Bill > HB3634

This bill amends the Consumer Installment Loan Act to modify regulations surrounding a certified consumer reporting service database, primarily used for tracking title-secured loans (loans where a vehicle title is used as collateral). The bill clarifies that licensees must enter information about each loan into the certified database and follow departmental rules. Specifically, the bill updates the fee structure for database entry, allowing the database provider to charge a fee that is the lesser of $1 or 0.1% of the loan principal for each loan entered. The bill also maintains a provision that the database provider must indemnify (legally protect) the licensee against claims arising from illegal or willful misconduct by the database provider, and explicitly prohibits the database provider from charging any additional fees beyond the specified loan entry fee. This amendment aims to provide clarity and potentially reduce costs for licensees using the consumer reporting service while maintaining accountability for the database provider.

Justice

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3634&GAID=18&DocTypeID=HB&SessionID=114&GA=104