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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 - Lakesia Collins, Laura Ellman, Doris Turner, Mary Edly-Allen, Mike Porfirio, Adriane Johnson, Mike Simmons, Napoleon Harris, III, Sara Feigenholtz, Omar Aquino, Laura M. Murphy and Rachel Ventura

Last Action
DateChamber Action
  4/11/2024SenatePlaced on Calendar Order of 3rd Reading April 12, 2024

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.

Senate Committee Amendment No. 2
Deletes reference to:
815 ILCS 505/2BBBB new
Adds reference to:
5 ILCS 140/7.5
815 ILCS 505/2EEEE new

Replaces everything after the enacting clause. Creates the Consumer Protections for Small Business 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; required reports; disclosure requirements; 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 and the Consumer Fraud and Deceptive Business Practices Act to make conforming changes. 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
  3/5/2024SenateAdded as Chief Co-Sponsor Sen. Lakesia Collins
  3/5/2024SenateAdded as Co-Sponsor Sen. Doris Turner
  3/6/2024SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  3/6/2024SenateAdded as Co-Sponsor Sen. Mike Porfirio
  3/7/2024SenateAdded as Co-Sponsor Sen. Adriane Johnson
  3/7/2024SenateAdded as Co-Sponsor Sen. Mike Simmons
  3/8/2024SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Christopher Belt
  3/8/2024SenateSenate Committee Amendment No. 2 Referred to Assignments
  3/12/2024SenateSenate Committee Amendment No. 2 Assignments Refers to Financial Institutions
  3/12/2024SenateSenate Committee Amendment No. 1 Postponed - Financial Institutions
  3/12/2024SenateSenate Committee Amendment No. 2 Adopted
  3/13/2024SenateDo Pass as Amended Financial Institutions; 005-002-000
  3/13/2024SenatePlaced on Calendar Order of 2nd Reading March 14, 2024
  3/14/2024SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  4/8/2024SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt
  4/8/2024SenateSenate Floor Amendment No. 3 Referred to Assignments
  4/9/2024SenateSenate Floor Amendment No. 3 Assignments Refers to Financial Institutions
  4/9/2024SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. Christopher Belt
  4/9/2024SenateSenate Floor Amendment No. 4 Referred to Assignments
  4/10/2024SenateSenate Floor Amendment No. 3 Postponed - Financial Institutions
  4/11/2024SenateSecond Reading
  4/11/2024SenatePlaced on Calendar Order of 3rd Reading April 12, 2024
  4/12/2024SenateRule 2-10 Third Reading Deadline Established As April 19, 2024
  4/16/2024SenateSenate Floor Amendment No. 5 Filed with Secretary by Sen. Christopher Belt
  4/16/2024SenateSenate Floor Amendment No. 5 Referred to Assignments
  4/16/2024SenateSenate Floor Amendment No. 4 Assignments Refers to Financial Institutions
  4/16/2024SenateSenate Floor Amendment No. 5 Assignments Refers to Financial Institutions
  4/17/2024SenateSenate Floor Amendment No. 5 Recommend Do Adopt Financial Institutions; 005-002-000
  4/17/2024SenateAdded as Co-Sponsor Sen. Sara Feigenholtz
  4/17/2024SenateAdded as Co-Sponsor Sen. Omar Aquino
  4/17/2024SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  4/18/2024SenateAdded as Co-Sponsor Sen. Rachel Ventura

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