Illinois HB3634 amends the Consumer Installment Loan Act to protect licensees from claims due to illegal or willful acts by certified database.
HB3634 amends the Consumer Installment Loan Act to require certified database providers to indemnify licensees against claims arising from illegal or willful acts. The certified database provider can charge a fee of up to $1 or 0.1% of the loan principal, whichever is less, for each loan entered into the certified database. The provider is prohibited from charging any additional fees or charges to the licensee. This change aims to protect licensees from financial liability due to the actions of the certified database provider.
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- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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