TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.290 CONSUMER REPORTING SERVICE


 

Section 110.290  Consumer Reporting Service

 

a)         For the purposes of this Section, "certified database" means the consumer reporting service database established pursuant to the Payday Loan Reform Act [815 ILCS 122].

 

b)         Within 90 days after making a Small Consumer Loan, a licensee shall enter information about the loan into the certified database.

 

c)         For every Small Consumer Loan made, the licensee shall input the following information into the certified database within 90 days after the loan is made:

 

1)         the consumer's name and official identification number (for purposes of this Act, "official identification number" includes a Social Security Number, an Individual Taxpayer Identification Number, a Federal Employer Identification Number, an Alien Registration Number, or an identification number imprinted on a passport or consular identification document issued by a foreign government);

 

2)         the consumer's gross monthly income;

 

3)         the date of the loan;

 

4)         the amount financed;

 

5)         the term of the loan;

 

6)         the acquisition charge;

 

7)         the monthly installment account handling charge;

 

8)         the fee permitted under Section 17.2(c) of the Act;

 

9)         the number and amount of payments; and

 

10)        whether the loan is a first or subsequent refinancing of a prior Small Consumer Loan.

 

d)         Once a small consumer loan is entered into the certified database, the certified database shall provide to the licensee a dated, time-stamped statement acknowledging the certified database's receipt of the information and assigning each loan a unique loan number.

 

e)         The licensee shall update the certified database within 90 days if any of the following events occur with respect to a small comsumer loan:

 

1)         the loan is paid in full by cash. For purposes of this subsection (e)(1), "cash" includes currency, personal checks, money orders, third party checks and any other medium of exchange representing immediately available funds;

 

2)         the loan is refinanced;

 

3)         the loan is renewed;

 

4)         the loan is satisfied in full or in part by collateral being sold after default;

 

5)         the loan is cancelled or rescinded; or

 

6)         the consumer's obligation on the loan is otherwise discharged by the licensee.

 

f)         To the extent a licensee sells a product or service to a consumer, in addition to a Small Consumer Loan, and finances any portion of the cost of the product or service, the licensee shall, in addition to and at the same time as the information inputted under subsection (d), enter into the certified database:

 

1)         a description of the product or service sold;

 

2)         the charge for the product or service; and

 

3)         the portion of the charge for the product or service, if any, that is included in the amount financed by a Small Consumer Loan.

 

g)         The certified database provider shall indemnify the licensee against all claims and actions arising from illegal or willful or wanton acts on the part of the certified database provider.  The certified database provider may charge a fee not to exceed $1 for each loan entered into the certified database under subsection (c).  The database provider shall not charge any additional fees or charges to the licensee.

 

h)         All personally identifiable information regarding any consumer obtained by way of the certified database and maintained by the Department is strictly confidential and shall be exempt from disclosure under Section 7(1)(c) of the Freedom of Information Act [5 ILCS 140].

 

i)          A licensee who submits information to a certified database provider in accordance with this Section shall not be liable to any person for any subsequent release or disclosure of that information by the certified database provider, the Department, or any other person acquiring possession of the information, regardless of whether the subsequent release or disclosure was lawful, authorized or intentional.

 

j)          To the extent the certified database becomes unavailable to a licensee as a result of some event or events outside the control of the licensee or the certified database is decertified, the requirements of this Section and Section 17.4 of the Act are suspended until such time as the certified database becomes available.

 

k)         Beginning June 1, 2011, licensees must comply with the requirements of subsections (b) through (f) of this Section.

 

(Source:  Added at 35 Ill. Reg. 7319, effective April 21, 2011)