Date	Chamber	Action
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance

New Act

815 ILCS 505/2BBBB new

Synopsis As Introduced
Creates the Small Business Truth in Lending Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.

Actions 

Date	Chamber	Action
2/16/2023	House	Filed with the Clerk by Rep. Hoan Huynh
2/17/2023	House	First Reading
2/17/2023	House	Referred to Rules Committee
2/28/2023	House	Assigned to Financial Institutions and Licensing Committee
3/1/2023	House	Added Chief Co-Sponsor Rep. Theresa Mah
3/1/2023	House	Added Chief Co-Sponsor Rep. Lilian Jiménez
3/1/2023	House	Added Chief Co-Sponsor Rep. Kevin John Olickal
3/1/2023	House	Added Chief Co-Sponsor Rep. Abdelnasser Rashid
3/10/2023	House	Rule 19(a) / Re-referred to Rules Committee
10/27/2023	House	Added Co-Sponsor Rep. Will Guzzardi

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