reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.40 - File of Original Papers

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Files
1) A separate file shall be maintained
			 for each consumer and shall contain the loan agreement, security agreement,
			 wage assignment, acknowledged copy of the disclosure statement of loan, a
			 separately signed statement indicating the borrower has received a copy of the
			 lender's right to rescind, and all other evidence of indebtedness or security
			 pertaining to the loan, except when these documents are in the custody of a
			 court or of an agent for collection, or are hypothecated as provided in Section
			 210.90. Evidence
			 of disclosure must be retained for two years from the date of the loan. A
			 licensee may maintain these files in any medium or format that accurately
			 reproduces original documents or papers.
2) When a consumer is also a co-maker or
			 consumer on another loan, the file of that consumer shall be cross-referenced
			 to the other, unless a cross-reference is included on the alphabetical record
			 required by Section
			 210.60.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.50 - Cash Book

Current through Register Vol. 48, No. 28, July 12, 2024
a) All receipts and
			 disbursements of any amount whatsoever shall be entered on the day they occur
			 in the cash book or equivalent record. Separate headings shall be provided for
			 payments on principal and for fees collected from consumers.
b) The cash book shall be a permanent record
			 of all details of income and disbursements, including all entries to individual
			 accounts of borrowers.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.60 - Alphabetical Record of Co-Makers, Consumers or Guarantors

Current through Register Vol. 48, No. 28, July 12, 2024
The alphabetical record shall show the account number and the
				name of each co-maker, consumer or guarantor who is currently indebted to the
				licensee, together with sufficient information to locate the account record. A
				licensee may maintain these files in any medium or format that accurately
				reproduces original documents or papers.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.65 - Permanent File

Current through Register Vol. 48, No. 28, July 12, 2024
Each licensee must maintain a permanent file that includes the
				following:
a) A copy of all
			 correspondence sent to or received from the Division within the past 24
			 months.
b) A copy of the last two
			 examination exception reports and any related correspondence.
c) A copy of the Act and a copy of this
			 Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.70 - Payments and Refunds

Current through Register Vol. 48, No. 28, July 12, 2024
a) All payments
			 shall be credited on the account record as of the date received.
b) When a payment is made in cash, the
			 licensee shall give a receipt to the consumer. A receipt is not required for
			 payment by check or money order unless requested by the consumer.
c) When any loan contract is paid in full,
			 the licensee shall refund any unearned finance charge. The unearned finance
			 charge that is refunded shall be calculated based on a method that is at least
			 as favorable to the consumer as the actuarial method, as defined by the federal
			 Truth in Lending Act (15 USC
			 1601 et seq.) and Regulation Z, Appendix J
			 (12 CFR 226 (2011); this incorporation by reference includes no subsequent
			 dates or editions). The Department will post to its website a method of rebate
			 calculation that conforms with Appendix J.
Licensees may submit to the Department requests for approval of
				additional methods of rebate calculation that conform to Appendix J. All
				methods approved by the Department will be posted on the Department's website.
				The Department shall make its best efforts to respond to all licensee requests
				for use of a method. The use of any posted method will constitute compliance
				with the requirements of this subsection (c). The sum of the digits or rule of
				78 method of calculating prepaid interest refunds is
				prohibited.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.72 - Loan Terms

Current through Register Vol. 48, No. 28, July 12, 2024
a) No lender may
			 make a payday loan to a consumer if the total of all payday loan payments
			 coming due within the first calendar month of the loan, when combined with the
			 payment amount of all of the consumer's other outstanding payday loans coming
			 due within the same month, exceeds the lesser of:
1) $1,000; or
2) in the case of one or more payday loans,
			 25% of the consumer's gross monthly income;
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.80 - Cancellation and Return of Documents

Current through Register Vol. 48, No. 28, July 12, 2024
The loan agreement executed by the consumer bearing evidence of
				indebtedness shall be cancelled and returned to the consumer promptly following
				the paid in full date or upon cancellation of future payment obligations
				pursuant to Section 2-25 of the Act. Where original documents are not
				available, a licensee shall substitute copies reproduced from any medium or
				format that accurately reproduces the original documents. If an executed copy
				of a legal document is retained following payment in full or renewal, it must
				be clearly marked "PAID", "CANCELLED" or "RENEWED", indicating the date of
				payment or renewal. Copies clearly identified with the legend "COPY NOT
				NEGOTIABLE" or similar language may be used in lieu of this
				requirement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.90 - Hypothecation at the Time of the Sale of Consumer's Loan Agreement

Current through Register Vol. 48, No. 28, July 12, 2024
a) A licensee may
			 pledge, hypothecate or sell a loan agreement made under the provisions of the
			 Act under the following conditions:
1) the
			 licensee notifies the Division in writing within 10 days after the transaction
			 indicating the name of the purchaser/pledgee, location where the related loan
			 agreements can be examined, and that the licensee shall be responsible for all
			 examination costs.
2) the licensee
			 will provide the Division with an executed agreement entered into by the
			 licensee and the purchaser/pledgee authorizing the Director to conduct an
			 examination of these loan agreements.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.100 - Legal Forms

Current through Register Vol. 48, No. 28, July 12, 2024
a) Submission
			 to the Division
1) All forms of loan
			 agreements, security agreements or assignments of wages or other forms used in
			 connection with the making of loans shall be submitted to the Division prior to
			 the conduct of business in the licensed location; provided, however, where the
			 licensee or affiliate is engaged in the same business and licensed by this
			 Division, the use of forms in the new location identical to those being used in
			 the existing location shall not require filing. Notice of intent to use
			 identical forms (change of name excepted) should be provided the Division by
			 the licensee.
2) Should the
			 licensees at any time following submission of forms modify the forms previously
			 submitted, the forms as modified shall be submitted to the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.110 - Judgments

Current through Register Vol. 48, No. 28, July 12, 2024
a) When a loan
			 agreement has been reduced to judgment, the face of the account record shall
			 show the amount and date of the judgment.
b) All payments received shall be applied to
			 the judgment balance and be properly identified. The rate of interest charged
			 on a judgment balance must comply with current applicable statutes. No higher
			 rate of interest or charge shall be assessed or accepted.
c) The files of the licensee shall contain
			 statements setting forth the following items:
1) Date of judgment.
2) Copy of the judgment.
3) Date suit was filed.
4) Amount of the judgment.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.120 - Trouble File

Current through Register Vol. 48, No. 28, July 12, 2024
A separate and complete file shall be kept containing all
				records pertaining to judgments and sales. These records shall be filed
				alphabetically under the name of the consumer or by account
				number.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.125 - Schedule of Fines

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 Department may assess fines on any licensee or unlicensed person or entity that
			 violates, through any act or omission, any provision of the Act or the Act's
			 implementing regulations, and shall determine the amount of the fine pursuant
			 to this Section:
1) Fine Schedule:
Tier
Conduct
Fine Amount
Tier 1
For each identified act or omission related to
						  information disclosure, information reporting, advertising, document
						  maintenance, or other similar statutory and regulatory requirements.
A fine not to exceed $1,000 per violation except as
						  provided for in Tier 3.
Tier 2
For each identified act or omission related to the
						  terms of a loan, fees, costs, or charges, ancillary products, security
						  interests, underwriting, servicing, collection or any other act or omission not
						  expressly covered by Tiers 1 or 3.
A fine not to exceed $5,000 per violation except as
						  provided for in Tier 3.
Tier 3
For each identified act or omission that is prohibited
						  under Section 122/4-5 of the Act or any action or omission that is an
						  intentional or reckless violation of the Act regardless of type.
A fine not to exceed $10,000 per violation.
2) In
			 determining the amount of any fine assessed under subsection (a)(1), if any,
			 the Department will take into account the totality of the circumstances,
			 including, but not limited to:
A) Proactive
			 consumer remediation provided by the licensee or unlicensed person or entity to
			 address harm caused by the act or omission;
B) Extent of direct consumer harm;
C) Frequency or pervasiveness of the act or
			 omission;
D) Adequacy of compliance
			 policies, procedures, and practices to avoid recurrence of the act or omission
			 and/or agreement to alter compliance policies, procedures, and practices to
			 avoid recurrence of the act or omission in the future;
E) History of compliant or non-compliant
			 behavior, including past legal violations;
F) Cooperation with the Department in its
			 regulatory and examination activities; and
G) Any other remedial measures the licensee
			 or unlicensed person or entity has undertaken or has agreed to undertake in the
			 future.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.130 - Office and Office Hours

Current through Register Vol. 48, No. 28, July 12, 2024
Every licensee shall maintain a place of business to which the
				general public shall have free access and where all obligations entered into
				shall be payable.
a) Except as
			 provided in subsection (c), or otherwise authorized by the Division, each
			 licensed office shall be open not less than three consecutive hours between
			 8:00 A.M. and 6:00 P.M. on every business day, except Saturdays, Sundays and
			 legal holidays, during the term of the license, and the licensee shall file
			 with the Division a schedule of the hours during which it elects to keep the
			 office open, provided that any licensee may keep its office open for any period
			 it sees fit in addition to the hours listed in the schedule.
b) Whenever a licensee desires to change its
			 schedule of office hours on file with the Division, it may do so upon filing
			 with the Division a schedule setting forth the change of time at least three
			 days before the change shall go into effect. The schedule of hours shall be
			 prominently displayed in the place of business of the licensee.
c) If any payment shall be due on any
			 obligations to a licensee on any closed day, then the payment shall be
			 considered, for all purposes, as having been received on the closed day, if the
			 payment is received, whether through the mail or otherwise, at any time before
			 the close of business on the next regular business day following the closed
			 day.
d) The license of each
			 licensee and the annual license fee renewal certificate shall be prominently
			 displayed and be made available for easy reading by the public in the place of
			 business of the licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.140 - Advertising

Current through Register Vol. 48, No. 28, July 12, 2024
a) Licensees shall
			 not make reference in any form of advertising, such as newspapers, circulars,
			 letters, radio, or other media, to "low rates", "lower rates", "lowest rates"
			 or "lowest cost", nor shall licensees indicate, by direct or indirect means,
			 through such expression as "low cost", "lower cost", "low payments", "lower
			 payments" or "easier to repay", that the charges or payments for a loan are
			 low.
b) Upon specific request by
			 the Division, licensees shall forward to the Supervisor of the Consumer Credit
			 Section the complete text of all advertising copy, whether printed or
			 broadcast, that is the subject of questions raised concerning compliance with
			 the Act.
c) A licensee may indicate
			 in advertising and otherwise that its business is "regulated", "examined",
			 "supervised" or "licensed" by the State of Illinois. A licensee may not
			 advertise in a false, misleading or deceptive manner or imply or indicate that
			 the rates or charges for loans made are "approved", "set" or "established" by
			 the State or by the Act.
d) The
			 licensee shall not advertise the conduct of business other than at the licensed
			 location or other location approved by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.150 - Other Business

Current through Register Vol. 48, No. 28, July 12, 2024
No other business, except one licensed by the Department, may
				be conducted within any office suite, room or place of business in which any
				other businessis solicited or engaged in unless authorized in writing by the
				licensed location unless authorized in writing by the Director. [815
				ILCS 122/3-5(g) ] If written
				authorization is required pursuant to Section 3-5(g) of the Act, the Director's
				authorization will be predicated upon the licensee agreeing to the
				following:
a) That the authorization
			 will not conceal nor facilitate concealment of an evasion of the Act;
b) To comply with any State or federal
			 statute or regulation;
c) To obtain
			 any license or registration required by a federal, State or local government
			 agency to engage in the other business authorized;
d) That the Division may examine all records
			 and investigate any or all transactions of the licensee;
e) The Director retains the right, upon
			 notice and opportunity to be heard, to alter, amend or revoke an other business
			 authorization;
f) That, if any
			 federal or State statute or regulation, regardless of when enacted, prohibits
			 the activity, the authorization shall become null and void
			 immediately;
g) At the time of
			 making a request, the licensee shall pay to the Director a nonrefundable other
			 business authorization request fee of $100;
h) At the time of renewing the annual
			 license, the licensee shall pay to the Director the sum of $25 for each other
			 business authorization. Regardless of the number of licensed locations, only
			 one fee per other business authorization is required.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.160 - Examination Remittances

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Licensees shall forward all examination remittances, as provided in Section
			 3-5(e) of the Act, to the Division at any address designated by the
			 Director.
b) All fees and charges
			 shall be remitted in the form of a check, draft or money order to the
			 Department of Financial and Professional Regulation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.170 - General

Current through Register Vol. 48, No. 28, July 12, 2024
a) Notary fees
			 shall not be charged to or collected from the consumer.
b) Examination of Records
1) The Division may examine all records and
			 investigate any or all transactions in the office of the licensee and shall
			 charge the licensee $400 for each examiner day or portion of an examiner
			 day.
2) The examination of the
			 books and records of the licensee may be conducted concurrently with the
			 examination of any other business conducted by the licensee that is regulated
			 or licensed by the Division. A separate charge shall be made for each examiner
			 day or portion of an examiner day.
3) The Division may conduct an examination
			 for the purpose of verifying that the licensee has taken necessary actions to
			 correct violations of the Act or this Part and shall charge the licensee $550
			 for each examiner day or portion of an examiner day, when the Director
			 determines the verification examination must be performed on site at any
			 facility of the licensee.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.180 - Relocation

Current through Register Vol. 48, No. 28, July 12, 2024
a) Whenever a
			 licensee desires to change the licensed place of business to a location other
			 than that set forth in the license and the proposed site is 15 miles or less
			 from the current location, the licensee shall provide the Division with the
			 following at least 10 days prior to the relocation:
1) A written notice providing the complete
			 address of the new location;
2)
			 Photographs of both the exterior and interior of the new location;
3) A written sworn statement that the new
			 location will not share the premises with that of another business and the
			 exact distance in miles between the existing location and new
			 location;
4) A relocation fee of
			 $300; and
5) The original license
			 for endorsement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.190 - Name Change

Current through Register Vol. 48, No. 28, July 12, 2024
Whenever the licensee desires to amend the name of the licensed
				business, the licensee shall submit to the Division, within 15 days after
				amending the name, the following:
a)
			 $300 amended name change fee.
b)
			 Amended Articles of Incorporation, if the licensee is a corporation, or amended
			 organization papers, if the licensee is an entity other than a
			 corporation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.210 - Off-Site Records

Current through Register Vol. 48, No. 28, July 12, 2024
With the Director's prior written approval, the licensee may
				retain records at a location other than the licensed location. The licensee
				shall make a written request that shall include the following:
a) Address of off-site location.
b) Contact person and telephone number at the
			 off-site location.
c) Statement
			 that all books, records and account information shall be made available within
			 72 hours after the Division's request at either the licensed location or the
			 off-site location.
d) At the
			 Director's discretion, the examination may be conducted at either the licensed
			 location or the off-site location.
e) The licensee will pay for all examination
			 expenses.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.220 - Servicing of Accounts by Contract

Current through Register Vol. 48, No. 28, July 12, 2024
Upon prior approval of the Director, the licensee may contract
				with a third party provider for servicing of accounts (e.g., processing of
				payments, collections, etc.). A request for the Director's approval shall be in
				writing and shall include the following:
a) Name and address of proposed
			 servicer;
b) Executed contract,
			 conditioned upon approval by the Director, between licensee and
			 servicer;
c) Contact person and
			 telephone number of the servicer;
d) A statement that the licensee will make
			 all books, records, and account information readily available for examination
			 by the Division;
e) A statement
			 that the licensee will pay all examination expenses; and
f) Written consent of servicer for the
			 Division to conduct its examination.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.230 - Revocation or Suspension of License

Current through Register Vol. 48, No. 28, July 12, 2024
If it is determined that the Director had the authority to
				issue the suspension or revocation of a license pursuant to Section 4-10(f) of
				the Act, he or she may issue orders as may be reasonably necessary to correct,
				eliminate or remedy the situation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.240 - Consumer Written Verification of Compliance with Act

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to the implementation of a certified
			 database and in the absence of the availability of a certified database, a
			 consumer written verification form must be completed to verify that a proposed
			 loan agreement is permissible under the Act.
b) The written verification must be in a form
			 approved by the Director.
c) The
			 consumer must complete and sign the form attesting that the consumer
			 understands that the lender making the loan under the Act is relying on the
			 verification to determine whether the loan for which the consumer applied is
			 permissible under the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.250 - Gross Monthly Income Verification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to making
			 a loan under the Act, the licensee must obtain from the consumer one or more of
			 the following types of documentation to verify the gross monthly income of the
			 consumer as required by Section 2-5(e) of the Act.
1) A copy of the consumer's official pay stub
			 or official payroll receipt, for the period 30 days prior to the date on which
			 the loan is made.
2) A copy of the
			 consumer's official receipt documenting payment of government benefits, for the
			 period 30 days prior to the date on which the loan is made.
3) A contract that provides for funds to have
			 been paid to the consumer within the 30 days prior to the date on which the
			 loan is made, and documentation reflecting that the funds have actually been
			 paid.
4) Other documentation as
			 approved by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.260 - Certified Database/Commercially Reasonable Method of Verification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Certified
			 Database. In order to certify a consumer reporting service as a commercially
			 reasonable database pursuant to the Act, the provider must comply with the
			 following provisions:
1) Single, centralized
			 consumer reporting service to track payday loan transactions made by licensees
			 under the Act on a real time basis.
2) Real time access by the Division and
			 licensees to verify that individual consumers are eligible for a loan pursuant
			 to the requirements of the Act.
3)
			 All requirements in Section 2-15 of the Act regarding verification.
4) Customer support to licensees and
			 consumers during regular business hours.
5) Develop and provide training to Division
			 staff and licensees under the Act prior to implementation and on an ongoing
			 basis.
6) Provide a charge-back
			 methodology to licensees not to exceed $1 for each search to determine
			 eligibility of the consumer for a loan under the Act.
7) All requirements of Section 2-17 of the
			 Act regarding qualifications and bonding.
8) All confidentiality and privacy
			 requirements of the Act and required by law.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.270 - Violation of Federal Law - Section 670 of the John Warner National Defense Authorization Act

Current through Register Vol. 48, No. 28, July 12, 2024
Payday Loans to Covered Military Members and Covered
				Dependents
The following requirements are substantially taken from Section
				670 of the Warner Act, with the Warner Act's references to "covered member"
				substituted with "covered military members" and the Warner Act's references to
				"dependent" substituted with "covered dependent". The substitutions of the
				above-referenced terms are meant to more clearly identify the targeted group
				(military personnel and their dependents) of potential payday loan borrowers to
				whom the Warner Act provisions apply:
a) Annual Percentage Rate
A lender may not impose an annual percentage rate of interest
				greater than 36% with respect to any loan extended to a covered military member
				or a covered dependent of a covered member. (See
				10
				USC 987(b).)
b) Mandatory Loan Disclosures -
			 Information Required
With respect to any payday loan made to a covered military
				member or a covered dependent, a lender shall provide to the covered military
				member or a covered dependent the following information, orally and in writing,
				before the issuance of the loan:
1) A
			 statement of the annual percentage rate of interest applicable to the loan (see
			 10
			 USC 987(c)(1)(A)
			 );
2) Any disclosures required
			 under the Truth in Lending Act (
			 15 USC
			 1601 et seq.) (see
			 10
			 USC 987(c)(1)(B)
			 );
3) A clear description of the
			 payment obligations of the covered military member or a covered dependent, as
			 applicable (see
			 10
			 USC 987(c)(1)(C)
			 ).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Appendix A - Disclosure of 36% Rate Cap

Current through Register Vol. 48, No. 28, July 12, 2024
A lender shall not contract for or receive charges exceeding a
				36% annual percentage rate on the unpaid balance of the amount financed for a
				loan, as calculated under the Illinois Predatory Loan Prevention Act (PLPA
				APR)
Any loan with a PLPA APR over 36% is null and void, such that
				no person or entity shall have any right to collect, attempt to collect,
				receive, or retain any principal, fee, interest, or charges related to the
				loan.
The annual percentage rate disclosed in any loan contract may
				be lower than the PLPA APR.
______________________
Borrower Signature
______________________
Co-Borrower Signature (If Applicable)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 215 - PREDATORY LOAN PREVENTION ACT › Section 215.20 - Terms of Loans Extended to Consumers

Current through Register Vol. 48, No. 28, July 12, 2024
a) General
			 conditions. A lender who extends a loan to a consumer may not require the
			 consumer to pay a PLPA APR for the loan with respect to the extension of a
			 loan, except as:
1) Agreed to under the terms
			 of the loan agreement or promissory note;
2) Authorized by applicable State or federal
			 law; and
3) Not specifically
			 prohibited by this Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 216 - RETAIL INSTALLMENT SALES ACT › Section 216.100 - Rate Cap Disclosure Notices

Current through Register Vol. 48, No. 28, July 12, 2024
All retail installment contracts or agreements must include a
				separate disclosure signed by the consumer that states: "A retailer shall not
				contract for or receive charges exceeding a 36% annual percentage rate on the
				unpaid balance of the amount financed for a retail installment contract, as
				calculated under the Illinois Predatory Loan Prevention Act (PLPA APR). Any
				retail installment contract with a PLPA APR over 36% is null and void, such
				that no person or entity shall have any right to collect, attempt to collect,
				receive, or retain any principal, fee, interest, or charges related to the
				retail installment contract. The annual percentage rate disclosed in any retail
				installment contract may be lower than the PLPA APR." This disclosure shall be
				clear and conspicuous, and shall be substantially similar to the form in
				Appendix A. A retailer shall provide all disclosures required by this section
				in English and in the same language as the retail installment contract
				agreement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 216 - RETAIL INSTALLMENT SALES ACT › Appendix A - Disclosure of 36% Rate Cap

Current through Register Vol. 48, No. 28, July 12, 2024
DISCLOSURE OF 36% RATE CAP
A retailer shall not contract for or receive charges exceeding
				a 36% annual percentage rate on the unpaid balance of the amount financed for a
				retail installment contract, as calculated under the Illinois Predatory Loan
				Prevention Act (PLPA APR)
Any retail installment contract with a PLPA APR over 36% is
				null and void, such that no person or entity shall have any right to collect,
				attempt to collect, receive, or retain any principal, fee, interest, or charges
				related to the retail installment contract.
The annual percentage rate disclosed in any retail installment
				contract may be lower than the PLPA APR.
______________________
Borrower Signature
______________________
Co-Borrower Signature (If Applicable)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 217 - MOTOR VEHICLE RETAIL INSTALLMENT SALES ACT › Section 217.100 - Rate Cap Disclosure Notices

Current through Register Vol. 48, No. 28, July 12, 2024
All retail installment contracts or agreements must include a
				separate disclosure signed by the consumer that states: "A retailer shall not
				contract for or receive charges exceeding a 36% annual percentage rate on the
				unpaid balance of the amount financed for a retail installment contract, as
				calculated under the Illinois Predatory Loan Prevention Act (PLPA APR). Any
				retail installment contract with a PLPA APR over 36% is null and void, such
				that no person or entity shall have any right to collect, attempt to collect,
				receive, or retain any principal, fee, interest, or charges related to the
				retail installment contract. The annual percentage rate disclosed in any retail
				installment contract may be lower than the PLPA APR." This disclosure shall be
				clear and conspicuous, and shall be substantially similar to the form in
				Appendix A. A retailer shall provide all disclosures required by this section
				in English and in the same language as the retail installment contract
				agreement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 217 - MOTOR VEHICLE RETAIL INSTALLMENT SALES ACT › Appendix A - Disclosure of 36% Rate Cap

Current through Register Vol. 48, No. 28, July 12, 2024
DISCLOSURE OF 36% RATE CAP
A retailer shall not contract for or receive charges exceeding
				a 36% annual percentage rate on the unpaid balance of the amount financed for a
				retail installment contract, as calculated under the Illinois Predatory Loan
				Prevention Act (PLPA APR)
Any retail installment contract with a PLPA APR over 36% is
				null and void, such that no person or entity shall have any right to collect,
				attempt to collect, receive, or retain any principal, fee, interest, or charges
				related to the retail installment contract.
The annual percentage rate disclosed in any retail installment
				contract may be lower than the PLPA APR.
______________________
Borrower Signature
______________________
Co-Borrower Signature (If Applicable)
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 220 - JOINT RULES OF THE DEPARTMENT ON AGING AND THE DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION: FINANCIAL EXPLOITATION TRAINING BY FINANCIAL INSTITUTIONS

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is a joint rule of the Department on Aging and the
				Department of Financial and Professional Regulation. The text of the Part
				appears at 89 Ill. Adm. Code
				271.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 302 - BLACKLIST DISCRIMINATION › Section 302.10 - Scope

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is promulgated pursuant to Section 6(e) of the Office
				of Banks and Real Estate Act [20 ILCS
				3205/6(e) ] and applies to all state
				banks.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 302 - BLACKLIST DISCRIMINATION › Section 302.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Part the following definitions shall
				apply:
"Act" means the Illinois Banking Act [205 ILCS 5 ].
"Blacklist" means a list of persons marked by those who prepare
				the list or those among whom the list is intended to circulate with the
				intention that persons on the list may not avail themselves of goods or
				services, but shall not include lists prepared by the federal government or
				federal administrative agencies pursuant to federal law.
"Discrimination" means, upon a prohibited basis:
denying any person any of the services normally offered by the
				state bank to other persons similarly situated; or
providing any person, to their disadvantage, with any service
				which differs from, or is provided in a different manner from, that service as
				provided to other persons similarly situated; or
denying or varying the terms of a loan to any person from loans
				approved or offered to other persons similarly situated.
"Person" means any individual, corporation, partnership,
				association or other entity.
"State bank" means a state bank as defined by the
				Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 305 - BANK BRANCHES AND SUBSIDIARIES › Subpart A - GENERAL › Section 305.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Illinois Banking Act [205 ILCS 5 ].
"Appropriate Federal Banking Agency " means the Federal
				  Deposit Insurance Corporation, the Federal Reserve Bank of Chicago or the
				  Federal Reserve Bank of St. Louis.
"Branch Notice" means a copy of the state bank's application
				  to its appropriate federal banking agency for approval to establish a
				  branch.
"Controlling Interest" means at least 50% plus 1 share, or
				  more than 50% membership interest for a limited liability company.
"Debt Previously Contracted" means real estate, including
				  capitalized and operating leases, acquired by a state bank through any means in
				  full or partial satisfaction of a debt.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director of the Division of Banking with
				  the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Banking with the authority delegated by the
				  Secretary.
"Eligible Bank" means a state bank as defined in 38 Ill. Adm.
				  Code
				  380.20.
"Secretary" means the Secretary of the Department of
				  Financial and Professional Regulation.
"State Bank" means a bank that has a banking charter issued
				  under the Act.
"Subsidiary Notice" means a copy of the state bank's written
				  notice pursuant to Section 5(12) of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 305 - BANK BRANCHES AND SUBSIDIARIES › Subpart B - BRANCHES › Section 305.20 - Procedure to Establish and Maintain a Bank Branch

Current through Register Vol. 48, No. 28, July 12, 2024
A state bank that is not an eligible bank as defined in
				  Section
				  305.10 and that seeks
				  to establish and maintain a bank branch inside the United States or any state
				  bank that seeks to establish a branch outside the United States must file a
				  Notice with the Division not less than 30 calendar days before the bank enters
				  into any contract or expends funds on a temporary or permanent branch
				  facility.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 305 - BANK BRANCHES AND SUBSIDIARIES › Subpart C - SUBSIDIARIES › Section 305.100 - Procedure to Establish and Maintain a Subsidiary to Manage Real Estate Obtained in Satisfaction of Debt Previously Contracted

Current through Register Vol. 48, No. 28, July 12, 2024
A state bank that seeks to establish and maintain a
				  subsidiary in order to manage, market and dispose of real estate obtained in
				  satisfaction of debt previously contracted need not submit notice pursuant to
				  Section 5(12) of the Act when the bank has a controlling interest in the
				  subsidiary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart A - SCOPE AND DEFINITIONS › Section 310.100 - Scope and Authority

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 7 of the Illinois Banking Act
				  [205 ILCS
				  5/7 ] and Section 2-7 of the Corporate Fiduciary Act
				  [205 ILCS
				  620/2-7 ], this Part establishes the minimum
				  organizational capital requirements that must be met in order for proposed
				  State banks and State banks to exercise the powers conferred by the Illinois
				  Banking Act and for proposed Illinois trust companies and Illinois trust
				  companies to exercise the powers conferred by the Corporate Fiduciary Act. The
				  Commissioner shall use these minimum organizational capital requirements in
				  reviewing the applications of proposed or existing State banks or proposed or
				  existing Illinois trust companies in applications for: a permit to organize a
				  State bank under Section 10 of the Illinois Banking Act [205 ILCS 5/10
				  ]; a certificate of authority under Section 2-5 of the Corporate Fiduciary Act
				  [205 ILCS
				  620/2-5 ]; a change in the location of a State bank's
				  main banking premises under Section 13 of the Illinois Banking Act
				  [205 ILCS 5/13
				  ]; a merger resulting in a State bank under Section 22 or 30 of the Illinois
				  Banking Act [205 ILCS 5/22 or 30 ]; a merger or consolidation resulting in a
				  trust company under Section 3-1 of the Corporate Fiduciary Act [205
				  ILCS 620/3-1 ]; and a conversion resulting in a State
				  bank under Section 26 or 30 of the Illinois Banking Act [205 ILCS 5/26 or 30
				  ].
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart A - SCOPE AND DEFINITIONS › Section 310.110 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Chicago, Illinois central business district" is generally
				  considered as that part of the city of Chicago bounded by a line beginning with
				  Lake Shore Drive on the east, thence south to Balbo Drive, thence west to
				  Michigan Avenue, thence north to Harrison Street, thence west to Clinton
				  Street, thence north to Lake Street, thence east to Wacker Drive, and thence on
				  Wacker Drive north and east to Orleans Street, thence north to Chicago Avenue
				  and thence east to Lake Shore Drive. However, certain locations (e.g., areas
				  within close proximity or areas with similar market characteristics) within the
				  city of Chicago may also require the same minimum capital requirements.
"Chicago, Illinois metropolitan area" is generally considered
				  as the geographical area encompassing the counties of Cook, DuPage, Kane, Lake,
				  McHenry and Will, except that part within Cook county defined in this Section
				  as the Chicago, Illinois central business district. However, an entity may
				  organize or locate a State bank within this geographical area by meeting the
				  minimum organizational capital requirements for banks located outside of the
				  Chicago, Illinois metropolitan area based upon the market characteristics of
				  the proposed location.
"Commissioner" means the Commissioner of Banks and Real
				  Estate or a person authorized by the Commissioner to act in the Commissioner's
				  stead.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart B - BANKS › Section 310.200 - Minimum Organizational Capital Requirements for Banks

Current through Register Vol. 48, No. 28, July 12, 2024
The minimum organizational capital requirements that must be
				  met to exercise the powers conferred in the Illinois Banking Act are as
				  follows:
a) $6,000,000 for a bank that
				is located in the Chicago, Illinois central business district;
b) $4,000,000 for a bank that is located in
				the Chicago, Illinois metropolitan area;
c) $3,000,000 for a bank that is located
				outside of the Chicago, Illinois central business district and metropolitan
				area; and
d) $3,500,000 for a
				banker's bank that is owned exclusively by other banks or bank holding
				companies and that has been exclusively organized to provide services to other
				banks, bank holding companies, and the officers, directors and employees of
				such institutions.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart B - BANKS › Section 310.210 - When Greater Capital Requirements May Be Necessary

Current through Register Vol. 48, No. 28, July 12, 2024
a) Greater capital requirements may be
				required by the Commissioner if the condition and operations or the proposed
				scope of operations of the proposed or existing State bank require additional
				capital to achieve or maintain a safe and sound condition.
b) If the Commissioner determines that the
				proposed or existing bank requires capital in addition to the minimum
				organizational capital requirements set forth in Section
				310.200,
				the bank shall be informed by the Office of Banks and Real Estate and afforded
				the opportunity to amend the related application.
c) In determining if additional capital in
				excess of the minimum organizational capital requirements is necessary for a
				proposed or existing bank, the Commissioner shall consider the size and scope
				of the bank's operations. The review of the proposed or existing bank's scope
				of operations may consist of an assessment of the percentage of investment to
				be made in fixed assets, the proposed or existing bank's projections for future
				growth, future earnings prospects, the amount of organizational expenses
				incurred by the proposed bank, access to readily available sources of
				additional capital, the capability of management, and any other factors deemed
				appropriate by the Commissioner. Instances when additional capital may be
				required include, but are not limited to, those situations where the business
				plan contemplates aggressive future growth or a higher risk activity such as
				transactional internet activity, or where the proposed bank incurs significant
				organizational expenses.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart B - BANKS › Section 310.220 - Exceptions to Minimum Organizational Capital Requirements for Banks

Current through Register Vol. 48, No. 28, July 12, 2024
a) In applications
				involving a merger resulting in a State bank pursuant to Section 22 or Section
				30 of the Illinois Banking Act, a conversion resulting in a State bank pursuant
				to Section 26 or 30 of the Illinois Banking Act, or a change in location of a
				State bank pursuant to Section 13 of the Illinois Banking Act, a lesser amount
				of capital than specified in Section
				310.200
				may be approved if the Commissioner determines that such lesser amount of
				capital is sufficient to enable the bank to operate in a safe and sound manner.
				For example, the Commissioner may authorize a lesser amount of capital than
				that prescribed in Section
				310.200
				if the applicant is an existing bank operating with capital levels below the
				minimum capital requirements prescribed in that Section and operating in a safe
				and sound manner and the application contemplates an activity that the bank
				will be able to conduct in a safe and sound manner at the current capital
				levels following approval of the application.
b) A bank organized to assume the assets and
				liabilities of an existing bank or insured savings association that has failed,
				or is in default or in danger of default, shall have a minimum tier 1 capital,
				as defined by the Federal Deposit Insurance Corporation, of 5% of total assets.
				The Commissioner hereby incorporates by reference the definition of tier 1
				captial found in 12 CFR 325, Minimum Capital Requirements, as effective April
				1, 2002 (no later amendments or editions). Copies of 12 CFR 325 are available
				at the Commissioner's Springfield or Chicago office. Copies may also be
				obtained on the Federal Deposit Insurance Corporation web site.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart C - TRUST COMPANIES › Section 310.300 - Minimum Organizational Capital Requirements for Trust Companies

Current through Register Vol. 48, No. 28, July 12, 2024
The minimum organizational capital requirement that must be
				  met by an applicant for a certificate of authority under the Corporate
				  Fiduciary Act to become an Illinois trust company is $3,000,000. The minimum
				  organizational capital requirement prescribed in this subsection shall be in
				  addition to and separate from the amount pledged or surety bond held pursuant
				  to Section 6-13.5 of the Corporate Fiduciary Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 310 - MINIMUM ORGANIZATIONAL CAPITAL REQUIREMENTS FOR BANKS AND TRUST COMPANIES › Subpart C - TRUST COMPANIES › Section 310.310 - When Greater Capital Requirements May Be Necessary

Current through Register Vol. 48, No. 28, July 12, 2024
a) Greater capital requirements may be
				required by the Commissioner if the condition and operations or the proposed
				scope of operations of the proposed or existing trust company require
				additional capital to achieve or maintain a safe and sound condition. Instances
				when additonal capital may be required include but are not limited to those
				situations where the business plan contemplates high risk activity or where the
				trust company incurs significant organizational expenses.
b) If the Commissioner determines that the
				proposed or existing trust company requires capital in addition to the minimum
				organization capital requirements set forth in Section
				310.300,
				the trust company shall be informed by the Office of Banks and Real Estate and
				afforded the opportunity to amend the related application.