Illinois makes unlicensed loans a class 4 felony

This Illinois law goes into effect on January 1, 2013.  Sponsored by Sen. William Haine (D-Alton) and Rep. Greg Harris (D-Chicago), HB 3935 provides consumers with greater protections by putting teeth into the penalty and declaring any such loan as “null and void.” Under existing law, the IDFPR may issue a cease-and-desist order to anyone doing business without the required license. Currently, 522 payday lenders are licensed and regulated by the IDFPR, which also regulates 1,054 Consumer Installment Loan Act lenders and 240 Sales Finance lenders.


Here is what Michael Helfland says about a class 4 felony.

“Class 4 felonies are considered the least serious and carry a minimum prison term of one year. Class 4 felonies include aggravated assault, stalking, and some drug possession (30 grams but less than 500 grams of marijuana), and felony DUI.”

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