IL HB5587 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-05-07 - Added Chief Co-Sponsor Rep. Debbie Meyers-Martin
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-05-07 - Added Chief Co-Sponsor Rep. Debbie Meyers-Martin
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Commercial Financing Licensing 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; reports required; 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 to make a conforming change. Effective immediately.
Title
PROTECT SMALL BUSINESS ACT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-05-07 | House | Added Chief Co-Sponsor Rep. Debbie Meyers-Martin |
2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
2024-03-12 | House | Assigned to Financial Institutions and Licensing Committee |
2024-03-06 | House | Added Chief Co-Sponsor Rep. Kevin John Olickal |
2024-03-06 | House | Added Chief Co-Sponsor Rep. Norma Hernandez |
2024-02-09 | House | Referred to Rules Committee |
2024-02-09 | House | First Reading |
2024-02-09 | House | Filed with the Clerk by Rep. Hoan Huynh |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
5 | 140 | 7.5 | Amended Code | Citation Text |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5587&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB5587.htm |