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, Rachel Ventura, Michael E. Hastings, Natalie Toro, Cristina Castro and David Koehler

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
  4/19/2024SenateRule 2-10 Third Reading Deadline Established As May 3, 2024
  4/23/2024SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  4/29/2024SenateAdded as Co-Sponsor Sen. Natalie Toro
  4/29/2024SenateAdded as Co-Sponsor Sen. Cristina Castro
  4/30/2024SenateAdded as Co-Sponsor Sen. David Koehler