IL SB1747

Amends the Consumer Installment Loan Act (205 ILCS 670/1) with a technical correction to Section 1 regarding licensing requirements for loan businesses.

Requires a license from the Director of Financial Institutions to engage in the business of making loans not exceeding $40,000 principal amount while charging interest rates higher than permitted under general law.

Prohibits licensees under the Payday Loan Reform Act and their employees or affiliates from obtaining a license under this Act, with an exception for making title-secured loans as defined in Section 15 and governed by Illinois Administrative Code Title 38, Section 110.300.

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.