Current through Register Vol. 48, No. 12, March 22, 2024
a) Certified
Database. In order to certify a consumer reporting service as a commercially
reasonable database pursuant to the Act, the provider must comply with the
following provisions:
1) Single, centralized
consumer reporting service to track payday loan transactions made by licensees
under the Act on a real time basis.
2) Real time access by the Division and
licensees to verify that individual consumers are eligible for a loan pursuant
to the requirements of the Act.
3)
All requirements in Section 2-15 of the Act regarding verification.
4) Customer support to licensees and
consumers during regular business hours.
5) Develop and provide training to Division
staff and licensees under the Act prior to implementation and on an ongoing
basis.
6) Provide a charge-back
methodology to licensees not to exceed $1 for each search to determine
eligibility of the consumer for a loan under the Act.
7) All requirements of Section 2-17 of the
Act regarding qualifications and bonding.
8) All confidentiality and privacy
requirements of the Act and required by law.
b) The certified consumer reporting service
may charge a verification fee not to exceed $1 upon a loan being made or
entered into the database. The certified consumer reporting service shall not
charge any additional fees or charges.
c) Additional Database Providers. As
technology advances permit, the Division may certify additional database
providers in the future. Any additional database provider must guarantee, to
the satisfaction of the Director, that the additional database can interface
with any other certified database to provide a single point of verification for
licensees and the Division to determine consumer eligibility for a loan
pursuant to the Act and to provide a single source for reporting
purposes.
d) Licensee Input into
Database
1) The licensee shall input the
following information into the certified database to determine whether the
consumer is eligible for a loan pursuant to the requirements of the Act:
A) Consumer's Social Security Number or Alien
Identification Number or other official identification number, as approved by
the USA Patriot Act rules and regulations (see 31 CFR 103.12(b)(2)(i)(4)(ii)) ,
issued by a foreign government or government in the United States;.
B) Consumer's gross monthly income.
C) Any additional information required by the
Director.
2) On the same
day the payday loan is made, the licensee shall update the certified database
with the following information:
A) Consumer's
identification number under subsection (d)(1)(A);
B) Principal amount of the loan;
C) Total of payments;
D) Term of the loan;
E) Security accepted for the loan;
F) Zip code of consumer;
G) Date of the loan;
H) APR;
I) PLPA APR;
J) Whether the loan is a rollover or a prior
loan; and
K) Any additional
information required by the Director.
3) On the same day any loan transaction is
made, the licensee shall input the information into the certified database,
including, but not limited to, the following transactions:
A) Electing a repayment plan;
B) Paying the loan in full;
C) Closing of the loan;
D) Depositing a check used as security for
the loan;
E) Canceling a loan
within 48 hours as allowed by the Act;
F) Recording an NSF return on a previously
closed transaction;
G) Return of
security;
H) Writing of the
loan;
I) Any missed
payment;
J) Any default other than
a missed payment; and
K) Any other
transaction as required by the Director.
e) Beginning June 1, 2011, licensees must
comply with the requirements of subsection (d) of this Section.
f) All personally identifiable information
regarding any consumer obtained by way of the certified database and maintained
by the Department is strictly confidential and shall be exempt from disclosure
under Section 7(c) of the Freedom of Information Act.