Illinois Loan Brokers Act

Illinois · Business Transactions · §§ 815-175-15-1 to 815-175-15-95 · 27 sections

Overview

The act regulates loan brokers — persons who, for compensation, arrange or procure loans for prospective borrowers — by requiring them to register with the state, post a bond, pay fees, and consent to service of process through a designated state officer. Registrants must give prospective borrowers a written disclosure document before any agreement is signed, put broker-borrower contracts in writing with a copy retained by the borrower, and keep specified account records, subject to exemptions for certain persons and transactions. Enforcement rests with the state's chief registration official, who may investigate, deny, suspend, or revoke registrations after a hearing and impose administrative fines, while borrowers harmed by fraudulent or prohibited practices have private remedies, including damages and rescission.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

815 ILCS 175/15-1Short title
815 ILCS 175/15-10Registration required
815 ILCS 175/15-100Immunity for official acts
815 ILCS 175/15-15Application for registration; contents; bond; issuance; effective date; consent to Secretary of State as process agent
815 ILCS 175/15-20Renewal of registration
815 ILCS 175/15-25Fees and funds; accounting and deposit in Securities Audit and Enforcement Fund
815 ILCS 175/15-30Disclosure document to be provided by loan broker
815 ILCS 175/15-30.5Exemption from disclosure requirement
815 ILCS 175/15-35Contracts required to be in writing; retention of copy by borrowing party
815 ILCS 175/15-40Denial, suspension or revocation of registration; orders and hearing
815 ILCS 175/15-45Powers of Secretary of State; privilege against self-incrimination; admissibility into evidence
815 ILCS 175/15-5Definitions
815 ILCS 175/15-50Evidentiary matters
815 ILCS 175/15-5.03Borrower
815 ILCS 175/15-5.05Creditor
815 ILCS 175/15-5.10Loan
815 ILCS 175/15-5.15Loan broker
815 ILCS 175/15-5.20Person
815 ILCS 175/15-55Violations; administrative fines; enforcement
815 ILCS 175/15-60Violations; liability of loan broker to damaged parties; rights of prospective borrower
815 ILCS 175/15-65Violation
815 ILCS 175/15-70Rescission of contract under Truth-in-Lending Law; notice to creditor
815 ILCS 175/15-75Account numbers required; retention and maintenance of records
815 ILCS 175/15-80Persons exempt from registration and other duties; burden of proof thereof
815 ILCS 175/15-85Fraudulent and prohibited acts
815 ILCS 175/15-90Deposit of moneys
815 ILCS 175/15-95Service of process

Enacted in other states

Iowa

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