IL SB3504

Landlords must offer tenants the option to have on-time rental payments reported to at least one nationwide consumer reporting agency to help build credit history.

Tenants must provide written authorization before any reporting begins, and landlords must give written notice containing specific disclosures about the reporting process, fees, and opt-out procedures.

Landlords may charge tenants a fee not exceeding actual cost plus $5 per month for the reporting service; nonpayment of this fee cannot be reported to credit agencies or cause eviction.

Tenants can opt out of reporting at any time with written notice but must wait at least 6 months before re-enrolling in the program.

Small landlords with buildings of 15 or fewer units are exempt unless they own multiple buildings and are a corporation, LLC with a corporate member, or real estate investment trust.