Ill. Admin. Code tit. 38 § 110.420

Current through Register Vol. 48, No. 44, November 1, 2024

Section 110.420 - Approved Database

a) Lender Input into Database

1) Within 90 days after a title-secured loan is made, the lender shall enter into the approved database the following information:

A) Obligor's Social Security Number, Alien Identification Number, or other official identification number, as approved by the USA Patriot Act rules and regulations (see 31 CFR 1020.220(a)(2)(i)(A)(4)(ii)), issued by a foreign government or government in the United States;

B) Principal amount of the loan;

C) Total of payments;

D) Term of the loan and the maturity date of the loan;

E) Date the loan was executed;

F) Scheduled number and amount of payments;

G) Zip code of obligor and any co-maker;

H) Any security taken;

I) APR;

J) PLPA APR;

K) Vehicle identification number of security;

L) Whether the loan pays off any prior loan;

M) Whether the loan is interest-bearing or precomputed; and

N) Any additional information the Director may require.

2) The lender shall update the approved database within 90 days if any of the following events occur:

A) Paying the loan in full;

B) Return of any security;

C) Closing the loan;

D) Writing off the loan;

E) Missed payment;

F) Late payment fee charged;

G) Voluntary surrender of any security;

H) Involuntary repossession of any security;

I) Sale of any security;

J) Licensee accelerates the loan or otherwise deems the loan immediately due in full; or

K) Any other transaction the Director may require.

b) 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(1)(c) of the Freedom of Information Act.

Ill. Admin. Code tit. 38, § 110.420

Added at 33 Ill. Reg. 4142, effective April 1, 2009

Amended at 46 Ill. Reg. 6519, effective 8/1/2022

Amended at 47 Ill. Reg. 9271, effective 6/20/2023