in an amount not exceeding 5% of the installment on
555		-	installments in excess of $200, or $10 on installments of
556		-	$200 or less, but only one delinquency and collection
557		-	charge may be collected on any installment regardless of
558		-	the period during which it remains in default.
559		-	(f) With respect to precomputed loans:
560		-	(1) Loans shall be repayable in substantially equal
561		-	and consecutive weekly, biweekly, semimonthly, or monthly
562		-	installments of principal and interest combined, except
563		-	that the first installment period may be longer than one
564		-	month by not more than 15 days, and the first installment
565		-	payment amount may be larger than the remaining payments
566		-	by the amount of interest charged for the extra days; and
567		-	provided further that monthly installment payment dates
568		-	may be omitted to accommodate borrowers with seasonal
569		-	income.
570		-
571		-
572		-	(2) Payments may be applied to the combined total of
573		-	principal and precomputed interest until the loan is fully
574		-	paid. Payments shall be applied in the order in which they
575		-	become due, except that any insurance proceeds received as
576		-	a result of any claim made on any insurance, unless
577		-	sufficient to prepay the contract in full, may be applied
578		-	to the unpaid installments of the total of payments in
579		-	inverse order.
580		-	(3) When any loan contract is paid in full by cash,
581		-	renewal or refinancing, or a new loan, one month or more
582		-	before the final installment due date, a licensee shall
583		-	refund or credit the obligor with the total of the
584		-	applicable interest for all fully unexpired installment
585		-	periods, as originally scheduled or as deferred, which
586		-	follow the day of prepayment; provided, if the prepayment
587		-	occurs prior to the first installment due date, the
588		-	licensee may retain 1/30 of the applicable interest for a
589		-	first installment period of one month for each day from
590		-	the date of the loan to the date of prepayment, and shall
591		-	refund or credit the obligor with the balance of the total
592		-	interest contracted for. If the maturity of the loan is
593		-	accelerated for any reason and judgment is entered, the
594		-	licensee shall credit the borrower with the same refund as
595		-	if prepayment in full had been made on the date the
596		-	judgment judgement is entered.
597		-	(4) The lender or creditor may, if the contract
598		-
599		-
600		-	provides, collect a delinquency or collection charge on
601		-	each installment in default for a period of not less than
602		-	10 days in an amount not exceeding 5% of the installment on
603		-	installments in excess of $200, or $10 on installments of
604		-	$200 or less, but only one delinquency or collection
605		-	charge may be collected on any installment regardless of
606		-	the period during which it remains in default.
607		-	(5) If the parties agree in writing, either in the
608		-	loan contract or in a subsequent agreement, to a deferment
609		-	of wholly unpaid installments, a licensee may grant a
610		-	deferment and may collect a deferment charge as provided
611		-	in this Section. A deferment postpones the scheduled due
612		-	date of the earliest unpaid installment and all subsequent
613		-	installments as originally scheduled, or as previously
614		-	deferred, for a period equal to the deferment period. The
615		-	deferment period is that period during which no
616		-	installment is scheduled to be paid by reason of the
617		-	deferment. The deferment charge for a one-month one month
618		-	period may not exceed the applicable interest for the
619		-	installment period immediately following the due date of
620		-	the last undeferred payment. A proportionate charge may be
621		-	made for deferment for periods of more or less than one
622		-	month. A deferment charge is earned pro rata during the
623		-	deferment period and is fully earned on the last day of the
624		-	deferment period. Should a loan be prepaid in full during
625		-	a deferment period, the licensee shall credit to the
626		-
627		-
628		-	obligor a refund of the unearned deferment charge in
629		-	addition to any other refund or credit made for prepayment
630		-	of the loan in full.
631		-	(6) If 2 two or more installments are delinquent one
632		-	full month or more on any due date, and if the contract so
633		-	provides, the licensee may reduce the unpaid balance by
634		-	the refund credit which would be required for prepayment
635		-	in full on the due date of the most recent maturing
636		-	installment in default. Thereafter, and in lieu of any
637		-	other default or deferment charges, the agreed rate of
638		-	interest may be charged on the unpaid balance until fully
639		-	paid.
640		-	(7) Fifteen days after the final installment as
641		-	originally scheduled or deferred, the licensee, for any
642		-	loan contract which has not previously been converted to
643		-	interest-bearing under paragraph (f), clause (6), may
644		-	compute and charge interest on any balance remaining
645		-	unpaid, including unpaid default or deferment charges, at
646		-	the agreed rate of interest until fully paid. At the time
647		-	of payment of said final installment, the licensee shall
648		-	give notice to the obligor stating any amounts unpaid.
649		-	(Source: P.A. 101-563, eff. 8-23-19; 101-658, eff. 3-23-21.)
650		-	(205 ILCS 670/20.5)
651		-	Sec. 20.5. Cease and desist.
652		-	(a) The Director may issue a cease and desist order to any
653		-
654		-
655		-	licensee, or other person or entity doing business without the
656		-	required license, when in the opinion of the Director, the
657		-	licensee, or other person or entity, has violated, is
658		-	violating, or is about to violate any provision of this Act or
659		-	any rule or requirement imposed in writing by the Department
660		-	as a condition of granting any authorization permitted by this
661		-	Act.
662		-	(b) The Director may issue a cease and desist order prior
663		-	to a hearing.
664		-	(c) The Director shall serve notice of his or her action,
665		-	designated as a cease and desist order made pursuant to this
666		-	Section, including a statement of the reasons for the action,
667		-	either personally or by certified mail, return receipt
668		-	requested. Service by certified mail shall be deemed completed
669		-	when the notice is deposited in the U.S. mail.
670		-	(d) Within 15 days of service of the cease and desist
671		-	order, the licensee or other person may request, in writing, a
672		-	hearing.
673		-	(e) The Director shall schedule a preliminary hearing
674		-	within 30 days after the request for a hearing unless
675		-	otherwise agreed to by the parties.
676		-	(f) The Director shall have the authority to prescribe
677		-	rules for the administration of this Section.
678		-	(g) If it is determined that the Director had the
679		-	authority to issue the cease and desist order, he or she may
680		-	issue such orders as may be reasonably necessary to correct,
681		-
682		-
683		-	eliminate, or remedy such conduct.
684		-	(h) The powers vested in the Director by this Section are
685		-	additional to any and all other powers and remedies vested in
686		-	the Director by law, and nothing in this Section shall be
687		-	construed as requiring that the Director shall employ the
688		-	power conferred in this Section instead of or as a condition
689		-	precedent to the exercise of any other power or remedy vested
690		-	in the Director.
691		-	(i) The cost for the administrative hearing shall be set
692		-	by rule.
693		-	(Source: P.A. 90-437, eff. 1-1-98.)
694		-	Section 35. The Collection Agency Act is amended by
695		-	changing Section 13.2 as follows:
696		-	(205 ILCS 740/13.2) (was 225 ILCS 425/13.2)
697		-	(Section scheduled to be repealed on January 1, 2026)
698		-	Sec. 13.2. Powers and duties of Department. The Department
699		-	shall exercise the powers and duties prescribed by the
700		-	Financial Institutions Act Code for the administration of
701		-	licensing Acts and shall exercise such other powers and duties
702		-	necessary for effectuating the purposes of this Act.
703		-	Subject to the provisions of this Act, the Department may:
704		-	(1) Conduct hearings on proceedings to refuse to issue
705		-	or renew or to revoke licenses or suspend, place on
706		-	probation, or reprimand persons licensed under this Act.
707		-
708		-
709		-	(2) To adopt rules consistent with the purposes of
710		-	this Act, including, but not limited to: (i) rules in
711		-	connection with the activities of collection agencies as
712		-	may be necessary and appropriate for the protection of
713		-	consumers in this State; (ii) rules as may be necessary
714		-	and appropriate to define and enforce against improper or
715		-	fraudulent business practices in connection with the
716		-	activities of collection agencies; (iii) rules that define
717		-	the terms used in this Act and as may be necessary and
718		-	appropriate to interpret and implement the provisions of
719		-	this Act; and (iv) rules as may be necessary for the
720		-	enforcement of this Act.
721		-	(3) Obtain written recommendations from the Board
722		-	regarding standards of professional conduct, formal
723		-	disciplinary actions and the formulation of rules
724		-	affecting these matters. Notice of proposed rulemaking
725		-	shall be transmitted to the Board and the Department shall
726		-	review the response of the Board and any recommendations
727		-	made in the response. The Department may solicit the
728		-	advice of the Board on any matter relating to the
729		-	administration and enforcement of this Act.
730		-	(4) (Blank).
731		-	(Source: P.A. 102-975, eff. 1-1-23.)
732		-	Section 40. The Payday Loan Reform Act is amended by
733		-	changing Section 4-10 as follows:
734		-
735		-
736		-	(815 ILCS 122/4-10)
737		-	Sec. 4-10. Enforcement and remedies.
738		-	(a) The remedies provided in this Act are cumulative and
739		-	apply to persons or entities subject to this Act.
740		-	(b) Any material violation of this Act, including the
741		-	commission of an act prohibited under Section 4-5, constitutes
742		-	a violation of the Consumer Fraud and Deceptive Business
743		-	Practices Act.
744		-	(c) If any provision of the written agreement described in
745		-	subsection (b) of Section 2-20 violates this Act, then that
746		-	provision is unenforceable against the consumer.
747		-	(d) Subject to the Illinois Administrative Procedure Act,
748		-	the Secretary may hold hearings, make findings of fact,
749		-	conclusions of law, issue cease and desist orders, have the
750		-	power to issue fines of up to $10,000 per violation, refer the
751		-	matter to the appropriate law enforcement agency for
752		-	prosecution under this Act, and suspend or revoke a license
753		-	granted under this Act. All proceedings shall be open to the
754		-	public.
755		-	(e) The Secretary may issue a cease and desist order to any
756		-	licensee or other person or entity doing business without the
757		-	required license, when in the opinion of the Secretary the
758		-	licensee or other person or entity has violated, is violating,
759		-	or is about to violate any provision of this Act or any rule or
760		-	requirement imposed in writing by the Department as a
761		-
762		-
763		-	condition of granting any authorization permitted by this Act.
764		-	The cease and desist order permitted by this subsection (e)
765		-	may be issued prior to a hearing.
766		-	The Secretary shall serve notice of his or her action,
767		-	including, but not limited to, a statement of the reasons for
768		-	the action, either personally or by certified mail, return
769		-	receipt requested. Service by certified mail shall be deemed
770		-	completed when the notice is deposited in the U.S. Mail.
771		-	Within 10 days of service of the cease and desist order,
772		-	the licensee or other person may request a hearing in writing.
773		-	The Secretary shall schedule a hearing within 30 days after
774		-	the request for a hearing unless otherwise agreed to by the
775		-	parties.
776		-	If it is determined that the Secretary had the authority
777		-	to issue the cease and desist order, he or she may issue such
778		-	orders as may be reasonably necessary to correct, eliminate,
779		-	or remedy the conduct.
780		-	The powers vested in the Secretary by this subsection (e)
781		-	are additional to any and all other powers and remedies vested
782		-	in the Secretary by law, and nothing in this subsection (e)
783		-	shall be construed as requiring that the Secretary shall
784		-	employ the power conferred in this subsection instead of or as
785		-	a condition precedent to the exercise of any other power or
786		-	remedy vested in the Secretary.
787		-	(f) The Secretary may, after 10 days notice by registered
788		-	mail to the licensee at the address set forth in the license
789		-
790		-
791		-	stating the contemplated action and in general the grounds
792		-	therefore, fine a the licensee or other person or entity doing
793		-	business without the required license an amount not exceeding
794		-	$10,000 per violation, or revoke or suspend any license issued
795		-	hereunder if he or she finds that:
796		-	(1) the licensee has failed to comply with any
797		-	provision of this Act or any order, decision, finding,
798		-	rule, regulation, or direction of the Secretary lawfully
799		-	made pursuant to the authority of this Act; or
800		-	(2) any fact or condition exists which, if it had
801		-	existed at the time of the original application for the
802		-	license, clearly would have warranted the Secretary in
803		-	refusing to issue the license.
804		-	The Secretary may fine, suspend, or revoke only the
805		-	particular license with respect to which grounds for the fine,
806		-	revocation, or suspension occur or exist, but if the Secretary
807		-	finds that grounds for revocation are of general application
808		-	to all offices or to more than one office of the licensee, the
809		-	Secretary shall fine, suspend, or revoke every license to
810		-	which the grounds apply.
811		-	The Department shall establish by rule and publish a
812		-	schedule of fines that are reasonably tailored to ensure
813		-	compliance with the provisions of this Act and which include
814		-	remedial measures intended to improve licensee compliance.
815		-	Such rules shall set forth the standards and procedures to be
816		-	used in imposing any such fines and remedies.
817		-
818		-
819		-	No revocation, suspension, or surrender of any license
820		-	shall impair or affect the obligation of any pre-existing
821		-	lawful contract between the licensee and any obligor.
822		-	The Secretary may issue a new license to a licensee whose
823		-	license has been revoked when facts or conditions which
824		-	clearly would have warranted the Secretary in refusing
825		-	originally to issue the license no longer exist.
826		-	In every case in which a license is suspended or revoked or
827		-	an application for a license or renewal of a license is denied,
828		-	the Secretary shall serve the licensee or other person or
829		-	entity doing business without the required license with notice
830		-	of his or her action, including a statement of the reasons for
831		-	his or her actions, either personally, or by certified mail,
832		-	return receipt requested. Service by certified mail shall be
833		-	deemed completed when the notice is deposited in the U.S.
834		-	Mail.
835		-	An order assessing a fine, an order revoking or suspending
836		-	a license, or an order denying renewal of a license shall take
837		-	effect upon service of the order unless the licensee requests
838		-	a hearing, in writing, within 10 days after the date of
839		-	service. In the event a hearing is requested, the order shall
840		-	be stayed until a final administrative order is entered.
841		-	If the licensee requests a hearing, the Secretary shall
842		-	schedule a preliminary hearing within 30 days after the
843		-	request for a hearing unless otherwise agreed to by the
844		-	parties.
845		-
846		-
847		-	The hearing shall be held at the time and place designated
848		-	by the Secretary. The Secretary and any administrative law
849		-	judge designated by him or her shall have the power to
850		-	administer oaths and affirmations, subpoena witnesses and
851		-	compel their attendance, take evidence, and require the
852		-	production of books, papers, correspondence, and other records
853		-	or information that he or she considers relevant or material
854		-	to the inquiry.
855		-	(g) The costs of administrative hearings conducted
856		-	pursuant to this Section shall be paid by the licensee.
857		-	(h) Notwithstanding any other provision of this Section,
858		-	if a lender who does not have a license issued under this Act
859		-	makes a loan pursuant to this Act to an Illinois consumer, then
860		-	the loan shall be null and void and the lender who made the
861		-	loan shall have no right to collect, receive, or retain any
862		-	principal, interest, or charges related to the loan.
863		-	(Source: P.A. 97-1039, eff. 1-1-13; 98-209, eff. 1-1-14.)
864		-	Section 99. Effective date. This Act takes effect upon
865		-	becoming law.
866		-	INDEX Statutes amended in order of appearance INDEX Statutes amended in order of appearance
867		-	INDEX
868		-	Statutes amended in order of appearance
	30	+	SB3550 Enrolled- 2 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 2 - LRB103 37880 RTM 68011 b
	31	+	SB3550 Enrolled - 2 - LRB103 37880 RTM 68011 b
	32	+	1 "Department" means the Department of Financial and
	33	+	2 Professional Regulation.
	34	+	3 "Director" means the Director or acting Director of the
	35	+	4 Division of Financial Institutions and any authorized
	36	+	5 representative of the Director.
	37	+	6 "Division" means the Division of Financial Institutions of
	38	+	7 the Department.
	39	+	8 "Financial institutions" means ambulatory and community
	40	+	9 currency exchanges, credit unions, guaranteed credit unions,
	41	+	10 money transmitters, title insuring or guaranteeing companies
	42	+	11 and their agents, consumer installment lenders, payday
	43	+	12 lenders, sales finance agencies, consumer legal funding
	44	+	13 companies, collection agencies, and any other person who
	45	+	14 industry or business that offers services or products that are
	46	+	15 regulated under any Act administered by the Director.
	47	+	16 "License" means any certificate or authorization issued to
	48	+	17 any person, party, or entity pursuant to any Act administered
	49	+	18 by the Division.
	50	+	19 "Licensee" means any person, party, or entity who is or
	51	+	20 comes to be certified, chartered, registered, licensed, or
	52	+	21 otherwise authorized by the Division pursuant to any Act
	53	+	22 administered by the Division.
	54	+	23 "Payday loan" has the meaning ascribed to that term in the
	55	+	24 Payday Loan Reform Act.
	56	+	25 "Person" means any individual, partnership, joint venture,
	57	+	26 trust, estate, firm, corporation, cooperative society or
869	58
870	59
871	60
872		-	INDEX
873		-	Statutes amended in order of appearance
	61	+
	62	+
	63	+	SB3550 Enrolled - 2 - LRB103 37880 RTM 68011 b
	64	+
	65	+
	66	+	SB3550 Enrolled- 3 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 3 - LRB103 37880 RTM 68011 b
	67	+	SB3550 Enrolled - 3 - LRB103 37880 RTM 68011 b
	68	+	1 association, or any other form of business association or
	69	+	2 legal entity.
	70	+	3 "Regulated person" means a person whose activities are
	71	+	4 subject to an Act or rule that is administered by the Division.
	72	+	5 "Regulated person" includes licensees as well as persons who
	73	+	6 are lawfully or unlawfully unlicensed. "Regulated person" also
	74	+	7 includes managers and owners of the licensee.
	75	+	8 "Secretary" means the Secretary or acting Secretary of
	76	+	9 Financial and Professional Regulation and any authorized
	77	+	10 representative of the Secretary.
	78	+	11 (Source: P.A. 102-975, eff. 1-1-23.)
	79	+	12 (20 ILCS 1205/6)
	80	+	13 Sec. 6. General powers and duties. In addition to the
	81	+	14 powers and duties provided by law and imposed elsewhere in
	82	+	15 this Act, the Division has the following powers and duties:
	83	+	16 (1) To administer and enforce the Consumer Installment
	84	+	17 Loan Act and its implementing rules.
	85	+	18 (2) To administer and enforce the Currency Exchange
	86	+	19 Act and its implementing rules.
	87	+	20 (3) To administer and enforce the Debt Management
	88	+	21 Service Act and its implementing rules.
	89	+	22 (4) To administer and enforce the Debt Settlement
	90	+	23 Consumer Protection Act and its implementing rules.
	91	+	24 (5) To administer and enforce the Illinois Development
	92	+	25 Credit Corporation Act and its implementing rules.
	93	+
	94	+
	95	+
	96	+
	97	+
	98	+	SB3550 Enrolled - 3 - LRB103 37880 RTM 68011 b
	99	+
	100	+
	101	+	SB3550 Enrolled- 4 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 4 - LRB103 37880 RTM 68011 b
	102	+	SB3550 Enrolled - 4 - LRB103 37880 RTM 68011 b
	103	+	1 (6) To administer and enforce the Payday Loan Reform
	104	+	2 Act and its implementing rules.
	105	+	3 (7) To administer and enforce the Safety Deposit
	106	+	4 License Act and its implementing rules.
	107	+	5 (8) To administer and enforce the Sales Finance Agency
	108	+	6 Act and its implementing rules.
	109	+	7 (9) To administer and enforce the Title Insurance Act
	110	+	8 and its implementing rules.
	111	+	9 (10) To administer and enforce the Transmitters of
	112	+	10 Money Act and its implementing rules.
	113	+	11 (11) To administer and enforce the Predatory Loan
	114	+	12 Prevention Act and its implementing rules.
	115	+	13 (12) To administer and enforce the Motor Vehicle
	116	+	14 Retail Installment Sales Act and its implementing rules.
	117	+	15 (13) To administer and enforce the Retail Installment
	118	+	16 Sales Act and its implementing rules.
	119	+	17 (14) To administer and enforce the Illinois Credit
	120	+	18 Union Act and its implementing rules.
	121	+	19 (15) To administer and enforce the Collection Agency
	122	+	20 Act and its implementing rules.
	123	+	21 (16) To administer and enforce the Consumer Legal
	124	+	22 Funding Act and its implementing rules.
	125	+	23 (17) (16) To administer and enforce this Act and any
	126	+	24 other Act administered by the Director or Division.
	127	+	25 (17) If the Division is authorized or required by law
	128	+	26 to consider some aspect of criminal history record
	129	+
	130	+
	131	+
	132	+
	133	+
	134	+	SB3550 Enrolled - 4 - LRB103 37880 RTM 68011 b
	135	+
	136	+
	137	+	SB3550 Enrolled- 5 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 5 - LRB103 37880 RTM 68011 b
	138	+	SB3550 Enrolled - 5 - LRB103 37880 RTM 68011 b
	139	+	1 information for the purpose of carrying out its statutory
	140	+	2 powers and responsibilities, to obtain from the Illinois
	141	+	3 State Police, upon request and payment of the fees
	142	+	4 required by the Illinois State Police Law of the Civil
	143	+	5 Administrative Code of Illinois, pursuant to positive
	144	+	6 identification, such information contained in State files
	145	+	7 as is necessary to carry out the duties of the Division.
	146	+	8 (18) To authorize and administer examinations to
	147	+	9 ascertain the qualifications of applicants and licensees
	148	+	10 for which the examination is held.
	149	+	11 (19) To conduct hearings in proceedings to revoke,
	150	+	12 suspend, refuse to renew, or take other disciplinary
	151	+	13 action regarding licenses, charters, certifications,
	152	+	14 registrations, or authorities of persons as authorized in
	153	+	15 any Act administered by the Division.
	154	+	16 Whenever the Division is authorized or required by law to
	155	+	17 consider some aspect of criminal history record information
	156	+	18 for the purpose of carrying out its statutory powers and
	157	+	19 responsibilities, then, upon request and payment of fees in
	158	+	20 conformance with the requirements of Section 2605-400 of the
	159	+	21 Illinois State Police Law, the Illinois State Police is
	160	+	22 authorized to furnish, pursuant to positive identification,
	161	+	23 the information contained in State files that is necessary to
	162	+	24 fulfill the request.
	163	+	25 (Source: P.A. 102-538, eff. 8-20-21; 102-813, eff. 5-13-22;
	164	+	26 102-975, eff. 1-1-23; 103-154, eff. 6-30-23.)
	165	+
	166	+
	167	+
	168	+
	169	+
	170	+	SB3550 Enrolled - 5 - LRB103 37880 RTM 68011 b
	171	+
	172	+
	173	+	SB3550 Enrolled- 6 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 6 - LRB103 37880 RTM 68011 b
	174	+	SB3550 Enrolled - 6 - LRB103 37880 RTM 68011 b
	175	+	1 (20 ILCS 1205/6a) (from Ch. 17, par. 107)
	176	+	2 Sec. 6a. The Secretary Director may, in accordance with
	177	+	3 the The Illinois Administrative Procedure Act, adopt
	178	+	4 reasonable rules with respect to the administration and
	179	+	5 enforcement of any Act the administration of which is vested
	180	+	6 in the Division Director or the Department.
	181	+	7 (Source: P.A. 81-205.)
	182	+	8 (20 ILCS 1205/7) (from Ch. 17, par. 108)
	183	+	9 Sec. 7. Illinois Administrative Procedure Act. The
	184	+	10 provisions of the "The Illinois Administrative Procedure Act",
	185	+	11 as now or hereafter amended, are hereby expressly adopted and
	186	+	12 incorporated herein as though a part of this Act, and shall
	187	+	13 apply to all administrative rules and procedures of the
	188	+	14 Division Director and the Department of Financial Institutions
	189	+	15 under this Act. , except that the provisions of the
	190	+	16 Administrative Procedure Act regarding contested cases shall
	191	+	17 not apply to actions of the Director under Section 15.1 of "An
	192	+	18 Act in relation to the definition, licensing and regulation of
	193	+	19 community currency exchanges and ambulatory currency
	194	+	20 exchanges, and the operators and employees thereof, and to
	195	+	21 make an appropriation therefor, and to provide penalties and
	196	+	22 remedies for the violation thereof", approved June 30, 1943,
	197	+	23 as amended, or Sections 8 and 61 of "The Illinois Credit Union
	198	+	24 Act".
	199	+
	200	+
	201	+
	202	+
	203	+
	204	+	SB3550 Enrolled - 6 - LRB103 37880 RTM 68011 b
	205	+
	206	+
	207	+	SB3550 Enrolled- 7 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 7 - LRB103 37880 RTM 68011 b
	208	+	SB3550 Enrolled - 7 - LRB103 37880 RTM 68011 b
	209	+	1 (Source: P.A. 100-22, eff. 1-1-18.)
	210	+	2 (20 ILCS 1205/8) (from Ch. 17, par. 109)
	211	+	3 Sec. 8. Duties of the Secretary. The Secretary Director
	212	+	4 shall direct and supervise all Department administrative and
	213	+	5 technical activities, in addition to the duties imposed upon
	214	+	6 the Secretary him elsewhere in this Act Code, and shall:
	215	+	7 (1) Apply and carry out this Act Code and the laws and all
	216	+	8 rules adopted in pursuance thereof.
	217	+	9 (2) Appoint, subject to the provisions of the Personnel
	218	+	10 Code, such employees of the Division Department and such
	219	+	11 experts and special assistants as may be necessary to carry
	220	+	12 out effectively the provisions of this Act Code.
	221	+	13 (3) Foster and develop programs with financial
	222	+	14 institutions, for the best interests of these institutions,
	223	+	15 their services, and the People people of the State of
	224	+	16 Illinois.
	225	+	17 (4) Attend meetings of the Advisory Boards created by laws
	226	+	18 relating to financial institutions.
	227	+	19 (5) Make continuous studies and report his recommendations
	228	+	20 to the Governor for the improvement of the Department.
	229	+	21 (6) Make an annual report regarding the work of the
	230	+	22 Department and such special reports as he may consider
	231	+	23 desirable to the Governor, or as the Governor may request.
	232	+	24 (5) (7) Perform any other lawful acts that the Secretary
	233	+	25 which he may consider necessary or desirable to carry out the
	234	+
	235	+
	236	+
	237	+
	238	+
	239	+	SB3550 Enrolled - 7 - LRB103 37880 RTM 68011 b
	240	+
	241	+
	242	+	SB3550 Enrolled- 8 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 8 - LRB103 37880 RTM 68011 b
	243	+	SB3550 Enrolled - 8 - LRB103 37880 RTM 68011 b
	244	+	1 purposes and provisions of this Act Law.
	245	+	2 (Source: Laws 1957, p. 369.)
	246	+	3 (20 ILCS 1205/15) (from Ch. 17, par. 116)
	247	+	4 Sec. 15. Pending actions and proceedings. This Act shall
	248	+	5 not affect any act done, ratified or confirmed or any right
	249	+	6 accrued or established, or affect or abate any action or
	250	+	7 proceeding had or commenced in a civil or criminal cause
	251	+	8 before this Act takes effect; but such actions or proceedings
	252	+	9 may be prosecuted and continued by the Division Department of
	253	+	10 Financial Institutions.
	254	+	11 (Source: Laws 1957, p. 369.)
	255	+	12 (20 ILCS 1205/16) (from Ch. 17, par. 117)
	256	+	13 Sec. 16. Director and supervisors. The Governor shall
	257	+	14 appoint a Director of the Division, who shall, by and with the
	258	+	15 advice and consent of the Senate, oversee the Division and who
	259	+	16 shall report to the Secretary. There shall be a Supervisor of
	260	+	17 Consumer Credit, a Supervisor of Currency Exchanges, a
	261	+	18 Supervisor of Title Insurance, and a Supervisor of Credit
	262	+	19 Unions. The respective supervisors Supervisors shall be
	263	+	20 appointed by and responsible to the Director and shall be
	264	+	21 administratively responsible within the Department for the
	265	+	22 financial institutions and title insurance entities to which
	266	+	23 their appointments pertain. The Secretary may appoint other
	267	+	24 supervisory staff as deemed necessary to implement Acts the
	268	+
	269	+
	270	+
	271	+
	272	+
	273	+	SB3550 Enrolled - 8 - LRB103 37880 RTM 68011 b
	274	+
	275	+
	276	+	SB3550 Enrolled- 9 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 9 - LRB103 37880 RTM 68011 b
	277	+	SB3550 Enrolled - 9 - LRB103 37880 RTM 68011 b
	278	+	1 Division administers.
	279	+	2 (Source: P.A. 99-549, eff. 7-15-16.)
	280	+	3 (20 ILCS 1205/17) (from Ch. 17, par. 118)
	281	+	4 Sec. 17. Prohibited interests. Neither the Secretary, the
	282	+	5 Director, nor any supervisor in the Division, nor any examiner
	283	+	6 in the Division shall be an officer, director, owner, or
	284	+	7 shareholder of, or a partner in, or have any proprietary
	285	+	8 interest, direct or indirect, in any financial institution
	286	+	9 under the jurisdiction of the Division. However, ; provided,
	287	+	10 however, that ownership of withdrawable capital accounts or
	288	+	11 shares in credit unions and ownership of diversified
	289	+	12 investment funds, employee benefit plans, pensions, retirement
	290	+	13 and thrift saving plans, or similar financial instruments in
	291	+	14 which the employee has no ability to exercise control over or
	292	+	15 selection of the financial interests held by the fund are
	293	+	16 permitted shall not be deemed to be prevented hereby. If the
	294	+	17 Secretary, Director, or any supervisor, or examiner within the
	295	+	18 Division is a , shall be a shareholder, or partner in, or an
	296	+	19 owner of or has have any interest, direct or indirect, in any
	297	+	20 such financial institution under the jurisdiction of the
	298	+	21 Division at the time of his appointment, that person he shall
	299	+	22 dispose of the his shares of stock or other evidences of
	300	+	23 ownership or property within 120 days from the date of his
	301	+	24 appointment. It is unlawful for the Secretary, Director, or
	302	+	25 any supervisor or examiner within the Division to obtain or
	303	+
	304	+
	305	+
	306	+
	307	+
	308	+	SB3550 Enrolled - 9 - LRB103 37880 RTM 68011 b
	309	+
	310	+
	311	+	SB3550 Enrolled- 10 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 10 - LRB103 37880 RTM 68011 b
	312	+	SB3550 Enrolled - 10 - LRB103 37880 RTM 68011 b
	313	+	1 repay any loan, product, or service from a financial
	314	+	2 institution subject to the jurisdiction of the Division on
	315	+	3 terms more favorable than those offered to the general public.
	316	+	4 The Secretary is authorized to adopt rules to implement or
	317	+	5 interpret this Section. It is unlawful for the Director, any
	318	+	6 supervisor or examiner to obtain any loan or gratuity from a
	319	+	7 financial institution subject to the jurisdiction of the
	320	+	8 Department as herein provided. If any other employee of the
	321	+	9 Department borrows from or becomes indebted in an aggregate
	322	+	10 amount of $2,500 or more to any financial institution subject
	323	+	11 to the jurisdiction of the Department, he shall make a written
	324	+	12 report to the Director stating the date and amount of such loan
	325	+	13 or indebtedness, the security therefor, if any, and the
	326	+	14 purpose or purposes for which proceeds have been or are to be
	327	+	15 used.
	328	+	16 (Source: P.A. 91-357, eff. 7-29-99.)
	329	+	17 (20 ILCS 1205/18) (from Ch. 17, par. 119)
	330	+	18 Sec. 18. Oaths; subpoenas; penalty.
	331	+	19 (a) At any time during the course of any investigation or
	332	+	20 hearing conducted pursuant to any Act administered by the
	333	+	21 Division, the Secretary The Director shall have the power to
	334	+	22 administer oaths, subpoena witnesses, take evidence, and
	335	+	23 compel the production of any books, records, or any other
	336	+	24 documents that the Secretary deems relevant or and papers
	337	+	25 pertinent to any investigation or hearing regarding the
	338	+
	339	+
	340	+
	341	+
	342	+
	343	+	SB3550 Enrolled - 10 - LRB103 37880 RTM 68011 b
	344	+
	345	+
	346	+	SB3550 Enrolled- 11 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 11 - LRB103 37880 RTM 68011 b
	347	+	SB3550 Enrolled - 11 - LRB103 37880 RTM 68011 b
	348	+	1 operation of any financial institution. Witnesses in
	349	+	2 investigations or hearings conducted under this Section are
	350	+	3 entitled to the same fees and mileage, and in the same manner,
	351	+	4 as prescribed by law in judicial proceedings in civil cases of
	352	+	5 this State.
	353	+	6 (b) Any person who fails to appear in response to a
	354	+	7 subpoena, or to answer any question, to or produce any books,
	355	+	8 and papers, records, or any documents deemed relevant or
	356	+	9 pertinent to such investigation or hearing, or who knowingly
	357	+	10 gives false testimony therein, is guilty of a Class A
	358	+	11 misdemeanor. Each violation shall constitute a separate and
	359	+	12 distinct offense. In addition to initiating criminal
	360	+	13 proceedings through referral, the Division, through the
	361	+	14 Attorney General, may seek enforcement of any such subpoena in
	362	+	15 any circuit court of this State.
	363	+	16 (Source: P.A. 77-2594.)
	364	+	17 (20 ILCS 1205/18.2 new)
	365	+	18 Sec. 18.2. Court order requiring attendance of witnesses
	366	+	19 or production of materials. Upon application by the Division,
	367	+	20 any Illinois circuit court may enter an order to enforce a
	368	+	21 subpoena issued by the Division for the attendance of
	369	+	22 witnesses and the production of relevant books and papers or
	370	+	23 other documents deemed relevant or pertinent before the
	371	+	24 Division in any hearing relative to the denial of an
	372	+	25 application, refusal to renew, suspension, revocation, placing
	373	+
	374	+
	375	+
	376	+
	377	+
	378	+	SB3550 Enrolled - 11 - LRB103 37880 RTM 68011 b
	379	+
	380	+
	381	+	SB3550 Enrolled- 12 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 12 - LRB103 37880 RTM 68011 b
	382	+	SB3550 Enrolled - 12 - LRB103 37880 RTM 68011 b
	383	+	1 on probationary status, reprimand, fine, or the taking of any
	384	+	2 other disciplinary action as may be authorized in any Act
	385	+	3 administered by the Division. The court may compel obedience
	386	+	4 to its order through proceedings for contempt.
	387	+	5 (20 ILCS 1205/18.3 new)
	388	+	6 Sec. 18.3. Perjury; penalty. The Secretary may require any
	389	+	7 document filed under any Act administered or rule adopted by
	390	+	8 the Division to be verified or contain a written affirmation
	391	+	9 that it is signed under the penalties of perjury. Any person
	392	+	10 who knowingly signs a fraudulent document commits perjury as
	393	+	11 defined in Section 32-2 of the Criminal Code of 2012 and shall
	394	+	12 be guilty of a Class A misdemeanor.
	395	+	13 (20 ILCS 1205/18.5 new)
	396	+	14 Sec. 18.5. Consent orders and settlement agreements. The
	397	+	15 Secretary may enter into a consent order or settlement
	398	+	16 agreement at any time with a regulated person to resolve a
	399	+	17 matter arising under this Act or any other Act under the
	400	+	18 jurisdiction of the Division. A consent order or settlement
	401	+	19 agreement need not constitute an admission by a regulated
	402	+	20 person that this Act or a rule or order issued or adopted under
	403	+	21 this Act or any Act under the jurisdiction of the Division has
	404	+	22 been violated, nor need it constitute a finding by the
	405	+	23 Secretary that the person has violated this Act or a rule or
	406	+	24 order adopted under this Act or any Act under the jurisdiction
	407	+
	408	+
	409	+
	410	+
	411	+
	412	+	SB3550 Enrolled - 12 - LRB103 37880 RTM 68011 b
	413	+
	414	+
	415	+	SB3550 Enrolled- 13 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 13 - LRB103 37880 RTM 68011 b
	416	+	SB3550 Enrolled - 13 - LRB103 37880 RTM 68011 b
	417	+	1 of the Division. Nothing in this Section shall be construed as
	418	+	2 requiring a regulated person to enter a consent order or
	419	+	3 settlement agreement with the Secretary.
	420	+	4 (20 ILCS 1205/9 rep.)
	421	+	5 (20 ILCS 1205/10 rep.)
	422	+	6 (20 ILCS 1205/11 rep.)
	423	+	7 (20 ILCS 1205/12 rep.)
	424	+	8 (20 ILCS 1205/13 rep.)
	425	+	9 (20 ILCS 1205/13.5 rep.)
	426	+	10 (20 ILCS 1205/14 rep.)
	427	+	11 Section 10. The Financial Institutions Code is amended by
	428	+	12 repealing Sections 9, 10, 11, 12, 13, 13.5, and 14.
	429	+	13 Section 15. The Currency Exchange Act is amended by
	430	+	14 changing Section 19 as follows:
	431	+	15 (205 ILCS 405/19) (from Ch. 17, par. 4835)
	432	+	16 Sec. 19. The Department may make and enforce such
	433	+	17 reasonable rules, directions, orders, decisions and findings
	434	+	18 as the execution and enforcement of the provisions of this Act
	435	+	19 require, and as are not inconsistent within this Act. All such
	436	+	20 rules, directions, orders, decisions and findings shall be
	437	+	21 filed and entered by the Secretary in an indexed permanent
	438	+	22 book or record, or electronic record, with the effective date
	439	+	23 thereof suitably indicated, and such book or record shall be a
	440	+
	441	+
	442	+
	443	+
	444	+
	445	+	SB3550 Enrolled - 13 - LRB103 37880 RTM 68011 b
	446	+
	447	+
	448	+	SB3550 Enrolled- 14 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 14 - LRB103 37880 RTM 68011 b
	449	+	SB3550 Enrolled - 14 - LRB103 37880 RTM 68011 b
	450	+	1 public document. All rules and directions, which are of a
	451	+	2 general character, shall be made available in electronic form
	452	+	3 to all licensees within 10 days after filing and any changes
	453	+	4 shall be emailed to all licensees shall receive by mail notice
	454	+	5 of any changes. Copies of all findings, orders and decisions
	455	+	6 shall be mailed to the parties affected thereby by United
	456	+	7 States mail within 5 days of such filing.
	457	+	8 The Department shall adopt rules concerning classes of
	458	+	9 violations, which may include continuing violations of this
	459	+	10 Act, and factors in mitigation of violations.
	460	+	11 (Source: P.A. 99-445, eff. 1-1-16.)
	461	+	12 Section 20. The Sales Finance Agency Act is amended by
	462	+	13 changing Section 8 as follows:
	463	+	14 (205 ILCS 660/8) (from Ch. 17, par. 5208)
	464	+	15 Sec. 8. The Department may deny an application for a
	465	+	16 license, deny an application for renewal of a license, or
	466	+	17 suspend or revoke a license on any of the grounds listed in
	467	+	18 Sections 8.1 through 8.14 and the Financial Institutions Act.
	468	+	19 (Source: P.A. 90-437, eff. 1-1-98.)
	469	+	20 Section 25. The Consumer Installment Loan Act is amended
	470	+	21 by changing Sections 9, 15 and 20.5 as follows:
	471	+	22 (205 ILCS 670/9) (from Ch. 17, par. 5409)
	472	+
	473	+
	474	+
	475	+
	476	+
	477	+	SB3550 Enrolled - 14 - LRB103 37880 RTM 68011 b
	478	+
	479	+
	480	+	SB3550 Enrolled- 15 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 15 - LRB103 37880 RTM 68011 b
	481	+	SB3550 Enrolled - 15 - LRB103 37880 RTM 68011 b
	482	+	1 Sec. 9. Fines, Suspension or Revocation of license.
	483	+	2 (a) The Director may fine a licensee or any other person or
	484	+	3 entity doing business without the required license , after 10
	485	+	4 days notice by registered mail to the licensee at the address
	486	+	5 set forth in the license, stating the contemplated action and
	487	+	6 in general the grounds therefor, fine such licensee an amount
	488	+	7 not exceeding $10,000 per violation, or revoke or suspend any
	489	+	8 license issued hereunder if he or she finds that:
	490	+	9 (1) The licensee has failed to comply with any
	491	+	10 provision of this Act or any order, decision, finding,
	492	+	11 rule, regulation or direction of the Director lawfully
	493	+	12 made pursuant to the authority of this Act; or
	494	+	13 (2) Any fact or condition exists which, if it had
	495	+	14 existed at the time of the original application for the
	496	+	15 license, clearly would have warranted the Director in
	497	+	16 refusing to issue the license.
	498	+	17 (a-5) All orders issued pursuant to this Act shall be
	499	+	18 served on the licensee, person, or entity with notice of his or
	500	+	19 her action, including a statement of the reasons for his or her
	501	+	20 actions, either personally, or by certified mail. Service by
	502	+	21 certified mail shall be deemed completed when the notice is
	503	+	22 deposited in the U.S. Mail.
	504	+	23 (b) The Director may fine, suspend, or revoke only the
	505	+	24 particular license with respect to which grounds for the fine,
	506	+	25 revocation or suspension occur or exist, but if the Director
	507	+	26 shall find that grounds for revocation are of general
	508	+
	509	+
	510	+
	511	+
	512	+
	513	+	SB3550 Enrolled - 15 - LRB103 37880 RTM 68011 b
	514	+
	515	+
	516	+	SB3550 Enrolled- 16 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 16 - LRB103 37880 RTM 68011 b
	517	+	SB3550 Enrolled - 16 - LRB103 37880 RTM 68011 b
	518	+	1 application to all offices or to more than one office of the
	519	+	2 licensee, the Director shall fine, suspend, or revoke every
	520	+	3 license to which such grounds apply.
	521	+	4 (c) (Blank).
	522	+	5 (d) No revocation, suspension, or surrender of any license
	523	+	6 shall impair or affect the obligation of any pre-existing
	524	+	7 lawful contract between the licensee and any obligor.
	525	+	8 (e) The Director may issue a new license to a licensee
	526	+	9 whose license has been revoked when facts or conditions which
	527	+	10 clearly would have warranted the Director in refusing
	528	+	11 originally to issue the license no longer exist.
	529	+	12 (f) (Blank).
	530	+	13 (g) In every case in which a license is suspended or
	531	+	14 revoked or an application for a license or renewal of a license
	532	+	15 is denied, the Director shall serve the licensee with notice
	533	+	16 of his or her action, including a statement of the reasons for
	534	+	17 his or her actions, either personally, or by certified mail,
	535	+	18 return receipt requested. Service by certified mail shall be
	536	+	19 deemed completed when the notice is deposited in the U.S.
	537	+	20 Mail.
	538	+	21 (h) An order assessing a fine, an order revoking or
	539	+	22 suspending a license or, an order denying renewal of a license
	540	+	23 shall take effect upon service of the order unless the
	541	+	24 licensee requests, in writing, within 10 days after the date
	542	+	25 of service, a hearing. In the event a hearing is requested, the
	543	+	26 order shall be stayed until a final administrative order is
	544	+
	545	+
	546	+
	547	+
	548	+
	549	+	SB3550 Enrolled - 16 - LRB103 37880 RTM 68011 b
	550	+
	551	+
	552	+	SB3550 Enrolled- 17 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 17 - LRB103 37880 RTM 68011 b
	553	+	SB3550 Enrolled - 17 - LRB103 37880 RTM 68011 b
	554	+	1 entered.
	555	+	2 (i) If the licensee requests a hearing, the Director shall
	556	+	3 schedule a preliminary hearing within 30 days after the
	557	+	4 request for a hearing unless otherwise agreed to by the
	558	+	5 parties.
	559	+	6 (j) The hearing shall be held at the time and place
	560	+	7 designated by the Director. The Director and any
	561	+	8 administrative law judge designated by him or her shall have
	562	+	9 the power to administer oaths and affirmations, subpoena
	563	+	10 witnesses and compel their attendance, take evidence, and
	564	+	11 require the production of books, papers, correspondence, and
	565	+	12 other records or information that he or she considers relevant
	566	+	13 or material to the inquiry.
	567	+	14 (k) The costs for the administrative hearing shall be set
	568	+	15 by rule.
	569	+	16 (l) The Director shall have the authority to prescribe
	570	+	17 rules for the administration of this Section.
	571	+	18 (m) The Department shall establish by rule and publish a
	572	+	19 schedule of fines that are reasonably tailored to ensure
	573	+	20 compliance with the provisions of this Act and which include
	574	+	21 remedial measures intended to improve licensee compliance.
	575	+	22 Such rules shall set forth the standards and procedures to be
	576	+	23 used in imposing any such fines and remedies.
	577	+	24 (Source: P.A. 98-209, eff. 1-1-14.)
	578	+	25 (205 ILCS 670/15) (from Ch. 17, par. 5415)
	579	+
	580	+
	581	+
	582	+
	583	+
	584	+	SB3550 Enrolled - 17 - LRB103 37880 RTM 68011 b
	585	+
	586	+
	587	+	SB3550 Enrolled- 18 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 18 - LRB103 37880 RTM 68011 b
	588	+	SB3550 Enrolled - 18 - LRB103 37880 RTM 68011 b
	589	+	1 Sec. 15. Charges permitted.
	590	+	2 (a) Every licensee may lend a principal amount not
	591	+	3 exceeding $40,000 and may charge, contract for and receive
	592	+	4 thereon interest at an annual percentage rate of no more than
	593	+	5 36%, subject to the provisions of this Act. For purposes of
	594	+	6 this Section, the annual percentage rate shall be calculated
	595	+	7 as such rate is calculated using the system for calculating a
	596	+	8 military annual percentage rate under Section 232.4 of Title
	597	+	9 32 of the Code of Federal Regulations as in effect on the
	598	+	10 effective date of this amendatory Act of the 101st General
	599	+	11 Assembly.
	600	+	12 (b) For purpose of this Section, the following terms shall
	601	+	13 have the meanings ascribed herein.
	602	+	14 "Applicable interest" for a precomputed loan contract
	603	+	15 means the amount of interest attributable to each monthly
	604	+	16 installment period. It is computed as if each installment
	605	+	17 period were one month and any interest charged for extending
	606	+	18 the first installment period beyond one month is ignored. The
	607	+	19 applicable interest for any monthly installment period is that
	608	+	20 portion of the precomputed interest that bears the same ratio
	609	+	21 to the total precomputed interest as the balances scheduled to
	610	+	22 be outstanding during that month bear to the sum of all
	611	+	23 scheduled monthly outstanding balances in the original
	612	+	24 contract.
	613	+	25 "Interest-bearing loan" means a loan in which the debt is
	614	+	26 expressed as a principal amount plus interest charged on
	615	+
	616	+
	617	+
	618	+
	619	+
	620	+	SB3550 Enrolled - 18 - LRB103 37880 RTM 68011 b
	621	+
	622	+
	623	+	SB3550 Enrolled- 19 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 19 - LRB103 37880 RTM 68011 b
	624	+	SB3550 Enrolled - 19 - LRB103 37880 RTM 68011 b
	625	+	1 actual unpaid principal balances for the time actually
	626	+	2 outstanding.
	627	+	3 "Precomputed loan" means a loan in which the debt is
	628	+	4 expressed as the sum of the original principal amount plus
	629	+	5 interest computed actuarially in advance, assuming all
	630	+	6 payments will be made when scheduled.
	631	+	7 "Substantially equal installment" includes a last
	632	+	8 regularly scheduled payment that may be less than, but not
	633	+	9 more than 5% larger than, the previous scheduled payment
	634	+	10 according to a disclosed payment schedule agreed to by the
	635	+	11 parties.
	636	+	12 (c) Loans may be interest-bearing or precomputed.
	637	+	13 (d) To compute time for either interest-bearing or
	638	+	14 precomputed loans for the calculation of interest and other
	639	+	15 purposes, a month shall be a calendar month and a day shall be
	640	+	16 considered 1/30th of a month when calculation is made for a
	641	+	17 fraction of a month. A month shall be 1/12th of a year. A
	642	+	18 calendar month is that period from a given date in one month to
	643	+	19 the same numbered date in the following month, and if there is
	644	+	20 no same numbered date, to the last day of the following month.
	645	+	21 When a period of time includes a month and a fraction of a
	646	+	22 month, the fraction of the month is considered to follow the
	647	+	23 whole month. In the alternative, for interest-bearing loans,
	648	+	24 the licensee may charge interest at the rate of 1/365th of the
	649	+	25 agreed annual rate for each day actually elapsed.
	650	+	26 (d-5) No licensee or other person may condition an
	651	+
	652	+
	653	+
	654	+
	655	+
	656	+	SB3550 Enrolled - 19 - LRB103 37880 RTM 68011 b
	657	+
	658	+
	659	+	SB3550 Enrolled- 20 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 20 - LRB103 37880 RTM 68011 b
	660	+	SB3550 Enrolled - 20 - LRB103 37880 RTM 68011 b
	661	+	1 extension of credit to a consumer on the consumer's repayment
	662	+	2 by preauthorized electronic fund transfers. Payment options,
	663	+	3 including, but not limited to, electronic fund transfers and
	664	+	4 Automatic Clearing House (ACH) transactions may be offered to
	665	+	5 consumers as a choice and method of payment chosen by the
	666	+	6 consumer.
	667	+	7 (e) With respect to interest-bearing loans:
	668	+	8 (1) Interest shall be computed on unpaid principal
	669	+	9 balances outstanding from time to time, for the time
	670	+	10 outstanding, until fully paid. Each payment shall be
	671	+	11 applied first to the accumulated interest and the
	672	+	12 remainder of the payment applied to the unpaid principal
	673	+	13 balance; provided however, that if the amount of the
	674	+	14 payment is insufficient to pay the accumulated interest,
	675	+	15 the unpaid interest continues to accumulate to be paid
	676	+	16 from the proceeds of subsequent payments and is not added
	677	+	17 to the principal balance.
	678	+	18 (2) Interest shall not be payable in advance or
	679	+	19 compounded. However, if part or all of the consideration
	680	+	20 for a new loan contract is the unpaid principal balance of
	681	+	21 a prior loan, then the principal amount payable under the
	682	+	22 new loan contract may include any unpaid interest which
	683	+	23 has accrued. The unpaid principal balance of a precomputed
	684	+	24 loan is the balance due after refund or credit of unearned
	685	+	25 interest as provided in paragraph (f), clause (3). The
	686	+	26 resulting loan contract shall be deemed a new and separate
	687	+
	688	+
	689	+
	690	+
	691	+
	692	+	SB3550 Enrolled - 20 - LRB103 37880 RTM 68011 b
	693	+
	694	+
	695	+	SB3550 Enrolled- 21 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 21 - LRB103 37880 RTM 68011 b
	696	+	SB3550 Enrolled - 21 - LRB103 37880 RTM 68011 b
	697	+	1 loan transaction for all purposes.
	698	+	2 (3) Loans must be fully amortizing and be repayable in
	699	+	3 substantially equal and consecutive weekly, biweekly,
	700	+	4 semimonthly, or monthly installments. Notwithstanding this
	701	+	5 requirement, rates may vary according to an index that is
	702	+	6 independently verifiable and beyond the control of the
	703	+	7 licensee.
	704	+	8 (4) The lender or creditor may, if the contract
	705	+	9 provides, collect a delinquency or collection charge on
	706	+	10 each installment in default for a period of not less than
	707	+	11 10 days in an amount not exceeding 5% of the installment on
	708	+	12 installments in excess of $200, or $10 on installments of
	709	+	13 $200 or less, but only one delinquency and collection
	710	+	14 charge may be collected on any installment regardless of
	711	+	15 the period during which it remains in default.
	712	+	16 (f) With respect to precomputed loans:
	713	+	17 (1) Loans shall be repayable in substantially equal
	714	+	18 and consecutive weekly, biweekly, semimonthly, or monthly
	715	+	19 installments of principal and interest combined, except
	716	+	20 that the first installment period may be longer than one
	717	+	21 month by not more than 15 days, and the first installment
	718	+	22 payment amount may be larger than the remaining payments
	719	+	23 by the amount of interest charged for the extra days; and
	720	+	24 provided further that monthly installment payment dates
	721	+	25 may be omitted to accommodate borrowers with seasonal
	722	+	26 income.
	723	+
	724	+
	725	+
	726	+
	727	+
	728	+	SB3550 Enrolled - 21 - LRB103 37880 RTM 68011 b
	729	+
	730	+
	731	+	SB3550 Enrolled- 22 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 22 - LRB103 37880 RTM 68011 b
	732	+	SB3550 Enrolled - 22 - LRB103 37880 RTM 68011 b
	733	+	1 (2) Payments may be applied to the combined total of
	734	+	2 principal and precomputed interest until the loan is fully
	735	+	3 paid. Payments shall be applied in the order in which they
	736	+	4 become due, except that any insurance proceeds received as
	737	+	5 a result of any claim made on any insurance, unless
	738	+	6 sufficient to prepay the contract in full, may be applied
	739	+	7 to the unpaid installments of the total of payments in
	740	+	8 inverse order.
	741	+	9 (3) When any loan contract is paid in full by cash,
	742	+	10 renewal or refinancing, or a new loan, one month or more
	743	+	11 before the final installment due date, a licensee shall
	744	+	12 refund or credit the obligor with the total of the
	745	+	13 applicable interest for all fully unexpired installment
	746	+	14 periods, as originally scheduled or as deferred, which
	747	+	15 follow the day of prepayment; provided, if the prepayment
	748	+	16 occurs prior to the first installment due date, the
	749	+	17 licensee may retain 1/30 of the applicable interest for a
	750	+	18 first installment period of one month for each day from
	751	+	19 the date of the loan to the date of prepayment, and shall
	752	+	20 refund or credit the obligor with the balance of the total
	753	+	21 interest contracted for. If the maturity of the loan is
	754	+	22 accelerated for any reason and judgment is entered, the
	755	+	23 licensee shall credit the borrower with the same refund as
	756	+	24 if prepayment in full had been made on the date the
	757	+	25 judgment judgement is entered.
	758	+	26 (4) The lender or creditor may, if the contract
	759	+
	760	+
	761	+
	762	+
	763	+
	764	+	SB3550 Enrolled - 22 - LRB103 37880 RTM 68011 b
	765	+
	766	+
	767	+	SB3550 Enrolled- 23 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 23 - LRB103 37880 RTM 68011 b
	768	+	SB3550 Enrolled - 23 - LRB103 37880 RTM 68011 b
	769	+	1 provides, collect a delinquency or collection charge on
	770	+	2 each installment in default for a period of not less than
	771	+	3 10 days in an amount not exceeding 5% of the installment on
	772	+	4 installments in excess of $200, or $10 on installments of
	773	+	5 $200 or less, but only one delinquency or collection
	774	+	6 charge may be collected on any installment regardless of
	775	+	7 the period during which it remains in default.
	776	+	8 (5) If the parties agree in writing, either in the
	777	+	9 loan contract or in a subsequent agreement, to a deferment
	778	+	10 of wholly unpaid installments, a licensee may grant a
	779	+	11 deferment and may collect a deferment charge as provided
	780	+	12 in this Section. A deferment postpones the scheduled due
	781	+	13 date of the earliest unpaid installment and all subsequent
	782	+	14 installments as originally scheduled, or as previously
	783	+	15 deferred, for a period equal to the deferment period. The
	784	+	16 deferment period is that period during which no
	785	+	17 installment is scheduled to be paid by reason of the
	786	+	18 deferment. The deferment charge for a one-month one month
	787	+	19 period may not exceed the applicable interest for the
	788	+	20 installment period immediately following the due date of
	789	+	21 the last undeferred payment. A proportionate charge may be
	790	+	22 made for deferment for periods of more or less than one
	791	+	23 month. A deferment charge is earned pro rata during the
	792	+	24 deferment period and is fully earned on the last day of the
	793	+	25 deferment period. Should a loan be prepaid in full during
	794	+	26 a deferment period, the licensee shall credit to the
	795	+
	796	+
	797	+
	798	+
	799	+
	800	+	SB3550 Enrolled - 23 - LRB103 37880 RTM 68011 b
	801	+
	802	+
	803	+	SB3550 Enrolled- 24 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 24 - LRB103 37880 RTM 68011 b
	804	+	SB3550 Enrolled - 24 - LRB103 37880 RTM 68011 b
	805	+	1 obligor a refund of the unearned deferment charge in
	806	+	2 addition to any other refund or credit made for prepayment
	807	+	3 of the loan in full.
	808	+	4 (6) If 2 two or more installments are delinquent one
	809	+	5 full month or more on any due date, and if the contract so
	810	+	6 provides, the licensee may reduce the unpaid balance by
	811	+	7 the refund credit which would be required for prepayment
	812	+	8 in full on the due date of the most recent maturing
	813	+	9 installment in default. Thereafter, and in lieu of any
	814	+	10 other default or deferment charges, the agreed rate of
	815	+	11 interest may be charged on the unpaid balance until fully
	816	+	12 paid.
	817	+	13 (7) Fifteen days after the final installment as
	818	+	14 originally scheduled or deferred, the licensee, for any
	819	+	15 loan contract which has not previously been converted to
	820	+	16 interest-bearing under paragraph (f), clause (6), may
	821	+	17 compute and charge interest on any balance remaining
	822	+	18 unpaid, including unpaid default or deferment charges, at
	823	+	19 the agreed rate of interest until fully paid. At the time
	824	+	20 of payment of said final installment, the licensee shall
	825	+	21 give notice to the obligor stating any amounts unpaid.
	826	+	22 (Source: P.A. 101-563, eff. 8-23-19; 101-658, eff. 3-23-21.)
	827	+	23 (205 ILCS 670/20.5)
	828	+	24 Sec. 20.5. Cease and desist.
	829	+	25 (a) The Director may issue a cease and desist order to any
	830	+
	831	+
	832	+
	833	+
	834	+
	835	+	SB3550 Enrolled - 24 - LRB103 37880 RTM 68011 b
	836	+
	837	+
	838	+	SB3550 Enrolled- 25 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 25 - LRB103 37880 RTM 68011 b
	839	+	SB3550 Enrolled - 25 - LRB103 37880 RTM 68011 b
	840	+	1 licensee, or other person or entity doing business without the
	841	+	2 required license, when in the opinion of the Director, the
	842	+	3 licensee, or other person or entity, has violated, is
	843	+	4 violating, or is about to violate any provision of this Act or
	844	+	5 any rule or requirement imposed in writing by the Department
	845	+	6 as a condition of granting any authorization permitted by this
	846	+	7 Act.
	847	+	8 (b) The Director may issue a cease and desist order prior
	848	+	9 to a hearing.
	849	+	10 (c) The Director shall serve notice of his or her action,
	850	+	11 designated as a cease and desist order made pursuant to this
	851	+	12 Section, including a statement of the reasons for the action,
	852	+	13 either personally or by certified mail, return receipt
	853	+	14 requested. Service by certified mail shall be deemed completed
	854	+	15 when the notice is deposited in the U.S. mail.
	855	+	16 (d) Within 15 days of service of the cease and desist
	856	+	17 order, the licensee or other person may request, in writing, a
	857	+	18 hearing.
	858	+	19 (e) The Director shall schedule a preliminary hearing
	859	+	20 within 30 days after the request for a hearing unless
	860	+	21 otherwise agreed to by the parties.
	861	+	22 (f) The Director shall have the authority to prescribe
	862	+	23 rules for the administration of this Section.
	863	+	24 (g) If it is determined that the Director had the
	864	+	25 authority to issue the cease and desist order, he or she may
	865	+	26 issue such orders as may be reasonably necessary to correct,
	866	+
	867	+
	868	+
	869	+
	870	+
	871	+	SB3550 Enrolled - 25 - LRB103 37880 RTM 68011 b
	872	+
	873	+
	874	+	SB3550 Enrolled- 26 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 26 - LRB103 37880 RTM 68011 b
	875	+	SB3550 Enrolled - 26 - LRB103 37880 RTM 68011 b
	876	+	1 eliminate, or remedy such conduct.
	877	+	2 (h) The powers vested in the Director by this Section are
	878	+	3 additional to any and all other powers and remedies vested in
	879	+	4 the Director by law, and nothing in this Section shall be
	880	+	5 construed as requiring that the Director shall employ the
	881	+	6 power conferred in this Section instead of or as a condition
	882	+	7 precedent to the exercise of any other power or remedy vested
	883	+	8 in the Director.
	884	+	9 (i) The cost for the administrative hearing shall be set
	885	+	10 by rule.
	886	+	11 (Source: P.A. 90-437, eff. 1-1-98.)
	887	+	12 Section 35. The Collection Agency Act is amended by
	888	+	13 changing Section 13.2 as follows:
	889	+	14 (205 ILCS 740/13.2) (was 225 ILCS 425/13.2)
	890	+	15 (Section scheduled to be repealed on January 1, 2026)
	891	+	16 Sec. 13.2. Powers and duties of Department. The Department
	892	+	17 shall exercise the powers and duties prescribed by the
	893	+	18 Financial Institutions Act Code for the administration of
	894	+	19 licensing Acts and shall exercise such other powers and duties
	895	+	20 necessary for effectuating the purposes of this Act.
	896	+	21 Subject to the provisions of this Act, the Department may:
	897	+	22 (1) Conduct hearings on proceedings to refuse to issue
	898	+	23 or renew or to revoke licenses or suspend, place on
	899	+	24 probation, or reprimand persons licensed under this Act.
	900	+
	901	+
	902	+
	903	+
	904	+
	905	+	SB3550 Enrolled - 26 - LRB103 37880 RTM 68011 b
	906	+
	907	+
	908	+	SB3550 Enrolled- 27 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 27 - LRB103 37880 RTM 68011 b
	909	+	SB3550 Enrolled - 27 - LRB103 37880 RTM 68011 b
	910	+	1 (2) To adopt rules consistent with the purposes of
	911	+	2 this Act, including, but not limited to: (i) rules in
	912	+	3 connection with the activities of collection agencies as
	913	+	4 may be necessary and appropriate for the protection of
	914	+	5 consumers in this State; (ii) rules as may be necessary
	915	+	6 and appropriate to define and enforce against improper or
	916	+	7 fraudulent business practices in connection with the
	917	+	8 activities of collection agencies; (iii) rules that define
	918	+	9 the terms used in this Act and as may be necessary and
	919	+	10 appropriate to interpret and implement the provisions of
	920	+	11 this Act; and (iv) rules as may be necessary for the
	921	+	12 enforcement of this Act.
	922	+	13 (3) Obtain written recommendations from the Board
	923	+	14 regarding standards of professional conduct, formal
	924	+	15 disciplinary actions and the formulation of rules
	925	+	16 affecting these matters. Notice of proposed rulemaking
	926	+	17 shall be transmitted to the Board and the Department shall
	927	+	18 review the response of the Board and any recommendations
	928	+	19 made in the response. The Department may solicit the
	929	+	20 advice of the Board on any matter relating to the
	930	+	21 administration and enforcement of this Act.
	931	+	22 (4) (Blank).
	932	+	23 (Source: P.A. 102-975, eff. 1-1-23.)
	933	+	24 Section 40. The Payday Loan Reform Act is amended by
	934	+	25 changing Section 4-10 as follows:
	935	+
	936	+
	937	+
	938	+
	939	+
	940	+	SB3550 Enrolled - 27 - LRB103 37880 RTM 68011 b
	941	+
	942	+
	943	+	SB3550 Enrolled- 28 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 28 - LRB103 37880 RTM 68011 b
	944	+	SB3550 Enrolled - 28 - LRB103 37880 RTM 68011 b
	945	+	1 (815 ILCS 122/4-10)
	946	+	2 Sec. 4-10. Enforcement and remedies.
	947	+	3 (a) The remedies provided in this Act are cumulative and
	948	+	4 apply to persons or entities subject to this Act.
	949	+	5 (b) Any material violation of this Act, including the
	950	+	6 commission of an act prohibited under Section 4-5, constitutes
	951	+	7 a violation of the Consumer Fraud and Deceptive Business
	952	+	8 Practices Act.
	953	+	9 (c) If any provision of the written agreement described in
	954	+	10 subsection (b) of Section 2-20 violates this Act, then that
	955	+	11 provision is unenforceable against the consumer.
	956	+	12 (d) Subject to the Illinois Administrative Procedure Act,
	957	+	13 the Secretary may hold hearings, make findings of fact,
	958	+	14 conclusions of law, issue cease and desist orders, have the
	959	+	15 power to issue fines of up to $10,000 per violation, refer the
	960	+	16 matter to the appropriate law enforcement agency for
	961	+	17 prosecution under this Act, and suspend or revoke a license
	962	+	18 granted under this Act. All proceedings shall be open to the
	963	+	19 public.
	964	+	20 (e) The Secretary may issue a cease and desist order to any
	965	+	21 licensee or other person or entity doing business without the
	966	+	22 required license, when in the opinion of the Secretary the
	967	+	23 licensee or other person or entity has violated, is violating,
	968	+	24 or is about to violate any provision of this Act or any rule or
	969	+	25 requirement imposed in writing by the Department as a
	970	+
	971	+
	972	+
	973	+
	974	+
	975	+	SB3550 Enrolled - 28 - LRB103 37880 RTM 68011 b
	976	+
	977	+
	978	+	SB3550 Enrolled- 29 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 29 - LRB103 37880 RTM 68011 b
	979	+	SB3550 Enrolled - 29 - LRB103 37880 RTM 68011 b
	980	+	1 condition of granting any authorization permitted by this Act.
	981	+	2 The cease and desist order permitted by this subsection (e)
	982	+	3 may be issued prior to a hearing.
	983	+	4 The Secretary shall serve notice of his or her action,
	984	+	5 including, but not limited to, a statement of the reasons for
	985	+	6 the action, either personally or by certified mail, return
	986	+	7 receipt requested. Service by certified mail shall be deemed
	987	+	8 completed when the notice is deposited in the U.S. Mail.
	988	+	9 Within 10 days of service of the cease and desist order,
	989	+	10 the licensee or other person may request a hearing in writing.
	990	+	11 The Secretary shall schedule a hearing within 30 days after
	991	+	12 the request for a hearing unless otherwise agreed to by the
	992	+	13 parties.
	993	+	14 If it is determined that the Secretary had the authority
	994	+	15 to issue the cease and desist order, he or she may issue such
	995	+	16 orders as may be reasonably necessary to correct, eliminate,
	996	+	17 or remedy the conduct.
	997	+	18 The powers vested in the Secretary by this subsection (e)
	998	+	19 are additional to any and all other powers and remedies vested
	999	+	20 in the Secretary by law, and nothing in this subsection (e)
	1000	+	21 shall be construed as requiring that the Secretary shall
	1001	+	22 employ the power conferred in this subsection instead of or as
	1002	+	23 a condition precedent to the exercise of any other power or
	1003	+	24 remedy vested in the Secretary.
	1004	+	25 (f) The Secretary may, after 10 days notice by registered
	1005	+	26 mail to the licensee at the address set forth in the license
	1006	+
	1007	+
	1008	+
	1009	+
	1010	+
	1011	+	SB3550 Enrolled - 29 - LRB103 37880 RTM 68011 b
	1012	+
	1013	+
	1014	+	SB3550 Enrolled- 30 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 30 - LRB103 37880 RTM 68011 b
	1015	+	SB3550 Enrolled - 30 - LRB103 37880 RTM 68011 b
	1016	+	1 stating the contemplated action and in general the grounds
	1017	+	2 therefore, fine a the licensee or other person or entity doing
	1018	+	3 business without the required license an amount not exceeding
	1019	+	4 $10,000 per violation, or revoke or suspend any license issued
	1020	+	5 hereunder if he or she finds that:
	1021	+	6 (1) the licensee has failed to comply with any
	1022	+	7 provision of this Act or any order, decision, finding,
	1023	+	8 rule, regulation, or direction of the Secretary lawfully
	1024	+	9 made pursuant to the authority of this Act; or
	1025	+	10 (2) any fact or condition exists which, if it had
	1026	+	11 existed at the time of the original application for the
	1027	+	12 license, clearly would have warranted the Secretary in
	1028	+	13 refusing to issue the license.
	1029	+	14 The Secretary may fine, suspend, or revoke only the
	1030	+	15 particular license with respect to which grounds for the fine,
	1031	+	16 revocation, or suspension occur or exist, but if the Secretary
	1032	+	17 finds that grounds for revocation are of general application
	1033	+	18 to all offices or to more than one office of the licensee, the
	1034	+	19 Secretary shall fine, suspend, or revoke every license to
	1035	+	20 which the grounds apply.
	1036	+	21 The Department shall establish by rule and publish a
	1037	+	22 schedule of fines that are reasonably tailored to ensure
	1038	+	23 compliance with the provisions of this Act and which include
	1039	+	24 remedial measures intended to improve licensee compliance.
	1040	+	25 Such rules shall set forth the standards and procedures to be
	1041	+	26 used in imposing any such fines and remedies.
	1042	+
	1043	+
	1044	+
	1045	+
	1046	+
	1047	+	SB3550 Enrolled - 30 - LRB103 37880 RTM 68011 b
	1048	+
	1049	+
	1050	+	SB3550 Enrolled- 31 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 31 - LRB103 37880 RTM 68011 b
	1051	+	SB3550 Enrolled - 31 - LRB103 37880 RTM 68011 b
	1052	+	1 No revocation, suspension, or surrender of any license
	1053	+	2 shall impair or affect the obligation of any pre-existing
	1054	+	3 lawful contract between the licensee and any obligor.
	1055	+	4 The Secretary may issue a new license to a licensee whose
	1056	+	5 license has been revoked when facts or conditions which
	1057	+	6 clearly would have warranted the Secretary in refusing
	1058	+	7 originally to issue the license no longer exist.
	1059	+	8 In every case in which a license is suspended or revoked or
	1060	+	9 an application for a license or renewal of a license is denied,
	1061	+	10 the Secretary shall serve the licensee or other person or
	1062	+	11 entity doing business without the required license with notice
	1063	+	12 of his or her action, including a statement of the reasons for
	1064	+	13 his or her actions, either personally, or by certified mail,
	1065	+	14 return receipt requested. Service by certified mail shall be
	1066	+	15 deemed completed when the notice is deposited in the U.S.
	1067	+	16 Mail.
	1068	+	17 An order assessing a fine, an order revoking or suspending
	1069	+	18 a license, or an order denying renewal of a license shall take
	1070	+	19 effect upon service of the order unless the licensee requests
	1071	+	20 a hearing, in writing, within 10 days after the date of
	1072	+	21 service. In the event a hearing is requested, the order shall
	1073	+	22 be stayed until a final administrative order is entered.
	1074	+	23 If the licensee requests a hearing, the Secretary shall
	1075	+	24 schedule a preliminary hearing within 30 days after the
	1076	+	25 request for a hearing unless otherwise agreed to by the
	1077	+	26 parties.
	1078	+
	1079	+
	1080	+
	1081	+
	1082	+
	1083	+	SB3550 Enrolled - 31 - LRB103 37880 RTM 68011 b
	1084	+
	1085	+
	1086	+	SB3550 Enrolled- 32 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 32 - LRB103 37880 RTM 68011 b
	1087	+	SB3550 Enrolled - 32 - LRB103 37880 RTM 68011 b
	1088	+	1 The hearing shall be held at the time and place designated
	1089	+	2 by the Secretary. The Secretary and any administrative law
	1090	+	3 judge designated by him or her shall have the power to
	1091	+	4 administer oaths and affirmations, subpoena witnesses and
	1092	+	5 compel their attendance, take evidence, and require the
	1093	+	6 production of books, papers, correspondence, and other records
	1094	+	7 or information that he or she considers relevant or material
	1095	+	8 to the inquiry.
	1096	+	9 (g) The costs of administrative hearings conducted
	1097	+	10 pursuant to this Section shall be paid by the licensee.
	1098	+	11 (h) Notwithstanding any other provision of this Section,
	1099	+	12 if a lender who does not have a license issued under this Act
	1100	+	13 makes a loan pursuant to this Act to an Illinois consumer, then
	1101	+	14 the loan shall be null and void and the lender who made the
	1102	+	15 loan shall have no right to collect, receive, or retain any
	1103	+	16 principal, interest, or charges related to the loan.
	1104	+	17 (Source: P.A. 97-1039, eff. 1-1-13; 98-209, eff. 1-1-14.)
	1105	+	18 Section 99. Effective date. This Act takes effect upon
	1106	+	19 becoming law.
	1107	+	SB3550 Enrolled- 33 -LRB103 37880 RTM 68011 b 1 INDEX 2 Statutes amended in order of appearance 3 20 ILCS 1205/1from Ch. 17, par. 1014 20 ILCS 1205/2from Ch. 17, par. 1025 20 ILCS 1205/4from Ch. 17, par. 1046 20 ILCS 1205/67 20 ILCS 1205/6afrom Ch. 17, par. 1078 20 ILCS 1205/7from Ch. 17, par. 1089 20 ILCS 1205/8from Ch. 17, par. 10910 20 ILCS 1205/15from Ch. 17, par. 11611 20 ILCS 1205/16from Ch. 17, par. 11712 20 ILCS 1205/17from Ch. 17, par. 11813 20 ILCS 1205/18from Ch. 17, par. 11914 20 ILCS 1205/18.2 new15 20 ILCS 1205/18.3 new16 20 ILCS 1205/18.4 new17 20 ILCS 1205/18.5 new18 20 ILCS 1205/9 rep.19 20 ILCS 1205/10 rep.20 20 ILCS 1205/11 rep.21 20 ILCS 1205/12 rep.22 20 ILCS 1205/13 rep.23 20 ILCS 1205/13.5 rep.24 20 ILCS 1205/14 rep.25 205 ILCS 405/19from Ch. 17, par. 4835 SB3550 Enrolled- 34 -LRB103 37880 RTM 68011 b SB3550 Enrolled- 33 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 33 - LRB103 37880 RTM 68011 b 1 INDEX 2 Statutes amended in order of appearance 3 20 ILCS 1205/1 from Ch. 17, par. 101 4 20 ILCS 1205/2 from Ch. 17, par. 102 5 20 ILCS 1205/4 from Ch. 17, par. 104 6 20 ILCS 1205/6 7 20 ILCS 1205/6a from Ch. 17, par. 107 8 20 ILCS 1205/7 from Ch. 17, par. 108 9 20 ILCS 1205/8 from Ch. 17, par. 109 10 20 ILCS 1205/15 from Ch. 17, par. 116 11 20 ILCS 1205/16 from Ch. 17, par. 117 12 20 ILCS 1205/17 from Ch. 17, par. 118 13 20 ILCS 1205/18 from Ch. 17, par. 119 14 20 ILCS 1205/18.2 new 15 20 ILCS 1205/18.3 new 16 20 ILCS 1205/18.4 new 17 20 ILCS 1205/18.5 new 18 20 ILCS 1205/9 rep. 19 20 ILCS 1205/10 rep. 20 20 ILCS 1205/11 rep. 21 20 ILCS 1205/12 rep. 22 20 ILCS 1205/13 rep. 23 20 ILCS 1205/13.5 rep. 24 20 ILCS 1205/14 rep. 25 205 ILCS 405/19 from Ch. 17, par. 4835 SB3550 Enrolled- 34 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 34 - LRB103 37880 RTM 68011 b
	1108	+	SB3550 Enrolled- 33 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 33 - LRB103 37880 RTM 68011 b
	1109	+	SB3550 Enrolled - 33 - LRB103 37880 RTM 68011 b
	1110	+	1 INDEX
	1111	+	2 Statutes amended in order of appearance
	1112	+	3 20 ILCS 1205/1 from Ch. 17, par. 101
	1113	+	4 20 ILCS 1205/2 from Ch. 17, par. 102
	1114	+	5 20 ILCS 1205/4 from Ch. 17, par. 104
	1115	+	6 20 ILCS 1205/6
	1116	+	7 20 ILCS 1205/6a from Ch. 17, par. 107
	1117	+	8 20 ILCS 1205/7 from Ch. 17, par. 108
	1118	+	9 20 ILCS 1205/8 from Ch. 17, par. 109
	1119	+	10 20 ILCS 1205/15 from Ch. 17, par. 116
	1120	+	11 20 ILCS 1205/16 from Ch. 17, par. 117
	1121	+	12 20 ILCS 1205/17 from Ch. 17, par. 118
	1122	+	13 20 ILCS 1205/18 from Ch. 17, par. 119
	1123	+	14 20 ILCS 1205/18.2 new
	1124	+	15 20 ILCS 1205/18.3 new
	1125	+	16 20 ILCS 1205/18.4 new
	1126	+	17 20 ILCS 1205/18.5 new
	1127	+	18 20 ILCS 1205/9 rep.
	1128	+	19 20 ILCS 1205/10 rep.
	1129	+	20 20 ILCS 1205/11 rep.
	1130	+	21 20 ILCS 1205/12 rep.
	1131	+	22 20 ILCS 1205/13 rep.
	1132	+	23 20 ILCS 1205/13.5 rep.
	1133	+	24 20 ILCS 1205/14 rep.
	1134	+	25 205 ILCS 405/19 from Ch. 17, par. 4835
	1135	+	SB3550 Enrolled- 34 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 34 - LRB103 37880 RTM 68011 b
	1136	+	SB3550 Enrolled - 34 - LRB103 37880 RTM 68011 b
	1137	+
	1138	+
	1139	+
	1140	+
	1141	+
	1142	+	SB3550 Enrolled - 32 - LRB103 37880 RTM 68011 b
	1143	+
	1144	+
	1145	+
	1146	+	SB3550 Enrolled- 33 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 33 - LRB103 37880 RTM 68011 b
	1147	+	SB3550 Enrolled - 33 - LRB103 37880 RTM 68011 b
	1148	+	1 INDEX
	1149	+	2 Statutes amended in order of appearance
	1150	+	3 20 ILCS 1205/1 from Ch. 17, par. 101
	1151	+	4 20 ILCS 1205/2 from Ch. 17, par. 102
	1152	+	5 20 ILCS 1205/4 from Ch. 17, par. 104
	1153	+	6 20 ILCS 1205/6
	1154	+	7 20 ILCS 1205/6a from Ch. 17, par. 107
	1155	+	8 20 ILCS 1205/7 from Ch. 17, par. 108
	1156	+	9 20 ILCS 1205/8 from Ch. 17, par. 109
	1157	+	10 20 ILCS 1205/15 from Ch. 17, par. 116
	1158	+	11 20 ILCS 1205/16 from Ch. 17, par. 117
	1159	+	12 20 ILCS 1205/17 from Ch. 17, par. 118
	1160	+	13 20 ILCS 1205/18 from Ch. 17, par. 119
	1161	+	14 20 ILCS 1205/18.2 new
	1162	+	15 20 ILCS 1205/18.3 new
	1163	+	16 20 ILCS 1205/18.4 new
	1164	+	17 20 ILCS 1205/18.5 new
	1165	+	18 20 ILCS 1205/9 rep.
	1166	+	19 20 ILCS 1205/10 rep.
	1167	+	20 20 ILCS 1205/11 rep.
	1168	+	21 20 ILCS 1205/12 rep.
	1169	+	22 20 ILCS 1205/13 rep.
	1170	+	23 20 ILCS 1205/13.5 rep.
	1171	+	24 20 ILCS 1205/14 rep.
	1172	+	25 205 ILCS 405/19 from Ch. 17, par. 4835
	1173	+
	1174	+
	1175	+
	1176	+
	1177	+
	1178	+	SB3550 Enrolled - 33 - LRB103 37880 RTM 68011 b
	1179	+
	1180	+
	1181	+	SB3550 Enrolled- 34 -LRB103 37880 RTM 68011 b SB3550 Enrolled - 34 - LRB103 37880 RTM 68011 b
	1182	+	SB3550 Enrolled - 34 - LRB103 37880 RTM 68011 b
	1183	+
	1184	+
	1185	+
	1186	+
	1187	+
	1188	+	SB3550 Enrolled - 34 - LRB103 37880 RTM 68011 b