SB3473 Summary

• Amends the Consumer Installment Loan Act to make a technical change to Section 1 concerning licensing requirements for making loans not exceeding $40,000.

• Removes duplicate language in the licensing provision by deleting one instance of "the" in the text describing the business of making loans.

• Maintains existing restrictions prohibiting licensees under the Payday Loan Reform Act from obtaining a Consumer Installment Loan license, except for the exclusive purpose of making title-secured loans as defined in Section 15 of the Act.

• Defines "affiliate" as any person or entity that directly or indirectly controls, is controlled by, or shares control with another entity, with control defined as ownership interest of 25% or more.