Chapter 205 — FINANCIAL REGULATION

(205 ILCS 658/9-2) Sec. 9-2. Refunds. (a) This Section does not apply to: (1) money received for transmission subject to the federal Remittance Rule, 12 CFR Part 1005, Subpart B, as amended or recodified from time to time; or (2) money received for transmission pursuant to a writ…

(205 ILCS 658/9-3) Sec. 9-3. Receipts. (a) As used in this Section, "receipt" means a paper receipt, electronic record, or other written confirmation. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an …

(205 ILCS 658/9-4) Sec. 9-4. Notice. Every licensee or authorized delegate shall include on a receipt or disclose on the licensee's website or mobile application the name and phone number of the Department and a statement that the licensee's customers can contact the Department w…

(205 ILCS 658/9-5) Sec. 9-5. Disclosures for payroll processing services. (a) A licensee that provides payroll processing services shall: (1) issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account; and (2) make…

(205 ILCS 658/900-30) Sec. 900-30. The Transmitters of Money Act is repealed. (Source: P.A. 103-991, eff. 8-9-24.)

(205 ILCS 658/999-95) Sec. 999-95. No acceleration or delay. Where this Act makes changes in a statute that is represented in this Act by text that is not yet or no longer in effect (for example, a Section represented by multiple versions), the use of that text does not accelerat…

(205 ILCS 658/999-99) Sec. 999-99. Effective date. This Act takes effect upon becoming law, except that the changes to the Transmitters of Money Act take effect January 1, 2026. (Source: P.A. 103-991, eff. 8-9-24.)

(205 ILCS 660/1) (from Ch. 17, par. 5201) Sec. 1. This Act shall be known and may be cited as the Sales Finance Agency Act. (Source: Laws 1967, p. 2062.)

(205 ILCS 660/10) (from Ch. 17, par. 5223) Sec. 10. Denial, revocation, fine, or suspension of license. (a) The Director may revoke or suspend a license or fine a licensee if the licensee violates any provisions of this Act. (b) In every case in which a license is revoked or susp…

(205 ILCS 660/10.1) (from Ch. 17, par. 5224) Sec. 10.1. The Department may suspend or revoke only the particular license with respect to which grounds exist, but if it finds that those grounds are of general application to all offices or to more than one office of the licensee, t…

(205 ILCS 660/10.2) (from Ch. 17, par. 5225) Sec. 10.2. Closing of business; surrender of license. At least 10 days prior to a licensee ceasing operations, closing business, or filing for bankruptcy, the licensee shall: (a) Notify the Department of its action in writing. (b) With…

(205 ILCS 660/10.3) (from Ch. 17, par. 5226) Sec. 10.3. No suspension, revocation or surrender of a license issued under this Act impairs or affects the obligation of any retail installment contract, retail charge agreement or evidence of indebtedness acquired previously thereto …

(205 ILCS 660/10.4) (from Ch. 17, par. 5227) Sec. 10.4. The Department may issue a new license to a licensee whose license has been revoked when facts or conditions which clearly would have warranted the Department in refusing originally to issue the license no longer exist. (Sou…

(205 ILCS 660/10.5) (from Ch. 17, par. 5228) Sec. 10.5. (Repealed). (Source: Laws 1967, p. 2062. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/10.6) Sec. 10.6. Companion animals. (a) No sales finance agency shall purchase: (1) a retail installment contract for the sale of a canine or feline; (2) a retail charge agreement for the sale of a canine or feline; or (3) the outstanding balance under a retail inst…

(205 ILCS 660/11) (from Ch. 17, par. 5229) Sec. 11. For the purpose of discovering violations of this Act or securing information lawfully required by it, the Department may at any time investigate the business and examine the books, accounts, records, and files of any person act…

(205 ILCS 660/12) (from Ch. 17, par. 5230) Sec. 12. Every licensee shall retain such records as are required by the Department. Every licensee shall preserve the records of each of its transactions for at least 2 years after making the final entry for that transaction. With the D…

(205 ILCS 660/13) (from Ch. 17, par. 5231) Sec. 13. Rules. The Department may make and enforce such reasonable rules, regulations, directions, orders, decisions and findings as the execution and enforcement of this Act require, and as are not inconsistent therewith. In addition, …

(205 ILCS 660/14) (from Ch. 17, par. 5232) Sec. 14. All final administrative decisions of the Department shall be subject to judicial review pursuant to the "Administrative Review Law", and all amendments and modifications thereof, and any rules adopted pursuant thereto. (Source:…

(205 ILCS 660/15) (from Ch. 17, par. 5233) Sec. 15. Any person who engages in business as a sales finance agency without the license required by this Act shall be guilty of a Class 4 felony. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/15.5) Sec. 15.5. Civil action. A claim of violation of this Act may be asserted in a civil action. Additionally, a court may award reasonable attorney's fees and court costs. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/16) (from Ch. 17, par. 5234) Sec. 16. (Repealed). (Source: P.A. 84-704. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/16.5) Sec. 16.5. Cease and desist orders. (a) The Director may issue a cease and desist order to a sales finance agency or other person doing business without the required license when, in the opinion of the director, the licensee or other person is violating or is …

(205 ILCS 660/17) (from Ch. 17, par. 5235) Sec. 17. Application of Act. (a) This Act does not apply to any credit union, bank, banking association, trust company, savings bank, or savings and loan association authorized to do business under the laws of this State or of the United…

(205 ILCS 660/18) Sec. 18. Penalties. The Director may set by rule penalties for violations of this Act or rules promulgated under this Act. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/19) Sec. 19. Injunction; civil penalty; costs. If it appears to the Director that a person has committed or is about to commit a violation of this Act, a rule promulgated under this Act, or an order of the Director, the Director may apply to the circuit court for an…

(205 ILCS 660/2) (from Ch. 17, par. 5202) Sec. 2. Definitions. In this Act, unless the context otherwise requires: "Sales finance agency" means a person, irrespective of his or her state of domicile or place of business, engaged in this State, in whole or in part, in the business…

(205 ILCS 660/20) Sec. 20. Conformance with Department rule does not violate Act. No provision of this Act imposing any civil liability shall apply to any act done or omitted in conformity with any rule promulgated under this Act by the Department of Financial Institutions, notwi…

(205 ILCS 660/3) (from Ch. 17, par. 5203) Sec. 3. No person may engage in the business of a sales finance agency in this State without first obtaining a license as provided in this Act. A licensee under the Consumer Installment Loan Act may engage in the business of a sales finan…

(205 ILCS 660/4) (from Ch. 17, par. 5204) Sec. 4. After December 31, 1967, a person who is required to be licensed under this Act must display at each of his places of business a non-transferable and non-assignable license. A licensee who operates more than one place of business …

(205 ILCS 660/5) (from Ch. 17, par. 5205) Sec. 5. If a licensee fails to renew his or her license by the 31st day of December, it shall automatically expire and the licensee is not entitled to a hearing; however, the Director in his or her discretion, may reinstate an expired lic…

(205 ILCS 660/6) (from Ch. 17, par. 5206) Sec. 6. A license fee of $300 for the applicant's principal place of business and $100 for each additional place of business for which a license is sought must be submitted with an application for license made before July 1 of any year. I…

(205 ILCS 660/6.1) Sec. 6.1. All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act. (Source: P.A. 98-463, eff. 8-16-13.)

(205 ILCS 660/7) (from Ch. 17, par. 5207) Sec. 7. The Department shall examine each licensee annually to determine if it is in compliance with this Act. The expense of this annual examination shall be paid to the Department by the licensee in accordance with a schedule of fees es…

(205 ILCS 660/8) (from Ch. 17, par. 5208) Sec. 8. The Department may deny an application for a license, deny an application for renewal of a license, or suspend or revoke a license on any of the grounds listed in Sections 8.1 through 8.14 and the Financial Institutions Act. (Sour…

(205 ILCS 660/8.1) (from Ch. 17, par. 5209) Sec. 8.1. Material misstatement in the application or renewal, in any form prescribed by the Director for the renewal of a license, or in any amendment made to the application. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.10) (from Ch. 17, par. 5218) Sec. 8.10. Conducting business as a sales finance agency, bank, savings and loan association, consumer finance company, or credit union, under the laws of this or any other State or of the United States of America, when the license to …

(205 ILCS 660/8.11) (from Ch. 17, par. 5219) Sec. 8.11. Purchase of a retail installment contract creating or providing for a security interest in a motor vehicle that qualifies as consumer goods under the Uniform Commercial Code, or purchase of the evidence of indebtedness under…

(205 ILCS 660/8.12) (from Ch. 17, par. 5220) Sec. 8.12. Ownership by the applicant or licensee or by a shareholder, partner or beneficiary thereof of a substantial or controlling interest in the business of a retail seller from which it purchases any retail contracts, retail char…

(205 ILCS 660/8.13) (from Ch. 17, par. 5221) Sec. 8.13. Failure to maintain a positive net worth of $30,000 without having access to sources of funding approved by the Director. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.14) Sec. 8.14. Conviction of a felony. Conviction of a felony of any applicant or licensee, or of any partner, manager of a limited liability company, officer, or director of a sales finance agency. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.2) (from Ch. 17, par. 5210) Sec. 8.2. Violating or aiding any person in the violation of this Act or any rule or regulation promulgated by the Director. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.3) (from Ch. 17, par. 5211) Sec. 8.3. Aiding or conspiring to aid any person in the violation of the Retail Installment Sales Act or of the Motor Vehicle Retail Installment Sales Act. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.4) (from Ch. 17, par. 5212) Sec. 8.4. Except for an honest mistake, purchase of any retail contract, retail charge agreement, or evidence of indebtedness thereunder, that on its face violates this Act, the Retail Installment Sales Act or the Motor Vehicle Retail I…

(205 ILCS 660/8.5) (from Ch. 17, par. 5213) Sec. 8.5. Purchase of any retail contract, retail charge agreement, or evidence of indebtedness thereunder after actual knowledge that the contract, agreement or evidence of indebtedness violates this Act, the Retail Installment Sales A…

(205 ILCS 660/8.6) (from Ch. 17, par. 5214) Sec. 8.6. Use of collection process that violates any of the laws of this State with respect to garnishment, wage deduction orders or wage assignments. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.7) (from Ch. 17, par. 5215) Sec. 8.7. (Repealed). (Source: Laws 1967, p. 2062. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.8) (from Ch. 17, par. 5216) Sec. 8.8. Conviction in a criminal matter or final judgment in a civil action of defrauding another person. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 660/8.9) (from Ch. 17, par. 5217) Sec. 8.9. Fraud, misrepresentation, or concealment by the licensee of material facts that are required to be disclosed to a retail buyer under the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. (Source: …

(205 ILCS 660/9) (from Ch. 17, par. 5222) Sec. 9. (Repealed). (Source: Laws 1967, p. 2062. Repealed by P.A. 90-437, eff. 1-1-98.)