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![]() Pat Quinn, Governor |
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Consumer Credit Section
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
- What are consumer companies/services? Consumer Companies/Services are:Consumer
Installment Lenders - 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. Three Year Payday Loan Reform Act Report Sales
Finance Agencies - 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.Development
Credit Corporation Act Safe Deposit Box Services - 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. |
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