IL SB2584

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

Makes a grammatical correction by changing "the the" to "the" in the licensing requirement language.

Clarifies that licensees under the Payday Loan Reform Act are generally prohibited from obtaining a license under the Consumer Installment Loan Act, 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 person or entity, with control defined as an ownership interest of 25% or more.