{"data":{"id":"us-il/815-ilcs-124-26","jurisdiction":"us-il","citation":"815 ILCS 124/26","heading":"Underwriting.","body":"A lender shall, before providing or causing to be provided a loan to a consumer, perform, or cause to be performed, reasonable risk-based underwriting which shall include, at a minimum, an assessment of the outstanding loans taken out by the consumer from the lender. A lender shall also, before providing or causing to be provided a loan to a consumer, take into consideration the financial ability of the borrower to repay the loan in the time and manner provided in the loan contract. A lender shall maintain or cause to be maintained policies and procedures for underwriting loans, and shall disclose factors considered in the underwriting process, in a clear and conspicuous manner to the consumer. Nothing in this Act shall be construed to require a lender to disclose proprietary underwriting models, anti-fraud criteria, or trade secrets to the public. No lender shall collect, evaluate, report, or maintain in the file on a borrower the credit worthiness, credit standing, or credit capacity of members of the borrower's social network for purposes of determining the credit worthiness of the borrower; the average credit worthiness, credit standing, or credit capacity of members of the borrower's social network; or any group score that is not the borrower's own credit worthiness, credit standing, or credit capacity. The Department may adopt rules with respect to underwriting.","path":["CHAPTER 815 BUSINESS TRANSACTIONS","Buy-Now-Pay-Later Loan Consumer Protection Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=4686\u0026ChapterID=67\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"f52eb74d06259135f26cf2aef0820563d1e9fd61a4fcd3e799f34c803a6c6bd6","source_id":"us-il","stale":false,"prev":"us-il/815-ilcs-124-25","next":"us-il/815-ilcs-124-27"},"notice":"GroundRules: Original legal text. Not legal advice."}