815 ILCS 124/1
Short title
Short title. This Act may be cited as the Buy-Now-Pay-Later Loan Consumer Protection Act. (Source: P.A. 104-475, eff. 6-25-26.)
Illinois Compiled Statutes 815 ILCS 124 — Buy-Now-Pay-Later Loan Consumer Protection Act.
Illinois · statute · 815 ILCS 124 · 44 active provisions
815 ILCS 124/2
Definitions
Definitions. As used in this Act: "Applicant" means a person who has submitted an application for a license under this Act. "Annual percentage rate" means the nominal annual percentage rate of finance charge determined in accordance with the actuarial method of computation with an accuracy at least to the nearest 1/4 o…
815 ILCS 124/3
Administration by the Division of Financial Institutions
Administration by the Division of Financial Institutions. This Act shall be administered by the Division on behalf of the Secretary. (Source: P.A. 104-475, eff. 6-25-26.)
815 ILCS 124/4
Licensure requirement
Licensure requirement. No person shall engage in the business regulated by this Act without licensure under this Act. The Secretary may investigate any person the Secretary believes may require licensure under this Act, including, but not limited to, compelling production of testimony, books, records, or any other info…
815 ILCS 124/5
Applicability
Applicability. (a) Except as otherwise provided in this Section, this Act applies to any person, including any affiliate or subsidiary of a person, that offers or makes a loan, buys a whole or partial interest in a loan, arranges a loan for a third party, or acts as an agent for a third party in making a loan to a cons…
815 ILCS 124/5.5
Licensee name
Licensee name. No person engaged in the business regulated by this Act shall operate the business under a name other than the real name of the person conducting business. The business may, as authorized by the Secretary, also operate under an assumed corporate name under the Business Corporation Act of 1983, an assumed…
815 ILCS 124/6
Application process; investigation; fees
Application process; investigation; fees. (a) The Secretary may issue a license to a person after the person completes the following: (1) the filing of an application for licensure with the Secretary or the multistate licensing system, as approved by the Secretary; (2) the filing with the Secretary or the multistate li…
815 ILCS 124/7
Application form
Application form. (a) Application for a license shall be made in accordance with this Act and in accordance with requirements of the multistate licensing system, if required by the Secretary. The application shall be in writing, under oath, and on a form obtained from and prescribed by the Secretary. The Secretary may…
815 ILCS 124/8
License application and issuance
License application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Secretary. The form may be changed or updated by the Secretary to carry out the purposes of this Act. (b) In order to fulfill the purposes of this Act, the Secretary may establish relationships or contracts with a mul…
815 ILCS 124/9
Refusal to issue license
Refusal to issue license. The Secretary may refuse to issue or renew a license if the Secretary determines that: (a) the applicant has not complied with a provision of this Act, rule adopted under this Act, or other laws that apply to the applicant; (b) there is substantial continuity between the applicant and any viol…
815 ILCS 124/10
License issuance and renewal
License issuance and renewal. (a) Absent a written extension from the Department and payment of any late fees required by the Department, a license shall expire on the last day of December of each calendar year if a licensee fails to timely submit a properly completed renewal application form and fees. (b) Licensees sh…
815 ILCS 124/11
Fees
Fees. (a) The expenses of administering this Act, including licensing, investigations, and examinations provided for in this Act, shall be borne by and assessed against persons and entities regulated by this Act in the proportions and in the manner as the Secretary deems appropriate. The Secretary may establish by rule…
815 ILCS 124/12
Functions; powers; duties
Functions; powers; duties. The functions, powers, and duties of the Secretary shall include, but shall not be limited to: (a) to issue or refuse to issue any license or renewal; (b) to impose fines, revoke, or suspend for cause any license issued under this Act; (c) to impose fines for any unlicensed activity under thi…
815 ILCS 124/13
Financial Institutions Fund
Financial Institutions Fund. All moneys received by the Secretary under this Act shall be paid into the Financial Institutions Fund. The amounts deposited into the Fund shall be used for the ordinary and contingent expenses of the Department. Nothing in this Act shall prevent paying expenses involving salaries, retirem…
815 ILCS 124/14
Examination; prohibited activities
Examination; prohibited activities. (a) The Secretary shall examine the business affairs of a licensee as often as the Secretary deems necessary and proper. The Secretary may adopt rules with respect to the frequency and manner of examination. The Secretary shall appoint a suitable person to perform the examination. Th…
815 ILCS 124/15
Subpoena power of the Secretary
Subpoena power of the Secretary. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and materials relevant to an examination or investigation. The Secretary or the…
815 ILCS 124/16
Reports required of licensee
Reports required of licensee. Every licensee shall produce to the Department written reports or answers to questions in the time and manner requested by the Secretary. (Source: P.A. 104-475, eff. 6-25-26.)
815 ILCS 124/17
Suspension; revocation of licenses; fines and other discipline
Suspension; revocation of licenses; fines and other discipline. (a) The Secretary may enter an order imposing one or more of the following penalties: (1) revocation of license; (2) suspension of a license subject to reinstatement upon satisfying all reasonable conditions the Secretary may specify; (3) placement of the…
815 ILCS 124/18
Investigation of complaints
Investigation of complaints. The Secretary may investigate any complaints and inquiries made concerning this Act and any licensees or persons the Secretary believes may require a license under this Act. Each licensee or person the Secretary believes may require a license under this Act shall open the licensee or person…
815 ILCS 124/19
Additional investigation and examination authority
Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (a) For purposes of initial licensing, license renewal, license suspension, license conditioning, license probation, lice…
815 ILCS 124/20
Confidentiality
Confidentiality. To promote more effective regulation, protect consumers, and reduce regulatory burden through inter-regulator sharing of confidential supervisory information: (a) The privacy or confidentiality of any information or material provided to the multistate licensing system, including all privileges arising…
815 ILCS 124/21
Rules
Rules. (a) In addition to the powers set forth in this Act and other laws, the Secretary may adopt rules consistent with the purposes of this Act, including, but not limited to, rules to: (1) protect consumers in this State in connection with the activities of persons subject to this Act; (2) define improper, deceptive…
815 ILCS 124/22
Appeal and review
Appeal and review. (a) The Secretary may, in accordance with the Illinois Administrative Procedure Act, adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons under this Act. The review shall provide for, at a minimum: (1) appointment of a hearing officer; (…
815 ILCS 124/23
Licensure fees
Licensure fees. (a) The nonrefundable fee for initial licensure shall be $5,000, unless modified by the Secretary in accordance with subsection (b) of Section 11. (b) The nonrefundable fee for annual license renewal shall be $5,000, unless modified by the Secretary in accordance with subsection (b) of Section 11. (c) T…
815 ILCS 124/24
Cease and desist order
Cease and desist order. (a) The Secretary may issue a cease and desist order to any licensee or person doing business without the required license, when in the opinion of the Secretary the licensee or other person has violated, is violating, or is about to violate any provision of this Act or any rule adopted by the De…
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