Illinois General Assembly - Full Text of HB3517
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Full Text of HB3517  103rd General Assembly

HB3517 103RD GENERAL ASSEMBLY

  
  

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3517

 

Introduced 2/17/2023, by Rep. Nabeela Syed

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/32.2 new

    Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause.


LRB103 27624 SPS 54000 b

 

 

A BILL FOR

 

HB3517LRB103 27624 SPS 54000 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Banking Act is amended by adding
5Section 32.2 as follows:
 
6    (205 ILCS 5/32.2 new)
7    Sec. 32.2. Loans to small businesses; confessions of
8judgment prohibited. No financial institution shall make a
9loan or extension of credit to a small business that contains a
10confession of judgment clause. As used in this Section, "small
11business" means a corporation or a concern, including its
12affiliates, that is independently owned and operated, not
13dominant in its field, and employs fewer than 50 full-time
14employees or has gross annual sales of less than $4,000,000.