Illinois Senate Bill 3772 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 21 2022 - 25% progression, died in committee
Action: 2022-01-21 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Consumer Income Share Agreement Act. Provides that no person, partnership, association, limited liability company, or corporation may engage in the business of making income share agreements without a license provided under the Act. Sets forth provisions concerning applications for an income share agreement license, investigations, fees, suspension or revocation of licenses, closing of business, books and records, prohibitions and limitations of income share agreements, required disclosures, statements of account, advertising, penalties, and cease and desist orders. Provides that a person who engages in business as a licensee without the license required by the Act commits a Class 4 felony. Provides that the Department of Financial and Professional Regulation may adopt and enforce reasonable rules, directions, orders, decisions, and findings as the execution and enforcement of the provisions of the Act require, and rules in connection with the activities of licensees that are necessary and appropriate for the protection of consumers in the State. Provides that if it appears to the Director that a person or any entity has committed or is about to commit a violation of the Act, a rule adopted under the Act, or an order of the Director, the Director may apply to the circuit court for an order enjoining the person or entity from the violation. Provides that the provisions of the Act are severable. Defines terms. Makes other changes. Effective immediately.

CONSUMER INCOME SHARE ACT

Sen. Omar Aquino [D]

Date	Chamber	Action
2022-01-21	Senate	Referred to Assignments
2022-01-21	Senate	First Reading
2022-01-21	Senate	Filed with Secretary by Sen. Omar Aquino

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3772&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB3772.htm