SB2886 103RD GENERAL ASSEMBLY

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024
SB2886

Introduced 1/24/2024, by Sen. Sue Rezin

SYNOPSIS AS INTRODUCED:

815 ILCS 505/2EEEE new

Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that no consumer reporting agency may furnish a consumer report or contact information that is not requested by the consumer if the report or information is being procured based in whole or in part on the presence of an inquiry made in connection with a residential mortgage loan as defined by the Truth in Lending Act or automobile loan as covered under the Truth in Lending Act. Provides that a violation of the provision constitutes an unlawful practice within the meaning of the Act.

LRB103 36646 SPS 66755 b

A BILL FOR

SB2886

LRB103 36646 SPS 66755 b

1 AN ACT concerning business.

2 Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4 Section 1. Legislative intent. It is the intent of the

5 General Assembly for this amendatory Act of the 103rd General

6 Assembly to be enforceable if federal law, including, but not

7 limited to, the Fair Credit Reporting Act, does not contradict

8 or preempt it.

9 Section 5. The Consumer Fraud and Deceptive Business

10 Practices Act is amended by adding Section 2EEEE as follows:

11 (815 ILCS 505/2EEEE new)

12 Sec. 2EEEE. Consumer report inquiries for mortgage or

13 automobile loans. No consumer reporting agency may furnish a

14 consumer report or contact information that is not requested

15 by the consumer if the report or information is being procured

16 based in whole or in part on the presence of an inquiry made in

17 connection with a residential mortgage loan as defined by

18 Section 103 of the Truth in Lending Act (15 U.S.C. 1602) or an

19 automobile loan as covered under the Truth in Lending Act. A

20 violation of this Section constitutes an unlawful practice

21 within the meaning of this Act.