Act
Sales Finance Agency Act
- 205 ILCS 660/1— This Act shall be known and may be cited as the Sales Finance Agency Act
- 205 ILCS 660/2— Definitions
- 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
- 205 ILCS 660/4— After December 31, 1967, a person who is required to be licensed under this Act must display at each of his places of business a non-transferable and non-assignable license
- 205 ILCS 660/5
- 205 ILCS 660/6— A license fee of $300 for the applicant's principal place of business and $100 for each additional place of business for which a license is sought must be submitted with an application for license made before July 1 of any year
- 205 ILCS 660/6.1— All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act
- 205 ILCS 660/7— The Department shall examine each licensee annually to determine if it is in compliance with this Act
- 205 ILCS 660/8— The Department may deny an application for a license, deny an application for renewal of a license, or suspend or revoke a license on any of the grounds listed in Sections 8.1 through 8.14 and the Financial Institutions Act
- 205 ILCS 660/8.1— Material misstatement in the application or renewal, in any form prescribed by the Director for the renewal of a license, or in any amendment made to the application
- 205 ILCS 660/8.2— Violating or aiding any person in the violation of this Act or any rule or regulation promulgated by the Director
- 205 ILCS 660/8.3— Aiding or conspiring to aid any person in the violation of the Retail Installment Sales Act or of the Motor Vehicle Retail Installment Sales Act
- 205 ILCS 660/8.4— Except for an honest mistake, purchase of any retail contract, retail charge agreement, or evidence of indebtedness thereunder, that on its face violates this Act, the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act
- 205 ILCS 660/8.5— Purchase of any retail contract, retail charge agreement, or evidence of indebtedness thereunder after actual knowledge that the contract, agreement or evidence of indebtedness violates this Act, the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act
- 205 ILCS 660/8.6— Use of collection process that violates any of the laws of this State with respect to garnishment, wage deduction orders or wage assignments
- 205 ILCS 660/8.7— (Repealed)
- 205 ILCS 660/8.8— Conviction in a criminal matter or final judgment in a civil action of defrauding another person
- 205 ILCS 660/8.9— Fraud, misrepresentation, or concealment by the licensee of material facts that are required to be disclosed to a retail buyer under the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act
- 205 ILCS 660/8.10
- 205 ILCS 660/8.11
- 205 ILCS 660/8.12
- 205 ILCS 660/8.13— Failure to maintain a positive net worth of $30,000 without having access to sources of funding approved by the Director
- 205 ILCS 660/8.14— Conviction of a felony
- 205 ILCS 660/9— (Repealed)
- 205 ILCS 660/10— Denial, revocation, fine, or suspension of license
- 205 ILCS 660/10.1
- 205 ILCS 660/10.2— Closing of business; surrender of license
- 205 ILCS 660/10.3— No suspension, revocation or surrender of a license issued under this Act impairs or affects the obligation of any retail installment contract, retail charge agreement or evidence of indebtedness acquired previously thereto by the licensee
- 205 ILCS 660/10.4— The Department may issue a new license to a licensee whose license has been revoked when facts or conditions which clearly would have warranted the Department in refusing originally to issue the license no longer exist
- 205 ILCS 660/10.5— (Repealed)
- 205 ILCS 660/10.6— Companion animals
- 205 ILCS 660/11— For the purpose of discovering violations of this Act or securing information lawfully required by it, the Department may at any time investigate the business and examine the books, accounts, records, and files of any person acting as a sales finance agency without a license
- 205 ILCS 660/12— Every licensee shall retain such records as are required by the Department
- 205 ILCS 660/13— Rules
- 205 ILCS 660/14— All final administrative decisions of the Department shall be subject to judicial review pursuant to the "Administrative Review Law", and all amendments and modifications thereof, and any rules adopted pursuant thereto
- 205 ILCS 660/15— Any person who engages in business as a sales finance agency without the license required by this Act shall be guilty of a Class 4 felony
- 205 ILCS 660/15.5— Civil action
- 205 ILCS 660/16— (Repealed)
- 205 ILCS 660/16.5— Cease and desist orders
- 205 ILCS 660/17— Application of Act
- 205 ILCS 660/18— Penalties
- 205 ILCS 660/19— Injunction; civil penalty; costs
- 205 ILCS 660/20— Conformance with Department rule does not violate Act