Illinois General Assembly - Bill Status for HB0418

Amends the Residential Mortgage License Act of 1987. In a Section concerning lending procedures, provides that a licensee may not deny an application for a mortgage solely on the basis of credit information of prospective customers. Provides that if a licensee denies a mortgage application based on credit information, it must provide the affected party with an explanation for the licensee's action and an opportunity for the affected party to explain its credit information. Amends the Use of Credit Information in Personal Insurance Act. In a Section concerning the use of personal credit information, provides that if an insurer denies, cancels, or does not renew a policy of personal insurance based on credit information, it must provide the affected party with an explanation for the insurer's action and an opportunity for the affected party to explain its credit information. Amends the Public Utilities Act. Provides that a public utility may not deny, cancel, or nonrenew utility service solely on the basis of credit information of prospective or existing customers. Provides that if a public utility denies, cancels, or does not renew service based on credit information, it must provide the affected party with an explanation for the public utility's action and an opportunity for the affected party to explain its credit information. Effective immediately.

Provides that the prohibition against a public utility using credit information to deny, cancel, or nonrenew utility service does not apply to a telecommunications carrier or any of its affiliates.

Replaces everything after the enacting clause. Amends the Use of Credit Information in Personal Insurance Act. In a Section concerning the use of personal credit information, provides that if an insurer denies, cancels, or does not renew a policy of personal insurance based on credit information, it must provide the affected party with a notice as described in the provisions of the Act concerning adverse action notification and an opportunity for the affected party to explain its credit information under the procedures outlined in the provisions of the Act concerning extraordinary life events. Removes language concerning the use of personal credit information. Provides that an insurer that uses credit information to underwrite or rate risks shall, at annual renewal upon the request of an insured or an insured's agent, re-underwrite and re-rate the insured's personal insurance policy based on a current credit report or insurance score unless specified criteria are met. Amends the Public Utilities Act. Provides that a public utility may not deny, cancel, or nonrenew utility service solely on the basis of credit information of prospective or existing customers. Provides that if a public utility denies, cancels, or does not renew service based on credit information, it must provide the affected party with an explanation for the public utility's action and an opportunity for the affected party to explain its credit information. Provides that the prohibition against a public utility using credit information to deny, cancel, or nonrenew utility service does not apply to a telecommunications carrier or any of its affiliates. Effective immediately.

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