Chapter 205 — FINANCIAL REGULATION

(205 ILCS 670/17.3) Sec. 17.3. (Repealed). (Source: P.A. 96-936, eff. 3-21-11. Repealed by P.A. 101-658, eff. 3-23-21.)

(205 ILCS 670/17.4) Sec. 17.4. (Repealed). (Source: P.A. 96-936, eff. 3-21-11. Repealed by P.A. 101-658, eff. 3-23-21.)

(205 ILCS 670/17.5) Sec. 17.5. Consumer reporting service. (a) For the purpose of this Section, "certified database" means the consumer reporting service database established pursuant to the Payday Loan Reform Act. "Title-secured loan" means a loan in which, at commencement, a co…

(205 ILCS 670/18) (from Ch. 17, par. 5424) Sec. 18. Advertising. Advertising for loans transacted under this Act may not be false, misleading or deceptive. That advertising, if it states a rate or amount of charge for a loan, must state the rate as an annual percentage rate. No l…

(205 ILCS 670/18.5) Sec. 18.5. Incentives. A licensee may pay money or any other thing of value to any person as an incentive or inducement to apply for a loan, to borrow money, or to refer potential borrowers to the licensee. The Department may by rule place reasonable limits on…

(205 ILCS 670/19) (from Ch. 17, par. 5425) Sec. 19. (Repealed). (Source: P.A. 84-1004. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 670/19.1) (from Ch. 17, par. 5425.1) Sec. 19.1. Where the licensee repossesses a motor vehicle that was used as collateral and which is used primarily for the obligor's personal, family or household purposes, the licensee shall be subject to the requirements of and shal…

(205 ILCS 670/19.2) Sec. 19.2. Licensee; prohibition against accepting certain checks. At the time a loan is made or within 20 days after a loan is made, a licensee shall not (i) accept a check and agree to hold it for a period of days before deposit or presentment or (ii) accept…

(205 ILCS 670/2) (from Ch. 17, par. 5402) Sec. 2. Application; fees; positive net worth. Application for such license shall be in writing, and in the form prescribed by the Director. Such applicant at the time of making such application shall pay to the Director the sum of $300 a…

(205 ILCS 670/20) (from Ch. 17, par. 5426) Sec. 20. Penalties for violation. (a) Any person who engages in business as a Consumer Installment Loan lender without the license required by this Act shall be guilty of a Class 4 felony. (b) The obligor, prior to the expiration of 2 ye…

(205 ILCS 670/20.5) Sec. 20.5. Cease and desist. (a) The Director may issue a cease and desist order to any licensee, or other person or entity doing business without the required license, when in the opinion of the Director, the licensee, or other person or entity, has violated,…

(205 ILCS 670/20.7) Sec. 20.7. Civil action. A claim of violation of this Act may be asserted in a civil action. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 670/21) (from Ch. 17, par. 5427) Sec. 21. Application of Act. This Act does not apply to any person, partnership, association, limited liability company, or corporation doing business under and as permitted by any law of this State or of the United States relating to ba…

(205 ILCS 670/22) (from Ch. 17, par. 5428) Sec. 22. Rules and regulations. The Department may make and enforce such reasonable rules, regulations, directions, orders, decisions, and findings as the execution and enforcement of the provisions of this Act require, and as are not in…

(205 ILCS 670/23) (from Ch. 17, par. 5429) Sec. 23. Judicial review. All final administrative decisions of the Department hereunder shall be subject to judicial review pursuant to the provisions of the Administrative Review Law, and all amendments and modifications thereof, and a…

(205 ILCS 670/24) (from Ch. 17, par. 5430) Sec. 24. (Repealed). (Source: Laws 1963, p. 3526. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 670/24.5) Sec. 24.5. Injunction; civil penalty; costs. If it appears to the Director that a person or any entity has committed or is about to commit a violation of this Act, a rule promulgated under this Act, or an order of the Director, the Director may apply to the ci…

(205 ILCS 670/25) (from Ch. 17, par. 5431) Sec. 25. Partial invalidity. If any clause, sentence, provision or part of this Act shall be adjudged to be unconstitutional or invalid for any reason by any court of competent jurisdiction, such judgment shall not impair, affect, or inv…

(205 ILCS 670/26) (from Ch. 17, par. 5432) Sec. 26. Title of act. This Act shall be known and may be cited as the Consumer Installment Loan Act. (Source: Laws 1963, p. 3526.)

(205 ILCS 670/27) (from Ch. 17, par. 5433) Sec. 27. Effective date. This Act shall take effect September 1, 1963. During the first 90 days after the effective date of this Act, any person who has applied for a license under this Act, or filed written notice of intention to apply …

(205 ILCS 670/3) (from Ch. 17, par. 5403) Sec. 3. Appointment of attorney-in-fact for service of process. Every licensee shall appoint, in writing, the Director of Financial Institutions (hereinafter called Director) and his successors in office or any official who shall hereafte…

(205 ILCS 670/4) (from Ch. 17, par. 5404) Sec. 4. Investigation to determine whether license shall be issued. Upon the filing of an application and the payment of the fee, the Director shall investigate to determine (1) that the reputation of the applicant, including managers of …

(205 ILCS 670/4.1) (from Ch. 17, par. 5404.1) Sec. 4.1. (Repealed). (Source: P.A. 84-1004. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 670/5) (from Ch. 17, par. 5405) Sec. 5. License. The license shall state the address, including city and state, at which the business is to be conducted and shall state fully the name of the licensee. The license shall be conspicuously posted in the place of business of…

(205 ILCS 670/6) (from Ch. 17, par. 5406) Sec. 6. (Repealed). (Source: Laws 1963, p. 3526. Repealed by P.A. 90-437, eff. 1-1-98.)

(205 ILCS 670/7) (from Ch. 17, par. 5407) Sec. 7. More than one license to same licensee - Changing place of business. (a) Not more than one place of business shall be maintained under the same license, but the Director may issue more than one license to the same licensee upon co…

(205 ILCS 670/8) (from Ch. 17, par. 5408) Sec. 8. Annual license fee - Expenses. Before the 1st day of each December, a licensee must pay to the Director, and the Department must receive, the annual license fee required by Section 2 for the next succeeding calendar year. The lice…

(205 ILCS 670/8.1) Sec. 8.1. All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act. (Source: P.A. 98-463, eff. 8-16-13.)

(205 ILCS 670/9) (from Ch. 17, par. 5409) Sec. 9. Fines, Suspension or Revocation of license. (a) The Director may fine a licensee or any other person or entity doing business without the required license an amount not exceeding $10,000 per violation, or revoke or suspend any lic…

(205 ILCS 670/9.1) Sec. 9.1. Closing of business; surrender of license. At least 10 days prior to a licensee ceasing operations, closing business, or filing for bankruptcy, the licensee shall: (a) Notify the Department of its action in writing. (b) With the exception of filing fo…

(205 ILCS 675/1) (from Ch. 17, par. 7001) Sec. 1. This Act shall be known and may be cited as the "Illinois Financial Services Development Act". (Source: P.A. 85-1432.)

(205 ILCS 675/10) (from Ch. 17, par. 7010) Sec. 10. A revolving credit plan between a financial institution and a borrower shall be governed by the laws of this State. All terms, conditions and other provisions of and relating to a plan, including, without limitation, provisions …

(205 ILCS 675/11) (from Ch. 17, par. 7011) Sec. 11. Any amendment of a revolving credit plan which violates the conditions or limitations of Section 8 of this Act shall not be enforceable, but such plan shall remain enforceable according to its original terms. Any borrower whose …

(205 ILCS 675/2) (from Ch. 17, par. 7002) Sec. 2. Findings and Declarations of Policy. The General Assembly hereby finds, determines and declares: (a) That the economic strength of Illinois requires strong and effective financial institutions in Illinois; (b) That in order to cul…

(205 ILCS 675/3) Sec. 3. As used in this Section: (a) "Financial institution" means any bank with its main office or, after May 31, 1997, a branch in this State, any state or federal savings and loan association or savings bank with its main office or branch in this State, any st…

(205 ILCS 675/4) (from Ch. 17, par. 7004) Sec. 4. Notwithstanding the provisions of any other laws in connection with revolving credit plans, any financial institution may, subject to the other provisions of this Section 4 offer and extend credit under a revolving credit plan to …

(205 ILCS 675/5) (from Ch. 17, par. 7005) Sec. 5. A financial institution may charge and collect interest under a revolving credit plan on outstanding unpaid indebtedness in the borrower's account under the plan at such periodic percentage rate or rates as the agreement governing…

(205 ILCS 675/6) (from Ch. 17, par. 7006) Sec. 6. In addition to or in lieu of interest at a periodic rate or rates as provided in Section 5, and without limitation of the foregoing Section 4, a financial institution may, if the agreement governing the revolving credit plan so pr…

(205 ILCS 675/7) (from Ch. 17, par. 7007) Sec. 7. (a) At or before the date a billing statement is first rendered to the borrower under a revolving credit plan, the financial institution must mail or deliver to the borrower a written description of the conditions under which a ch…

(205 ILCS 675/8) (from Ch. 17, par. 7008) Sec. 8. Amendment of agreement governing revolving credit plans other than credit card accounts. (a) If the agreement governing a revolving credit plan other than a credit card account so provides or allows, a financial institution may at…

(205 ILCS 675/8.5) Sec. 8.5. Amendment of agreement governing credit card accounts. (a) Amendment of terms. If the agreement governing a credit card account so provides or allows, then a financial institution may at any time or from time to time amend the terms of such agreement …

(205 ILCS 675/9) (from Ch. 17, par. 7009) Sec. 9. No writing or other agreement between a borrower and a financial institution may contain any provision which constitutes a waiver of any right conferred upon borrowers by this Act, or of any duty, condition or limitation imposed u…

(205 ILCS 685/1) (from Ch. 17, par. 7351) Sec. 1. Short title. This Act may be cited as the Currency Reporting Act. (Source: P.A. 87-619.)

(205 ILCS 685/10) (from Ch. 17, par. 7360) Sec. 10. A person who knowingly violates this Act or a rule or regulation prescribed thereunder, other than Section 7 of this Act, is guilty of a Class A misdemeanor for a first offense and Class 4 felony for a second or subsequent offen…

(205 ILCS 685/11) (from Ch. 17, par. 7361) Sec. 11. This Act takes effect on July 1, 1991. (Source: P.A. 87-619.)

(205 ILCS 685/2) (from Ch. 17, par. 7352) Sec. 2. It is the purpose of this Act to require the keeping and submission to the Director of the Illinois State Police of certain reports and records of transactions involving United States currency when such reports and records have a …

(205 ILCS 685/3) (from Ch. 17, par. 7353) Sec. 3. As used in this Act, the term: (a) "Currency" means currency and coin of the United States; (b) (Blank); (c) "Director" means Director of the Illinois State Police; (d) "Financial Institution" means any: (1) National or state bank…

(205 ILCS 685/4) (from Ch. 17, par. 7354) Sec. 4. (a) Every financial institution shall keep a record of every currency transaction involving more than $10,000 and shall file a report with the Illinois State Police at such time and containing such information as the Director by r…

(205 ILCS 685/5) (from Ch. 17, par. 7355) Sec. 5. (a) No financial institution may issue or sell a bank check, cashier's check, traveler's check, or money order to any individual in connection with a transaction or group of such contemporaneous transactions which involves United …

(205 ILCS 685/6) (from Ch. 17, par. 7356) Sec. 6. Authorized representatives of the Illinois State Police, the Illinois Attorney General, the Illinois Department of Revenue, the State's Attorney's Office or Sheriff's Department of any county of this State, the police department o…