Illinois Compiled Statutes
Chapter 815 - BUSINESS TRANSACTIONS
815 ILCS 125/ - Foreign Corporation Lending Act.

(815 ILCS 125/0.01) (from Ch. 17, par. 2900)
Sec. 0.01.
Short title.
This Act may be cited as the
Foreign Corporation Lending Act.

(Source: P.A. 86-1324.)
 
(815 ILCS 125/1) (from Ch. 17, par. 2901)
Sec. 1.
Investments and loans; transaction of business in Illinois.

Except a corporation, person, or other entity
that is required to be chartered, licensed, certified, registered,
regulated, or supervised under State law
other than the Business Corporation Act of 1983, a
corporation formed under the laws of any other state or
country, and authorized by its charter to invest and loan money, may,
without qualifying to transact business in this state, invest or loan
money, purchase or contract
to purchase notes or other evidences of indebtedness or interests therein,
secured by any security instrument, including mortgages or trust deeds in
the nature of mortgages conveying real or personal property in the State of
Illinois. Notwithstanding the provisions of any other law of this state,
any foreign corporation that may have heretofore or hereafter purchased
notes or other evidences of indebtedness as aforesaid, shall have the same
rights and powers for the recovery, servicing, protection and enforcement,
by foreclosure or otherwise, of such notes or other evidences of
indebtedness subject to the same penalties for usury, as private persons,
citizens of this state. Such foreign corporation shall have power to
acquire, hold, lease, mortgage, sell, contract with respect to, or
otherwise protect or convey property in this state heretofore or hereafter
assigned, transferred, mortgaged or conveyed to it as security for, or in
whole or part satisfaction of, indebtedness purchased or owned by it. When
a sale is made under any judgment, or power in a mortgage or deed,
such foreign corporation may purchase, in its corporate name, the property
offered for sale, and become vested with the title wherever a natural
person might do so in like cases: Provided, however, that in case such
corporation shall not, within the period of five years after acquiring such
title, sell any real estate so acquired, it is the duty of the State's
Attorney to proceed by complaint, in the name of the People of the State
of Illinois, against such corporation, in the Circuit Court of the county
within which such land is situated, and such court has jurisdiction to hear
and determine the fact, and to order the sale of such land or real estate,
at such time and place, subject to such rules as the court shall establish.
The court shall tax, as the fees of the State's Attorney, such sum as
shall be reasonable; and the proceeds of such sale, after deducting the
said fees and costs of proceedings, shall be paid over to such corporation.
"Corporation" as used in this Act shall be deemed to include any bank or
insurance company, provided, that nothing in this act contained shall be so
construed as to confer banking powers or privileges upon any such
corporation.
No foreign corporation shall be deemed to be transacting business in
this state solely by reason of the performance of any of the acts
hereinabove authorized.

(Source: P.A. 89-355, eff. 8-17-95.)

Structure Illinois Compiled Statutes