IL SB1563

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

Requires a license from the Director of Financial Institutions to engage in making loans up to $40,000 principal and charge interest rates above what unlicensed lenders are permitted.

Prohibits licensees, employees, and affiliates of the Payday Loan Reform Act from obtaining a license under this Act, with an exception allowing payday lenders to obtain a license 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, with control established at 25% or more ownership interest.