Illinois Personal Loan Laws and Regulations in (IL)

(last updated 11/13/2019)
"Small consumer loan" means a loan upon which interest is charged at an annual percentage rate exceeding 36% and with an amount financed of $4,000 or less. "Small consumer loan" does not include a title-secured loan as defined by subsection (a) of this Section or a payday loan as defined by the Payday Loan Reform Act. The lender or creditor may, if the contract provides, collect a delinquency or collection charge on each installment in default for a period of not less than 10 days in an amount not exceeding 5% of the installment on installments in excess of $200, or $10 on installments of $200 or less, but only one delinquency and collection charge may be collected on any installment regardless of the period during which it remains in default.

205 ILCS 670/17) (from Ch. 17, par. 5423) Sec. 17. Maximum term and amount. The loan contract shall provide for repayment of the principal and charges within 181 months from the date of the loan contract or the last advance, if any, required by the loan contract. No licensee shall permit an obligor to owe such licensee or an affiliate (including a corporation owned or managed by the licensee) or agent of such licensee an aggregate principal amount of more than $40,000 at any time for loans transacted pursuant to this Act. (205 ILCS 670/17.2) Sec. 17.2. Small consumer loans; charges permitted. (a) With respect to a small consumer loan of $1,500 or less:
(1) A licensee may charge, contract for and receive interest at an annual percentage rate of no more than 99% calculated in accordance with the federal Truth in Lending Act. (D) a monthly installment account handling charge, not to exceed the following amounts:

Amount financed Per month charge
$1,500.01 - $1,600 $69
$1,600.01 - $1,700 $72
$1,700.01 - $1,800 $75
$1,800.01 - $1,900 $78
$1,900.01 - $2,000 $81
$2,000.01 - $2,100 $84
$2,100.01 - $2,200 $87
$2,200.01 - $2,300 $90
$2,300.01 - $2,400 $92
$2,400.01 - $2,500 $94
$2,500.01 - $2,600 $96
$2,600.01 - $2,700 $98
$2,700.01 - $2,800 $100
$2,800.01 - $2,900 $102
$2,900.01 - $3,000 $104
$3,000.01 - $3,100 $106
$3,100.01 - $3,200 $108
$3,200.01 - $3,300 $110
$3,300.01 - $3,400 $112
$3,400.01 - $3,500 $114
$3,500.01 - $3,600 $116
$3,600.01 - $3,700 $118
$3,700.01 - $3,800 $120
$3,800.01 - $3,900 $122
$3,900.01 - $4,000 $124

(205 ILCS 670/17.3) Sec. 17.3. Small consumer loans; terms. (a) A small consumer loan shall be fully amortizing and be repayable in its entirety in a minimum of 6 substantially equal and consecutive payments with a period of not less than 180 days to maturity. (b) No licensee, or employee or affiliate thereof, may extend to or have open with a consumer more than one small consumer loan at any time; provided, however, that loans acquired by a licensee from another licensee are not included within this prohibition. (c) A licensee is prohibited from refinancing a small consumer loan during the first 75 days of the loan term. For purposes of this Act, a refinancing occurs when an existing small consumer loan is satisfied and replaced by a new small consumer loan made to the same consumer by the same licensee or any employee or affiliate of the licensee. (d) Except for the deferment charge permitted by item (5) of subsection (f) of Section 15, a licensee is prohibited from collecting any fee, charge, or remuneration of any sort for renewing, amending, or extending a small consumer loan beyond its original term. (e) Before entering into a small consumer loan agreement, a licensee must provide to the consumer a pamphlet, prepared by the Director, describing general information about consumer credit and about the consumer's rights and responsibilities in a small consumer loan transaction. Each small consumer loan agreement executed by a licensee shall include a statement, located just above the signature line for the consumer, and shall provide as follows: "In addition to agreeing to the terms of this agreement, I acknowledge, by my signature below, receipt from (name of lender) a pamphlet regarding small consumer loans.". (f) Each small consumer loan agreement entered into between a licensee and a consumer shall include a notification, in such loan agreement, of a toll-free number furnished by the Department of Financial and Professional Regulation, Division of Financial Institutions that the consumer may contact for the purpose of receiving information from the Division regarding credit or assistance with credit problems. (Source: P.A. 96-936, eff. 3-21-11.) (205 ILCS 670/17.4) Sec. 17.4. Small consumer loans; loan amount. A licensee is prohibited from making a small consumer loan to a consumer if the total of all payments to be made in any month on the loan exceeds 22.5% of the consumer's gross monthly income, as demonstrated by official documentation of the income, including, but not limited to, the consumer's most recent pay stub, receipt reflecting payment of government benefits, or other official documentation. "Official documentation" includes tax returns and documentation prepared by the source of the income. A statement by the consumer is not official documentation. (Source: P.A. 96-936, eff. 3-21-11.)
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Illinois, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Illinois Division of Financial Institutions.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Illinois. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

Illinois Personal Loan Lending Regulator (IL)

Regulating Authority
Illinois Division of Financial Institutions
Consumer Credit Section
320 West Washington 5th Floor
Springfield, IL 62786
(888)298-8089, (217)782-2831

Agency for Handling Complaints
Illinois Division of Financial Institutions
Consumer Credit Section
320 West Washington 5th Floor
Springfield , IL 62786
(888)298-8089, (217)782-2831


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