Bill Text: IL HB5167 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: 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.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2025-01-07 - Session Sine Die [HB5167 Detail]

Download: Illinois-2023-HB5167-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5167 Introduced , by Rep. Justin Slaughter 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.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Consumer Installment Loan Act is amended by
changing Section 17.5 as follows:
(205 ILCS 670/17.5)
Sec. 17.5. Consumer reporting service.
(a) For the purpose of this Section, "certified database"
means the consumer reporting service database established
pursuant to the Payday Loan Reform Act. "Title-secured loan"
means a loan in which, at commencement, a consumer provides to
the licensee, as security for the loan, physical possession of
the consumer's title to a motor vehicle.
(b) Licensees shall enter information regarding each loan
that exceeds $500 into the certified database and shall follow
the Department's related rules.
(c) For every title-secured loan made, the licensee shall
input information as provided in 38 Ill. Adm. Code 110.420.
(d) 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

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database. The database provider shall not charge any
additional fees or charges to the licensee.
(Source: P.A. 101-658, eff. 3-23-21.)