IL SB3450

Requires payday lenders to verify consumer identity in person before making a loan, using government-issued identification documents.

Identity verification must be conducted at the lender's location, another licensee's location, a currency exchange licensed under the Currency Exchange Act, or another Department-approved physical location in Illinois.

Mandates that verified identity information be recorded on a Department-established form including the consumer's name, address, telephone number, and other identifying information with the consumer's original signature.

Prohibits charging any fee to consumers for identity verification and requires completed verification forms to be maintained as part of the loan file.

Allows authorized parties such as currency exchange licensees and Department-approved locations to perform identity verification on behalf of lenders and deliver verification forms directly to the designated lender.