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| | 104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5262 Introduced 2/10/2026, by Rep. Justin Slaughter SYNOPSIS AS INTRODUCED:
| | | 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. |
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| | A BILL FOR |
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| | HB5262 | | LRB104 18643 BAB 32086 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Consumer Installment Loan Act is amended by |
| 5 | | changing Section 17.5 as follows:
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| 6 | | (205 ILCS 670/17.5) |
| 7 | | Sec. 17.5. Consumer reporting service. |
| 8 | | (a) For the purpose of this Section, "certified database" |
| 9 | | means the consumer reporting service database established |
| 10 | | pursuant to the Payday Loan Reform Act. "Title-secured loan" |
| 11 | | means a loan less than 12 months in length in which, at |
| 12 | | commencement, a consumer provides to the licensee, as security |
| 13 | | for the loan, physical possession of the consumer's title to a |
| 14 | | motor vehicle. |
| 15 | | (b) Licensees that do not submit information to at least |
| 16 | | one consumer reporting agency that compiles and maintains |
| 17 | | files on consumers on a nationwide basis, as that term is used |
| 18 | | in 15 U.S.C. 1681a(p), shall enter information regarding each |
| 19 | | loan into the certified database and shall follow the |
| 20 | | Department's related rules. |
| 21 | | (c) For every title-secured loan made, the licensee shall |
| 22 | | input information as provided in 38 Ill. Adm. Code 110.420. |
| 23 | | (d) The certified database provider shall indemnify the |