Illinois SB 3561: REGULATION-TECH

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 Full Text of SB3561

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SB3561 EnrolledLRB104 20058 SPS 33509 b

1 AN ACT concerning business.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Buy-Now-Pay-Later Loan Consumer Protection Act.

6 Section 2. Definitions. As used in this Act:

7 "Applicant" means a person who has submitted an 

8application for a license under this Act.

9 "Annual percentage rate" means the nominal annual 

10percentage rate of finance charge determined in accordance 

11with the actuarial method of computation with an accuracy at 

12least to the nearest 1/4 of 1% or, at the option of the 

13licensee by application of the federal rule, so that it may be 

14disclosed with an accuracy at least to the nearest 1/4 of 1%.

15 "Buy-now-pay-later loan" or "loan" means closed-end credit 

16provided to a consumer at the time of a transaction in 

17connection with the consumer's particular purchase of goods or 

18services that:

19 (1) is payable in 4 or fewer installments; or

20 (2) has a term of 120 days or less.

21 "Buy-now-pay-later loan" or "loan" includes any other loan 

22identified by the Secretary by rule. "Buy-now-pay-later loan" 

23or "loan" also includes (i) a buy-now-pay-later loan payable 

SB3561 Enrolled- 2 -LRB104 20058 SPS 33509 b

1in one or more installments without any interest or finance 

2charge and (ii) a buy-now-pay-later loan with either interest 

3or finance charges or both.

4 "Buy