IL HB1323

Amends the Payday Loan Reform Act to require the Department to establish and publish a schedule of fines reasonably tailored to ensure compliance, including remedial measures intended to improve licensee compliance, with standards and procedures set forth in rules.

Establishes that unlicensed lenders making payday loans to Illinois consumers shall have those loans declared null and void with no right to collect principal, interest, or charges.

Amends the Consumer Installment Loan Act to require the Department to establish and publish a schedule of fines that are reasonably tailored to ensure compliance and include remedial measures intended to improve licensee compliance.

Authorizes the Secretary to issue fines up to $10,000 per violation, cease and desist orders, and suspend or revoke licenses for violations of the Payday Loan Reform Act, with hearings required within 30 days of request.

Specifies that any material violation of the Payday Loan Reform Act, including prohibited acts, constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act, with unenforceable contract provisions against consumers.