94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2360

 

Introduced 2/16/2005, by Rep. Susana A Mendoza

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Payday and Title Loan Credit Reporting Act. Requires any lender of a payday loan or title loan to report the borrower's repayment history and other relevant credit information to at least one consumer reporting agency in accordance with the federal Fair Credit Reporting Act. Authorizes the Division of Financial Institutions of the Department of Financial and Professional Regulation to adopt rules necessary and reasonable for the administration and enforcement of the Payday and Title Loan Credit Reporting Act.


LRB094 10158 MKM 40420 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2360 LRB094 10158 MKM 40420 b

1     AN ACT concerning regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 1. Short title. This Act may be cited as the Payday
5 and Title Loan Credit Reporting Act.
 
6     Section 5. Definitions. As used in this Act:
7     "Consumer reporting agency" means that term as it is
8 defined under the federal Fair Credit Reporting Act.
9     "Lender" means any entity offering payday loans or title
10 loans to Illinois residents.
11     "Payday loan" means a loan in which the lender takes
12 possession of a personal check tendered by the customer and
13 agrees in writing to defer presentment of that check until the
14 customer's next payday, or another date agreed to by the lender
15 and the customer.
16     "Title loan" means a loan secured by the borrower's vehicle
17 title that is structured to be a short-term, fixed-rate,
18 closed-end transaction.
 
19     Section 10. Credit reporting required. Any lender who
20 provides a payday loan or title loan to an Illinois resident is
21 required to furnish the borrower's repayment history and other
22 relevant credit information to at least one consumer reporting
23 agency in accordance with the federal Fair Credit Reporting
24 Act.
 
25     Section 15. Enforcement. The Division of Financial
26 Regulation in the Department of Financial and Professional
27 Regulation shall adopt rules necessary and reasonable for the
28 administration and enforcement of this Act.