Have you ever wondered who is responsible for licensing and regulating consumer credit companies in Illinois?
Answer: The Division of Financial Institutions Consumer Credit Section.
The Division of Financial Institutions, Consumer Credit Section is responsible for licensing and regulating consumer companies/services. They include: Consumer Installment lenders, Sales Finance Agencies, Payday Loan lenders, Debt Management services, Money Transmitter services and Safe Deposit Boxes. In addition the Consumer Credit Section investigates consumer inquiries and complaints.
For more information, applications and/or fees information call 312-814-5145 or
Toll Free 1-888/298-8089
- What are consumer companies/services? |
 |
person, partnership, association, limited liability company or corporations who engage in the business of making loans of money in a principal amount not exceeding $40,000.00, and charge, contract for, or receive on any such loan a greater rate of interest, discount, or consideration therefore than the lender would be permitted by law to charge if it were not a licensee hereunder, except as authorized by CILA after first obtaining a license from the Director of Financial Institutions.
Click here to see Title-Secured Loan Rule amendments effective April 2009 |
person, partnership, association, limited liability company, or corporation who engages in the business of making payday loans as defined by the Act as no less than 13 days nor more than 180 days and charging a finance charge of no more than $15.50 per $100 on a loan.
Three Year Payday Loan Reform Act Report |
person irrespective of his or her state of domicile or place of business, engaged in the State of Illinois, in whole or in part, in the business of purchasing, or making loans secured by, retail installment contracts, retail charge agreements or the outstanding balance under such contracts or agreements entered into in this State. |
means the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor's personal creditors in payment or partial payment of the debtor's obligations or soliciting financial contributions from creditors. The business of debt management is conducted in this State if the debt management business, its employees, or its agents are located in this State or if the debt management business solicits or contracts with debtors located in this State. |
person engage in this State in the business or selling or issuing payment instruments, transmitting money or exchanging, for compensation, payment instruments or money of the United States government or a foreign government to or from money of another government. |
engage in the business of renting or permitting the use of for compensation, safety deposit boxes, safes, vaults or other facilities for safekeeping of personal property unless he/she has been issued a license to do so. |