reglab/housing_qa huggingface dataset:
815 ILCS 122/1-15
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 1 - General Provisions

(815 ILCS 122/1-15)Sec. 1-15. Applicability.(a) Except as otherwise provided in this Section, this Act applies to any lender that offers or makes a payday loan to a consumer in Illinois.(b) The provisions of this Act apply to any person or entity that seeks to evade its applicability by any device, subterfuge, or pretense whatsoever.(c) Retail sellers who cash checks incidental to a retail sale and who charge no more than the fees as provided by the Check Cashing Act  per check for the service are exempt from the provisions of this Act.(d)  Banks, savings banks, savings and loan associations, credit unions, and insurance companies organized, chartered, or holding a certificate of authority to do business under the laws of this State or any other state or under the laws of the United States are exempt from the provisions of this Act.(e)  A lender, as defined in Section 1-10, that is an agent for a bank, savings bank, savings and loan association, credit union, or insurance company for the purpose of brokering, selling, or otherwise offering payday loans made by the bank, savings bank, savings and loan association, credit union, or insurance company shall be subject to all of the provisions of this Act, except those provisions related to finance charges.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/Art. 2 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

   Article 2.  Payday Loans  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/2-7
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-7. Wage assignments.  Any payday loan that is a transaction in which the lender accepts a wage assignment must meet the requirements of this Act, the requirements of the Illinois Wage Assignment Act, and the requirements of 16 C.F.R. 444.2(a)(3)(i)(2003, no subsequent amendments or editions are included). A violation of this Section constitutes a material violation of the Payday Loan Reform Act.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/2-10
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-10. Permitted fees.(a) If there are insufficient funds to pay a check, Automatic Clearing House (ACH) debit, or any other item described in the definition of payday loan under Section 1-10 on the day of presentment and only after the lender has incurred an expense, a lender may charge a fee not to exceed $25.  Only one such fee may be collected by the lender with respect to a particular check, ACH debit, or item even if it has been deposited and returned more than once. A lender shall present the check, ACH debit, or other item described in the definition of payday loan under Section 1-10 for payment not more than twice. A fee charged under this subsection (a) is a lender's exclusive charge for late payment.(a-5) A lender may charge a borrower a fee not to exceed $1 for the  verification required under Section 2-15 of this Act in connection with a payday loan. In no event may a fee be greater than the amount charged by the certified consumer reporting service. Only one such fee may  be collected by the lender with respect to a particular loan.(b) Except for the finance charges described in Section 2-5  and as specifically allowed by this Section, a lender may not impose on a consumer any additional finance charges, interest, fees, or charges of any sort for any purpose.  (Source: P.A. 100-1168, eff. 6-1-19; 101-658, eff. 3-23-21.)
815 ILCS 122/2-17
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-17. Consumer reporting services qualification and bonding.(a) Each consumer reporting service shall have at all times a net worth of not less than $1,000,000 calculated in accordance with generally accepted accounting principles.(b) Each application for certification under this Act shall be accompanied by a surety bond acceptable to the Department in the amount of $1,000,000.  The surety bond shall be in a form satisfactory to the Department and shall run to the State of Illinois for the benefit of any claimants against the consumer reporting service to secure the faithful performance of its obligations under this Act.  The aggregate liability of the surety may exceed the principal sum of the bond. Claimants against the consumer reporting service may themselves bring suit directly on the surety bond or the Department may bring suit on behalf of claimants, either in one action or in successive actions.(c) The surety bond shall remain in effect until cancellation, which may occur only after 90 days' written notice to the Department.  Cancellation shall not affect any liability incurred or accrued during that period.(d) The surety bond shall remain in place for 5 years after the consumer reporting service ceases operation in the State.(e) The surety bond proceeds and any cash or other collateral posted as security by a consumer reporting service shall be deemed by operation of law to be held in trust for any claimants under this Act in the event of the bankruptcy of the consumer reporting service.(f) To the extent that any indemnity or fine exceeds the amount of the surety bond described under this Section, the consumer reporting service shall be liable for that amount.(g) Each application for certification under this Act shall be accompanied by a nonrefundable investigation fee of $2,500, together with an initial certification fee of $1,000.(h) On or before March 1 of each year, each consumer reporting service qualified under this Section shall pay to the Department a certification fee in the amount of $1,000.(i) Each consumer reporting service shall maintain at all times an ID  Theft Red Flag Program that meets the standards established by the Federal  Trade Commission's Red Flags Rule, promulgated under the Fair and Accurate  Credit Transactions Act of 2003. (Source: P.A. 96-936, eff. 3-21-11.)
815 ILCS 122/2-25
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-25. Right to cancel future payment obligations. A consumer may cancel future payment obligations on a payday loan, without cost or finance charges, no later than the end of the second business day immediately following the day on which the payday loan agreement was executed.  To cancel future payment obligations on a payday loan, the consumer must inform the lender in writing that the consumer wants to cancel the future payment obligations on the payday loan and must return the uncashed proceeds, check or cash, in an amount equal to the principal amount of the loan.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/2-30
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-30. Rollovers prohibited.  Rollover of a payday loan by any lender is prohibited. This Section does not prohibit entering into a repayment plan, as provided under Section 2-40.  (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 122/2-35
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-35. Proceeds and payments.(a) A lender may issue the proceeds of a loan in the form of a check drawn on the lender's bank account, in cash, by money order, by debit card, or by electronic funds transfer.  When the proceeds are issued in the form of a check drawn on the lender's bank account, by money order, or by electronic funds transfer, the lender may not charge a fee for cashing the check, money order, or electronic funds transfer.  When the proceeds are issued in cash, the lender must provide the consumer with written verification of the cash transaction and shall maintain a record of the transaction for at least 3 years.(b) After each payment made in full or in part on any loan, the lender shall give the consumer making the payment either a signed, dated receipt or a signed, computer-generated receipt showing the amount paid and the balance due on the loan.(c) Before a loan is made, the lender must provide the consumer, or each consumer if there is more than one, with a copy of the loan documents described in Section 2-20.(d) The holder or assignee of any loan agreement or of any check written by a consumer in connection with a payday loan takes the loan agreement or check subject to all claims and defenses of the consumer against the maker.(e) Upon receipt of a check from a consumer for a loan, the lender must immediately stamp the back of the check with an endorsement that states:  "This check is being negotiated as part of a loan under the Payday Loan Reform Act, and any holder of this check takes it subject to all claims and defenses of the maker."(f) Loan payments may be electronically debited from the consumer's bank account.  Except as provided by federal law, the lender must obtain prior written approval from the consumer.(g) A consumer may prepay on a loan in increments of $5 or more at any time without cost or penalty.(h) A loan is made on the date on which a loan agreement is signed by both parties, regardless of whether the lender gives any moneys to the consumer on that date.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/2-45
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-45. Default.(a) No legal proceeding of any kind, including, but not limited to, a lawsuit or arbitration, may be filed or initiated against a consumer to collect on a payday loan until 28 days after the default date of the loan, or, in the case of a payday loan under a repayment plan, for 28 days after the default date under the terms of the repayment plan.(b) Upon and after default, a lender shall not charge the consumer any finance charges, interest, fees, or charges of any kind, other than the insufficient fund fee described in Section 2-10.(c) Notwithstanding whether a loan is or has been in default, once the loan becomes subject to a repayment plan, the loan shall not be construed to be in default until the default date provided under the terms of the repayment plan.  (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 122/2-50
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-50. Practices concerning members of the military.(a) A lender may not garnish the wages or salaries of a consumer who is a member of the military.(b) In addition to any rights and obligations provided under the federal Servicemembers Civil Relief Act, a lender shall suspend and defer collection activity against a consumer who is a member of the military and who has been deployed to a combat or combat support posting for the duration of the deployment.(c) A lender may not knowingly contact the military chain of command of a consumer who is a member of the military in an effort to collect on a payday loan.(d) Lenders must honor the terms of any repayment plan that they have entered into with any consumer, including a repayment agreement negotiated through military counselors or third-party credit counselors.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/2-51
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-51. Violation of Federal law constitutes a violation of this Act with respect to practices concerning members of the military and their dependents. Notwithstanding any other provision of law, a violation of any provision of Section 670 of the John Warner National Defense Authorization Act  for Fiscal Year 2007, Public Law 109-364, or any regulation adopted pursuant thereto shall be deemed to be a violation of this Act.  (Source: P.A. 97-413, eff. 1-1-12.)
815 ILCS 122/2-55
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-55. Information, reporting, and examination.(a) A licensee shall keep and use books, accounts, and records that  will enable the Secretary to determine if the licensee is complying with the  provisions of this Act and maintain any other records as required by the  Secretary.(b) A licensee shall collect and maintain information annually for a report that shall  disclose in detail and under appropriate headings:(1) the total number of payday loans made during the     preceding calendar year;(2) the total number of payday loans outstanding as     of December 31 of the preceding calendar year;(3) the minimum, maximum, and average dollar amount     of payday loans made during the preceding calendar year;(4) the average annual percentage rate and the     average term of payday loans made during the preceding calendar year; and(5) the total number of payday loans paid in full,     the total number of loans that went into default, and the total number of loans written off during the preceding calendar year.The report shall be verified by the oath or affirmation of the owner,  manager, or president of the licensee. The report must be filed with the  Secretary no later than  March 1 of the year following the year for which  the report discloses the information specified in this subsection (b). The  Secretary may impose upon the licensee a fine of $25 per day for each day  beyond the filing deadline that the report is not filed.(c) No later than July 31 of the second year following the effective date of this Act, the Department shall publish a biennial report that contains a compilation of aggregate data concerning the payday lending industry and shall make the report available to the Governor, the General Assembly, and the general public.(d) The Department shall have the authority to conduct examinations of  the books, records, and loan documents at any time.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/2-60
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

(815 ILCS 122/2-60)Sec. 2-60. Advertising.(a) Advertising for loans transacted under this Act may not be false,  misleading, or deceptive. Payday loan advertising, if it states a rate or amount of  charge for a loan, must state the rate as an annual percentage rate. No  licensee may advertise in any manner so as to indicate or imply that its   rates or charges for loans are in any way recommended, approved,  set, or established by the State government or by this Act.(b) If any advertisement to which this Section applies states the  amount of any installment payment, the dollar amount of any finance charge,  or the number of installments or the period of repayment, then the  advertisement shall state all of the following items:(1) The amount of the loan.(2) The number, amount, and due dates or period of     payments scheduled to repay the indebtedness if the credit is extended.(3) The finance charge expressed as an annual     percentage rate. (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/Art. 3 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 3 - Licensure

   Article 3.  Licensure  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/3-3
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 3 - Licensure

Sec. 3-3. Licensure requirement.(a) Except as provided in subsection (b), on and after the effective date of this Act, a person or entity acting as a payday lender must be licensed by the Department as provided in this Article.(b) A person or entity acting as a payday lender who is licensed on the effective date of this Act under the Consumer Installment Loan Act need not comply with subsection (a) until the Department takes action on the person's or entity's application for a payday loan license.  The application must be submitted to the Department within 9 months after the effective date of this Act. If the application is not submitted within 9 months after the effective date of this Act, the person or entity acting as a payday lender is subject to subsection (a).  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/3-10
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 3 - Licensure

(815 ILCS 122/3-10)Sec. 3-10. Closing of business; surrender of license. At least 10 days  before a licensee ceases operations, closes the business, or files for  bankruptcy, the licensee shall:(1) Notify the Department of its intended action in     writing.(2) With the exception of filing for bankruptcy,     surrender its license to the Secretary for cancellation. The surrender of the license shall not affect the licensee's civil or criminal liability for acts committed before or after the surrender or entitle the licensee to a return of any part of the annual license fee.(3) Notify the Department of the location where the     books, accounts, contracts, and records will be maintained.The accounts, books, records, and contracts shall be maintained and  serviced by the licensee, by another licensee under this Act, or by the Department.      (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/Art. 4 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

   Article 4.  Administrative Provisions  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-15
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-15. Bonding.(a) A person or entity engaged in making payday loans under  this Act shall post a bond to the Department in the amount of $50,000 for  each location where loans will be made, up to a maximum bond amount of  $500,000.(b) A bond posted under subsection (a) must continue in effect for the period of licensure and for 3 additional years if the bond is still available. The bond must be  available to pay damages and penalties to a consumer harmed by a violation  of this Act.(c) From time to time the Secretary may require a licensee to file a bond in an additional sum if the Secretary determines it to be necessary. In no case shall the bond be more than the outstanding liabilities of the licensee.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-20
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-20. Preemption of administrative rules. Any  administrative rule  promulgated prior to the effective  date of this Act by the Department regarding payday loans is  preempted.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-25
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-25. Reporting of violations. The Department shall report to the  Attorney General all material violations of this Act of which it becomes aware.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-30
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-30. Rulemaking; industry review.(a) The Department may make and enforce such reasonable rules, regulations, directions, orders, decisions, and findings as the execution and enforcement of the provisions of this Act require, and as are not inconsistent therewith. All rules, regulations, and directions of a general character shall be sent electronically to all licensees.(b) Within 6 months after the effective date of this Act, the Department shall promulgate reasonable rules regarding the issuance of payday loans by banks, savings banks, savings and loan associations, credit unions, and insurance companies. These rules shall be consistent with this Act and shall be limited in scope to the actual products and services offered by lenders governed by this Act.(c) After the effective date of this Act, the Department shall, over a 3-year period, conduct a study of the payday loan industry  to determine the impact and effectiveness of this Act. The Department  shall report its findings to the General Assembly within 3 months of the  third anniversary of the effective date of this Act. The study shall  determine the effect of this Act on the protection of consumers in this  State and on the fair and reasonable regulation of the payday loan industry. The  study shall include, but shall not be limited to, an analysis of the ability  of the industry to use private reporting tools that:(1) ensure substantial compliance with this Act,     including real time reporting of outstanding payday loans; and(2) provide data to the Department in an appropriate     form and with appropriate content to allow the Department to adequately monitor the industry.The report of the Department shall, if necessary, identify and recommend specific amendments to this Act to further protect consumers and to guarantee fair and reasonable regulation of the payday loan industry.    (Source: P.A. 98-44, eff. 6-28-13.)
815 ILCS 122/4-35
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-35. Judicial review. All final administrative decisions of the  Department under this Act are subject to judicial review pursuant to the  provisions of the Administrative Review Law and any rules adopted pursuant  thereto.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-40
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-40. No waivers. There shall be no waiver of any provision of  this Act.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-45
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

Sec. 4-45. Superiority of Act. To the extent this Act conflicts with  any other State financial regulation laws, this Act is superior and  supersedes those laws for the  purposes of regulating payday loans in Illinois, provided that nothing herein shall apply to any lender that is a bank, savings bank, savings and loan association, credit union, or insurance company organized, chartered, or holding a certificate of authority to do business under the laws of this State or any other state or under the laws of the United States.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/4-50
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 4 - Administrative Provisions

(815 ILCS 122/4-50)Sec. 4-50. Severability. The provisions of this Act are severable under Section 1.31 of the Statute  on Statutes.  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/Art. 90 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 90 - Amendatory Provisions

(815 ILCS 122/Art. 90 heading)   Article 90.  Amendatory Provisions (Text omitted)(Source: P.A. 94-13, eff. 12-6-05; text omitted.)
815 ILCS 122/Art. 99 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 99 - Effective Date

   Article 99.  Effective Date  (Source: P.A. 94-13, eff. 12-6-05.)
815 ILCS 122/99
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 99 - Effective Date

Sec. 99. (Renumbered).     (Source: Renumbered by P.A. 95-331, eff. 8-21-07.)