SB3535 Summary

• Allows licensed businesses under the Currency Exchange Act, Consumer Installment Loan Act, and Payday Loan Reform Act to offer products/services permitted under any of these acts, provided they hold the appropriate license for each service.

• Reduces maximum fines from $10,000 to $500 per violation type annually under Consumer Installment Loan and Payday Loan Reform Acts, but only after licensee fails to correct violation within 30 days of notification.

• Limits examinations of licensee books and records to no more than 4 hours during a single business day, with licensees paying maximum $250 annually for all examinations under each act.

• Reduces payday loan license annual fee from $1,000 to $450 and caps hearing costs at $100 per licensee.

• Allows payday loan licensees to conduct other businesses in their office with Secretary approval unless the Secretary finds the business would conceal or facilitate violation of the Act; specifically permits sales finance agency, insurance sales, insurance premium financing, and Illinois Financial Services Development Act loans without prior approval.