IL HB5290 | 2025-2026 | 104th General Assembly
Status
Sponsorship: Partisan Bill (Democrat 2)
Status: Enrolled on May 14 2026 - 75% progression
Action: 2026-06-12 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]
Status: Enrolled on May 14 2026 - 75% progression
Action: 2026-06-12 - Sent to the Governor
Text: Latest bill text (Enrolled) [HTML]
Summary
Amends the Sales Finance Agency Act. Makes changes to defined terms. Provides that applicants for a license shall apply in a form prescribed by the Secretary of Financial and Professional Regulation. Prohibits any person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by the Act from operating the business under a name other than the real names of the entity and individuals conducting the business. Grants the Secretary authority to issue a license upon completion of the specified filing and investigatory requirements. Sets forth further licensing requirements. Provides that all moneys received by the Secretary under the Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund. Prohibits a sales finance agency from aiding or seeking to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. Grants additional investigatory, disciplinary, and examination authority to the Secretary. Establishes rulemaking provisions. Grants the Department authority to adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under the Act. Allows the Secretary to request a circuit court to assess a civil penalty of up to $10,000 (rather than $1,000) for violations of the Act. Repeals various provisions of the Act. Makes other changes. Effective immediately.
Title
SALES FINANCE AGENCY-VARIOUS
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2026-06-12 | House | Sent to the Governor |
| 2026-05-14 | House | Passed Both Houses |
| 2026-05-14 | Senate | Third Reading - Passed; 036-019-000 |
| 2026-04-30 | Senate | Placed on Calendar Order of 3rd Reading May 5, 2026 |
| 2026-04-30 | Senate | Second Reading |
| 2026-04-22 | Senate | Placed on Calendar Order of 2nd Reading April 28, 2026 |
| 2026-04-22 | Senate | Approved for Consideration Assignments |
| 2026-04-10 | Senate | Referred to Assignments |
| 2026-04-10 | Senate | First Reading |
| 2026-04-10 | Senate | Chief Senate Sponsor Sen. Laura Ellman |
| 2026-04-10 | Senate | Placed on Calendar Order of First Reading |
| 2026-04-10 | Senate | Arrive in Senate |
| 2026-04-09 | House | Third Reading - Short Debate - Passed 070-036-000 |
| 2026-04-07 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2026-04-07 | House | Second Reading - Short Debate |
| 2026-04-07 | House | House Floor Amendment No. 1 Adopted |
| 2026-03-24 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000 |
| 2026-03-24 | House | House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 2026-03-23 | House | House Floor Amendment No. 1 Referred to Rules Committee |
| 2026-03-23 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke |
| 2026-03-19 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2026-03-18 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000 |
| 2026-02-24 | House | Assigned to Financial Institutions and Licensing Committee |
| 2026-02-10 | House | Referred to Rules Committee |
| 2026-02-10 | House | First Reading |
| 2026-02-05 | House | Filed with the Clerk by Rep. Margaret Croke |
