SB 1758

Abstract

Amends the Consumer Installment Loan Act and the Payday Loan Reform Act. Provides that "substantially equal installment" includes a last regularly scheduled payment that is no more than 5% as large as the previous scheduled payment according to a disclosed payment schedule agreed to by the parties. Effective immediately. Senate Committee Amendment No. 1 Provides that "substantially equal installment" includes a last regularly scheduled payment that may be less than, but not more than 5% larger than, the previous scheduled payment rather than a regularly scheduled payment that is no more than 5% as large as the previous scheduled payment according to a disclosed payment schedule agreed to by the parties. House Floor Amendment No. 1 Adds reference to: 205 ILCS 670/15 from Ch. 17, par. 5415 815 ILCS 5/2.11 from Ch. 121 1/2, par. 137.2-11 815 ILCS 5/2.12b from Ch. 121 1/2, par. 137.2-12b 815 ILCS 5/3.5 new 815 ILCS 5/8 from Ch. 121 1/2, par. 137.8 815 ILCS 5/12 from Ch. 121 1/2, par. 137.12 815 ILCS 122/2-5 815 ILCS 5/2.10a rep. Replaces everything after the enacting clause with the provisions of the engrossed bill, and makes the following changes. Amends the Illinois Securities Law of 1953. Makes changes to the definition of "investment adviser" and "investment adviser representative". Provides that the Secretary of State has the authority to enforce the provisions of the Act as it pertains to the offer, sale, or investment advice concerning covered securities under the Act. Provides that every registered dealer, limited Canadian dealer, Internet portal, and investment adviser shall provide to the Secretary of State, upon request, such accounts, correspondence, memoranda, papers, books, and records as the Secretary of State may by rule prescribe, that it possesses and that it preserves for periods of longer than 3 years. Provides that it a violation of the Act to make a false or misleading statement during sworn testimony before the Secretary of State or the Illinois Securities Department within the Office of the Secretary. Removes the definition for "telephone solicitor". Effective immediately.