Bill > SB2479

This bill amends the Consumer Installment Loan Act to modify regulations around a certified database for consumer reporting services, specifically for title-secured loans (loans where a consumer provides their vehicle title as security). The bill clarifies that licensees must enter loan information into a certified database established by the Payday Loan Reform Act and follow specific departmental rules. A key provision requires that the certified database provider now offer indemnification to licensees for any claims arising from illegal or willful acts by the database provider. The bill also establishes a new fee structure for database entries, allowing the provider to charge no more than the lesser of $1 or 0.1% of the loan principal per loan entered, and explicitly prohibits the database provider from imposing any additional fees on licensees. These changes aim to provide more clarity and protection for both loan licensees and the database provider in the consumer lending ecosystem, while also establishing clear, transparent fee guidelines for database services.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2479&GAID=18&DocTypeID=SB&SessionID=114&GA=104