Bill Status of HB 4554   102nd General Assembly

Short Description:  CONSUMER INCOME SHARE ACT

House Sponsors
Rep. Maurice A. West, II

Last Action  View All Actions

DateChamber Action
  1/10/2023HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Consumer Income Share Agreement Act. Provides that no person, partnership, association, limited liability company, or corporation may engage in the business of making income share agreements without a license provided under the Act. Sets forth provisions concerning applications for an income share agreement license, investigations, fees, suspension or revocation of licenses, closing of business, books and records, prohibitions and limitations of income share agreements, required disclosures, statements of account, advertising, penalties, and cease and desist orders. Provides that a person who engages in business as a licensee without the license required by the Act commits a Class 4 felony. Provides that the Department of Financial and Professional Regulation may adopt and enforce reasonable rules, directions, orders, decisions, and findings as the execution and enforcement of the provisions of the Act require, and rules in connection with the activities of licensees that are necessary and appropriate for the protection of consumers in the State. Provides that if it appears to the Director that a person or any entity has committed or is about to commit a violation of the Act, a rule adopted under the Act, or an order of the Director, the Director may apply to the circuit court for an order enjoining the person or entity from the violation. Provides that the provisions of the Act are severable. Defines terms. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  1/14/2022HouseFiled with the Clerk by Rep. Maurice A. West, II
  1/21/2022HouseFirst Reading
  1/21/2022HouseReferred to Rules Committee
  2/1/2022HouseAssigned to Financial Institutions Committee
  2/7/2022HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Maurice A. West, II
  2/7/2022HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  2/9/2022HouseHouse Committee Amendment No. 1 Rules Refers to Financial Institutions Committee
  2/18/2022HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
  2/18/2022HouseRule 19(a) / Re-referred to Rules Committee
  1/10/2023HouseSession Sine Die

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