Illinois HB5290 amends the Sales Finance Agency Act to redefine terms, enhance licensing requirements, and expand the Secretary's authority over.
Illinois HB5290 amends the Sales Finance Agency Act by redefining key terms such as "sales finance agency" and "person." It mandates that applicants for a sales finance agency license must apply using a form prescribed by the Secretary and may be required to use the Nationwide Multistate Licensing System and Registry. The bill prohibits sales finance agencies from purchasing retail installment contracts or agreements for the sale of canines or felines.
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