Bill Title: Creates the Consumer Protections for Small Business Act. Provides that the Act applies to any person that offers or provides commercial financing in Illinois or is otherwise a provider, to any person that seeks to evade its applicability by any device, subterfuge, or pretense whatsoever, and to any person that aids or facilitates a violation of the Act. Provides that the Act shall be administered by the Division of Financial Institutions of the Department of Financial and Professional Regulation. Prohibits a person from providing commercial financing without the license required by the Act and shall be guilty of a Class 4 felony for practicing without a license. Sets forth provisions concerning investigation of a person that may require licensure pursuant to the Act; licensure requirements for persons providing commercial financing; applying for licensing under the Act; license application and issuance; refusal to issue a license; license issuance and renewal; fees; functions, power, and duties; examination and prohibited activities; subpoena power of the Secretary of Financial and Professional Regulation; reports required; suspension of licenses, revocation of licenses, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; licensure fees; injunctions; exemptions; complaint disclosure; rules; violations; severability; severability; and a commercial financing database. Amends the Freedom of Information Act to make a conforming change. Effective immediately.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced) 2024-05-07 - Added Chief Co-Sponsor Rep. Debbie Meyers-Martin
[HB5587 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2024-02-09 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois HB5587 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB5587 currently on file. |
Social Comments on IL HB5587
