IL SB1734

Amends the Consumer Installment Loan Act (205 ILCS 670/1) to make a technical change to Section 1 concerning licensing requirements for consumer installment loans.

Removes duplicate language ("the" appears twice) in the section describing the license requirement to engage in making loans not exceeding $40,000 in principal amount.

Prohibits licensees under the Payday Loan Reform Act and their employees or affiliates from obtaining a license under the Consumer Installment Loan Act, with a narrow exception for 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 person or entity, with control defined as 25% or more ownership interest.