Full Text of HB0134 100th General Assembly
HB0134ham001 100TH GENERAL ASSEMBLY | Rep. Sonya M. Harper Filed: 3/14/2017
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| 1 | | AMENDMENT TO HOUSE BILL 134
| 2 | | AMENDMENT NO. ______. Amend House Bill 134 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Consumer Installment Loan Act is amended by | 5 | | changing Section 17.5 as follows: | 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. | 11 | | (b) Within 90 days after making a small consumer loan, a | 12 | | licensee shall enter information about the loan into the | 13 | | certified database. | 14 | | (c) For every small consumer loan made, the licensee shall | 15 | | input the following information into the certified database | 16 | | within 90 days after the loan is made: |
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| 1 | | (i) the consumer's name and official identification | 2 | | number (for purposes of this Act, "official identification | 3 | | number" includes a Social Security Number, an Individual | 4 | | Taxpayer Identification Number, a Federal Employer | 5 | | Identification Number, an Alien Registration Number, or an | 6 | | identification number imprinted on a passport or consular | 7 | | identification document issued by a foreign government); | 8 | | (ii) the consumer's gross monthly income; | 9 | | (iii) the date of the loan; | 10 | | (iv) the amount financed; | 11 | | (v) the term of the loan; | 12 | | (vi) the acquisition charge; | 13 | | (vii) the monthly installment account handling charge; | 14 | | (viii) the verification fee; | 15 | | (ix) the number and amount of payments; and | 16 | | (x) whether the loan is a first or subsequent | 17 | | refinancing of a prior small consumer loan. | 18 | | (d) Once a loan is entered with the certified database, the | 19 | | certified database shall provide to the licensee a dated, | 20 | | time-stamped statement acknowledging the certified database's | 21 | | receipt of the information and assigning each loan a unique | 22 | | loan number. | 23 | | (e) The licensee shall update the certified database within | 24 | | 90 days if any of the following events occur: | 25 | | (i) the loan is paid in full by cash; | 26 | | (ii) the loan is refinanced; |
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| 1 | | (iii) the loan is renewed; | 2 | | (iv) the loan is satisfied in full or in part by | 3 | | collateral being sold after default; | 4 | | (v) the loan is cancelled or rescinded; or | 5 | | (vi) the consumer's obligation on the loan is otherwise | 6 | | discharged by the licensee. | 7 | | (f) To the extent a licensee sells a product or service to | 8 | | a consumer, other than a small consumer loan, and finances any | 9 | | portion of the cost of the product or service, the licensee | 10 | | shall, in addition to and at the same time as the information | 11 | | inputted under subsection (d) of this Section, enter into the | 12 | | certified database: | 13 | | (i) a description of the product or service sold; | 14 | | (ii) the charge for the product or service; and | 15 | | (iii) the portion of the charge for the product or | 16 | | service, if any, that is included in the amount financed by
| 17 | | a small consumer loan. | 18 | | (g) The certified database provider shall indemnify the | 19 | | licensee against all claims and actions arising from illegal or | 20 | | willful or wanton acts on the part of the certified database | 21 | | provider. The certified database provider may charge a fee not | 22 | | to exceed $1 for each loan entered into the certified database | 23 | | under subsection (d) of this Section. The database provider | 24 | | shall not charge any additional fees or charges to the | 25 | | licensee. | 26 | | (h) All personally identifiable information regarding any |
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| 1 | | consumer obtained by way of the certified database and | 2 | | maintained by the Department is strictly confidential and shall | 3 | | be exempt from disclosure under subsection (c) of Section 7 of | 4 | | the Freedom of Information Act. | 5 | | (i) A licensee who submits information to a certified | 6 | | database provider in accordance with this Section shall not be | 7 | | liable to any person for any subsequent release or disclosure | 8 | | of that information by the certified database provider, the | 9 | | Department, or any other person acquiring possession of the | 10 | | information, regardless of whether such subsequent release or | 11 | | disclosure was lawful, authorized, or intentional. | 12 | | (j) To the extent the certified database becomes | 13 | | unavailable to a licensee as a result of some event or events | 14 | | outside the control of the licensee or the certified database | 15 | | is decertified, the requirements of this Section and Section | 16 | | 17.4 of this Act are suspended until such time as the certified | 17 | | database becomes available.
| 18 | | (k) To provide for a more detailed analysis and monitoring | 19 | | of small-dollar lending in this State, the Department shall | 20 | | publish on its website loan-level information entered into the | 21 | | certified database that includes, but is not limited to, loan | 22 | | terms, features, and borrower income but does not include any | 23 | | personally identifiable information as described in subsection | 24 | | (h) of this Section. | 25 | | (Source: P.A. 96-936, eff. 3-21-11; 97-813, eff. 7-13-12.)".
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