IL Delays Predatory Database Pilot

Lenders and title companies operating in Chicago will be able to continue to conduct "business as usual" thanks to a delay in the implementation of a predatory-lending database pilot program that was due to go into effect Jan. 1.The Illinois Department of Financial and Professional Regulation has delayed the implementation of the Cook County pilot program indefinitely, according to Chicago Title regional counsel Jim Weston. The program requires lenders to send applicant information to a state database to determine whether the borrower needs counseling. And title companies have to submit a certificate under the program to the recorder's office. However, the computer database is not in place, and there was some question as to whether the pilot program could be delayed and whether title companies could provide clean title. But the state agency has acted to prevent the disruption of lending activities in Cook County. "It is business as usual," Mr. Weston said.