Illinois HB3478 amends the Consumer Installment Loan Act to adjust the fee charged by certified database providers for title-secured loans.

Illinois HB3478 modifies the Consumer Installment Loan Act by altering the fee structure for certified database providers. These providers, who manage consumer reporting services, can now charge a fee of up to $5 or 0.1% of the loan principal, whichever is less, for each loan entered into the certified database. This change aims to provide more flexibility in fee structures while ensuring that fees remain reasonable. The bill also reiterates that the database provider must indemnify licensees against claims arising from illegal or willful actions.

Illinois HB3478 amends the Consumer Installment Loan Act to adjust the fee charged by certified database providers for title-secured loans.

Illinois HB3478 modifies the Consumer Installment Loan Act by altering the fee structure for certified database providers. These providers, who manage consumer reporting services, can now charge a fee of up to $5 or 0.1% of the loan principal, whichever is less, for each loan entered into the certified database. This change aims to provide more flexibility in fee structures while ensuring that fees remain reasonable. The bill also reiterates that the database provider must indemnify licensees against claims arising from illegal or willful actions.