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90_HB1196
205 ILCS 5/32.2 new
205 ILCS 105/5-17 new
205 ILCS 205/6015 new
205 ILCS 305/47.5 new
205 ILCS 635/5-2 new
205 ILCS 660/13.5 new
205 ILCS 670/14.5 new
815 ILCS 370/3.5 new
815 ILCS 405/3.5 new
Amends the Illinois Banking Act, Illinois Savings and
Loan Act of 1985, Savings Bank Act, Credit Union Act,
Residential Mortgage License Act of 1987, Sales Finance
Agency Act, Consumer Installment Loan Act, Motor Vehicle
Retail Installment Loan Act, and Retail Installment Loan Act.
Provides that if a lender subject to those Acts denies a
credit application because of the contents of a credit
report, the lender shall provide a copy of the entire credit
report to the applicant.
LRB9004171LDdv
LRB9004171LDdv
1 AN ACT concerning denials of credit, amending named Acts.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Banking Act is amended by adding
5 Section 32.2 as follows:
6 (205 ILCS 5/32.2 new)
7 Sec. 32.2. Credit denial; credit report disclosure. If
8 an application for credit is denied by a lender subject to
9 this Act because of the contents of the credit report
10 regarding the applicant, the lender shall provide a copy of
11 the entire credit report to the applicant.
12 Section 10. The Illinois Savings and Loan Act of 1985 is
13 amended by adding Section 5-17 as follows:
14 (205 ILCS 105/5-17 new)
15 Sec. 5-17. Credit denial; credit report disclosure. If
16 an application for credit is denied by a lender subject to
17 this Act because of the contents of the credit report
18 regarding the applicant, the lender shall provide a copy of
19 the entire credit report to the applicant.
20 Section 15. The Savings Bank Act is amended by adding
21 Section 6015 as follows:
22 (205 ILCS 205/6015 new)
23 Sec. 6015. Credit denial; credit report disclosure. If
24 an application for credit is denied by a lender subject to
25 this Act because of the contents of the credit report
26 regarding the applicant, the lender shall provide a copy of
27 the entire credit report to the applicant.
-2- LRB9004171LDdv
1 Section 20. The Illinois Credit Union Act is amended by
2 adding Section 47.5 as follows:
3 (205 ILCS 305/47.5 new)
4 Sec. 47.5. Credit denial; credit report disclosure. If
5 an application for credit is denied by a lender subject to
6 this Act because of the contents of the credit report
7 regarding the applicant, the lender shall provide a copy of
8 the entire credit report to the applicant.
9 Section 25. The Residential Mortgage License Act of 1987
10 is amended by adding Section 5-2 as follows:
11 (205 ILCS 635/5-2 new)
12 Sec. 5-2. Credit denial; credit report disclosure. If
13 an application for credit is denied by a lender subject to
14 this Act because of the contents of the credit report
15 regarding the applicant, the lender shall provide a copy of
16 the entire credit report to the applicant.
17 Section 30. The Sales Finance Agency Act is amended by
18 adding Section 13.5 as follows:
19 (205 ILCS 660/13.5 new)
20 Sec. 13.5. Credit denial; credit report disclosure. If
21 an application for credit is denied by a lender subject to
22 this Act because of the contents of the credit report
23 regarding the applicant, the lender shall provide a copy of
24 the entire credit report to the applicant.
25 Section 35. The Consumer Installment Loan Act is amended
26 by adding Section 14.5 as follows:
27 (205 ILCS 670/14.5 new)
-3- LRB9004171LDdv
1 Sec. 14.5. Credit denial; credit report disclosure. If
2 an application for credit is denied by a lender subject to
3 this Act because of the contents of the credit report
4 regarding the applicant, the lender shall provide a copy of
5 the entire credit report to the applicant.
6 Section 40. The Motor Vehicle Retail Installment Sales
7 Act is amended by adding Section 3.5 as follows:
8 (815 ILCS 370/3.5 new)
9 Sec. 3.5. Credit denial; credit report disclosure. If
10 an application for credit is denied by a lender subject to
11 this Act because of the contents of the credit report
12 regarding the applicant, the lender shall provide a copy of
13 the entire credit report to the applicant.
14 Section 45. The Retail Installment Sales Act is amended
15 by adding Section 3.5 as follows:
16 (815 ILCS 405/3.5 new)
17 Sec. 3.5. Credit denial; credit report disclosure. If
18 an application for credit is denied by a lender subject to
19 this Act because of the contents of the credit report
20 regarding the applicant, the lender shall provide a copy of
21 the entire credit report to the applicant.