Illinois General Assembly - Bill Status for HB5587

Synopsis As Introduced
Creates the Commercial Financing Licensing Act. Sets forth provisions concerning licensure requirements for persons providing commercial financing; applicability of the Act; applying for licensing under the Act; license application and issuance; refusal to issue a license; license issuance and renewal; fees; functions, power, and duties; examination and prohibited activities; subpoena power of the Secretary of Financial and Professional Regulation; reports required; suspension of licenses, revocation of licenses, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; licensure fees; injunctions; exemptions; complaint disclosure; rules; violations; severability; severability; and a commercial financing database. Amends the Freedom of Information Act to make a conforming change. Effective immediately.

Actions

Date	Chamber	Action
2/9/2024	House	Filed with the Clerk by Rep. Hoan Huynh
2/9/2024	House	First Reading
2/9/2024	House	Referred to Rules Committee
3/6/2024	House	Added Chief Co-Sponsor Rep. Norma Hernandez
3/6/2024	House	Added Chief Co-Sponsor Rep. Kevin John Olickal
3/12/2024	House	Assigned to Financial Institutions and Licensing Committee
4/5/2024	House	Rule 19(a) / Re-referred to Rules Committee

×