IL SB1314

Amends the Consumer Installment Loan Act (205 ILCS 670/1) to make a technical change to licensing requirements for making loans not exceeding $40,000 in principal amount.

Requires a license from the Director of Financial Institutions before engaging in the business of making consumer installment loans and charging interest rates above what non-licensees are permitted.

Prohibits payday loan licensees and their employees or affiliates from obtaining a consumer installment loan license, except that payday lenders may obtain a license exclusively for 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, including entities with 25% or more ownership interest.