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Financial Services Law Insights and Observations

Illinois Department of Financial and Professional Regulation issues notice to consumer credit licensees

State Issues Illinois State Regulators Consumer Finance Licensing Covid-19

State Issues

On March 30, the Illinois Department of Financial and Professional Regulation (Department) issued a notice to consumer credit licensees stating that it appreciates advance notice of any changes to the licensee’s usual business practices. Licensees are expected to “act responsively and proactively to address any consumer harm that may arise,” including through waiving defaults where a consumer is unable to make a payment as a result of the licensee’s business practices. New credit transactions originated during Covid-19 will be evaluated as part of the next examination cycle.