Illinois General Assembly - Bill Status for SB2234
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 Bill Status of SB2234  103rd General Assembly


Short Description:  BUSINESS TRUTH IN LENDING ACT

Senate Sponsors
Sen. Christopher Belt - Mattie Hunter and Laura Ellman

Last Action
DateChamber Action
  1/10/2024SenateRe-assigned to Financial Institutions

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 
DateChamber Action
  2/10/2023SenateFiled with Secretary by Sen. Laura Ellman
  2/10/2023SenateFirst Reading
  2/10/2023SenateReferred to Assignments
  2/28/2023SenateAssigned to Financial Institutions
  3/1/2023SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
  3/1/2023SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/7/2023SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/8/2023SenateSenate Committee Amendment No. 1 Postponed - Financial Institutions
  3/8/2023SenatePostponed - Financial Institutions
  3/10/2023SenateRule 2-10 Committee Deadline Established As March 24, 2023
  3/16/2023SenateAdded as Chief Co-Sponsor Sen. Christopher Belt
  3/23/2023SenateRule 2-10 Committee Deadline Established As March 31, 2023
  3/31/2023SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  3/31/2023SenateRule 3-9(a) / Re-referred to Assignments
  10/4/2023SenateChief Sponsor Changed to Sen. Christopher Belt
  10/4/2023SenateAdded as Co-Sponsor Sen. Laura Ellman
  1/10/2024SenateRe-assigned to Financial Institutions
  1/10/2024SenateSenate Committee Amendment No. 1 Re-assigned to Financial Institutions
  1/16/2024SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter

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