IL SB3227

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

Removes redundant language by deleting one instance of "the" in Section 1 regarding licenses for making loans not exceeding $40,000.

Maintains existing prohibition on unlicensed persons making loans over the specified rate of interest without Director of Financial Institutions approval.

Allows Payday Loan Reform Act licensees to obtain a Consumer Installment Loan Act license exclusively for making title-secured loans as 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.