Bill Sponsor
Illinois Senate Bill 2234
Session 103rd
Business Truth In Lending Act
Introduced
Introduced
Introduced in House on May 3, 2024
First Action
Feb 10, 2023
Latest Action
May 31, 2024
Origin Chamber
Senate
Type
Bill
Bill Number
2234
State
Illinois
Session
103rd
Sponsorship by Party
Summary
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. Senate Floor Amendment No. 5 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 Small Business Financing Transparency Act. Sets forth provisions concerning registration requirements for persons providing commercial financing; additional registration information; registration expiration; functions, power, and duties; subpoena power of the Secretary of Financial and Professional Regulation; disclosure requirements; commercial financing disclosure forms approved for use in other states; violation of disclosure requirements; notification; suspension of registrations, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; registration fees; cease and desist orders; injunctions; exemptions; complaint disclosure; rules; violations; limitations on liability; beginning of registration; beginning of disclosure requirements; 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.
Text (7)
Sources
Record Created
Feb 11, 2023 9:53:42 AM
Record Updated
Jun 21, 2024 5:07:06 PM