Chapter 815, BUSINESS TRANSACTIONS

(815 ILCS 122/1-1) Sec. 1-1. Short title. This Act may be cited as the Payday Loan Reform Act. (Source: P.A. 94-13, eff. 12-6-05.)

(815 ILCS 356/1-1) Sec. 1-1. Short title. This Article may be cited as the Illinois Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers (INFORM Consumers) Act. References in this Article to "this Act" mean this Article. (Source: P.A. 102-757, eff. 1-…

(815 ILCS 356/1-10) Sec. 1-10. Online marketplace verification. (a) Online marketplaces shall require that any high-volume third-party seller on the online marketplace's platform provide the online marketplace with the following information no later than 10 days after qualifying …

(815 ILCS 122/1-10) Sec. 1-10. Definitions. As used in this Act: "Check" means a "negotiable instrument", as defined in Article 3 of the Uniform Commercial Code, that is drawn on a financial institution. "Commercially reasonable method of verification" or "certified database" mea…

(815 ILCS 122/1-15) Sec. 1-15. Applicability. (a) Except as otherwise provided in this Section, this Act applies to any lender that offers or makes a payday loan to a consumer in Illinois. (b) The provisions of this Act apply to any person or entity that seeks to evade its applic…

(815 ILCS 356/1-15) Sec. 1-15. Organized Retail Crime Enforcement Fund. (a) There is created in the State treasury a special fund known as the Organized Retail Crime Enforcement Fund. (b) Subject to appropriation, moneys in the Organized Retail Crime Enforcement Fund shall be use…

(815 ILCS 356/1-20) Sec. 1-20. (Amendatory provisions; text omitted). (Source: P.A. 102-757, eff. 1-1-23; text omitted.)

(815 ILCS 122/1-5) Sec. 1-5. Purpose and construction. The purpose of this Act is to protect consumers who enter into payday loans and to regulate the lenders of payday loans. This Act shall be construed as a consumer protection law for all purposes. This Act shall be liberally c…

(815 ILCS 356/1-5) Sec. 1-5. Definitions. In this Act: "Consumer product" means any tangible personal property that is distributed in commerce and that is normally used for personal, family, or household purposes (including any such property intended to be attached to or installe…

(815 ILCS 122/2-10) Sec. 2-10. Permitted fees. (a) If there are insufficient funds to pay a check, Automated Clearing House (ACH) debit, or any other item described in the definition of payday loan under Section 1-10 on the day of presentment and only after the lender has incurre…

(815 ILCS 122/2-15) Sec. 2-15. Verification. (a) Before entering into a loan agreement with a consumer, a lender must use a commercially reasonable method of verification to verify that the proposed loan agreement is permissible under this Act. (b) Within 6 months after the effec…

(815 ILCS 122/2-17) Sec. 2-17. Consumer reporting services qualification and bonding. (a) Each consumer reporting service shall have at all times a net worth of not less than $1,000,000 calculated in accordance with generally accepted accounting principles. (b) Each application f…

(815 ILCS 122/2-20) Sec. 2-20. Required disclosures. (a) Before a payday loan is made, a lender shall deliver to the consumer a pamphlet prepared by the Secretary that: (1) explains, in simple English and Spanish, all of the consumer's rights and responsibilities in a payday loan…

(815 ILCS 122/2-25) Sec. 2-25. Right to cancel future payment obligations. A consumer may cancel future payment obligations on a payday loan, without cost or finance charges, no later than the end of the second business day immediately following the day on which the payday loan a…

(815 ILCS 122/2-30) Sec. 2-30. Rollovers prohibited. Rollover of a payday loan by any lender is prohibited. This Section does not prohibit entering into a repayment plan, as provided under Section 2-40. (Source: P.A. 101-658, eff. 3-23-21.)

(815 ILCS 122/2-35) Sec. 2-35. Proceeds and payments. (a) A lender may issue the proceeds of a loan in the form of a check drawn on the lender's bank account, in cash, by money order, by debit card, or by electronic funds transfer. When the proceeds are issued in the form of a ch…

(815 ILCS 122/2-40) Sec. 2-40. Repayment plan. (a) At the time a payday loan is made, the lender must provide the consumer with a separate written notice signed by the consumer of the consumer's right to request a repayment plan. The written notice must comply with the requiremen…

(815 ILCS 122/2-45) Sec. 2-45. Default. (a) No legal proceeding of any kind, including, but not limited to, a lawsuit or arbitration, may be filed or initiated against a consumer to collect on a payday loan until 28 days after the default date of the loan, or, in the case of a pa…

(815 ILCS 122/2-5) Sec. 2-5. Loan terms. (a) Without affecting the right of a consumer to prepay at any time without cost or penalty, no payday loan may have a minimum term of less than 13 days. (b) No payday loan may be made to a consumer if the loan would result in the consumer…

(815 ILCS 122/2-50) Sec. 2-50. Practices concerning members of the military. (a) A lender may not garnish the wages or salaries of a consumer who is a member of the military. (b) In addition to any rights and obligations provided under the federal Servicemembers Civil Relief Act,…

(815 ILCS 122/2-51) Sec. 2-51. Violation of Federal law constitutes a violation of this Act with respect to practices concerning members of the military and their dependents. Notwithstanding any other provision of law, a violation of any provision of Section 670 of the John Warne…

(815 ILCS 122/2-55) Sec. 2-55. Information, reporting, and examination. (a) A licensee shall keep and use books, accounts, and records that will enable the Secretary to determine if the licensee is complying with the provisions of this Act and maintain any other records as requir…

(815 ILCS 122/2-60) Sec. 2-60. Advertising. (a) Advertising for loans transacted under this Act may not be false, misleading, or deceptive. Payday loan advertising, if it states a rate or amount of charge for a loan, must state the rate as an annual percentage rate. No licensee m…

(815 ILCS 122/2-7) Sec. 2-7. Wage assignments. Any payday loan that is a transaction in which the lender accepts a wage assignment must meet the requirements of this Act, the requirements of the Illinois Wage Assignment Act, and the requirements of 16 C.F.R. 444.2(a)(3)(i)(2003, …

(815 ILCS 122/3-10) Sec. 3-10. Closing of business; surrender of license. At least 10 days before a licensee ceases operations, closes the business, or files for bankruptcy, the licensee shall: (1) Notify the Department of its intended action in writing. (2) With the exception of…

(815 ILCS 122/3-3) Sec. 3-3. Licensure requirement. (a) Except as provided in subsection (b), on and after the effective date of this Act, a person or entity acting as a payday lender must be licensed by the Department as provided in this Article. (b) A person or entity acting as…

(815 ILCS 122/3-5) Sec. 3-5. Licensure. (a) A license to make a payday loan 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 busine…

(815 ILCS 122/3-6) Sec. 3-6. Fees. (a) The expenses of administering this Act, including licensing, investigations, and examinations provided for in this Act, shall be borne by and assessed against persons and entities regulated by this Act in such proportions and in such manner …

(815 ILCS 122/4-10) Sec. 4-10. Enforcement and remedies. (a) The remedies provided in this Act are cumulative and apply to persons or entities subject to this Act. (b) Any material violation of this Act, including the commission of an act prohibited under Section 4-5, constitutes…

(815 ILCS 122/4-15) Sec. 4-15. Bonding. (a) A person or entity engaged in making payday loans under this Act shall post a bond to the Department in the amount of $50,000 for each location where loans will be made, up to a maximum bond amount of $500,000. (b) A bond posted under s…

(815 ILCS 122/4-20) Sec. 4-20. Preemption of administrative rules. Any administrative rule promulgated prior to the effective date of this Act by the Department regarding payday loans is preempted. (Source: P.A. 94-13, eff. 12-6-05.)

(815 ILCS 122/4-25) Sec. 4-25. Reporting of violations. The Department shall report to the Attorney General all material violations of this Act of which it becomes aware. (Source: P.A. 94-13, eff. 12-6-05.)

(815 ILCS 122/4-30) Sec. 4-30. Rulemaking; industry review. (a) 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 inconsistent …

(815 ILCS 122/4-35) Sec. 4-35. Judicial review. All final administrative decisions of the Department under this Act are subject to judicial review pursuant to the provisions of the Administrative Review Law and any rules adopted pursuant thereto. (Source: P.A. 94-13, eff. 12-6-05…

(815 ILCS 122/4-40) Sec. 4-40. No waivers. There shall be no waiver of any provision of this Act. (Source: P.A. 94-13, eff. 12-6-05.)

(815 ILCS 122/4-45) Sec. 4-45. Superiority of Act. To the extent this Act conflicts with any other State financial regulation laws, this Act is superior and supersedes those laws for the purposes of regulating payday loans in Illinois, provided that nothing herein shall apply to …

(815 ILCS 122/4-5) Sec. 4-5. Prohibited acts. A licensee or unlicensed person or entity making payday loans may not commit, or have committed on behalf of the licensee or unlicensed person or entity, any of the following acts: (1) Threatening to use or using the criminal process …

(815 ILCS 122/4-50) Sec. 4-50. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 94-13, eff. 12-6-05.)

(815 ILCS 602/5-1) Sec. 5-1. Short title. This Article shall be known and may be cited as the Business Opportunity Sales Law of 1995. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 445/5-1) Sec. 5-1. Short title. This Act may be cited as the Yo-Yo Waterball Sales Prohibition Act. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 602/5-10) Sec. 5-10. Exemptions. Registration pursuant to Section 5-30 shall not apply to any of the following: (a) Any offer or sale of a business opportunity for which the immediate cash payment made by the purchaser for any business opportunity is at least $25,000 if…

(815 ILCS 445/5-10) Sec. 5-10. Sale of yo-yo waterballs prohibited. It is unlawful to sell a yo-yo waterball in this State. (Source: P.A. 97-1109, eff. 1-1-13.)

(815 ILCS 602/5-100) Sec. 5-100. Misleading filings. It is unlawful for any person to make or cause to be made, in any document filed with the Secretary of State or in any proceeding under this Law any statement which is, at the time and in the light of the circumstances under wh…

(815 ILCS 602/5-105) Sec. 5-105. Unlawful representations. Neither the fact that an application for registration has been filed nor the fact that a business opportunity is effectively registered constitutes a finding by the Secretary of State that any document filed under this La…

(815 ILCS 602/5-110) Sec. 5-110. Advertising. It is unlawful for any person, in connection with the offer or sale of any business opportunity in this State, to publish, circulate or use any advertising which contains an untrue statement of a material fact or omits to state a mate…

(815 ILCS 602/5-115) Sec. 5-115. Criminal penalties. (a) Any person who willfully violates Sections 5-25, 5-50, 5-95, 5-105, 5-110, subsection (a) of Section 5-35, subsection (a) of Section 5-40, or subsection (d) of Section 5-60 of this Law or who willfully violates any order of…

(815 ILCS 602/5-120) Sec. 5-120. Rescission; surety bond. (a) Any person who violates Section 5-25, 5-50, subsection (a) of Section 5-35, or subsection (a) of Section 5-40 of this Law, is liable to the purchaser who may sue either at law or in equity for rescission, for recovery …

(815 ILCS 602/5-125) Sec. 5-125. Persons liable. Every person who directly or indirectly controls a person liable under Section 5-120 or 5-125 of this Law, every partner in a partnership so liable, every principal executive officer or director of a corporation so liable, every pe…

(815 ILCS 602/5-130) Sec. 5-130. Miscellaneous provisions. (a) No action shall be maintained under Section 5-120 of this Law unless commenced before 3 years after the act or transaction constituting the violation. (a-5) No administrative action shall be brought by the Secretary o…

(815 ILCS 602/5-135) Sec. 5-135. Deposit of moneys. All moneys received under this Law shall be deposited into the Securities Audit and Enforcement Fund. (Source: P.A. 89-209, eff. 1-1-96.)