Illinois HB5262 amends the Consumer Installment Loan Act to redefine title-secured loans and mandate data entry into a certified database.
Illinois HB5262 amends the Consumer Installment Loan Act by redefining "title-secured loan" to specify that such loans must be less than 12 months in length. The bill also mandates that licensees who do not submit information to at least one consumer reporting agency must enter loan information into a certified database. This database is established under the Payday Loan Reform Act and is maintained by a certified database provider. The provider can charge a fee of up to $1 per loan but cannot impose additional fees.
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- Critical Issues
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