reglab/housing_qa huggingface dataset:
815 ILCS 122/99-99
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 99 - Effective Date

(815 ILCS 122/99-99) (was 815 ILCS 122/99)Sec. 99-99. Effective date. This Act takes effect 180 days after becoming law.       (Source: P.A. 94-13, eff. 12-6-05; 95-331, eff. 8-21-07.)
815 ILCS 175/Art. 5 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 5 - (This Article Compiled At 815 ILCS 602/5-1 Et Seq.)

(815 ILCS 175/Art. 5 heading) ARTICLE 5  (This Article compiled at 815 ILCS 602/5-1 et seq.)
815 ILCS 175/Art. 10 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 10 - (This Article Compiled At 815 ILCS 307/10-1 Et Seq.)

(815 ILCS 175/Art. 10 heading) ARTICLE 10  (This Article compiled at 815 ILCS 307/10-1 et seq.)
815 ILCS 175/Art. 15 heading
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

 ARTICLE 15
815 ILCS 175/15-1
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-1.     Short title.     This Article may be cited as the Illinois Loan  Brokers Act of 1995, and references in this Article to "this Act" mean this  Article.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-5
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-5.     Definitions.     As used in this Act, the terms  defined in the Sections following this Section and preceding  Section 15-6 have the meanings ascribed therein.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-5.03
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-5.03.     Borrower.     "Borrower" means any person who has signed an  agreement with a loan broker that provides for the services described in  Section 15-5.15, for compensation.    (Source: P.A. 90-70, eff. 7-8-97.)
815 ILCS 175/15-5.05
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-5.05.     Creditor.     "Creditor" means any person to whom  a loan is initially payable on the face of the note or contract  evidencing the loan.     (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-5.10
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-5.10.     Loan.     "Loan" means any agreement to advance  money or property in return for the promise to make payments for  the money or property.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-5.15
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-5.15.     Loan broker.(a) "Loan Broker" means any person who, in return for a fee, commission,  or other compensation from any person, promises to procure a loan for any  person or  assist any person in procuring a loan from any third party, or who  promises to consider whether or not to make a loan to any person.(b) Loan broker does not include any of the following:(1) Any bank, savings bank, trust company, savings     and loan association, credit union or any other financial institution regulated by any agency of the United States or authorized to do business in this State.(2) Any person authorized to sell and service loans     for the federal National Mortgage Association or the federal Home Loan Mortgage Corporation, issue securities backed by the Government National Mortgage Association, make loans insured by the federal Department of Housing and Urban Development, make loans guaranteed by the federal Veterans Administration, or act as a correspondent of loans insured by the federal Department of Housing and Urban Development or guaranteed by the federal Veterans Administration.(3) Any insurance producer or company authorized to     do business in this State.(4) Any person arranging financing for the sale of     the person's product.(5) Any person authorized to conduct business under     the Residential Mortgage License Act of 1987.(6) Any person authorized to do business in this     State and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate.   (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-5.20
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-5.20.     Person.     "Person" means an individual, a  corporation, trust, limited liability company, partnership, a joint stock  company, limited liability partnership,  incorporated or unincorporated  association, or any other entity.    (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-10
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-10.     Registration required.     It shall be unlawful for  any person to engage in the business of loan brokering unless  registered under this Act.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-15
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-15.         Application for registration; contents;  bond; issuance; effective date; consent to  Secretary of State as process agent.(a) In order to be registered under this Act a loan broker  shall file an application for registration with the Secretary of  State.  The application for registration shall contain:(1) the disclosure document required under subsection     (b) of Section 15-30 of this Act and the form of disclosure statement proposed to be used under item (1) of subsection (b) of Section 15-30 of this Act;(2) consent to service of process under subsection     (e) of this Section;(3) evidence of the bond required in subsection (b)     of this Section;(4) a fee in the amount as specified in subsection     (a) of Section 15-25 of this Act, and shall not be returnable in any event.(b) A loan broker  who engages in any loan brokerage transactions where the loan is subject to  the Truth-in-Lending Act  must maintain a bond satisfactory to the  Secretary of State in the amount of $25,000, which shall be in  favor of the State.(c) Whenever the provisions of this Act have been complied  with, the Secretary of State shall issue a certificate of  registration to the applicant, authorizing the applicant to engage  in the business of loan brokering.(d) An application for registration becomes effective 30 days  after it is filed, unless a certificate of the Secretary of  State  establishes an earlier effective date.  Every registration is  effective until January 1 of the year after it goes into effect.(e) Every applicant for registration shall file with the  Secretary of State, in such form as the Secretary of State may  prescribe by rule or regulation, an irrevocable consent appointing  the Secretary of State to be the applicant's agent to receive  service of any lawful process in any noncriminal suit, action or  proceeding against the applicant arising from the violation of any  provision of this Act.(f) An application shall be considered filed when all required  documentation and fees are received by the Office of the Secretary of State.    (Source: P.A. 90-70, eff. 7-8-97; 91-357, eff. 7-29-99.)
815 ILCS 175/15-20
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-20.     Renewal of registration.(a) A loan broker may not continue engaging in the business  of loan brokering unless the broker's registration is renewed  annually.  A loan broker shall renew the registration by filing  with the Secretary of State, at least 30 days before the  expiration of the registration, an application containing any  information the Secretary of State may require by rule or  regulation or order to indicate any material change from the  information contained in the applicant's original application or  any previous application.(b) An application for renewal must be accompanied by a  filing fee in the amount specified in subsection (a) of Section 15-25 of this  Act.  The application and fee is  not returnable in any event.(c) Notwithstanding the foregoing, applications for renewal of  registration of loan brokers may be filed within 30 days following the  expiration of the registration provided that the applicant pays the annual  registration fee together with an additional amount equal to the annual  registration fee and files any other information or documents that the  Secretary of State may prescribe by rule or order.  Any application filed  within 30 days following the expiration of the registration shall be  automatically effective as of the time of the earlier expiration provided that  the proper fee has been paid to the Secretary of State.    (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-25
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-25.         Fees and funds; accounting and deposit in Securities Audit  and Enforcement Fund.(a) The Secretary of State shall by rule or regulation impose  and shall collect fees necessary for the administration of this  Act including, but not limited to, fees for the following purposes:(1) filing an application pursuant to Section 15-15     of this Act;(2) examining an application pursuant to Section     15-15 or Section 15-20 of this Act;(3) registering a loan broker pursuant to Section     15-15 of this Act;(4) renewing registration of a loan broker pursuant     to Section 15-20 of this Act;(5) failure to file or file timely any document or     information required under this Act;(6) acceptance of service of process pursuant to     Section 15-95;(7) issuance of certification pursuant to Section     15-50; or(8) late registration fee pursuant to Section     15-20(c).(b) The Secretary of State may, by rule or regulation, raise  or lower any fee imposed by this Act, and which he or she is  authorized by law to collect under this Act.(c) All fees and funds accruing for the administration of  this Act shall be accounted for by the Secretary of State and  shall be deposited with the State Treasurer who shall deposit them  in the Securities Audit and Enforcement Fund.    (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-30.5
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-30.5.     Exemption from disclosure requirement.     The disclosure  requirement of Section 15-30 shall not apply where the borrower to be  represented by the loan broker:(a) Is a natural person who has, or is reasonably     believed by the loan broker relying upon this Section to have, a net worth or joint net worth with that person's spouse in excess of $1,000,000 at the time of the execution of the loan broker agreement;(b) Is a natural person who has, or is reasonably     believed by the loan broker relying upon this Section to have, an income or joint income with that person's spouse in excess of $200,000 in the most recent applicable fiscal year;(c) Is a person who is not a natural person who has,     or is reasonably believed by the loan broker relying upon this Section to have, total assets having a value of $1,000,000 and has been in existence for at least nine months and was not formed for the purposes of the transaction;(d) Is a person who is not a natural person who has,     or is reasonably believed by the loan broker relying upon this Section to have, gross revenue in excess of $200,000 in the most recent applicable fiscal year and has been in existence for at least nine months and was not formed for the purposes of this transaction;(e) Is a person who is not a natural person in which     at least 90% of the equity interest is owned, or is reasonably believed by the loan broker relying upon this Section to be owned, by persons who meet any of the tests set forth in this subsection; or(f) Has had an attorney review the loan broker's     contract.    A loan broker may rely upon a statement signed by the borrower that such  borrower is any of the categories enumerated above.    (Source: P.A. 90-70, eff. 7-8-97.)
815 ILCS 175/15-35
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-35.         Contracts required to be in writing; retention of  copy by borrowing party.  To be enforceable, every contract for  the services of a loan broker shall be in writing and signed by  all contracting parties.  The borrowing party and loan broker shall retain  a copy of the signed contract at the time it is signed.  The loan broker shall retain a copy of the contract for a period of 6  years.    (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
815 ILCS 175/15-40
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-40.         Denial, suspension or revocation of registration;  orders and hearing.(a) The Secretary of State may deny, suspend or revoke the  registration of a loan broker if the loan broker:(1) Fails to maintain the bond required under     subsection (b) of Section 15-15 of this Act.(2) Is insolvent.(3) Has violated any provision of this Act.(4) Has filed with the Secretary of State any     document or statement containing any false representation of a material fact or omitting to state a material fact.(5) Has been convicted, within 10 years before the     date of the application, renewal or review, of any crime involving fraud or deceit.(b) The Secretary of State may not enter a final order  denying, suspending or revoking the registration of a loan broker  without prior notice to all interested parties, opportunity for a  hearing and written findings of fact and conclusions of law.  The  Secretary of State may by summary order deny, suspend or revoke a  registration pending final determination of any proceeding under  this Section.  Upon the entry of a summary order, the Secretary of  State shall promptly notify all interested parties that it has  been entered, of the reasons for the summary order and, that upon  receipt by the Secretary of State of a written request from a  party, the matter will be set for hearing which shall be conducted  in accordance with the provisions of the Illinois Administrative  Procedure Act.  If no hearing is requested within 30 days  of the entry of the order and none is ordered by  the Secretary of State, the order remains in effect until it is modified  vacated, or superseded by a final order. A final order may be entered by the  Secretary of State against any party who fails to request a hearing within 30  days of the entry of the summary order.  If a hearing is  requested or ordered, the Secretary of State, after notice of the  hearing has been given to all interested persons and the hearing  has been held, may modify or vacate the order, extend it until  final determination, or issue a final order.    (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
815 ILCS 175/15-50
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-50.     Evidentiary matters.(a) Certified copies of documents or records  admissible in actions or proceedings under this Act.  Copies of  any statement or document filed with the Secretary of State, and  copies of any records of the Secretary of State, certified to by  the Secretary of State are admissible in any prosecution, action,  suit or proceeding based upon, or arising out of or under, the  provisions of this Act to the same effect as the original of the  statement, document or record would be if actually produced.(b) In any action, administrative, civil, or criminal, a certificate under  the seal of the State of Illinois,  signed  by  the  Secretary  of State,  attesting  to  the filing of or the absence of the filing of any  document or record with the Secretary of State  under  this  Act,  shall  constitute prima facie evidence of the filing or of the absence of the filing,  and shall be admissible in evidence in any administrative,  criminal, or civil action.(c) Any certificate pursuant to subsection (a) or (b) of this Section shall  be furnished by the Secretary of State upon  application  therefor in  the  form and in the manner prescribed by the Secretary of  State by rule, and shall be accompanied by payment of a  non-refundable  certification  fee in  the  amount specified by rule or order of the Secretary of State.    (Source: P.A. 92-308, eff. 1-1-02.)
815 ILCS 175/15-60
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-60.         Violations; liability of loan broker to damaged  parties; rights of prospective borrower.  A person who violates  this Act, in connection with a contract for the services of a loan  broker, is liable to any person damaged by the violation, for the  amount of the actual damages suffered, interest at the legal rate,  and attorney fees.  If a loan broker violates any provision of  this Act, in connection with a contract for loan brokering  services, the contract is void, and the prospective borrower is  entitled to receive from the loan broker all sums paid to the loan  broker, with interest and any attorney's fee required to enforce  this Section.  Any provision of this Section to the contrary notwithstanding, the civil  remedies of this Section shall not be available against any person by reason of  failure to comply with the requirements of Section 15-75 of this Act.    (Source: P.A. 89-209, eff. 1-1-96; 90-70, eff. 7-8-97.)
815 ILCS 175/15-65
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-65.     Violation.       Any person who willfully violates this Act commits a Class 4  felony.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-70
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-70.         Rescission of contract under Truth-in-Lending Law;  notice to creditor.(a) If a transaction for which a loan broker has charged any  fee or collected any costs is rescinded by any person under the  provisions of the Truth-in-Lending Law, 15 U.S.C. 1601-1667e,  within 20 calendar days after a notice of the rescission has been  delivered to the creditor, the loan broker shall return to the  person any money or property that has been given to the loan  broker, including property or money the loan broker delivered or  directed to third parties.(b) For purposes of calculating the time period during which  a person may rescind a contract under this Section, a contract with  a loan broker shall be considered to be a sale of services that  occurs on the date the person receives the disclosure document  required by Section 15-30 of this Act.    (Source: P.A. 89-209, eff. 1-1-96.)
815 ILCS 175/15-75
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 175/ - Illinois Loan Brokers Act of 1995.|Article 15

Sec. 15-75.         Account numbers required; retention and maintenance of  records.(a) Each loan broker agreement shall be given an account  number and all instruments taken in connection with that agreement  must bear this number.  Each loan broker shall keep and maintain  the following records or their equivalent:(1) A loan agreement register that consists of a     chronological listing of all loan broker agreements that have been entered into.  For each loan broker agreement the register shall contain the following:(A) The account number.(B) The date of the agreement.(C) The name of the borrower or any proposed         borrower.(D) The amount of any fees charged.(E) The cost and type of any insurance required.(2) A file for each borrower or proposed borrower     shall contain the following:(A) The name and address of the borrower or any         proposed borrower.(B) A copy of the signed loan broker agreement.(C) A copy of any other papers or instruments         used in connection with the loan broker agreement and signed by the borrower or any proposed borrower, including a copy of the disclosure document required by Section 15-30 of this Act that contains an acknowledged receipt by the borrower or any proposed borrower.(D) If a loan was obtained for the borrower, the         name and address of the creditor.(E) If a loan is accepted by the borrower, a copy         of the loan agreement.(F) The amount of the loan broker's fee that the         borrower has paid.  If there is an unpaid balance, the status of any collection efforts.(3) All receipts from or for the account of borrowers     or any proposed borrowers and all disbursements to or for the account of borrowers or any proposed borrowers, recorded so that the transactions are readily identifiable.(4) A general ledger that shall be posted at least     monthly, and a trial balance sheet and profit and loss statement prepared within 30 days of the Secretary of State's request for the information.(5) A copy of:(A) All advertisements, pamphlets, circulars,         letters, articles or communications published in any newspaper, magazine or periodical.(B) Scripts of any recording, radio or television         announcement.(C) Any sales kits or literature to be used in         solicitation of borrowers.(b) The records listed in subsection (a) of this Section  shall be kept for a period of 6 years in the loan broker's  principal office and must be separate or readily identifiable from  the records of any other business that is conducted in the office  of the loan broker.    (Source: P.A. 89-209, eff. 1-1-96.)