Lender's License

"No person, partnership, association, limited liability company, or corporation shall engage in the business of making loans of money and charge, contract for, or receive on any such loan a greater annual percentage rate than 9% except after first obtaining a license from the Director of Financial Institutions. (205 ILCS 670/1)

No person may engage in the business of a sales finance agency in the State without first obtaining a license. (205 ILCS 660/3)

No person may engage in the State in the business of selling or issuing payment instruments, transmitting money, or exchanging, for compensation, payment instruments or money of the United States government or a foreign government to or from money of another government without first obtaining a license. (205 ILCS 657/10) Banks, trust companies, building and loan associations, savings and loan associations, savings banks, or credit unions, licensed or organized under the laws of any state or of the United States and any foreign bank maintaining a branch or agency licensed or organized under the laws of any state or of the United States are exempt from the licensing requirements. (205 ILCS 657/15)"