103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3692

 

Introduced 2/9/2024, by Sen. Elgie R. Sims, Jr.

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 670/17.5

    Amends the Consumer Installment Loan Act. Provides that a certified database provider may charge a fee not to exceed $3 (rather than $1) for each loan entered into the certified database. Effective 90 days after becoming law.


LRB103 34047 SPS 63864 b

 

 

A BILL FOR

 

SB3692LRB103 34047 SPS 63864 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
15into the certified database and shall follow the Department's
16related 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 $3 $1 for each loan entered into the certified

 

 

SB3692- 2 -LRB103 34047 SPS 63864 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 90 days
5after becoming law.