Chapter 815 — BUSINESS TRANSACTIONS

(815 ILCS 105/7) (from Ch. 17, par. 605) Sec. 7. The rights of the lawful holders of promissory notes payable in money and the liability of all parties to or upon said notes shall be the same as that of like parties to inland bills of exchange according to the custom of merchants…

(815 ILCS 105/9) (from Ch. 17, par. 610) Sec. 9. In any action upon a note, bond, bill, or other instrument in writing, for the payment of money or property, or the performance of covenants or conditions, if such instrument was made or entered into without a good and valuable con…

(815 ILCS 115/0.01) (from Ch. 17, par. 605.9) Sec. 0.01. Short title. This Act may be cited as the Actions to Enforce Payment Act. (Source: P.A. 86-1324.)

(815 ILCS 115/2) (from Ch. 17, par. 606) Sec. 2. Persons severally liable upon bills of exchange or promissory notes, payable in money, may all or any of them severally be included in the same suit at the option of the plaintiff, and judgment rendered in said suit shall be withou…

(815 ILCS 115/3) (from Ch. 17, par. 607) Sec. 3. In any suit mentioned in the preceding section a separate judgment may be entered by default against any defendant or defendants severally liable who have been duly served with summons, and against whom the plaintiff would have bee…

(815 ILCS 115/4) (from Ch. 17, par. 608) Sec. 4. Whenever the drawer or endorser of an accepted bill of exchange or the endorser or guarantor of a promissory note shall have been joined with the acceptor of the bill or the maker of the note in an action to enforce the collection …

(815 ILCS 115/5) (from Ch. 17, par. 609) Sec. 5. In all suits on negotiable instruments where any of the defendants are jointly liable, and only one or more, but not all of them have been served with summons, if the plaintiff recover, judgment shall be entered in form against all…

(815 ILCS 115/6) Sec. 6. Guarantor liability. When a guarantor has agreed in writing that the guarantor is not released by a judgement, settlement, release, or other discharge of indebtedness of the primary obligor, other guarantor, or third party liable on the indebtedness, then…

(815 ILCS 120/1) (from Ch. 17, par. 851) Sec. 1. This Act shall be known and may be cited as the "Illinois Fairness in Lending Act". (Source: P.A. 81-1391.)

(815 ILCS 120/2) (from Ch. 17, par. 852) Sec. 2. As used in this Act: (a) "Financial Institution" means any bank, credit union, insurance company, mortgage banking company, savings bank, savings and loan association, or other residential mortgage lender which operates or has a pl…

(815 ILCS 120/3) (from Ch. 17, par. 853) Sec. 3. No financial institution, in connection with or in contemplation of any loan to any person, may: (a) Deny or vary the terms of a loan on the basis that a specific parcel of real estate offered as security is located in a specific g…

(815 ILCS 120/4) (from Ch. 17, par. 854) Sec. 4. Nothing contained in this Act shall preclude a financial institution from considering sound underwriting practices in contemplation of any loan to any person. Such practices shall include the following: (a) The willingness and the …

(815 ILCS 120/5) (from Ch. 17, par. 855) Sec. 5. (a) Subject to the limitation imposed by subsection (b), any person who has been aggrieved as a result of a violation of this Act may bring an individual action in the circuit court of the county in which the particular financial i…

(815 ILCS 120/6) (from Ch. 17, par. 856) Sec. 6. Where a financial institution repossesses a motor vehicle that was used as a collateral and which is used primarily for the borrower's personal, family or household purposes, the financial institution shall be subject to the requir…

(815 ILCS 121/1) Sec. 1. Short title. This Act may be cited as the Consumer Legal Funding Act. (Source: P.A. 102-987, eff. 5-27-22.)

(815 ILCS 121/10) Sec. 10. Contract requirements; right of rescission. (a) All consumer legal fundings shall meet the following requirements: (1) the contract shall be completely filled in when presented to the consumer for signature with all blanks marked "not applicable", "n/a"…

(815 ILCS 121/100) Sec. 100. Secretary of Financial and Professional Regulation; functions and powers. The functions and powers of the Secretary shall include the following: (1) to issue or refuse to issue any license as provided by this Act; (2) to revoke or suspend for cause an…

(815 ILCS 121/105) Sec. 105. Other businesses. (a) Upon application by the licensee and payment of a $500 fee, the Secretary may approve the conduct of other businesses not specifically permitted by this Act in the licensee's place of business, unless the Secretary finds that suc…

(815 ILCS 121/110) Sec. 110. Financial Institution Fund. All moneys received by the Secretary under this Act in conjunction with the provisions relating to consumer legal funding companies shall be paid into the Financial Institution Fund and all expenses incurred by the Secretar…

(815 ILCS 121/115) Sec. 115. Examination; prohibited activities. (a) The business affairs of a licensee under this Act shall be examined for compliance with this Act as often as the Secretary deems necessary and proper. The Department may adopt rules with respect to the frequency…

(815 ILCS 121/120) Sec. 120. Judicial review. All final administrative decisions of the Department under this Act, all amendments and modifications of final administrative decisions, and any rules adopted by the Department pursuant to this Act shall be subject to judicial review …

(815 ILCS 121/125) Sec. 125. Subpoena power. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and materials relevant to an…

(815 ILCS 121/130) Sec. 130. Report required of licensee. In addition to any reports required under this Act, every licensee shall file any other report that the Secretary requires. (Source: P.A. 102-987, eff. 5-27-22.)

(815 ILCS 121/135) Sec. 135. Suspension; revocation of licenses; fines. (a) Upon written notice to a licensee, the Secretary may suspend or revoke any license issued pursuant to this Act if, in the notice, he or she makes a finding of one or more of the following: (1) that throug…

(815 ILCS 121/140) Sec. 140. Investigation of complaints. The Secretary may receive, record, and investigate complaints and inquiries made by any person concerning this Act and any licensees under this Act. Each licensee shall open its books, records, documents, and offices where…

(815 ILCS 121/145) Sec. 145. Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renew…

(815 ILCS 121/15) Sec. 15. Consumer legal funding company prohibitions. A consumer legal funding company shall not: (1) pay or offer to pay commissions, referral fees, or other forms of consideration to any attorney, law firm, medical provider, chiropractic physician, or physical…

(815 ILCS 121/150) Sec. 150. Confidential information. In hearings conducted under this Act, information presented into evidence that was acquired by the licensee when serving any individual in connection with a consumer legal funding, including all financial information of the i…

(815 ILCS 121/155) Sec. 155. Information sharing. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in any federal law or State law regarding the privacy or confidentiality of any i…

(815 ILCS 121/160) Sec. 160. Reports of violations. Any person licensed under this Act or any other person may report to the Secretary any information to show that a person subject to this Act is or may be in violation of this Act. A person who files a report with the Department …

(815 ILCS 121/165) Sec. 165. Rules of the Department. (a) In addition to such powers as may be prescribed by this Act, the Department is hereby authorized and empowered to adopt rules consistent with the purposes of this Act, including, but not limited to: (1) rules in connection…

(815 ILCS 121/170) Sec. 170. Appeal and review. (a) The Department may, in accordance with the Illinois Administrative Procedure Act, adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under this Act. T…

(815 ILCS 121/175) Sec. 175. Collection of compensation. Unless exempt from licensure under this Act, no person engaged in or offering to engage in any act or service for which a license under this Act is required may bring or maintain any action in any court of this State to col…

(815 ILCS 121/180) Sec. 180. Cease and desist order. (a) The Secretary may issue a cease and desist order to any licensee or other person doing business without the required license, when in the opinion of the Secretary the licensee or other person is violating or is about to vio…

(815 ILCS 121/185) Sec. 185. Injunction. The Secretary may, through the Attorney General, maintain an action in the name of the people of the State of Illinois and may apply for an injunction in the circuit court to enjoin a person from violating this Act or engaging in unlicense…

(815 ILCS 121/190) Sec. 190. Pledge or sale of consumer legal funding. (a) No licensee or other person shall pledge, hypothecate, or sell a consumer legal funding entered into under the provisions of this Act by a consumer except to another licensee under this Act, a bank, saving…

(815 ILCS 121/195) Sec. 195. Penalties. Any person who engages in business as a licensee without the license required by this Act commits a Class 4 felony. (Source: P.A. 102-987, eff. 5-27-22.)

(815 ILCS 121/20) Sec. 20. Satisfaction of the contract. A consumer legal funding company shall require the resolution amount to be set as a predetermined amount, based upon intervals of time from the date of origination of the funding through the date of resolution of the legal …

(815 ILCS 121/200) Sec. 200. Civil action. A claim of violation of this Act may be asserted in a civil action. Additionally, a prevailing consumer may be awarded reasonable attorney's fees and court costs. (Source: P.A. 102-987, eff. 5-27-22.)

(815 ILCS 121/205) Sec. 205. Evasion. An agreement, contract, or transaction that is structured to evade the definition of consumer legal funding shall be deemed a consumer legal funding for the purposes of this Act. (Source: P.A. 102-987, eff. 5-27-22.)

(815 ILCS 121/210) Sec. 210. Severability. If any clause, sentence, provision, or part of this Act or its application to any person or circumstance is adjudged to be unconstitutional or invalid for any reason by any court of competent jurisdiction, that judgment shall not impair,…

(815 ILCS 121/25) Sec. 25. Fees. (a) The fee charged by a consumer legal funding company to the consumer shall be calculated as not more than 18% of the funded amount, assessed on the outset of every 6 months. (b) In addition, a consumer legal funding company may charge a documen…

(815 ILCS 121/30) Sec. 30. Disclosures. All consumer legal funding contracts shall contain the disclosures specified in this Section, which shall constitute material terms of the contract. Unless otherwise specified, the disclosures shall be typed in at least 12-point bold-type f…

(815 ILCS 121/35) Sec. 35. Violations. (a) Nothing in this Act shall be construed to restrict the exercise of powers or the performance of the duties of the Illinois Attorney General that he or she is authorized to exercise or perform by law. (b) Any violation of this Act constit…

(815 ILCS 121/40) Sec. 40. Assignability; liens. (a) The contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer. (b) Only liens related to the legal claim, including attorney's liens, Medicare, or other statutory liens, shall …

(815 ILCS 121/45) Sec. 45. Attorney prohibitions. An attorney or law firm retained by the consumer in the legal claim shall not have a financial interest in the consumer legal funding company offering consumer legal funding to that consumer. Additionally, any attorney who has ref…

(815 ILCS 121/5) Sec. 5. Definitions. As used in this Act: "Advertise" means publishing or disseminating any written, electronic, or printed communication, or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar c…

(815 ILCS 121/50) Sec. 50. Effect of communication on privileges. No communication between the consumer's attorney in the legal claim and the consumer legal funding company as it pertains to the consumer legal funding shall limit, waive, or abrogate the scope or nature of any sta…

(815 ILCS 121/55) Sec. 55. Consumer legal funding license scope. (a) It shall be unlawful for any person or entity to operate as a consumer legal funding company in this State except as authorized by this Act and without first having obtained a license in accordance with this Act…

(815 ILCS 121/60) Sec. 60. Licensee name. No person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by this Act shall operate the business under a name other than the real names of the entity and individuals condu…