38 Ill. Adm. Code 210.260
Certified Database/Commercially Reasonable Method of Verification
Section 210.260 Certified Database/Commercially
Reasonable Method of Verification
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.