Chapter 815 — BUSINESS TRANSACTIONS

(815 ILCS 123/15-10-20) Sec. 15-10-20. Judicial review. All final administrative decisions of the Department under this Act are subject to judicial review under the Administrative Review Law and any rules adopted under the Administrative Review Law. (Source: P.A. 101-658, eff. 3-…

(815 ILCS 123/15-10-25) Sec. 15-10-25. No waivers. There shall be no waiver of any provision of this Act. (Source: P.A. 101-658, eff. 3-23-21.)

(815 ILCS 123/15-10-30) Sec. 15-10-30. Superiority of Act. To the extent this Act conflicts with any other State laws, this Act is superior and supersedes those laws, except that nothing in this Act applies to any lender that is a bank, savings bank, savings and loan association,…

(815 ILCS 123/15-10-35) Sec. 15-10-35. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 101-658, eff. 3-23-21.)

(815 ILCS 123/15-10-5) Sec. 15-10-5. Enforcement and remedies. (a) The remedies provided in this Act are cumulative and apply to persons or entities subject to this Act. (b) Any violation of this Act, including the commission of an act prohibited under Article 5, constitutes a vi…

(815 ILCS 123/15-5-10) Sec. 15-5-10. Violation. Any loan made in violation of this Act is null and void and no person or entity shall have any right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the loan. (Source: P.A. 101-…

(815 ILCS 123/15-5-15) Sec. 15-5-15. No evasion. (a) No person or entity may engage in any device, subterfuge, or pretense to evade the requirements of this Act, including, but not limited to, making loans disguised as a personal property sale and leaseback transaction; disguisin…

(815 ILCS 123/15-5-16) Sec. 15-5-16. Prohibition on secured loans for canines and felines. No person or entity shall make a secured loan for the purchase of a canine or feline. Any secured loan made for the purchase of a canine or feline is null and void. This Section shall apply…

(815 ILCS 123/15-5-20) Sec. 15-5-20. Rules. The Secretary may adopt rules consistent with this Act and rescind or amend rules that are inconsistent. The adoption, amendment, or rescission of rules shall be in conformity with the Illinois Administrative Procedure Act. (Source: P.A…

(815 ILCS 123/15-5-5) Sec. 15-5-5. Rate cap. Notwithstanding any other provision of law, for loans made or renewed on and after the effective date of this Act, a lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the a…

(815 ILCS 123/15-90-10) Sec. 15-90-10. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/15-90-15) Sec. 15-90-15. The Consumer Installment Loan Act is amended by repealing Sections 17.1, 17.2, 17.3, and 17.4. (Source: P.A. 101-658, eff. 3-23-21.)

(815 ILCS 123/15-90-20) Sec. 15-90-20. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/15-90-25) Sec. 15-90-25. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/15-90-30) Sec. 15-90-30. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/15-90-35) Sec. 15-90-35. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/15-90-40) Sec. 15-90-40. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/15-90-5) Sec. 15-90-5. (Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)

(815 ILCS 123/99-99) Sec. 99-99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 101-658, eff. 3-23-21.)

(815 ILCS 125/0.01) (from Ch. 17, par. 2900) Sec. 0.01. Short title. This Act may be cited as the Foreign Corporation Lending Act. (Source: P.A. 86-1324.)

(815 ILCS 125/1) (from Ch. 17, par. 2901) Sec. 1. Investments and loans; transaction of business in Illinois. Except a corporation, person, or other entity that is required to be chartered, licensed, certified, registered, regulated, or supervised under State law other than the B…

(815 ILCS 130/0.01) (from Ch. 17, par. 5100) Sec. 0.01. Short title. This Act may be cited as the Revolving Charge Billing Act. (Source: P.A. 86-1324.)

(815 ILCS 130/1) (from Ch. 17, par. 5101) Sec. 1. Any bill, memorandum or other statement of account sent to a retail customer who has made a purchase under a revolving charge account where the consideration may be paid either in gross or in a series of monthly installments must …

(815 ILCS 130/2) (from Ch. 17, par. 5102) Sec. 2. If a bill, memorandum or other statement of account does not comply with Section 1, no interest, service charge, carrying charge or any amount other than the cash price, or balance thereof, for the goods or services giving rise to…

(815 ILCS 135/0.01) (from Ch. 17, par. 5800) Sec. 0.01. Short title. This Act may be cited as the Residential Improvement Loan Act. (Source: P.A. 86-1324.)

(815 ILCS 135/1) (from Ch. 17, par. 5801) Sec. 1. No person or corporation shall disburse funds to or for the account of, or as directed by a contractor pursuant to a loan transaction for improvement or repair of (including remodeling of and additions to) a residential structure …

(815 ILCS 135/2) (from Ch. 17, par. 5802) Sec. 2. No person or corporation shall disburse funds to or for the account of, or as directed by, a contractor pursuant to an issuance or transfer thereto of a negotiable instrument evidencing a loan for improvement or repair of (includi…

(815 ILCS 135/3) (from Ch. 17, par. 5803) Sec. 3. Such completion certificate shall be signed by the obligor of the loan and by the contractor performing the aforesaid work, shall be dated, and shall be in substantially the following form: COMPLETION CERTIFICATE We, the undersign…

(815 ILCS 135/3.1) (from Ch. 17, par. 5804) Sec. 3.1. When the obligor of the loan is induced by the contractor to sign a completion certificate before the contractor has performed the labor or delivered the materials as stated by such certificate, regardless of whether the oblig…

(815 ILCS 135/4) (from Ch. 17, par. 5805) Sec. 4. No funds shall be disbursed for the purposes described in this Act, which are in excess of the value of labor performed and materials delivered as certified in a duly executed and delivered completion certificate. (Source: Laws 19…

(815 ILCS 135/5) (from Ch. 17, par. 5806) Sec. 5. This Act does not apply to any loan made in accordance with the provisions of Subchapter 1 of Chapter 13 of Title 12 of the United States Code, which is designated as "Housing Renovation and Modernization". (Source: Laws 1963, p. …

(815 ILCS 135/6) (from Ch. 17, par. 5807) Sec. 6. A person or corporation convicted of any violation of this Act, including the execution, delivery or acceptance of a completion certificate with actual knowledge of a falsity contained therein, shall be guilty of a business offens…

(815 ILCS 137/1) Sec. 1. Short title. This Act may be cited as the High Risk Home Loan Act. (Source: P.A. 93-561, eff. 1-1-04.)

(815 ILCS 137/10) Sec. 10. Definitions. As used in this Act: "Approved credit counselor" means a credit counselor approved by the Director of Financial Institutions. "Bona fide discount points" means loan discount points that are knowingly paid by the consumer for the purpose of …

(815 ILCS 137/100) Sec. 100. Counseling prior to perfecting foreclosure proceedings. (a) If a high risk home loan becomes delinquent by more than 30 days, the servicer shall send a notice advising the borrower that he or she may wish to seek approved credit counseling. (b) The no…

(815 ILCS 137/105) Sec. 105. Right to cure. (a) Before an action is filed to foreclose or collect money due pursuant to a high risk home loan or before other action is taken to seize or transfer ownership of property subject to a high risk home loan, the lender or lender's assign…

(815 ILCS 137/110) Sec. 110. Mortgage Awareness Program. (a) The Mortgage Awareness Program is a counseling and educational component that must be provided by the Director and the Commissioner. (b) The core curriculum of the Mortgage Awareness Program shall include all of the fol…

(815 ILCS 137/115) Sec. 115. Report of default and foreclosure rates on conventional loans. (a) On or before October 1 and April 1 of each year, each servicer of Illinois residential mortgage loans shall report to the Commissioner or the Director the default and foreclosure data …

(815 ILCS 137/120) Sec. 120. Review and analysis. (a) The Commissioner or Director shall review and analyze the default and foreclosure rate data reports submitted under Section 115. (b) The reports and their analyses may be used for the following purposes: (1) In setting the sco…

(815 ILCS 137/125) Sec. 125. Third party review of high risk home loans. (a) In the case of any high risk home loan, the borrower shall be afforded the opportunity to seek independent review by the Office or the Department of the loan terms, in order to determine affordability of…

(815 ILCS 137/130) Sec. 130. Circumstances voiding mandatory arbitration provisions. Without regard to whether a borrower is acting individually or on behalf of others similarly situated, a mandatory arbitration provision of a high risk home loan agreement that is oppressive, unf…

(815 ILCS 137/135) Sec. 135. Remedies, enforcement, and limitations of liability. (a) The remedies provided in this Act are cumulative and apply to persons or entities subject to this Act. (b) Any knowing violation of this Act constitutes a violation of the Consumer Fraud and Dec…

(815 ILCS 137/145) Sec. 145. Subterfuge prohibited. No lender, with the intent to avoid the application or provisions of this Act, shall (i) divide a loan transaction into separate parts, (ii) structure a loan transaction as an open-end credit plan or another form of loan, or (ii…

(815 ILCS 137/15) Sec. 15. Ability to repay. A creditor or broker shall not transfer, deal in, offer, or make a high risk home loan if the creditor or broker does not believe at the time the loan is consummated that the borrower will be able to make the scheduled payments to repa…

(815 ILCS 137/150) Sec. 150. Preemption of administrative rules. Any relevant administrative rule promulgated before the effective date of this Act by the Department or the Office is preempted. (Source: P.A. 93-561, eff. 1-1-04.)

(815 ILCS 137/153) Sec. 153. Reporting of violations. The Office and the Department must report to the Attorney General all violations of this Act of which they become aware. (Source: P.A. 93-561, eff. 1-1-04.)

(815 ILCS 137/155) Sec. 155. Rulemaking. The Office and the Department may adopt reasonable rules to implement and administer this Act. (Source: P.A. 93-561, eff. 1-1-04.)

(815 ILCS 137/160) Sec. 160. Judicial review. All final administrative decisions 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. 93-561, eff. 1-1-04.)

(815 ILCS 137/165) Sec. 165. Waiver prohibited. There shall be no waiver of any provision of this Act, except as explicitly provided in subsection (h) of Section 110. (Source: P.A. 93-561, eff. 1-1-04.)

(815 ILCS 137/170) Sec. 170. Superiority of Act. To the extent this Act conflicts with any other Illinois State financial regulation laws, except the Interest Act, this Act is superior and supersedes those laws for the purposes of regulating high risk home loans in Illinois. (Sou…