Ill. Admin. Code tit. 38, § 110.190 - Advertising
a) Licensees shall
not advertise "No co-makers required", "No endorsers required", "Signature
only" loans, "Loans made on your plain note" or the like, unless the loans
constitute at least 50% of all loans made by the licensee.
b) Licensees shall not make reference, in any
form of advertising such as newspapers, circulars, letters, radio, or other
media, to "Low rates", or "Lower rates", or "Lowest rates", or "Lowest cost",
or indicate by direct or indirect means through such expression as "Low cost",
"Lower cost", or "Easier to repay", or by any device that the charges for a
loan are low.
c) Licensees may
advertise "New reduced rates" or "Reduced rates", or similar phrases for not
more than 60 days after the effective date of the reduction in rates.
d) Upon specific request by the Division,
licensees shall forward to the Supervisor of the Consumer Credit Section the
complete text of all advertising copy, whether printed or broadcast, for which
questions have been raised concerning compliance with the Act.
e) A licensee may indicate in advertising and
otherwise that its business is "regulated" or "examined" or "supervised" or
"licensed" by the State of Illinois. A licensee may not advertise in a
false, misleading, or deceptive manner or imply or indicate that the
rates or charges for loans made are "approved", "set" or "established" by the
State government. [205 ILCS 670/18 ]
f) Should any advertisement by a licensee
state the amount of any installment payment, dollar amount of any finance
charge or number of installments, or period of repayment, the advertisement
shall comply with the provisions of the federal Consumer Credit Protection Act
(15 U.S.C.
41 et seq.) and the regulations applicable to
that Act.
g) Any statement of the
payment schedule for a loan in an advertisement must show the proceeds of the
loan exclusive of the finance charge and indicate the number and amount of the
weekly, biweekly, semimonthly, or monthly installments required to pay the loan
contract. The total of the installments must be sufficient to pay the total of
the proceeds and finance charge for the loan according to the payment schedule.
When a payment schedule is used, it must disclose the Annual Percentage Rate
for each amount of loan advertised, using that term.
h) If the advertisement includes an offer of
insurance, the advertisement must disclose the type of insurance offered and
whether or not the installments include the cost of the insurance.
i) The licensee shall not advertise the
conduct of business other than at the license location or other location
approved by the Director.
j) On a
finding that an advertisement is false, misleading, or deceptive, the Director
may issue a cease and desist order and may issue an order imposing a fine,
suspension, or revocation.
Notes
Amended at 35 Ill. Reg. 7319, effective April 21, 2011
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.