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.
205 ILCS 660/3
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
Known as the Sales Finance Agency Act
The act spans §§ 205-660-1 to 205-660-9 (43 sections).
P.A. 90-437, eff. 1-1-98.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.