Bill > HB3478

This bill amends the Consumer Installment Loan Act to modify the fee that a certified database provider can charge for loan entry. Specifically, the bill increases the maximum fee a certified database provider can charge from $1 to the lesser of $5 or 0.1% of the loan principal. The bill relates to a consumer reporting service database established under the Payday Loan Reform Act, which requires licensees to enter information about each loan, particularly for title-secured loans (loans where the consumer provides their vehicle title as security). The database provider is also required to indemnify licensees against claims arising from the provider's illegal or willful actions. The change in fee structure appears intended to provide more flexibility for database providers while still maintaining a reasonable cost for loan tracking and reporting.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3478&GAID=18&DocTypeID=HB&SessionID=114&GA=104