IL SB3561 | 2025-2026 | 104th General Assembly
Status
Completed Legislative Action
Sponsorship: Partisan Bill (Democrat 12)
Status: Passed on June 25 2026 - 100% progression
Action: 2026-06-25 - Public Act . . . . . . . . . 104-0475
Text: Latest bill text (Enrolled) [HTML]
Sponsorship: Partisan Bill (Democrat 12)
Status: Passed on June 25 2026 - 100% progression
Action: 2026-06-25 - Public Act . . . . . . . . . 104-0475
Text: Latest bill text (Enrolled) [HTML]
Summary
Reinserts the provisions of the introduced bill with the following changes. Provides that an owner, officer, or employee of a person required to be licensed under the Act is not required to be licensed to engage in activities conducted by the licensee under the Act. Removes a provision that any person who engages in the business regulated by the Act without the license required by the Act shall be guilty of a Class 4 felony. Provides that the Act does not apply to a merchant or merchant platform that makes a buy-now-pay-later loan available to a consumer through an agreement with a licensed buy-now-pay-later lender, if the merchant or merchant platform does not originate, underwrite, service, or hold an interest in any buy-now-pay-later loan. Provides that the Act also does not apply to a person who buys, acquires, or holds a partial interest in a loan as a passive investor, but does not otherwise originate, underwrite, or service the loan or control the servicing of the loan. Provides that a person that (i) was providing buy-now-pay-later loans in the State before January 1, 2028 and (ii) submits an application for a license on or before January 1, 2028 shall be deemed a provisional licensee authorized to continue operating under the Act until the Department of Financial and Professional Regulation acts on the application. Provides that any loan made under and in compliance with the Act is not required to comply with the Consumer Installment Loan Act or the Payday Loan Reform Act. Removes provisions concerning action for damages. Makes changes to provisions concerning definitions; applicability; examinations and prohibited activities; suspension, revocation of licenses, and fines and other discipline; underwriting; and consumer protections. Effective immediately.
Title
BUY-NOW-PAY-LATER ACT
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2026-06-25 | Senate | Public Act . . . . . . . . . 104-0475 |
| 2026-06-25 | Senate | Effective Date June 25, 2026 |
| 2026-06-25 | Senate | Governor Approved |
| 2026-06-22 | Senate | Sent to the Governor |
| 2026-06-01 | Senate | Passed Both Houses |
| 2026-06-01 | House | Third Reading - Short Debate - Passed 116-000-000 |
| 2026-06-01 | House | 3/5 Vote Required |
| 2026-05-31 | House | Third Reading/Final Action Deadline Extended-9(b) June 2, 2026 |
| 2026-05-31 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2026-05-27 | House | Held on Calendar Order of Second Reading - Short Debate |
| 2026-05-27 | House | Second Reading - Short Debate |
| 2026-05-27 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2026-05-27 | House | Do Pass / Short Debate Judiciary - Civil Committee; 019-000-000 |
| 2026-05-25 | House | Suspend Rule 21 - Prevailed 066-029-000 |
| 2026-05-25 | House | Moved to Suspend Rule 21 Rep. Elizabeth "Lisa" Hernandez |
| 2026-05-21 | House | Committee/Final Action Deadline Extended-9(b) May 31, 2026 |
| 2026-05-21 | House | Assigned to Judiciary - Civil Committee |
| 2026-05-21 | House | Referred to Rules Committee |
| 2026-05-21 | House | First Reading |
| 2026-05-21 | House | Chief House Sponsor Rep. Robert "Bob" Rita |
| 2026-05-21 | House | Arrived in House |
| 2026-05-21 | Senate | Added as Co-Sponsor Sen. Meg Loughran Cappel |
| 2026-05-21 | Senate | Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) |
| 2026-05-21 | Senate | Third Reading - Passed; 056-000-000 |
| 2026-05-21 | Senate | Placed on Calendar Order of 3rd Reading |
| 2026-05-21 | Senate | Senate Floor Amendment No. 4 Adopted; Hastings |
| 2026-05-21 | Senate | Senate Floor Amendment No. 3 Adopted; Hastings |
| 2026-05-21 | Senate | Recalled to Second Reading |
| 2026-05-20 | Senate | Senate Floor Amendment No. 4 Recommend Do Adopt Judiciary; 008-000-000 |
| 2026-05-20 | Senate | Senate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 008-000-000 |
| 2026-05-20 | Senate | Senate Floor Amendment No. 2 Postponed - Judiciary |
| 2026-05-20 | Senate | Senate Floor Amendment No. 4 Assignments Refers to Judiciary |
| 2026-05-20 | Senate | Senate Floor Amendment No. 4 Referred to Assignments |
| 2026-05-20 | Senate | Senate Floor Amendment No. 4 Filed with Secretary by Sen. Michael E. Hastings |
| 2026-05-19 | Senate | Senate Floor Amendment No. 3 Assignments Refers to Judiciary |
| 2026-05-19 | Senate | Placed on Calendar Order of 3rd Reading May 20, 2026 |
| 2026-05-19 | Senate | Approved for Consideration Assignments |
| 2026-05-19 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026 |
| 2026-05-15 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2026-05-15 | Senate | Senate Floor Amendment No. 3 Referred to Assignments |
| 2026-05-15 | Senate | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Michael E. Hastings |
| 2026-05-08 | Senate | Rule 2-10 Third Reading Deadline Established As May 15, 2026 |
| 2026-05-07 | Senate | Added as Co-Sponsor Sen. Steve Stadelman |
| 2026-04-28 | Senate | Placed on Calendar Order of 3rd Reading April 29, 2026 |
| 2026-04-28 | Senate | Second Reading |
| 2026-04-17 | Senate | Rule 2-10 Third Reading Deadline Established As May 8, 2026 |
| 2026-04-15 | Senate | Senate Floor Amendment No. 2 Postponed - Judiciary |
| 2026-04-14 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Judiciary |
| 2026-04-13 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 2026-04-13 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Michael E. Hastings |
| 2026-03-31 | Senate | Added as Co-Sponsor Sen. Adriane Johnson |
| 2026-03-27 | Senate | Added as Co-Sponsor Sen. Graciela Guzmán |
| 2026-03-26 | Senate | Added as Co-Sponsor Sen. Doris Turner |
| 2026-03-25 | Senate | Added as Co-Sponsor Sen. Mattie Hunter |
| 2026-03-24 | Senate | Added as Co-Sponsor Sen. Cristina Castro |
| 2026-03-20 | Senate | Added as Chief Co-Sponsor Sen. Suzy Glowiak Hilton |
| 2026-03-17 | Senate | Added as Chief Co-Sponsor Sen. Christopher Belt |
| 2026-03-13 | Senate | Added as Co-Sponsor Sen. Michael W. Halpin |
| 2026-03-11 | Senate | Placed on Calendar Order of 2nd Reading March 12, 2026 |
| 2026-03-11 | Senate | Do Pass as Amended Judiciary; 009-000-000 |
| 2026-03-11 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2026-03-10 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Judiciary |
| 2026-03-09 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2026-03-09 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings |
| 2026-02-17 | Senate | Assigned to Judiciary |
| 2026-02-05 | Senate | Referred to Assignments |
| 2026-02-05 | Senate | First Reading |
| 2026-02-05 | Senate | Filed with Secretary by Sen. Michael E. Hastings |
