Consumer & commercial lending in Illinois

Who needs this in Illinois

Companies that make consumer installment loans to Illinois residents generally need a CILA license from IDFPR. There is no separate City of Chicago consumer-lender license — Chicago storefronts still need ordinary city business licensing, but the lending authority is the state CILA license. The Predatory Loan Prevention Act sets an all-in 36 percent APR cap on most consumer loans; a license does not authorize a product priced above that cap.

Where to file

Request the CILA license on NMLS. Confirm whether a sales-finance or other IDFPR authority is the better fit before you file.

Federal overlay

TILA / Regulation Z, ECOA, FCRA, and CFPB supervision sit on top of the state license. A state license does not create a federal charter.

Sources

• NMLS / CSBS state agency contacts
• IDFPR consumer credit