ILCS » Chapter 205 · Act 670

205 ILCS 670/1

License required to engage in business

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(205 ILCS 670/1) (from Ch. 17, par. 5401)
    Sec. 1. License required to engage in business. No person, partnership, association, limited liability company, or corporation shall engage in the business of making loans of money and charge, contract for, or receive on any such loan a greater annual percentage rate than 9% except as authorized by this Act after first obtaining a license from the Director of Financial Institutions (hereinafter called the Director). No licensee, or employee or affiliate thereof, that is licensed under the Payday Loan Reform Act shall obtain a license under this Act except that a licensee under the Payday Loan Reform Act may obtain a license under this Act for the exclusive purpose and use of making title-secured loans, as defined in subsection (a) of Section 15 of this Act and governed by Title 38, Section 110.300 of the Illinois Administrative Code. For the purpose of this Section, "affiliate" means any person or entity that directly or indirectly controls, is controlled by, or shares control with another person or entity. A person or entity has control over another if the person or entity has an ownership interest of 25% or more in the other. A person or entity licensed to provide educational income share agreements is exempt from the requirements of this Act to the extent of its operation under Article 7 of the Student Loan Servicing Rights Act.
    In this Act, "Director" means the Director of Financial Institutions of the Department of Financial and Professional Regulation.
(Source: P.A. 104-383, eff. 8-15-25.)

    
Notes of Decisions
Cited in 15 cases (3 in the last 5 years), 1996–2024 · leading case: People v. Wright
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People v. Wright (2000) ill · cites it 2× “November 1, 1985); the Consumer Installment Loan Act (205 ILCS 670/1 et seq. (West 1998)); the Retail Installment Sales Act (815 ILCS 405/1 et seq.”
Deborah Jackson v. Payday Financial, LLC (2014) ca7 “Defendants cannot invoke this exception, however, because they are not licensed providers as required by 205 ILCS 670/1; moreover, they do not maintain that they otherwise have complied with the consumer-protection provisions of the Consumer Installment Loan Act, see, e.”
Verna Emery, on Behalf of Herself and All Others Similarly Situated v. American General Finance, Incorporated (1996) ca7 · cites it 2× “, and the Illinois Consumer Installment Loan Act ("CILA"), 205 ILCS 670/1 et seq. Before Emery agreed to refinance her loan, AGF disclosed to her the following information, as required by law: (1) the exact amount necessary to pay off the existing loan, (2) the amount financed,…”
QuickClick Loans, LLC v. Russell (2011) illappct · cites it 2× “(2008)), the Illinois Consumer Installment Loan Act (205 ILCS 670/1 et seq. (West 2008)), and the Illinois Interest Act (815 ILCS 205/1 et seq.”
Frank J. Szumny v. American General Finance, Incorporated and American Security Insurance Company (2001) ca7 “; and the Illinois Consumer Installment Loan Act, 205 ILCS 670/1 et seq. The district court dismissed Mr.”
South 51 Development Corp. v. Vega (2002) illappct “1 , to the validity of legislation amending the Consumer Installment Loan Act (the Loan Act) (205 ILCS 670/1 et seq. (West 2000)), and certain short-term lending rules promulgated pursuant to the amendatory legislation by defendant, Sarah Vega, as Director of the Illinois…”
Randle v. Americash Loans, LLC (2010) illappct “BACKGROUND AmeriCash is an Illinois company that provides short-term loans to borrowers under the Consumer Installment Loan Act (Loan Act) (205 ILCS 670/1 (West 2006)). On November 25, 2008, plaintiff took out a $2,000 installment loan from AmeriCash, which generated an…”
Quickclick Loans v. Russell (2011) illappct · cites it 2× “(2008)), the Illinois Consumer Installment Loan Act (205 ILCS 670/1 et seq. (West 2008)), and the Illinois Interest Act (815 ILCS 205/1 et seq.”
Prayitno v. Nextep Funding, LLC (2020) ilnd “”); see also 205 ILCS 670/1 (stating that CILA applies only to lenders “making loans of money” under certain conditions).”
Perez v. Consumer Financial Services Corporation (2024) ilnd “18 ; Count II alleges violations of the Illinois Consumer Installment Loan Act (“CILA”), 205 ILCS 670/1; and Count III alleges unfair and deceptive acts and practices in violation of the Illinois Consumer Fraud Act, 815 ILCS 505/2.”
Perez v. Consumer Financial Services Corporation (2024) ilnd “18 ; Count II alleges violations of the Illinois Consumer Installment Loan Act (“CILA”), 205 ILCS 670/1; and Count III alleges unfair and deceptive acts and practices in violation of the Illinois Consumer Fraud Act (“the Consumer Fraud Act”), 815 ILCS 505/2.”
Goodrich Cicero Strip LLC v. PLS Financial Solutions of Illinois, Inc. (2024) ilnd “) On that front, the Lease provides that Goodrich “may,” upon its repossession, “relet the Premises or any part or parts thereof, either in the name of [Goodrich] or otherwise, for a term or terms which may at 1 PLS also offered title loans pursuant to the Consumer Installment…”
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