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IL SB3577
Bill
AI Summary
- Amends the Consumer Installment Loan Act to change the loan reporting threshold from all loans to only loans exceeding $500
- Requires licensed entities to enter information about loans over $500 into the consumer reporting service database and follow Department of Financial and Professional Regulation rules
- Maintains requirement that licensees report all title-secured loan information as specified in administrative code
- Limits certified database provider fees to a maximum of $1 per loan entered with no additional charges permitted to licensees
- Becomes effective immediately upon enactment
Legislative Description
INSTALLMENT LOANS-REPORTING
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments2/9/2024
Full Bill Text
No bill text available