IL HB5357

Amends the Consumer Installment Loan Act by making a technical change to Section 1 regarding licensing requirements for lenders.

Clarifies that entities must obtain a license from the Director of Financial Institutions to make loans up to $40,000 and charge interest rates exceeding standard legal limits.

Prohibits Payday Loan Reform Act licensees and their employees or affiliates from obtaining licenses under this Act, with an exception allowing them to obtain licenses exclusively for making title-secured loans.

Defines "affiliate" as any person or entity that directly or indirectly controls, is controlled by, or shares control with another entity, including those with 25% or more ownership interest.