IL SB2383

Amends the Consumer Installment Loan Act to require that no licensee conduct loan business in any office where other businesses operate unless those businesses are licensed by a state authority or approved in writing by the Director of Financial Institutions as not contrary to consumer interests.

Amends the Payday Loan Reform Act to prohibit licensees from conducting loan business in shared offices unless other businesses are state-licensed or approved in writing by the Secretary of Financial and Professional Regulation as in consumers' best interests.

Increases the maximum term for installment payday loans from 180 days to 182 days, affecting loan refinancing limits and consecutive debt periods.

Removes restrictions that previously prevented Payday Loan Reform Act licensees from obtaining Consumer Installment Loan Act licenses, except for title-secured loans.

Takes effect immediately upon becoming law.