Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 210 - PAYDAY LOAN REFORM ACT
Section 210.125 - Schedule of Fines
Current through Register Vol. 48, No. 12, March 22, 2024
a) The Department may assess fines on any licensee or unlicensed person or entity that violates, through any act or omission, any provision of the Act or the Act's implementing regulations, and shall determine the amount of the fine pursuant to this Section:
Tier |
Conduct |
Fine Amount |
Tier 1 |
For each identified act or omission related to information disclosure, information reporting, advertising, document maintenance, or other similar statutory and regulatory requirements. |
A fine not to exceed $1,000 per violation except as provided for in Tier 3. |
Tier 2 |
For each identified act or omission related to the terms of a loan, fees, costs, or charges, ancillary products, security interests, underwriting, servicing, collection or any other act or omission not expressly covered by Tiers 1 or 3. |
A fine not to exceed $5,000 per violation except as provided for in Tier 3. |
Tier 3 |
For each identified act or omission that is prohibited under Section 122/4-5 of the Act or any action or omission that is an intentional or reckless violation of the Act regardless of type. |
A fine not to exceed $10,000 per violation. |
b) Nothing in this Section shall be construed as limiting the Department's investigative powers or remedies under the Act, including, but not limited to, any remedy detailed in Section 4-10 of the Act in addition to, or in lieu of, assessing fines in accordance with subsection (a).
c) In accordance with Section 4-5 of the Act, the Department will follow the procedures established under 4-10(f) of the Act for unlicensed violators of the Act and this Part.