IL HB3935

Engages in business as a Consumer Installment Loan lender without a license constitutes a Class 4 felony.

Loans made by unlicensed persons to Illinois consumers under the Consumer Installment Loan Act or Payday Loan Reform Act are null and void, with no right to collect principal, interest, or charges.

Borrowers may recover reasonable attorney's fees and court costs from licensees for violations of specified sections, with recovered amounts reducing the loan balance due.

A license may be revoked if the licensee or any directors, managers, partners, or officers are convicted of a felony.

The Secretary may issue fines up to $10,000 per violation, cease and desist orders, and suspend or revoke licenses for violations of the acts or failure to comply with regulations; hearings must be scheduled within 30 days of request.