Bill Status of SB 3314   103rd General Assembly

Short Description:  CONSUMER LEGAL-REFINANCING

Senate Sponsors
Sen. Bill Cunningham

House Sponsors
(Rep. Curtis J. Tarver, II)


Last Action  View All Actions

DateChamber Action
  8/9/2024SenatePublic Act . . . . . . . . . 103-0974

Statutes Amended In Order of Appearance
815 ILCS 121/25
815 ILCS 121/30
815 ILCS 121/165

Synopsis As Introduced
Amends the Consumer Legal Funding Act. Provides that, notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule. Provides that the Department of Financial and Professional Regulation shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of the amendatory Act. Authorizes the Department to adopt rules to permit the refinancing of consumer legal fundings. Makes conforming changes to contract disclosures.

House Floor Amendment No. 2
Adds reference to:
815 ILCS 121/5
815 ILCS 121/55
815 ILCS 121/65
815 ILCS 121/135
815 ILCS 121/170

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Further amends the Consumer Legal Funding Act. Provides that it shall be grounds for disciplinary action if any fact or condition exists that, if it had existed at the time of the original application for the license, would have warranted the Secretary of Financial and Professional Regulation in refusing to originally issue the license. Provides that a licensee who is found to have committed any unfair, deceptive, or abusive business practice shall be subject to a fine that shall not exceed $75,000 for each separate count of offense. Provides that an administrative review of specified actions taken by the Department of Financial and Professional Regulation shall provide for, at a minimum, the appointment of a hearing officer other than a regular employee of the Division of Financial Institutions (rather than an employee of the Department). Makes a change in provisions concerning definitions and the scope of consumer legal funding licenses.

Actions 
DateChamber Action
  2/7/2024SenateFiled with Secretary by Sen. Bill Cunningham
  2/7/2024SenateFirst Reading
  2/7/2024SenateReferred to Assignments
  2/20/2024SenateAssigned to Judiciary
  3/6/2024SenateDo Pass Judiciary; 006-003-000
  3/6/2024SenatePlaced on Calendar Order of 2nd Reading March 7, 2024
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  4/10/2024SenateThird Reading - Passed; 040-018-000
  4/10/2024HouseArrived in House
  4/10/2024HouseChief House Sponsor Rep. Nabeela Syed
  4/10/2024HouseAlternate Chief Sponsor Changed to Rep. Curtis J. Tarver, II
  4/11/2024HouseFirst Reading
  4/11/2024HouseReferred to Rules Committee
  4/24/2024HouseAssigned to Financial Institutions and Licensing Committee
  4/29/2024HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Curtis J. Tarver, II
  4/29/2024HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  4/30/2024HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
  4/30/2024HouseHouse Committee Amendment No. 1 Tabled
  5/1/2024HousePlaced on Calendar 2nd Reading - Short Debate
  5/7/2024HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Curtis J. Tarver, II
  5/7/2024HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/13/2024HouseHouse Floor Amendment No. 2 Rules Refers to Financial Institutions and Licensing Committee
  5/16/2024HouseSecond Reading - Short Debate
  5/16/2024HouseHeld on Calendar Order of Second Reading - Short Debate
  5/17/2024HouseThird Reading/Final Action Deadline Extended-9(b) May 24, 2024
  5/20/2024HouseHouse Floor Amendment No. 2 Recommends Be Adopted Financial Institutions and Licensing Committee; 007-004-000
  5/21/2024HouseHouse Floor Amendment No. 2 Adopted
  5/21/2024HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/21/2024HouseThird Reading - Short Debate - Passed 078-035-000
  5/21/2024SenateSecretary's Desk - Concurrence House Amendment(s) 2
  5/21/2024SenatePlaced on Calendar Order of Concurrence House Amendment(s) 2 - May 21, 2024
  5/23/2024SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Bill Cunningham
  5/23/2024SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments
  5/23/2024SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Judiciary
  5/23/2024SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Judiciary; 005-003-000
  5/24/2024SenateHouse Floor Amendment No. 2 Senate Concurs 041-018-000
  5/24/2024SenateSenate Concurs
  5/24/2024SenatePassed Both Houses
  6/21/2024SenateSent to the Governor
  8/9/2024SenateGovernor Approved
  8/9/2024SenateEffective Date January 1, 2025
  8/9/2024SenatePublic Act . . . . . . . . . 103-0974

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