§ 1 This Act shall be known and may be cited as the Sales Finance Agency …
§ 2 Definitions
§ 3 No person may engage in the business of a sales finance agency in …
§ 4 After December 31, 1967, a person who is required to be licensed …
§ 5 If a licensee fails to renew his or her license by the 31st day of …
§ 6 A license fee of $300 for the applicant’s principal place of business …
§ 6.1 All moneys received by the Department of Financial Institutions under …
§ 7 The Department shall examine each licensee annually to determine if …
§ 8 The Department may deny an application for a license, deny an …
§ 8.1 Material misstatement in the application or renewal, in any form …
§ 8.2 Violating or aiding any person in the violation of this Act or any …
§ 8.3 Aiding or conspiring to aid any person in the violation of the Retail …
§ 8.4 Except for an honest mistake, purchase of any retail contract, retail …
§ 8.5 Purchase of any retail contract, retail charge agreement, or evidence …
§ 8.6 Use of collection process that violates any of the laws of this State …
§ 8.8 Conviction in a criminal matter or final judgment in a civil action …
§ 8.9 Fraud, misrepresentation, or concealment by the licensee of material …
§ 8.10 Conducting business as a sales finance agency, bank, savings and loan …
§ 8.11 Purchase of a retail installment contract creating or providing for a …
§ 8.12 Ownership by the applicant or licensee or by a shareholder, partner …
§ 8.13 Failure to maintain a positive net worth of $30,000 without having …
§ 8.14 Conviction of a felony
§ 10 Denial, revocation, fine, or suspension of license
§ 10.1 The Department may suspend or revoke only the particular license with …
§ 10.2 Closing of business; surrender of license
§ 10.3 No suspension, revocation or surrender of a license issued under this …
§ 10.4 The Department may issue a new license to a licensee whose license …
§ 11 For the purpose of discovering violations of this Act or securing …
§ 12 Every licensee shall retain such records as are required by the …
§ 13 Rules
§ 14 All final administrative decisions of the Department shall be subject …
§ 15 Any person who engages in business as a sales finance agency without …
§ 15.5 Civil action
§ 16.5 Cease and desist orders
§ 17 Application of Act
§ 18 Penalties
§ 19 Injunction; civil penalty; costs
§ 20 Conformance with Department rule does not violate Act

Terms Used In Illinois Compiled Statutes > 205 ILCS 660

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Subpoena: A command to a witness to appear and give testimony.