summary
Introduced
02/05/2026
02/05/2026
In Committee
02/10/2026
02/10/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Consumer Installment Loan Act. In provisions concerning consumer reporting service, changes the definition of "title-secured loan" to specify that the length of a title-secured loan is less than 12 months. Provides that licensees that do not submit information to at least one consumer reporting agency that compiles and maintains files on consumers on a nationwide basis shall enter information (instead of licensees shall enter information) regarding each loan into the certified database and shall follow the Department of Financial and Professional Regulation's related rules.
AI Summary
This bill amends the Consumer Installment Loan Act by clarifying the definition of a "title-secured loan" to mean a loan with a duration of less than 12 months where a consumer pledges their motor vehicle title as security. It also modifies requirements for lenders regarding reporting loan information: if a lender does not report to a nationwide consumer reporting agency (an organization that collects and maintains consumer credit information, as defined by federal law, specifically 15 U.S.C. 1681a(p)), they must instead report each loan to a "certified database," which is a consumer reporting service database established under a different law, and adhere to the Department of Financial and Professional Regulation's rules for this reporting.
Sponsors (1)
Last Action
Referred to Rules Committee (on 02/10/2026)
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