This thread is pertaining to the Illinois Consumer Installment Lender laws relating to Consumer Installment Lending Licensees...
This is taken directly from the IDFPR
Please correct me if I am interpreting the text wrong, but this is how I am translating the text pertaining to CILs:
a company that engages in making loans of a principal amount not exeeding $40k, and charge on any such loan a greater rate
of interest than the lender would be permitted by law to charge if it were not a licensee hereunder, **EXCEPT** as authorized
by the CILA after first obtaining a license from the Illinois DFI
Now basically any CIL is permitted under Illinois law to issue loans of amounts that aren't exceeding $40k, however, if they do not have license under Illinois, it is illegal for them to charge interest? Or is are they simply limited to a certain amount of interest if they are not a licensee?
How does this apply to tribal lenders? I understand that people say "tribal lenders are illegal, no if's and's or but's" but isn't what makes them illegal whether or not the state law determines how they are lending permissible behavior?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.