Section 110.190 Advertising

Section 110

Section 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

lished" 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.