SB1758 Summary

• Amends Consumer Installment Loan Act to define "substantially equal installment" to allow a final payment that is no more than 5% larger than previous payments, providing flexibility in loan repayment schedules.

• Prohibits lenders from conditioning extension of credit on consumers' use of preauthorized electronic fund transfers; payment methods including ACH transactions must be offered as optional choices rather than requirements.

• Amends Illinois Securities Law to expand "investment adviser representative" definition to include recommendations on "investment products" and adds authority for Secretary of State to enforce securities law regarding "covered securities."

• Amends Payday Loan Reform Act to add substantially equal installment definition matching the Consumer Installment Loan Act amendment, allowing final payments up to 5% larger than previous scheduled payments on installment payday loans.

• Makes technical modifications to investment adviser registration requirements and definitions under the Illinois Securities Law of 1953.