IL SB3676 | 2025-2026 | 104th General Assembly
Status
Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on February 5 2026 - 25% progression, died in committee
Action: 2026-04-17 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 5 2026 - 25% progression, died in committee
Action: 2026-04-17 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [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 |
|---|---|---|
| 2026-04-17 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2026-03-26 | Senate | Placed on Calendar Order of 3rd Reading |
| 2026-03-26 | Senate | Senate Floor Amendment No. 1 Adopted; Ellman |
| 2026-03-26 | Senate | Recalled to Second Reading |
| 2026-03-25 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Licensed Activities; 005-000-000 |
| 2026-03-24 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Licensed Activities |
| 2026-03-20 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 2026-03-20 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura Ellman |
| 2026-03-04 | Senate | Placed on Calendar Order of 3rd Reading March 5, 2026 |
| 2026-03-04 | Senate | Second Reading |
| 2026-02-26 | Senate | Placed on Calendar Order of 2nd Reading March 3, 2026 |
| 2026-02-26 | Senate | Do Pass Licensed Activities; 007-000-000 |
| 2026-02-17 | Senate | Assigned to Licensed Activities |
| 2026-02-05 | Senate | Referred to Assignments |
| 2026-02-05 | Senate | First Reading |
| 2026-02-05 | Senate | Filed with Secretary by Sen. Laura Ellman |
