103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3577

 

Introduced 2/9/2024, by Sen. Mattie Hunter

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 670/17.5

    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.


LRB103 38144 RTM 68276 b

 

 

A BILL FOR

 

SB3577LRB103 38144 RTM 68276 b

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

 

 

SB3577- 2 -LRB103 38144 RTM 68276 b

1database. The database provider shall not charge any
2additional fees or charges to the licensee.
3(Source: P.A. 101-658, eff. 3-23-21.)
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.