IL SB2234 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 29-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]
Spectrum: Partisan Bill (Democrat 29-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]
Summary
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.
Title
BUSINESS TRUTH IN LENDING ACT
Sponsors
Roll Calls
2024-05-02 - Senate - Third Reading in Senate (Y: 36 N: 19 NV: 3 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-07 | Senate | Session Sine Die |
| 2024-05-31 | House | Rule 19(a) / Re-referred to Rules Committee |
| 2024-05-26 | House | Committee/Final Action Deadline Extended-9(b) May 31, 2024 |
| 2024-05-24 | House | Committee/Final Action Deadline Extended-9(b) May 27, 2024 |
| 2024-05-22 | House | Added Alternate Co-Sponsor Rep. Dagmara Avelar |
| 2024-05-21 | House | Added Alternate Chief Co-Sponsor Rep. Sonya M. Harper |
| 2024-05-20 | House | Added Alternate Co-Sponsor Rep. Joyce Mason |
| 2024-05-16 | House | Added Alternate Co-Sponsor Rep. Kelly M. Cassidy |
| 2024-05-16 | House | Added Alternate Co-Sponsor Rep. Debbie Meyers-Martin |
| 2024-05-16 | House | Added Alternate Co-Sponsor Rep. Kam Buckner |
| 2024-05-16 | House | Added Alternate Co-Sponsor Rep. Will Guzzardi |
| 2024-05-16 | House | Added Alternate Co-Sponsor Rep. Abdelnasser Rashid |
| 2024-05-15 | Senate | Added as Co-Sponsor Sen. Karina Villa |
| 2024-05-14 | Senate | Added as Co-Sponsor Sen. Emil Jones, III |
| 2024-05-13 | House | Committee/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-13 | House | Assigned to Financial Institutions and Licensing Committee |
| 2024-05-03 | House | Alternate Chief Sponsor Changed to Rep. Curtis J. Tarver, II |
| 2024-05-03 | House | Referred to Rules Committee |
| 2024-05-03 | House | First Reading |
| 2024-05-03 | House | Chief House Sponsor Rep. Hoan Huynh |
| 2024-05-03 | House | Arrived in House |
| 2024-05-02 | Senate | Senate Floor Amendment No. 4 Tabled Pursuant to Rule 5-4(a) |
| 2024-05-02 | Senate | Senate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4(a) |
| 2024-05-02 | Senate | Senate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a) |
| 2024-05-02 | Senate | Third Reading - Passed; 036-019-000 |
| 2024-05-02 | Senate | Placed on Calendar Order of 3rd Reading |
| 2024-05-02 | Senate | Senate Floor Amendment No. 5 Adopted; Belt |
| 2024-05-02 | Senate | Recalled to Second Reading |
| 2024-04-30 | Senate | Added as Co-Sponsor Sen. David Koehler |
| 2024-04-29 | Senate | Added as Co-Sponsor Sen. Cristina Castro |
| 2024-04-29 | Senate | Added as Co-Sponsor Sen. Natalie Toro |
| 2024-04-23 | Senate | Added as Co-Sponsor Sen. Michael E. Hastings |
| 2024-04-19 | Senate | Rule 2-10 Third Reading Deadline Established As May 3, 2024 |
| 2024-04-18 | Senate | Added as Co-Sponsor Sen. Rachel Ventura |
| 2024-04-17 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 2024-04-17 | Senate | Added as Co-Sponsor Sen. Omar Aquino |
| 2024-04-17 | Senate | Added as Co-Sponsor Sen. Sara Feigenholtz |
| 2024-04-17 | Senate | Senate Floor Amendment No. 5 Recommend Do Adopt Financial Institutions; 005-002-000 |
| 2024-04-16 | Senate | Senate Floor Amendment No. 5 Assignments Refers to Financial Institutions |
| 2024-04-16 | Senate | Senate Floor Amendment No. 4 Assignments Refers to Financial Institutions |
| 2024-04-16 | Senate | Senate Floor Amendment No. 5 Referred to Assignments |
| 2024-04-16 | Senate | Senate Floor Amendment No. 5 Filed with Secretary by Sen. Christopher Belt |
| 2024-04-12 | Senate | Rule 2-10 Third Reading Deadline Established As April 19, 2024 |
| 2024-04-11 | Senate | Placed on Calendar Order of 3rd Reading April 12, 2024 |
| 2024-04-11 | Senate | Second Reading |
| 2024-04-10 | Senate | Senate Floor Amendment No. 3 Postponed - Financial Institutions |
| 2024-04-09 | Senate | Senate Floor Amendment No. 4 Referred to Assignments |
| 2024-04-09 | Senate | Senate Floor Amendment No. 4 Filed with Secretary by Sen. Christopher Belt |
| 2024-04-09 | Senate | Senate Floor Amendment No. 3 Assignments Refers to Financial Institutions |
| 2024-04-08 | Senate | Senate Floor Amendment No. 3 Referred to Assignments |
| 2024-04-08 | Senate | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt |
| 2024-03-14 | Senate | Added as Co-Sponsor Sen. Napoleon Harris, III |
| 2024-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2024 |
| 2024-03-13 | Senate | Do Pass as Amended Financial Institutions; 005-002-000 |
| 2024-03-12 | Senate | Senate Committee Amendment No. 2 Adopted |
| 2024-03-12 | Senate | Senate Committee Amendment No. 1 Postponed - Financial Institutions |
| 2024-03-12 | Senate | Senate Committee Amendment No. 2 Assignments Refers to Financial Institutions |
| 2024-03-08 | Senate | Senate Committee Amendment No. 2 Referred to Assignments |
| 2024-03-08 | Senate | Senate Committee Amendment No. 2 Filed with Secretary by Sen. Christopher Belt |
| 2024-03-07 | Senate | Added as Co-Sponsor Sen. Mike Simmons |
| 2024-03-07 | Senate | Added as Co-Sponsor Sen. Adriane Johnson |
| 2024-03-06 | Senate | Added as Co-Sponsor Sen. Mike Porfirio |
| 2024-03-06 | Senate | Added as Co-Sponsor Sen. Mary Edly-Allen |
| 2024-03-05 | Senate | Added as Co-Sponsor Sen. Doris Turner |
| 2024-03-05 | Senate | Added as Chief Co-Sponsor Sen. Lakesia Collins |
| 2024-01-16 | Senate | Added as Chief Co-Sponsor Sen. Mattie Hunter |
| 2024-01-10 | Senate | Senate Committee Amendment No. 1 Re-assigned to Financial Institutions |
| 2024-01-10 | Senate | Re-assigned to Financial Institutions |
| 2023-10-04 | Senate | Added as Co-Sponsor Sen. Laura Ellman |
| 2023-10-04 | Senate | Chief Sponsor Changed to Sen. Christopher Belt |
| 2023-03-31 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-31 | Senate | Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-23 | Senate | Rule 2-10 Committee Deadline Established As March 31, 2023 |
| 2023-03-16 | Senate | Added as Chief Co-Sponsor Sen. Christopher Belt |
| 2023-03-10 | Senate | Rule 2-10 Committee Deadline Established As March 24, 2023 |
| 2023-03-08 | Senate | Postponed - Financial Institutions |
| 2023-03-08 | Senate | Senate Committee Amendment No. 1 Postponed - Financial Institutions |
| 2023-03-07 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions |
| 2023-03-01 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2023-03-01 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman |
| 2023-02-28 | Senate | Assigned to Financial Institutions |
| 2023-02-10 | Senate | Referred to Assignments |
| 2023-02-10 | Senate | First Reading |
| 2023-02-10 | Senate | Filed with Secretary by Sen. Laura Ellman |
