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Financial Services Law Insights and Observations

Illinois Department of Financial and Professional Regulation issues guidance to Consumer Installment Loan Act, Payday Loan Reform Act, and Sales Finance Agency Act licensees on office closures

State Issues Illinois Covid-19 Licensing Installment Loans Payday Lending

State Issues

On March 30, the Illinois Department of Financial and Professional Regulation (Department) issued guidance to licensees under the Consumer Installment Loan Act, Payday Loan Reform Act, and Sales Finance Agency Act regarding office closures due to Covid-19. A licensee may close its offices without notice and approval of the Department as otherwise required under applicable law if certain conditions are met. For example, the licensee must provide notice to the Department no later than 24 hours after the closure and one business day prior to reopening, and the licensee must provide reasonable methods for consumers to make payments while its offices are closed. Additionally, if any payments are due on any obligations to a licensee on any closed day, then the payment must be considered received on the closed day for all purposes, including the computation of interest or charges, if received at any time before the close of business on the 30th calendar day following the last closed day.