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IL HB5167

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Justin Slaughter

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Amends the Consumer Installment Loan Act by modifying Section 17.5 regarding consumer reporting requirements for licensed lenders
  • Changes reporting threshold so that entities must enter information into the consumer reporting service database only for loans exceeding $500 (rather than all loans)
  • Requires licensees to follow the Department of Financial and Professional Regulation's related rules for database reporting
  • Permits the database provider to charge a maximum fee of $1 per loan entered and prohibits any additional fees or charges to licensees
  • Takes effect immediately upon enactment

Legislative Description

INSTALLMENT LOANS-REPORTING

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules4/5/2024
Financial Institutions and Licensing3/12/2024
Rules2/9/2024

Full Bill Text

No bill text available