Illinois Compiled Statutes
205 ILCS 660/3 (2026)
No person may engage in the business of a sales finance agency in this State without first obtaining a license as provided in this Act
✓ current as of May 2026
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(205 ILCS 660/3)
(from Ch. 17, par. 5203)
Sec. 3.
No person may engage in the business of a sales finance agency in
this State without first obtaining a license as provided in this Act. A
licensee under the Consumer Installment Loan Act may
engage in the business of a sales finance agency without securing a license
under this Act.
A Consumer Installment Loan Act licensee engaged in the business of a sales
finance agency is required to comply with this Act and violations of this Act
may result in penalties, revocation of the licensee's authority to engage in
sales finance agency activity, or revocation or suspension of the Consumer
Installment Loan Act license.
(Source: P.A. 90-437, eff. 1-1-98.)
Notes of Decisions
Cited in 2
cases, 1998–1998 · leading case: Dixon v. Mercury Fin. Co. of Wisconsin, 694 N.E.2d 693 (Ill. App. Ct. 1998).
Dixon v. Mercury Fin. Co. of Wisconsin, 694 N.E.2d 693 (Ill. App. Ct. 1998). “” 205 ILCS 660/3 (West 1994). Concerning violations, the Act provides that “[a]ny person who engages in business as a sales finance agency without the license required by this Act shall be guilty of a Class A misdemean- or.”
Dixon v. Mercury Fin. Co. (Ill. App. Ct. 1998). “” 205 ILCS 660/3 (West 1994). Concerning violations, the Act provides that “[a]ny person who engages in business as a sales finance agency without the license required by this Act shall be guilty of a Class A misdemeanor.”
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