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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3577 Introduced 2/9/2024, by Sen. Mattie Hunter SYNOPSIS AS INTRODUCED:
| | | Amends the Consumer Installment Loan Act. Provides that an entity licensed under the Act shall enter information regarding each loan that exceeds $500 (rather than all loans) into the consumer reporting service database and shall follow the Department of Financial and Professional Regulation's related rules. Effective immediately. |
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| | A BILL FOR |
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| | SB3577 | | LRB103 38144 RTM 68276 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Consumer Installment Loan Act is amended by |
| 5 | | changing Section 17.5 as follows:
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| 6 | | (205 ILCS 670/17.5) |
| 7 | | Sec. 17.5. Consumer reporting service. |
| 8 | | (a) For the purpose of this Section, "certified database" |
| 9 | | means the consumer reporting service database established |
| 10 | | pursuant to the Payday Loan Reform Act. "Title-secured loan" |
| 11 | | means a loan in which, at commencement, a consumer provides to |
| 12 | | the licensee, as security for the loan, physical possession of |
| 13 | | the consumer's title to a motor vehicle. |
| 14 | | (b) Licensees shall enter information regarding each loan |
| 15 | | that exceeds $500 into the certified database and shall follow |
| 16 | | the Department's related rules. |
| 17 | | (c) For every title-secured loan made, the licensee shall |
| 18 | | input information as provided in 38 Ill. Adm. Code 110.420. |
| 19 | | (d) The certified database provider shall indemnify the |
| 20 | | licensee against all claims and actions arising from illegal |
| 21 | | or willful or wanton acts on the part of the certified database |
| 22 | | provider. The certified database provider may charge a fee not |
| 23 | | to exceed $1 for each loan entered into the certified |