IL SB1099 | 2021-2022 | 102nd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 8-0)
Status: Passed on May 27 2022 - 100% progression
Action: 2022-05-27 - Public Act . . . . . . . . . 102-0987
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 8-0)
Status: Passed on May 27 2022 - 100% progression
Action: 2022-05-27 - Public Act . . . . . . . . . 102-0987
Text: Latest bill text (Chaptered) [HTML]
Summary
Creates the Consumer Legal Funding Act. Sets forth provisions concerning consumer legal funding contract requirements, right of rescission, and consumer legal funding company prohibitions. Sets forth the fees that may be charged by a consumer legal funding company and provides that a consumer legal funding company shall not collect any additional fees besides those specified in the Act. Provides that all consumer legal funding contracts shall contain specified disclosures. Provides that the contingent right to receive an amount of the potential proceeds of a legal claim is assignable by a consumer. Provides that an attorney or law firm retained by the consumer in the legal claim shall not have a financial interest in the consumer legal funding company offering consumer legal funding to that consumer. Provides that a violation of the Act constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. Sets forth provisions concerning the functions and powers of the Secretary of Financial and Professional Regulation. Provides that the Secretary may issue a cease and desist order to any licensee or a person doing business without a license in specified circumstances. Provides that the Secretary may apply for an injunction against a violation of the Act. Provides that any person who engages in business as a licensee without the license required by the Act commits a Class 4 felony. Provides that a violation of the Act may be asserted in a civil action. Sets forth provisions concerning definitions; consumer legal funding license scope; license application process and forms; surrender of license; license renewal; examination of business; suspension or revocation of license; license fees; investigation of complaints; additional investigation and examination authority; confidential information; information sharing; reports of violations; and rulemaking. Amends the Interest Act. Provides that it is lawful to receive or to contract to receive and collect interest and charges as authorized by specified law including the Consumer Legal Funding Act. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Makes other changes. Effective immediately.
Title
CONSUMER LEGAL FUNDING ACT
Sponsors
| Sen. Jacqueline Collins [D] | Sen. John Connor [D] | Sen. Mike Simmons [D] | Sen. Mattie Hunter [D] |
| Sen. Ann Gillespie [D] | Rep. Curtis Tarver [D] | Rep. Elizabeth Hernandez [D] | Rep. Jay Hoffman [D] |
Roll Calls
2022-04-06 - Senate - Concurrence in Senate (Y: 39 N: 17 NV: 3 Abs: 0) [PASS]
2022-03-29 - House - Third Reading in House (Y: 67 N: 42 NV: 2 Abs: 3) [PASS]
2022-02-24 - Senate - Third Reading in Senate (Y: 35 N: 15 NV: 8 Abs: 0) [PASS]
2022-03-29 - House - Third Reading in House (Y: 67 N: 42 NV: 2 Abs: 3) [PASS]
2022-02-24 - Senate - Third Reading in Senate (Y: 35 N: 15 NV: 8 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-05-27 | Senate | Public Act . . . . . . . . . 102-0987 |
| 2022-05-27 | Senate | Effective Date May 27, 2022 |
| 2022-05-27 | Senate | Governor Approved |
| 2022-05-05 | Senate | Sent to the Governor |
| 2022-04-06 | Senate | Added as Chief Co-Sponsor Sen. Ann Gillespie |
| 2022-04-06 | Senate | Passed Both Houses |
| 2022-04-06 | Senate | Senate Concurs |
| 2022-04-06 | Senate | House Committee Amendment No. 1 Senate Concurs 039-017-000 |
| 2022-04-06 | Senate | Added as Chief Co-Sponsor Sen. Mattie Hunter |
| 2022-04-06 | Senate | House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Executive; 011-005-000 |
| 2022-04-06 | Senate | House Committee Amendment No. 1 Motion to Concur Assignments Referred to Executive |
| 2022-04-06 | Senate | House Committee Amendment No. 1 Motion to Concur Referred to Assignments |
| 2022-04-06 | Senate | House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins |
| 2022-03-29 | Senate | Placed on Calendar Order of Concurrence House Amendment(s) 1 - March 30, 2022 |
| 2022-03-29 | Senate | Secretary's Desk - Concurrence House Amendment(s) 1 |
| 2022-03-29 | House | Third Reading - Short Debate - Passed 067-042-002 |
| 2022-03-24 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2022-03-24 | House | Second Reading - Short Debate |
| 2022-03-23 | House | Added Alternate Chief Co-Sponsor Rep. Jay Hoffman |
| 2022-03-23 | House | Added Alternate Chief Co-Sponsor Rep. Elizabeth Hernandez |
| 2022-03-23 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2022-03-23 | House | Do Pass as Amended / Short Debate Judiciary - Civil Committee; 009-003-002 |
| 2022-03-23 | House | House Committee Amendment No. 1 Adopted in Judiciary - Civil Committee; by Voice Vote |
| 2022-03-22 | House | House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee |
| 2022-03-21 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 2022-03-21 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Curtis J. Tarver, II |
| 2022-03-07 | House | Assigned to Judiciary - Civil Committee |
| 2022-02-28 | House | Alternate Chief Sponsor Changed to Rep. Curtis J. Tarver, II |
| 2022-02-25 | House | Referred to Rules Committee |
| 2022-02-25 | House | First Reading |
| 2022-02-25 | House | Chief House Sponsor Rep. Emanuel Chris Welch |
| 2022-02-25 | House | Arrived in House |
| 2022-02-25 | Senate | Added as Chief Co-Sponsor Sen. Mike Simmons |
| 2022-02-24 | Senate | Third Reading - Passed; 035-015-000 |
| 2022-02-24 | Senate | Placed on Calendar Order of 3rd Reading |
| 2022-02-24 | Senate | Senate Floor Amendment No. 1 Adopted; Collins |
| 2022-02-24 | Senate | Recalled to Second Reading |
| 2022-02-22 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 006-003-000 |
| 2022-02-22 | Senate | Added as Chief Co-Sponsor Sen. John Connor |
| 2022-02-22 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Judiciary |
| 2022-02-22 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2022-02-22 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins |
| 2022-02-22 | Senate | Chief Sponsor Changed to Sen. Jacqueline Y. Collins |
| 2022-02-22 | Senate | Placed on Calendar Order of 3rd Reading February 23, 2022 |
| 2022-02-22 | Senate | Approved for Consideration Assignments |
| 2021-05-31 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2021-05-21 | Senate | Rule 2-10 Third Reading Deadline Established As May 31, 2021 |
| 2021-04-30 | Senate | Rule 2-10 Third Reading Deadline Established As May 21, 2021 |
| 2021-04-23 | Senate | Rule 2-10 Third Reading Deadline Established As April 30, 2021 |
| 2021-03-25 | Senate | Placed on Calendar Order of 3rd Reading April 13, 2021 |
| 2021-03-25 | Senate | Second Reading |
| 2021-03-24 | Senate | Placed on Calendar Order of 2nd Reading March 25, 2021 |
| 2021-03-24 | Senate | Do Pass Executive; 016-000-000 |
| 2021-03-17 | Senate | Assigned to Executive |
| 2021-02-25 | Senate | Referred to Assignments |
| 2021-02-25 | Senate | First Reading |
| 2021-02-25 | Senate | Filed with Secretary by Sen. Don Harmon |
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 215 | 105 | 1 | Amended Code | Citation Text |
