Bill Text: IL SB2234 | 2023-2024 | 103rd General Assembly | Engrossed

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 29-0)

Status: (Engrossed) 2024-05-31 - Rule 19(a) / Re-referred to Rules Committee [SB2234 Detail]

Download: Illinois-2023-SB2234-Engrossed.html

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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Small
Business Financing Transparency Act.
Section 2. Purpose and construction. The purpose of this
Act is to protect business owners. This Act shall be liberally
construed to effectuate its purpose.
Section 5. Definitions. As used in this Act:
"Applicant" means a person who has submitted an
application for a registration under this Act.
"Closed-end financing" means a closed-end extension of
credit, secured or unsecured, recourse or nonrecourse,
including equipment financing that does not meet the
definition of a lease under Section 2A-103 of the Uniform
Commercial Code, that the recipient does not intend to use for
personal, family, or household purposes. "Closed-end
financing" includes financing with an established principal
amount and duration.
"Commercial financing database" means a reporting database
certified by the Department as effective in receiving a report
of commercial financing made under this Act.

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"Commercial financing database provider" means an entity
that provides a reporting database certified by the Department
under this Act.
"Commercial financing" means open-end financing,
closed-end financing, sales-based financing, factoring
transaction, or other form of financing, the proceeds of which
the recipient does not intend to use primarily for personal,
family, or household purposes. For purposes of determining
whether a financing is a commercial financing, the provider
may rely on any statement of intended purposes by the
recipient. The statement may be a separate statement signed by
the recipient; may be contained in the financing application,
financing agreement, or other document signed or consented to
by the recipient; or may be provided orally by the recipient so
long as it is documented in the recipient's application file
by the provider. Electronic signatures and consents are valid
for purposes of the foregoing sentence. The provider shall not
be required to ascertain that the proceeds of a commercial
financing are used in accordance with the recipient's
statement of intended purposes.
"Department" means the Department of Financial and
Professional Regulation.
"Division of Financial Institutions" or "Division" means
the Division of Financial Institutions of the Department of
Financial and Professional Regulation.
"Factoring transaction" means an accounts receivable

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purchase transaction that includes an agreement to purchase,
transfer, or sell a legally enforceable claim for payment held
by a recipient for goods the recipient has supplied or
services the recipient has rendered that have been ordered but
for which payment has not yet been made.
"Finance charge" means the cost of financing as a dollar
amount. "Finance charge" includes any charge payable directly
or indirectly by the recipient and imposed directly or
indirectly by the provider as an incident to or a condition of
the extension of financing. "Finance charge" includes any
charges as determined by the Secretary. For the purposes of an
open-end financing, "finance charge" means the maximum amount
of credit available to the recipient, in each case, that is
drawn and held for the duration of the term or draw period. For
the purposes of a factoring transaction, "finance charge"
includes the discount taken on the face value of the accounts
receivable. In addition, the finance charge shall include any
charges determined by the Secretary.
"Open-end financing" means an agreement for one or more
extensions of open-end credit, secured or unsecured, that the
recipient does not intend to use the proceeds of primarily for
personal, family, or household purposes. "Open-end financing"
includes credit extended by a provider under a plan in which:
(i) the provider reasonably contemplates repeated
transactions; (ii) the provider may impose a finance charge
from time to time on an outstanding unpaid balance; and (iii)

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the amount of credit that may be extended to the recipient
during the term of the plan is generally made available to the
extent that any outstanding balance is repaid.
"Person" means an individual, entity, corporation,
partnership, limited liability company, joint venture,
association, joint stock company, trust, or unincorporated
organization, including, but not limited to, a sole
proprietorship.
"Provider" means a person who extends a specific offer of
commercial financing to a recipient. "Provider", unless
otherwise exempt, includes a person who solicits and presents
specific offers of commercial financing on behalf of a third
party. The mere extension of a specific offer or provision of
disclosures for a commercial financing, is not sufficient to
conclude that a provider is originating, making, funding, or
providing commercial financing. "Provider" does not include:
(1) a bank, trust company, or industrial loan company,
or any subsidiary or affiliate thereof, doing business
under the authority of, or in accordance with, a license,
certificate or charter issued by the United States, this
State, or any other state, district, territory, or
commonwealth of the United States that is authorized to
transact business in this State;
(2) a federally chartered savings and loan
association, federal savings bank, or federal credit
union, or any subsidiary or affiliate thereof, that is

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authorized to transact business in this State;
(3) a savings and loan association, savings bank, or
credit union, or any subsidiary or affiliate thereof,
organized under the laws of this State or any other state
that is authorized to transact business in this State;
(4) a lender regulated under the federal Farm Credit
Act; and
(5) a person acting as a technology services provider
to an entity described by sub-paragraphs (1), (2), or (3)
for use as part of that entity's commercial financing
program, provided the person has no interest, or
arrangement, or agreement to purchase any interest in the
commercial financing extended by the entity in connection
with the program.
"Recipient" means a person located in the State of
Illinois who applies for commercial financing and is made a
specific offer of commercial financing by a provider. For the
purpose of determining whether a recipient is located in
Illinois, a provider may rely upon (i) any written
representation by the recipient as to whether it is located in
Illinois; or (ii) the business address provided by the
recipient in the application for commercial financing showing
that the recipient is located in Illinois. "Recipient"
includes an authorized representative of a person who applies
for commercial financing and is made a specific offer of
commercial financing by a provider. "Recipient" does not

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include a person acting as a broker is not a recipient in a
transaction they broker.
"Sales-based financing" means a transaction that is repaid
by the recipient to the provider, over time, as a percentage of
sales or revenue, in which the payment amount may increase or
decrease according to the volume of sales made or revenue
received by the recipient or a transaction that includes a
true-up mechanism where the financing is repaid as a fixed
payment but provides for a reconciliation process that adjusts
the payment to an amount that is a percentage of sales or
revenue.
"Secretary" means the Secretary of Financial and
Professional Regulation or a person authorized by the
Secretary to perform the Secretary's responsibilities under
this Act.
"Specific offer" means the specific terms of commercial
financing, including price or amount, that is quoted to a
recipient based on information obtained from or about the
recipient that, if accepted by a recipient, shall be binding
on the provider, as applicable, subject to any specific
requirements stated in the specific terms.
"True-up mechanism" means, with respect to sales-based
financing, a contractual arrangement with all the following
elements:
(1) The financer receives periodic payments based upon
a pre-set amount stated in the contract.

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(2) The contract allows the recipient to request, or
the financer to initiate, adjustments to the payment
amount, credits to the recipient, or charges to the
recipient after execution of the contract, so that the
total amount paid by the recipient more closely reflects a
split rate listed in the contract.
Section 10. Applicability.
(a) Except as otherwise provided in this Section, this Act
applies to any person that offers or provides commercial
financing in Illinois or is otherwise a provider.
(b) The provisions of this Act apply to any person that
seeks to evade its applicability by any device, subterfuge, or
pretense whatsoever.
(c) The provisions of this Act apply to any person that
aids or facilitates a violation of this Act.
(d) The provisions of this Act do not apply to:
(1) a bank, trust company, or industrial loan company
doing business under the authority of, or in accordance
with, a license, certificate or charter issued by the
United States, this State, or any other state, district,
territory, or commonwealth of the United States that is
authorized to transact business in this State;
(2) a federally chartered savings and loan
association, federal savings bank, or federal credit union
that is authorized to transact business in this State;

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(3) a savings and loan association, savings bank, or
credit union organized under the laws of this State or any
other state that is authorized to transact business in
this State;
(4) a lender regulated under the federal Farm Credit
Act; and
(5) a person acting in the person's capacity as a
technology services provider to an entity described by
sub-paragraphs (1), (2), or (3) for use as part of that
entity's commercial financing program, provided the person
has no interest, or arrangement, or agreement to purchase
any interest in the commercial financing extended by the
entity in connection with the program.
Section 15. Division of Financial Institutions. This Act
shall be administered by the Division on behalf of the
Secretary.
Section 20. Registration requirement.
(a) It is unlawful for a person to engage in the conduct
regulated by this Act unless the person: (i) registers with
the Secretary in accordance with this Section; and (ii)
maintains a valid registration. An officer or employee of a
person required to register under this Section is not required
to register if the person for whom the individual is an officer
or employee is registered.

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(b) Application for registration and renewal of
registration shall be made in accordance with this Act and
with the requirements of the multistate licensing system, if
required by the Secretary. The application shall be in
writing, under oath, and on a form obtained from and
prescribed by the Secretary. The Secretary may change or
update the form to carry out the purposes of this Act. The
Secretary may require part or all of the application to be
submitted electronically, with attestation, to the multistate
licensing system.
(c) Registrants shall apply to renew their registration
every calendar year. Registrants may submit properly completed
renewal application forms and filing fees 60 days before the
registration expiration date, and the same shall be received
by the Secretary at least 30 days before the registration
expiration date. Absent a written extension from the
Department, a registration shall expire on December 31 of each
year if a registrant fails to timely submit a properly
completed renewal application and fees.
(d) Upon receipt of the registration, a registrant is
authorized to engage in conduct regulated by this Act. The
registration shall remain in full force and effect until it
expires, is withdrawn by the registrant, or is revoked or
suspended as provided in this Act.
(e) To register under this Section, an applicant shall:
(1) pay a registration fee of $2,500 to the

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Department; and
(2) submit a registration statement containing the
information described in subsection (g).
(f) To renew a registration under this Section, a person
shall:
(1) pay the annual fee of $2,500 to the Department;
and
(2) submit a renewal statement containing the
information described in subsection (g).
(g) A registration or renewal statement must be submitted
to the Secretary or to a multistate licensing system as
approved by the Secretary. The registration or renewal
statement shall include:
(1) the name of the person;
(2) the name in which the business will be transacted
if different from that required in paragraph (1), which
must be properly registered as an assumed corporate name
under the Business Corporation Act of 1983, an assumed
limited liability company name under the Limited Liability
Company Act, or an assumed business name under the Assumed
Business Name Act;
(3) the address of the person's principal business
office;
(4) the address of each office in this State at which
the person engages in commercial financing transactions;
(5) if the person engages in commercial financing

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transactions in this State but does not maintain an office
in this State, a brief description of the manner in which
the business is conducted;
(6) if the person conducts business through an agent
located in this State, the name and address in this State
of the person's agent properly registered with the
Secretary of State;
(7) for a registration application, whether the
person, an officer, director, manager, operator, or
principal of the person, or an employee of the person
engaged in the business of commercial financing has been
convicted of a crime involving an act of fraud,
dishonesty, breach of trust, or money laundering; if the
applicant answers yes to this paragraph, then the
applicant shall report the names, titles or relationship
to the applicant or registrant, and the nature of the
covered crime;
(8) for a renewal application, whether, in the past
year, the person, an officer, director, manager, operator,
or principal of the person, or an employee of the person
engaged in the business of commercial financing has been
convicted of a crime involving an act of fraud,
dishonesty, breach of trust, or money laundering; if the
registrant answers yes to this paragraph, then the
registrant shall report the names, titles or relationship
to the applicant or registrant, and the nature of the

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covered crime;
(9) a statement of the person's commitment to abide by
the requirements of registering persons under this Act,
including providing the required financing disclosures in
commercial financing offers as required under Sections 45,
50, 55, 60, 65, and 70 of this Act;
(10) a copy of the commercial financing disclosure
form to be used for each type of commercial financing that
the person offers or intends to offer, and a description
of when the disclosure will be provided to the recipient;
(11) information on financing offers presented by
registrant in Illinois in the previous calendar year,
including the number of financing offers made, the number
of financing offers made in which the disclosures as
required by Sections 45, 50, 55, 60, 65, and 70 were
offered, and the number of financing offers accepted by
recipients; and
(12) any other information deemed necessary by the
Secretary.
(h) The Secretary may refuse to accept or renew a
registration if:
(1) the Secretary determines that the person has not
complied with the provisions of this Act, its implementing
rules, or other laws that apply to the person; or
(2) the Secretary determines that there is substantial
continuity between the person and any violator of this

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Act, its implementing rules, or other laws that apply to
the person or related violator.
(i) The Department shall adopt and amend such rules as may
be required for the proper administration and enforcement of
this Section, including rules providing for the form, content,
and filing of a registration and renewal statement.
Section 25. Additional registration information.
(a) In order to fulfill the purposes of this Act, the
Secretary may establish relationships or contracts with a
multistate licensing system or other persons to collect and
maintain records and process fees related to registrants or
other persons subject to this Act.
(b) For the purposes of this Section, and to reduce the
points of contact that the Secretary may have to maintain, the
Secretary may use a multistate licensing system as a
channeling agent for requesting and distributing information
to and from any source.
(c) Each registrant shall furnish to the Secretary or
multistate licensing system an updated business address within
10 days after any change of business address.
Section 30. Registration expiration. No activity regulated
by this Act shall be conducted by a registrant whose
registration has expired. The Secretary may, within the
Secretary's discretion, reinstate an expired registration upon

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payment of the renewal fee, payment of a reactivation fee
equal to 5 times the renewal fee, submission of a completed
renewal application, and an affidavit of good cause for late
renewal.
Section 35. Functions; powers; duties. The functions,
powers, and duties of the Secretary include, but are not
limited to, the following:
(1) to issue or refuse to issue any registration or
renewal;
(2) to revoke or suspend for cause any registration
issued under this Act;
(3) to keep records of all registrations issued under
this Act;
(4) to receive, consider, investigate, and act upon
complaints made by any person in connection with any
registration in this State or unregistered commercial
financing activity of any person;
(5) to adopt rules necessary and proper for the
administration of this Act, to protect consumers and
financing recipients, to promote fair competition, and as
otherwise authorized by this Act;
(6) to subpoena documents and witnesses and compel
their attendance and production, to administer oaths, and
to require the production of any books, papers, or other
materials relevant to any inquiry authorized by this Act

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or its implementing rules;
(7) to issue orders against any person if the
Secretary has reasonable cause to believe that an unsafe,
unsound, or unlawful practice has occurred, is occurring,
or is about to occur; if any person is violating, or is
about to violate any law, rule, or written agreement with
the Secretary; or for the purpose of administering the
provisions of this Act and any rule adopted in accordance
with this Act;
(8) to address any inquiries to any registrant, or the
owners, officers, or directors thereof, in relation to its
activities and conditions, or any other matter connected
with its affairs, and any registrant or person so
addressed shall promptly reply in writing to those
inquiries. The Secretary may also require reports from any
registrant at any time the Secretary deems desirable;
(9) to enforce provisions of this Act and its
implementing rules;
(10) to levy fees, including, but not limited to,
assessments, registration fees, civil penalties, and
charges for services performed in administering this Act.
The Secretary may establish and modify fees by rule. The
aggregate of all fees collected by the Secretary under
this Act shall be paid promptly after receipt into the
Financial Institution Fund. The amounts deposited into the
Financial Institution Fund shall be used for the ordinary

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and contingent expenses of the Department. Nothing in this
Act prevents paying expenses including salaries,
retirement, social security, and State-paid insurance of
State employees, or any other expenses incurred under this
Act by appropriation from the General Revenue Fund or any
other fund;
(11) to issue refunds to registrants of any
overpayment for good cause shown;
(12) to appoint experts and special assistants as
needed to effectively and efficiently administer this Act;
(13) to conduct hearings for the purpose of
suspensions, denials, or revocations of registrations,
fining, or other discipline of registrants or unregistered
persons or entities;
(14) to exercise visitorial power over a registrant:
(A) if the Secretary has reasonable cause to believe that
an unsafe, unsound, or unlawful practice has occurred, is
occurring, or is about to occur; or (B) if a person is
violating or is about to violate any law, rule, or written
agreement with the Secretary; and
(15) to enter into cooperative agreements with state
regulatory authorities of other states to provide for
examination of corporate offices or branches of those
states, participate in joint examinations with other
regulators, and to accept reports of the examinations: (A)
if the Secretary has reasonable cause to believe that an

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unsafe, unsound, or unlawful practice has occurred, is
occurring, or is about to occur; or (B) if a person is
violating or is about to violate any law, rule, or written
agreement with the Secretary;
(16) to impose civil penalties of up to $200 per day
against a registrant for failing to respond to a
regulatory request or reporting requirement; and
(17) to enter into agreements in connection with a
multistate licensing system.
Section 40. Subpoena power of the Secretary.
(a) The Secretary may issue and serve subpoenas and
subpoenas duces tecum to compel the attendance of witnesses
and the production of all books, accounts, records, and other
documents and materials relevant to an investigation. The
Secretary, or the Secretary's duly authorized representative,
may administer oaths and affirmations to any person.
(b) If a person does not comply with the Secretary's
subpoena or subpoena duces tecum, the Secretary may, through
the Attorney General, petition the circuit court of the county
in which the subpoenaed person resides or has its principal
place of business for an order requiring the subpoenaed person
to testify and to comply with the subpoena duces tecum. The
court may grant injunctive relief restraining the person from
engaging in activity regulated by this Act. The court may
grant other relief, including, but not limited to, the

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restraint, by injunction or appointment of a receiver, of any
transfer, pledge, assignment, or other disposition of the
person's assets, concealment, destruction, or other
disposition of books, accounts, records, or other documents
and materials, as the court deems appropriate, until the
person has fully complied with the subpoena or subpoena duces
tecum and the Secretary has completed an investigation.
(c) If it appears to the Secretary that the compliance
with a subpoena or subpoena duces tecum issued or caused to be
issued by the Secretary under this Section is essential to an
investigation, the Secretary, in addition to the other
remedies provided for in this Act, may, through the Attorney
General, apply for relief to the circuit court of the county in
which the subpoenaed person resides or has its principal place
of business. The court shall thereupon direct the issuance of
an order against the subpoenaed person requiring sufficient
bond conditioned on compliance with the subpoena or subpoena
duces tecum. The court shall cause to be endorsed on the order
a suitable amount of bond or payment pursuant to which the
person named be freed, having a due regard to the nature of the
case.
(d) In addition, the Secretary may, through the Attorney
General, seek a writ of attachment or an equivalent order from
the circuit court having jurisdiction over the person who has
refused to obey a subpoena, who has refused to give testimony,
or who has refused to produce the matters described in the

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subpoena duces tecum.
Section 45. Sales-based financing disclosure requirements.
A provider subject to this Act shall provide the following
disclosures to a recipient, in a manner prescribed by the
Secretary, if any, at the time of extending a specific offer of
sales-based financing:
(1) The total amount of the commercial financing, and,
if different from the financing amount, the disbursement
amount after any amount deducted or withheld at
disbursement.
(2) The finance charge.
(3) The estimated annual percentage rate, using the
words annual percentage rate or the abbreviation
"Estimated APR", expressed as a yearly rate, inclusive of
any fees and finance charges, based on the estimated term
of repayment and the projected periodic payment amounts.
The estimated term of repayment and the projected periodic
payment amounts shall be calculated based on the
projection of the recipient's sales, which may be referred
to as the projected sales volume. The projected sales
volume may be calculated using the historical method or
the underwriting method. The provider shall provide notice
to the Secretary on which method the provider intends to
use across all instances of sales-based financing offered
in calculating the estimated annual percentage rate under

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this Section, according to the following:
(A) A provider using the historical method shall
use an average historical volume of sales or revenue
by which the financing's payment amounts are based and
the estimated annual percentage rate is calculated.
The provider shall fix the historical time period used
to calculate the average historical volume and use the
period for all disclosure purposes for all sales-based
financing products offered. The fixed historical time
period shall either be the preceding time period from
the specific offer or, alternatively, the provider may
use average sales for the same number of months with
the highest sales volume within the previous 12
months. The fixed historical time period shall be no
less than one month and shall not exceed 12 months.
(B) A provider using the underwriting method shall
determine the estimated annual percentage rate, the
estimated term, and the projected payments, using a
projected sales volume that the provider elects for
each disclosure, if they participate in a review
process prescribed by the Secretary. A provider shall,
on an annual basis, report data to the Secretary of
estimated annual percentage rates disclosed to the
recipient and actual retrospective annual percentage
rates of completed transactions. The report shall
contain the information as the Department may adopt by

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rule as necessary or appropriate for the purpose of
making a determination of whether the deviation
between the estimated annual percentage rate and
actual retrospective annual percentage rates of
completed transactions was reasonable. The Secretary
shall establish the method of reporting and may, upon
a finding that the use of projected sales volume by the
provider has resulted in an unacceptable deviation
between estimated and actual annual percentage rate,
require the provider to use the historical method. The
Secretary may consider unusual and extraordinary
circumstances impacting the provider's deviation
between estimated and actual annual percentage rate in
the determination of the finding.
(4) The total repayment amount, which is the
disbursement amount plus the finance charge.
(5) The estimated term, which is the period of time
required for the periodic payments, based on the projected
sales volume, to equal the total amount required to be
repaid.
(6) The payment amounts, based on the projected sales
volume:
(A) for payment amounts that are fixed, the
payment amounts and frequency, such as, daily, weekly,
monthly, and, if the payment frequency is other than
monthly, the amount of the average projected payments

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per month; or
(B) for payment amounts that are variable, a
payment schedule or a description of the method used
to calculate the amounts and frequency of payments and
the amount of the average projected payments per
month.
(7) A description of all other potential fees and
charges not included in the finance charge, including, but
not limited to, draw fees, late payment fees, and returned
payment fees.
(8) If the recipient elects to pay off or refinance
the commercial financing before full repayment, the
provider shall disclose:
(A) whether the recipient would be required to pay
any finance charges other than interest accrued since
their last payment; if so, disclosure of the
percentage of any unpaid portion of the finance charge
and maximum dollar amount the recipient could be
required to pay; and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(9) A description of collateral requirements or
security interests, if any.
Section 50. Commercial closed-end financing disclosure

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requirements.
(a) A provider subject to this Act shall provide the
following disclosures to a recipient, in a manner prescribed
by the Secretary, if any, at the time of extending a specific
offer for closed-end financing:
(1) The total amount of the commercial financing, and,
if different from the financing amount, the disbursement
amount after any amount deducted or withheld at
disbursement.
(2) The finance charge.
(3) The annual percentage rate, using only the words
annual percentage rate or the abbreviation "APR",
expressed as a yearly rate, inclusive of any fees and
finance charges that cannot be avoided by a recipient.
(4) The total repayment amount, which is the
disbursement amount plus the finance charge.
(5) The term of the financing.
(6) The payment amounts:
(A) for payment amounts that are fixed, the
payment amounts and frequency, such as daily, weekly,
monthly, and, if the term is longer than one month, the
average monthly payment amount; or
(B) for payment amounts that are variable, a full
payment schedule or a description of the method used
to calculate the amounts and frequency of payments,
and, if the term is longer than one month, the

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estimated average monthly payment amount.
(7) A description of all other potential fees and
charges that can be avoided by the recipient, including,
but not limited to, late payment fees and returned payment
fees.
(8) If the recipient elects to pay off or refinance
the commercial financing before full repayment, the
provider shall disclose:
(A) whether the recipient would be required to pay
any finance charges other than interest accrued since
their last payment; if so, disclosure of the
percentage of any unpaid portion of the finance charge
and maximum dollar amount the recipient could be
required to pay; and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(9) A description of collateral requirements or
security interests, if any.
(b) If an advance requires repayment in periodic
installments over time and does not qualify as sales-based
financing, then the advance qualifies as close-end financing
and shall satisfy the disclosure requirements of this Section.
Section 55. Open-end commercial financing disclosure
requirements. A provider subject to this Act shall provide the

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following disclosures to a recipient, in a manner prescribed
by the Secretary, if any, at the time of extending a specific
offer for open-end financing:
(1) The maximum amount of credit available to the
recipient, such as the credit line amount, and the amount
scheduled to be drawn by the recipient at the time the
offer is extended, if any, less any amount deducted or
withheld at disbursement.
(2) The finance charge.
(3) The annual percentage rate, using only the words
annual percentage rate or the abbreviation "APR",
expressed as a nominal yearly rate, inclusive of any fees
and finance charges that cannot be avoided by a recipient,
and based on the maximum amount of credit available to the
recipient and the term resulting from making the minimum
required payments term as disclosed.
(4) The total repayment amount, which is the draw
amount, less any fees deducted or withheld at
disbursement, plus the finance charge. The total repayment
amount shall assume a draw amount equal to the maximum
amount of credit available to the recipient if drawn and
held for the duration of the term or draw period.
(5) The term of the plan, if applicable, or the period
over which a draw is amortized.
(6) The payment frequency and amounts, based on the
assumptions used in the calculation of the annual

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percentage rate, including a description of payment amount
requirements such as a minimum payment amount, and if the
payment frequency is other than monthly, the amount of the
average projected payments per month. For payment amounts
that are variable, the provider should include a payment
schedule or a description of the method used to calculate
the amounts and frequency of payments and the estimated
average monthly payment amount.
(7) A description of all other potential fees and
charges that can be avoided by the recipient, including,
but not limited to, draw fees, late payment fees, and
returned payment fees.
(8) Were the recipient to elect to pay off or
refinance the commercial financing before full repayment,
the provider shall disclose:
(A) whether the recipient would be required to pay
any finance charges other than interest accrued since
their last payment; if so, disclosure of the
percentage of any unpaid portion of the finance charge
and maximum dollar amount the recipient could be
required to pay; and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(9) A description of collateral requirements or
security interests, if any.

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Section 60. Factoring transaction disclosure requirements.
A provider subject to this Act shall provide the following
disclosures to a recipient, in a manner prescribed by the
Secretary, if any, at the time of extending a specific offer
for a factoring transaction:
(1) The amount of the receivables purchase price paid
to the recipient, and, if different from the purchase
price, the disbursement amount after any amount deducted
or withheld at disbursement.
(2) The finance charge.
(3) The estimated annual percentage rate, using that
term. To calculate the estimated annual percentage rate,
the purchase amount is considered the financing amount,
the purchase amount minus the finance charge is considered
the payment amount, and the term is established by the
payment due date of the receivables. As an alternate
method of establishing the term, the provider may estimate
the term for a factoring transaction as the average
payment period based on its historical data over a period
not to exceed the previous 12 months, concerning payment
invoices paid by the party or parties owing the accounts
receivable in question.
(4) The total payment amount, which is the purchase
amount plus the finance charge.
(5) A description of all other potential fees and

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charges that can be avoided by the recipient.
(6) A description of the receivables purchased and any
additional collateral requirements or security interests.
Section 65. Other forms of financing disclosure
requirements. The Secretary may require disclosure by a
provider extending a specific offer of commercial financing
which is not an open-end financing, closed-end financing,
sales-based financing, or factoring transaction but otherwise
meets the definition of commercial financing. Subject to rules
adopted by the Secretary, a provider subject to this Act shall
provide the following disclosures to a recipient, in a manner
prescribed by the Secretary, if any, at the time of extending a
specific offer of other forms of financing:
(1) The total amount of the commercial financing, and,
if different from the financing amount, the disbursement
amount after any fees deducted or withheld at
disbursement.
(2) The finance charge.
(3) The annual percentage rate, using only the words
annual percentage rate or the abbreviation "APR",
expressed as a yearly rate, inclusive of any fees and
finance charges.
(4) The total repayment amount which is the
disbursement amount plus the finance charge.
(5) The term of the financing.

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(6) The payment amounts:
(A) for payment amounts that are fixed, the
payment amounts and frequency, such as daily, weekly,
monthly, and the average monthly payment amount; or
(B) for payment amounts that are variable, a
payment schedule or a description of the method used
to calculate the amounts and frequency of payments,
and the estimated average monthly payment amount.
(7) A description of all other potential fees and
charges that can be avoided by the recipient, including,
but not limited to, late payment fees and returned payment
fees.
(8) If the recipient elects to pay off or refinance
the commercial financing before full repayment, the
provider shall disclose:
(A) whether the recipient would be required to pay
any finance charges other than interest accrued since
their last payment; if so, disclosure of the
percentage of any unpaid portion of the finance charge
and maximum dollar amount the recipient could be
required to pay; and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(9) A description of collateral requirements or
security interests, if any.

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Section 70. Disclosure requirements for renewal financing.
If, as a condition of obtaining the commercial financing, the
provider requires the recipient to pay off the balance of an
existing commercial financing from the same provider, the
provider shall disclose:
(1) The amount of the new commercial financing that is
used to pay off the portion of the existing commercial
financing that consists of prepayment charges required to
be paid and any unpaid interest expense that was not
forgiven at the time of renewal. For financing for which
the total repayment amount is calculated as a fixed
amount, the prepayment charge is equal to the original
finance charge multiplied by the amount of the renewal
used to pay off existing financing as a percentage of the
total repayment amount, minus any portion of the total
repayment amount forgiven by the provider at the time of
prepayment. If the amount is more than zero, the amount
shall be the answer to the following question: "Does the
renewal financing include any amount that is used to pay
unpaid finance charges or fees, also known as double
dipping? Yes, {enter amount}. If the amount is zero, the
answer would be no."
(2) If the disbursement amount will be reduced to pay
down any unpaid portion of the outstanding balance, the
actual dollar amount by which the disbursement amount will

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be reduced.
Section 75. Additional information. Nothing in this Act
shall prevent a provider from providing or disclosing
additional information on a commercial financing being offered
to a recipient, provided however, that the additional
information shall not be disclosed as part of the disclosure
required by this Act. If other metrics of financing cost are
disclosed or used in the application process of a commercial
financing, these metrics shall not be presented as a "rate" if
they are not the annual interest rate or the annual percentage
rate. The term "interest", when used to describe a percentage
rate, shall only be used to describe annualized percentage
rates, such as the annual interest rate. When a provider
states a rate of finance charge or a financing amount to a
recipient during an application process for commercial
financing, the provider shall also state the rate as an
"annual percentage rate", using that term or the abbreviation
"APR".
Section 80. Commercial financing disclosure forms approved
for use in the other states. The Secretary may approve the use
of commercial financing disclosure forms approved for use in
other states with commercial financing disclosure requirements
that are substantially similar to or exceed the requirements
set forth in this Act, including the disclosure requirements

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in Sections 45, 50, 55, 60, 65, and 70 of this Act.
Section 85. Violation of disclosure requirements. If the
Secretary finds that a provider who is required to register
with the Department according to this Act has violated any
disclosure requirements outlined in Sections 45, 50, 55, 60,
65, 70, and 75, that shall be considered a violation of this
Act separate from any other violation that may result from
operating without a registration as outlined in Section 95.
Section 90. Notification.
(a) A registrant must advise the Secretary in writing of
any changes to the information submitted on its most recent
registration or renewal of registration within 30 days after
the change.
(b) A registrant must advise the Secretary in writing that
the registrant has been disciplined, including denial of
licensure, by a licensing authority of this State or another
state within 10 days after entry of the discipline.
Section 95. Disciplinary actions.
(a) The Secretary may enter an order imposing one or more
of the following penalties:
(1) revocation of registration;
(2) suspension of a registration subject to
reinstatement upon satisfying all reasonable conditions

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the Secretary may specify;
(3) placement of the registrant or applicant on
probation for a period of time and subject to all
reasonable conditions as the Secretary may specify;
(4) imposition of civil monetary penalties not to
exceed $10,000 for each separate offense, but civil
penalties may not to exceed $50,000 for all violations
arising from the use of the same single transaction,
including for financing offers that are not consummated;
(5) restitution, refunds, or any other relief
necessary to protect recipients; and
(6) denial of a registration.
(b) Grounds for penalties include:
(1) if a registrant has violated or aided another to
violate any provision of this Act, any rule adopted by the
Secretary, or any other law, rule, or regulation of this
State, any other state, or the United States;
(2) if a person has violated or aided another to
violate any provision of this Act or any rule adopted by
the Secretary pursuant to this Act;
(3) if a fact or condition exists that, if it had
existed at the time of the original application for
registration, would have warranted the Secretary in
refusing issue the original registration;
(4) that a registrant that is not an individual has
acted or failed to act in a way that would be cause for

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suspending or revoking a registration to an individual;
(5) that a person engaged in unsafe, unsound, unfair,
deceptive, or abusive business practices related to the
activity covered by this Act;
(6) that a registrant or an officer, director,
manager, operator, or principal of the registrant, or an
employee of the registrant engaged in the business of
commercial financing has been adjudicated guilty of a
crime against the law of this State, any other state, or of
the United States involving moral turpitude, abusive,
deceptive, fraudulent, or dishonest dealing;
(7) that a final judgment has been entered against
registrant or an officer, director, manager, operator, or
principal of the registrant, or an employee of the
registrant engaged in the business of commercial financing
in a civil action upon grounds of abusive conduct,
conversion, fraud, misrepresentation, or deceit;
(8) that an applicant made a material misstatement in
the applicant's application for registration or any other
communication to the Secretary;
(9) that a person has demonstrated, by course of
conduct, negligence or incompetence in performing any act
for which it is required to hold a registration under this
Act;
(10) that a person has failed to advise the Secretary
in writing of any changes to the information submitted on

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the person's most recent registration or renewal of
registration within 30 days after the change;
(11) that a registrant had a license, registration, or
the equivalent, to practice any profession, occupation,
other industry or activity requiring licensure revoked,
suspended, disciplined, or otherwise acted against,
including the denial of licensure by a licensing authority
of this State or another state, territory, or country for
fraud, dishonest dealing, misrepresentations,
incompetence, conversion, any act of moral turpitude or
any other grounds that would constitute grounds for
discipline under this Act;
(12) that a person registered under this Act failed to
timely notify the Secretary that the person has been
disciplined, including denial of licensure, by a licensing
authority of this State or another state as required under
subsection (b) of Section 90;
(13) that a person engaged in activities regulated by
this Act without a current, active registration unless
specifically exempted by this Act;
(14) that a person failed to timely pay any fee,
charge, or civil penalty assessed under this Act; and
(15) that a person refused, obstructed, evaded, or
unreasonably delayed an investigation or information
request authorized under this Act, or refused, obstructed,
evaded, or unreasonably delayed compliance with the

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Secretary's subpoena or subpoena duces tecum.
(c) No registration shall be suspended or revoked, except
as provided in this Section, nor shall any person be assessed a
civil penalty without notice of his or her right to a hearing.
(d) The Secretary may suspend any registration for a
period not exceeding 180 days pending investigation for good
cause shown that an emergency exists.
(e) No revocation, suspension, or surrender of any
registration shall impair or affect the obligation of any
preexisting lawful contract between the registrant and any
person. The Secretary's approval of a registrant's application
to surrender its registration shall not affect the
registrant's civil or criminal liability for acts committed
prior to surrender. Surrender of a registration does not
entitle the registrant to a return of any part of the
registration fee.
(f) Every registration issued under this Act shall remain
in force and effect until the registration expires, is
surrendered, is revoked, or is suspended in accordance with
the provisions of this Act. The Secretary shall have authority
to reinstate a suspended registration or to issue a new
registration to a registrant whose registration has been
revoked or surrendered if no fact or condition then exists
which would have warranted the Secretary in refusing
originally to issue that registration under this Act.
(g) Whenever the Secretary imposes discipline authorized

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by this Section, the Secretary shall execute a written order
to that effect. The Secretary shall serve a copy of the order
upon the person. The Secretary shall serve the person with
notice of the order, including a statement of the reasons for
the order personally or by certified mail. Service by
certified mail shall be deemed completed when the notice is
deposited in the U.S. Mail.
(h) An order assessing a civil penalty, an order revoking
or suspending a registration, or an order denying renewal of a
registration shall take effect upon service of the order
unless the registrant serves the Department with a written
request for a hearing in the manner required by the order
within 10 days after the date of service of the order. If a
person requests a hearing, the order shall be stayed from its
date of service until the Department enters a final
administrative order. Hearings shall be conducted as follows:
(1) If the registrant requests a hearing, then the
Secretary shall schedule a hearing within 90 days after
the request for a hearing unless otherwise agreed to by
the parties.
(2) The hearing shall be held at the time and place
designated by the Secretary. The Secretary and any
administrative law judge designated by the Secretary shall
have the power to administer oaths and affirmations,
subpoena witnesses and compel their attendance, take
evidence, and require the production of books, papers,

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correspondence, and other records or information that they
consider relevant or material to the inquiry.
(i) The costs of administrative hearings conducted under
this Section shall be paid by the registrant or other person
subject to the hearing.
(j) Registrants and other persons subject to this Act
shall be subject to the disciplinary actions specified in this
Act for any violations conducted by any officer, director,
shareholder, joint venture, partner, owner, including, but not
limited to, ultimate equitable owner.
Section 100. Investigation of complaints. The Secretary
may investigate any complaints and inquiries made concerning
this Act and any registrants or persons the Secretary believes
may be required to register under this Act. Each registrant or
person the Secretary believes may be required to register
under this Act shall open the registrant's or person's books,
records, documents, and offices wherever situated to the
Secretary as needed to facilitate the investigations.
Section 105. Additional investigation authority. In
addition to any authority allowed under this Act, the
Secretary may conduct investigations as follows:
(1) For purposes of initial registration, registration
renewal, registration suspension, registration
conditioning, registration probation, registration

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revocation or termination, or general or specific inquiry
or investigation to determine compliance with this Act,
the Secretary may access, receive, and use any books,
accounts, records, files, documents, information, or
evidence, including, but not limited to, the following:
(A) criminal, civil, registration, and
administrative history information, including
nonconviction data as specified in the Criminal Code
of 2012; (B) personal history and experience
information, including independent credit reports
obtained from a consumer reporting agency described in
Section 603(p) of the federal Fair Credit Reporting
Act; and (C) any other documents, information, or
evidence the Secretary deems relevant to the inquiry
or investigation, regardless of the location,
possession, control, or custody of the documents,
information, or evidence.
(2) For the purposes of investigating violations or
complaints arising under this Act, the Secretary may
review or investigate any registrant or person subject to
this Act as necessary in order to carry out the purposes of
this Act. The Secretary may direct, subpoena, or order the
attendance of, and examine under oath all persons and
order any person to produce records, files, and any other
documents the Secretary deems relevant to an inquiry.
(3) Each person subject to this Act shall make

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available to the Secretary upon request the books and
records relating to the operations of the person subject
to this Act. The Secretary shall have access to those
books and records and may interview the owners, officers,
principals, employees, independent contractors, agents,
vendors, and customers of any registrant or person subject
to this Act.
(4) In making any investigation authorized by this
Act, the Secretary may control access to any documents and
records of the registrant or person under investigation.
The Secretary may take possession of the documents and
records or otherwise take constructive control of the
documents. During the period of control, no person shall
remove or alter any of the documents or records, except
pursuant to a court order or with the consent of the
Secretary. Unless the Secretary has reasonable grounds to
believe the documents or records of the registrant have
been or are at risk of being altered or destroyed for
purposes of concealing a violation of this Act, the
registrant or owner of the documents and records shall
have access to the documents or records as necessary to
conduct its ordinary business affairs.
(5) In order to carry out the purposes of this
Section, the Secretary may:
(A) retain attorneys, accountants, or other
professionals and specialists as auditors or

SB2234 Engrossed - 41 - LRB103 28770 BMS 55153 b
investigators to conduct or assist in the conduct of
investigations;
(B) enter into agreements or relationships with
other government officials or regulatory associations
to protect consumers or financing recipients, improve
efficiencies, and reduce regulatory burden by sharing
resources, standardized or uniform methods or
procedures, and documents, records, information, or
evidence obtained under this Section;
(C) use, hire, contract, or employ publicly or
privately available analytical systems, methods, or
software or investigate the registrant or person
subject to this Act;
(D) accept and rely on examination or
investigation reports made by other government
officials, within or outside this State; or
(E) accept audit reports made by an independent
certified public accountant for the person subject to
this Act and may incorporate the audit report in the
report of the investigation or other writing of the
Secretary.
(6) The authority of this Section shall remain in
effect, whether the person subject to this Act acts or
claims to act under any licensing or registration law of
this State or claims to act without the authority.
(7) No registrant or person subject to investigation

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or under this Section may knowingly withhold, alter,
abstract, remove, mutilate, destroy, hide, or conceal any
books, records, computer records, or other information or
take actions designed to delay or complicate review of
records.
Section 110. Confidentiality. To promote more effective
regulation, protect consumers and financing recipients, and
reduce regulatory burden through inter-regulatory sharing of
confidential supervisory information:
(1) The privacy or confidentiality of any information
or material provided to a multistate licensing system,
including all privileges arising under federal or state
court rules and law, shall continue to apply to the
information or material after the information or material
has been disclosed to the multistate licensing system.
Information and material may be shared with a multistate
licensing system, federal and state regulatory officials
with relevant oversight authority, and law enforcement
without the loss of privilege or the loss of
confidentiality protections.
(2) The Secretary is authorized to enter into
agreements or sharing arrangements with other governmental
agencies, the Conference of State Bank Supervisors, and
other associations representing governmental agencies.
(3) Information or material that is privileged or

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confidential under this Act as determined by the Secretary
is not subject to the following:
(A) disclosure under any State law governing the
disclosure to the public of information held by an
officer or an agency of the State; or
(B) subpoena, discovery, or admission into
evidence, in any private civil action or
administrative process except as authorized by the
Secretary.
(4) Any other law relating to the disclosure of
confidential supervisory information that is inconsistent
with this Act shall be superseded by the requirements of
this Section to the extent the other law provides less
confidentiality or a weaker privilege for information that
is privileged or confidential under this Act.
(5) Confidential or privileged information received
from a multistate licensing system, another licensing
body, federal and state regulatory officials, or law
enforcement shall be protected to the same extent as the
Secretary's confidential and privileged information is
protected under this Act. The Secretary may also protect
from disclosure confidential or privileged information
that would be exempt from disclosure to the extent it is
held directly by the multistate licensing system, another
licensing body, federal and state regulatory officials, or
law enforcement.

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Section 115. Appeal and review.
(a) The Secretary may, in accordance with the Illinois
Administrative Procedure Act, adopt rules to provide for
review within the Department of their decisions affecting the
rights of persons under this Act. The review shall provide
for, at a minimum:
(1) appointment of a hearing officer;
(2) appropriate procedural rules, specific deadlines
for filings, and standards of evidence and of proof; and
(3) provisions for apportioning costs among parties to
the appeal.
(b) All final agency determinations of appeals to
decisions of the Secretary may be reviewed in accordance with
and under the provisions of the Administrative Review Law.
Appeals from all final orders and judgments entered by a court
in review of any final administrative decision of the
Secretary or of any final agency review of a decision of the
Secretary may be taken as in other civil cases.
Section 120. Registration fees.
(a) The fee for initial registration is $2,500. The fee is
nonrefundable.
(b) The fee for annual application renewal is $2,500. The
fee is nonrefundable.
(c) The Department shall impose a contingent fee

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sufficient to cover its operating expenses in administering
this Act not otherwise covered by all other revenue collected
under this Act. Each registrant shall pay to the Division its
pro rata share, based on number or volume of transactions or
revenue, of the cost for administration of this Act that
exceeds other fees listed in this Section, as estimated by the
Division, for the current year and any deficit actually
incurred in the administration of this Act in prior years.
Section 125. Cease and desist order.
(a) The Secretary may issue a cease and desist order to any
registrant or person doing business without the required
registration when, in the opinion of the Secretary, the
registrant or other person has violated, is violating, or is
about to violate any provision of this Act or any rule adopted
by the Department under this Act or any requirement imposed in
writing by the Department as a condition of granting any
authorization permitted by this Act. The cease and desist
order authorized by this Section may be issued prior to a
hearing.
(b) The Secretary shall serve notice of the cease and
desist order, either personally or by certified mail. Service
by certified mail shall be deemed completed when the notice is
deposited in the U.S. Mail. The Secretary's notice shall
include a statement of the reasons for the action.
(c) Within 10 days after service of the cease and desist

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order, the person subject to the cease and desist order may
request a hearing in writing. The Secretary shall schedule a
preliminary hearing within 60 days after the request for a
hearing unless the parties agree to a later date.
(d) If it is determined that the Secretary had the
authority to issue the cease and desist order, the Secretary
may issue the orders as may be reasonably necessary to
correct, eliminate, deter, or remedy the conduct described in
the order and resulting harms.
(e) The powers vested in the Secretary by this Section are
additional to all other powers and remedies vested in the
Secretary by any law. Nothing in this Section shall be
construed as requiring that the Secretary shall employ the
power conferred in this Section instead of or as a condition
precedent to the exercise of any other power or remedy vested
in the Secretary.
Section 130. Injunctions. The Secretary may maintain an
action in the name of the people of this State and may apply
for an injunction in the circuit court to enjoin a person from
violating this Act or its implementing rules through the
Attorney General.
Section 135. Exemptions. This Act does not apply to, and
does not place any additional requirements or obligations
upon, any of the following:

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(1) any person or entity that is not a provider;
(2) a commercial financing transaction secured by real
property;
(3) a lease as defined in Section 2-A-103 of the
Uniform Commercial Code, not including finance leases as
defined in paragraph (g) of subsection (1) of Section
2A-103 of the Uniform Commercial Code; or
(4) a company primarily in the business of
manufacturing equipment, or any subsidiary or affiliate of
such a company, when offering a commercial financing
transaction for which the majority of the proceeds are
used to finance nonfinancial products manufactured by the
company, or any subsidiary or affiliate of such a company,
or the maintenance of or other services on such products;
(5) any person or provider who makes no more than 5
commercial financing transactions in this State in a
12-month period;
(6) a single, discrete commercial financing
transaction in an amount over $500,000; or
(7) a commercial financing transaction in which the
recipient is a vehicle dealer subject to Section 5-101 or
5-102 of the Illinois Vehicle Code, an affiliate of a
dealer, a rental vehicle company as defined in Section 10
of the Renter's Financial Responsibility and Protection
Act, or an affiliate of a company under a commercial
financing agreement or commercial open-end credit plan of

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at least $50,000, including any commercial loan made under
a commercial financing transaction.
Section 140. Complaint disclosure. All commercial
financing shall include a clear and conspicuous notice on how
to file a complaint with the Department.
Section 145. Rules. The Secretary may adopt rules to enact
and enforce this Act, including, but not limited to:
(1) rules defining the terms used in this Act and as
may be necessary and appropriate to interpret and
implement the provisions of this Act;
(2) rules for the enforcement and administration of
this Act;
(3) rules for the protection of consumers and
recipients in this State;
(4) rules defining improper or fraudulent business
practices in connection with commercial financing; and
(5) rules to implement Section 165.
Section 150. Violations.
(a) Nothing in this Act shall be construed to restrict the
exercise of powers or the performance of the duties that the
Attorney General is authorized to exercise or perform by law.
(b) Any violation of this Act constitutes an unlawful
practice in violation of the Consumer Fraud and Deceptive

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Business Practices Act. The Attorney General may enforce a
violation of this Act as an unlawful practice under the
Consumer Fraud and Deceptive Business Practices Act.
Section 152. Limitation on liability. No provision of this
Act imposes any liability on a provider as a result of the
actual annual percentage rate charged by a provider differing
from the estimated annual percentage rate disclosed in
conformity with any regulation, order, or written interpretive
opinion of the Secretary or any such opinion of the Attorney
General, whether or not such regulation, order, or written
interpretive opinion is later amended, rescinded, or repealed
or determined by judicial or other authority to be invalid for
any reason.
Section 155. Beginning of registration. No person shall be
required to register under this Act before the date
established by the Department by rule. The date shall not be
before January 1, 2025.
Section 160. Beginning of disclosure requirements. No
person shall be required to comply with the disclosure
requirements set forth in Sections 45, 50, 55, 60, 65, 70, and
165 before the date established by the Department by rule. The
date shall not be before January 1, 2025.

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Section 165. Commercial financing database.
(a) A commercial financing database program is established
within the Department. The program shall be administered in
accordance with this Section. None of the duties, obligations,
contingencies, or consequences of or from the program shall be
imposed until 6 months after the Department certifies a
commercial financing database under subsection (b). The
program shall apply to all sales-based financings and
commercial closed-end financings for which interest charges
that accrue on the outstanding balance represent a minority of
the finance charge that are governed by this Act and that are
made or taken on or after the inception of the program.
(b) The Department shall certify that a commercial
financing database is a commercially reasonable method of
reporting. Upon certifying that a commercial financing
database is a commercially reasonable method of reporting, the
Department shall:
(1) provide reasonable notice to all registrants
identifying the commercially reasonable method of
reporting that is available; and
(2) no earlier than 6 months after certification,
require each registrant offering sales-based financing or
commercial closed-end financings for which interest
charges that accrue on the outstanding balance represent a
minority of the finance charge to use a commercially
reasonable method of reporting as a means of complying

SB2234 Engrossed - 51 - LRB103 28770 BMS 55153 b
with subsection (d) of this Section.
(c) The database created under this program shall be
maintained and administered by the Department. The database
shall be designed to allow providers to submit information to
the database online. The database shall not be designed to
allow providers to retrieve information from the database,
except as otherwise provided in this Act.
(d) Within 30 days after providing funds to a recipient,
the provider shall submit to the commercial financing database
the information delineated in subsections (e) and (f). If at
the time funds are provided to a recipient, certain
information delineated in this subsection is not known, then
the provider shall submit the information to the commercial
financing database within 30 days after the information
becoming ascertainable.
(e) For sales-based financings, the provider shall submit
the following information to the commercial financing
database:
(1) the FEIN for the recipient;
(2) the zip code of the recipient;
(3) the date on which the disclosure required under
Section 45 was provided;
(4) the origination date of the sales-based financing;
(5) the total amount of commercial financing;
(6) the disbursed amount after any amount deducted or
withheld at disbursement, if different than the financing

SB2234 Engrossed - 52 - LRB103 28770 BMS 55153 b
amount;
(7) the finance charge;
(8) the estimated annual percentage rate as disclosed
to the recipient under paragraph (3) of Section 45;
(9) the total repayment amount;
(10) the estimated term, as disclosed to the recipient
under paragraph (5) of Section 45;
(11) the percentage of the recipient's sales upon
which the payment is calculated;
(12) the frequency of payment, and the total amount of
average projected payments per month, as disclosed to the
recipient under paragraph (6) of Section 45;
(13) whether the projected sales volume used to
determine the estimated annual percentage rate, estimated
term, and projected payments provided in the disclosure
under Section 45 were determined according to the
historical method described in subparagraph (A) of
paragraph (3) of Section 45 or according to the
underwriting method described in subparagraph (B) of
paragraph (3) of Section 45;
(14) the amount of any finance charge the recipient
would be required to pay if the recipient elects to pay off
or refinance the sales-based financing before full
repayment, as disclosed to the recipient;
(15) description of collateral, if any, securing the
sales-based financing, including any guarantee;

SB2234 Engrossed - 53 - LRB103 28770 BMS 55153 b
(16) the position of any lien taken;
(17) upon full repayment, if the sales-based financing
includes a true-up mechanism, the number of true-ups
provided;
(18) upon full repayment, the actual term of the
commercial financing;
(19) upon full repayment, the actual annual percentage
rate calculated retrospectively based on the actual
payments collected; and
(20) all other information requested by the
Department.
(f) For closed-end financing for which interest charges
that accrue on the outstanding balance represent a minority of
the finance charge submit, the following information to the
commercial financing database:
(1) the FEIN for the recipient;
(2) the zip code of the recipient;
(3) the date on which the disclosure required under
Section 50 was provided;
(4) the origination date;
(5) the total amount of commercial financing;
(6) the disbursed amount after any amount deducted or
withheld at disbursement, if different than the financing
amount;
(7) the finance charge;
(8) the annual percentage rate as disclosed to the

SB2234 Engrossed - 54 - LRB103 28770 BMS 55153 b
recipient under paragraph (3) of Section 50;
(9) the total repayment amount;
(10) the term of the financing;
(11) the frequency of payment;
(12) the amount of the payment, and the total amount
of average projected payments per month, as disclosed to
the recipient under paragraph (6) of Section 50;
(13) the amount of any finance charge the recipient
would be required to pay if the recipient elects to pay off
or refinance the commercial financing before full
repayment, other than interest accrued since the last
payment, as disclosed to the recipient;
(14) whether the recipient would be required to pay
any additional fees not already included in the finance
charge if the recipient elects to pay off or refinance the
commercial financing before full repayment, as disclosed
to the recipient;
(15) description of collateral, if any, securing the
commercial financing, including any guarantee;
(16) the position of any lien taken; and
(17) all other information requested by the
Department.
(g) All personally identifiable information and
information identifying the identity of a recipient obtained
by way of the commercial financing database is strictly
confidential and shall be exempt from disclosure under the

SB2234 Engrossed - 55 - LRB103 28770 BMS 55153 b
Freedom of Information Act and any other law or regulation
pertaining to the disclosure of information or documents. The
Department may, by rule, identify any additional categories of
information the disclosure of which would be contrary to the
public interest. Any request for production of information
from the commercial financing database, whether by subpoena,
notice, or any other source, shall be referred to the
Department. Any recipient may authorize in writing the release
of database information. The Department may use the
information in the database without the consent of the
recipient or the registrant:
(1) for the purposes of administering and enforcing
the program;
(2) to prepare industry-level reports;
(3) to provide information to the appropriate law
enforcement agency or the applicable administrative or
regulatory agency with a legitimate interest in the
information as determined by the Secretary;
(4) as required to comply with applicable law; or
(5) in any other manner that the Secretary deems is
not contrary to the public interest.
(h) A registrant who submits information to a certified
database provider in accordance with this Section shall not be
liable to any person for any subsequent release or disclosure
of that information by the certified database provider, the
Department, or any other person acquiring possession of the

SB2234 Engrossed - 56 - LRB103 28770 BMS 55153 b
information, regardless of whether the subsequent release or
disclosure was lawful, authorized, or intentional.
(i) In certifying a commercially reasonable method of
reporting, the Department shall ensure that the commercial
financing database:
(1) provides real-time access through an Internet
connection;
(2) is accessible to the Department and to registrants
in order to ensure compliance with this Act and in order to
provide any other information that the Department deems
necessary;
(3) requires registrants to input whatever information
is required by the Department;
(4) maintains a real-time copy of the required
reporting information that is available to the Department
at all times and is the property of the Department; and
(5) contains safeguards to ensure that all information
contained in the database regarding consumers and
financing recipients is kept strictly confidential.
(j) The certified commercial financing database may charge
a fee to a registrant not to exceed $1 for each financing
entered into the database. The certified commercial financing
database shall not charge any additional fees or charges.
(k) The certified commercial financing database provider
shall produce an annual report for the Department using the
data submitted by registrants to the database. The Department

SB2234 Engrossed - 57 - LRB103 28770 BMS 55153 b
may publish this report to the public.
Section 170. Severability. The provisions of this Act are
severable under Section 1.31 of the Statute on Statutes.
Section 900. The Freedom of Information Act is amended by
changing Section 7.5 as follows:
(5 ILCS 140/7.5)
(Text of Section before amendment by P.A. 103-472)
Sec. 7.5. Statutory exemptions. To the extent provided for
by the statutes referenced below, the following shall be
exempt from inspection and copying:
(a) All information determined to be confidential
under Section 4002 of the Technology Advancement and
Development Act.
(b) Library circulation and order records identifying
library users with specific materials under the Library
Records Confidentiality Act.
(c) Applications, related documents, and medical
records received by the Experimental Organ Transplantation
Procedures Board and any and all documents or other
records prepared by the Experimental Organ Transplantation
Procedures Board or its staff relating to applications it
has received.
(d) Information and records held by the Department of

SB2234 Engrossed - 58 - LRB103 28770 BMS 55153 b
Public Health and its authorized representatives relating
to known or suspected cases of sexually transmissible
disease or any information the disclosure of which is
restricted under the Illinois Sexually Transmissible
Disease Control Act.
(e) Information the disclosure of which is exempted
under Section 30 of the Radon Industry Licensing Act.
(f) Firm performance evaluations under Section 55 of
the Architectural, Engineering, and Land Surveying
Qualifications Based Selection Act.
(g) Information the disclosure of which is restricted
and exempted under Section 50 of the Illinois Prepaid
Tuition Act.
(h) Information the disclosure of which is exempted
under the State Officials and Employees Ethics Act, and
records of any lawfully created State or local inspector
general's office that would be exempt if created or
obtained by an Executive Inspector General's office under
that Act.
(i) Information contained in a local emergency energy
plan submitted to a municipality in accordance with a
local emergency energy plan ordinance that is adopted
under Section 11-21.5-5 of the Illinois Municipal Code.
(j) Information and data concerning the distribution
of surcharge moneys collected and remitted by carriers
under the Emergency Telephone System Act.

SB2234 Engrossed - 59 - LRB103 28770 BMS 55153 b
(k) Law enforcement officer identification information
or driver identification information compiled by a law
enforcement agency or the Department of Transportation
under Section 11-212 of the Illinois Vehicle Code.
(l) Records and information provided to a residential
health care facility resident sexual assault and death
review team or the Executive Council under the Abuse
Prevention Review Team Act.
(m) Information provided to the predatory lending
database created pursuant to Article 3 of the Residential
Real Property Disclosure Act, except to the extent
authorized under that Article.
(n) Defense budgets and petitions for certification of
compensation and expenses for court appointed trial
counsel as provided under Sections 10 and 15 of the
Capital Crimes Litigation Act (repealed). This subsection
(n) shall apply until the conclusion of the trial of the
case, even if the prosecution chooses not to pursue the
death penalty prior to trial or sentencing.
(o) Information that is prohibited from being
disclosed under Section 4 of the Illinois Health and
Hazardous Substances Registry Act.
(p) Security portions of system safety program plans,
investigation reports, surveys, schedules, lists, data, or
information compiled, collected, or prepared by or for the
Department of Transportation under Sections 2705-300 and

SB2234 Engrossed - 60 - LRB103 28770 BMS 55153 b
2705-616 of the Department of Transportation Law of the
Civil Administrative Code of Illinois, the Regional
Transportation Authority under Section 2.11 of the
Regional Transportation Authority Act, or the St. Clair
County Transit District under the Bi-State Transit Safety
Act (repealed).
(q) Information prohibited from being disclosed by the
Personnel Record Review Act.
(r) Information prohibited from being disclosed by the
Illinois School Student Records Act.
(s) Information the disclosure of which is restricted
under Section 5-108 of the Public Utilities Act.
(t) (Blank).
(u) Records and information provided to an independent
team of experts under the Developmental Disability and
Mental Health Safety Act (also known as Brian's Law).
(v) Names and information of people who have applied
for or received Firearm Owner's Identification Cards under
the Firearm Owners Identification Card Act or applied for
or received a concealed carry license under the Firearm
Concealed Carry Act, unless otherwise authorized by the
Firearm Concealed Carry Act; and databases under the
Firearm Concealed Carry Act, records of the Concealed
Carry Licensing Review Board under the Firearm Concealed
Carry Act, and law enforcement agency objections under the
Firearm Concealed Carry Act.

SB2234 Engrossed - 61 - LRB103 28770 BMS 55153 b
(v-5) Records of the Firearm Owner's Identification
Card Review Board that are exempted from disclosure under
Section 10 of the Firearm Owners Identification Card Act.
(w) Personally identifiable information which is
exempted from disclosure under subsection (g) of Section
19.1 of the Toll Highway Act.
(x) Information which is exempted from disclosure
under Section 5-1014.3 of the Counties Code or Section
8-11-21 of the Illinois Municipal Code.
(y) Confidential information under the Adult
Protective Services Act and its predecessor enabling
statute, the Elder Abuse and Neglect Act, including
information about the identity and administrative finding
against any caregiver of a verified and substantiated
decision of abuse, neglect, or financial exploitation of
an eligible adult maintained in the Registry established
under Section 7.5 of the Adult Protective Services Act.
(z) Records and information provided to a fatality
review team or the Illinois Fatality Review Team Advisory
Council under Section 15 of the Adult Protective Services
Act.
(aa) Information which is exempted from disclosure
under Section 2.37 of the Wildlife Code.
(bb) Information which is or was prohibited from
disclosure by the Juvenile Court Act of 1987.
(cc) Recordings made under the Law Enforcement

SB2234 Engrossed - 62 - LRB103 28770 BMS 55153 b
Officer-Worn Body Camera Act, except to the extent
authorized under that Act.
(dd) Information that is prohibited from being
disclosed under Section 45 of the Condominium and Common
Interest Community Ombudsperson Act.
(ee) Information that is exempted from disclosure
under Section 30.1 of the Pharmacy Practice Act.
(ff) Information that is exempted from disclosure
under the Revised Uniform Unclaimed Property Act.
(gg) Information that is prohibited from being
disclosed under Section 7-603.5 of the Illinois Vehicle
Code.
(hh) Records that are exempt from disclosure under
Section 1A-16.7 of the Election Code.
(ii) Information which is exempted from disclosure
under Section 2505-800 of the Department of Revenue Law of
the Civil Administrative Code of Illinois.
(jj) Information and reports that are required to be
submitted to the Department of Labor by registering day
and temporary labor service agencies but are exempt from
disclosure under subsection (a-1) of Section 45 of the Day
and Temporary Labor Services Act.
(kk) Information prohibited from disclosure under the
Seizure and Forfeiture Reporting Act.
(ll) Information the disclosure of which is restricted
and exempted under Section 5-30.8 of the Illinois Public

SB2234 Engrossed - 63 - LRB103 28770 BMS 55153 b
Aid Code.
(mm) Records that are exempt from disclosure under
Section 4.2 of the Crime Victims Compensation Act.
(nn) Information that is exempt from disclosure under
Section 70 of the Higher Education Student Assistance Act.
(oo) Communications, notes, records, and reports
arising out of a peer support counseling session
prohibited from disclosure under the First Responders
Suicide Prevention Act.
(pp) Names and all identifying information relating to
an employee of an emergency services provider or law
enforcement agency under the First Responders Suicide
Prevention Act.
(qq) Information and records held by the Department of
Public Health and its authorized representatives collected
under the Reproductive Health Act.
(rr) Information that is exempt from disclosure under
the Cannabis Regulation and Tax Act.
(ss) Data reported by an employer to the Department of
Human Rights pursuant to Section 2-108 of the Illinois
Human Rights Act.
(tt) Recordings made under the Children's Advocacy
Center Act, except to the extent authorized under that
Act.
(uu) Information that is exempt from disclosure under
Section 50 of the Sexual Assault Evidence Submission Act.

SB2234 Engrossed - 64 - LRB103 28770 BMS 55153 b
(vv) Information that is exempt from disclosure under
subsections (f) and (j) of Section 5-36 of the Illinois
Public Aid Code.
(ww) Information that is exempt from disclosure under
Section 16.8 of the State Treasurer Act.
(xx) Information that is exempt from disclosure or
information that shall not be made public under the
Illinois Insurance Code.
(yy) Information prohibited from being disclosed under
the Illinois Educational Labor Relations Act.
(zz) Information prohibited from being disclosed under
the Illinois Public Labor Relations Act.
(aaa) Information prohibited from being disclosed
under Section 1-167 of the Illinois Pension Code.
(bbb) Information that is prohibited from disclosure
by the Illinois Police Training Act and the Illinois State
Police Act.
(ccc) Records exempt from disclosure under Section
2605-304 of the Illinois State Police Law of the Civil
Administrative Code of Illinois.
(ddd) Information prohibited from being disclosed
under Section 35 of the Address Confidentiality for
Victims of Domestic Violence, Sexual Assault, Human
Trafficking, or Stalking Act.
(eee) Information prohibited from being disclosed
under subsection (b) of Section 75 of the Domestic

SB2234 Engrossed - 65 - LRB103 28770 BMS 55153 b
Violence Fatality Review Act.
(fff) Images from cameras under the Expressway Camera
Act. This subsection (fff) is inoperative on and after
July 1, 2025.
(ggg) Information prohibited from disclosure under
paragraph (3) of subsection (a) of Section 14 of the Nurse
Agency Licensing Act.
(hhh) Information submitted to the Illinois State
Police in an affidavit or application for an assault
weapon endorsement, assault weapon attachment endorsement,
.50 caliber rifle endorsement, or .50 caliber cartridge
endorsement under the Firearm Owners Identification Card
Act.
(iii) Data exempt from disclosure under Section 50 of
the School Safety Drill Act.
(jjj) (hhh) Information exempt from disclosure under
Section 30 of the Insurance Data Security Law.
(kkk) (iii) Confidential business information
prohibited from disclosure under Section 45 of the Paint
Stewardship Act.
(lll) (Reserved).
(mmm) (iii) Information prohibited from being
disclosed under subsection (e) of Section 1-129 of the
Illinois Power Agency Act.
(nnn) Information exempt from disclosure under Section
165 of the Small Business Financing Transparency Act.

SB2234 Engrossed - 66 - LRB103 28770 BMS 55153 b
(Source: P.A. 102-36, eff. 6-25-21; 102-237, eff. 1-1-22;
102-292, eff. 1-1-22; 102-520, eff. 8-20-21; 102-559, eff.
8-20-21; 102-813, eff. 5-13-22; 102-946, eff. 7-1-22;
102-1042, eff. 6-3-22; 102-1116, eff. 1-10-23; 103-8, eff.
6-7-23; 103-34, eff. 6-9-23; 103-142, eff. 1-1-24; 103-372,
eff. 1-1-24; 103-508, eff. 8-4-23; 103-580, eff. 12-8-23;
revised 1-2-24.)
(Text of Section after amendment by P.A. 103-472)
Sec. 7.5. Statutory exemptions. To the extent provided for
by the statutes referenced below, the following shall be
exempt from inspection and copying:
(a) All information determined to be confidential
under Section 4002 of the Technology Advancement and
Development Act.
(b) Library circulation and order records identifying
library users with specific materials under the Library
Records Confidentiality Act.
(c) Applications, related documents, and medical
records received by the Experimental Organ Transplantation
Procedures Board and any and all documents or other
records prepared by the Experimental Organ Transplantation
Procedures Board or its staff relating to applications it
has received.
(d) Information and records held by the Department of
Public Health and its authorized representatives relating

SB2234 Engrossed - 67 - LRB103 28770 BMS 55153 b
to known or suspected cases of sexually transmissible
disease or any information the disclosure of which is
restricted under the Illinois Sexually Transmissible
Disease Control Act.
(e) Information the disclosure of which is exempted
under Section 30 of the Radon Industry Licensing Act.
(f) Firm performance evaluations under Section 55 of
the Architectural, Engineering, and Land Surveying
Qualifications Based Selection Act.
(g) Information the disclosure of which is restricted
and exempted under Section 50 of the Illinois Prepaid
Tuition Act.
(h) Information the disclosure of which is exempted
under the State Officials and Employees Ethics Act, and
records of any lawfully created State or local inspector
general's office that would be exempt if created or
obtained by an Executive Inspector General's office under
that Act.
(i) Information contained in a local emergency energy
plan submitted to a municipality in accordance with a
local emergency energy plan ordinance that is adopted
under Section 11-21.5-5 of the Illinois Municipal Code.
(j) Information and data concerning the distribution
of surcharge moneys collected and remitted by carriers
under the Emergency Telephone System Act.
(k) Law enforcement officer identification information

SB2234 Engrossed - 68 - LRB103 28770 BMS 55153 b
or driver identification information compiled by a law
enforcement agency or the Department of Transportation
under Section 11-212 of the Illinois Vehicle Code.
(l) Records and information provided to a residential
health care facility resident sexual assault and death
review team or the Executive Council under the Abuse
Prevention Review Team Act.
(m) Information provided to the predatory lending
database created pursuant to Article 3 of the Residential
Real Property Disclosure Act, except to the extent
authorized under that Article.
(n) Defense budgets and petitions for certification of
compensation and expenses for court appointed trial
counsel as provided under Sections 10 and 15 of the
Capital Crimes Litigation Act (repealed). This subsection
(n) shall apply until the conclusion of the trial of the
case, even if the prosecution chooses not to pursue the
death penalty prior to trial or sentencing.
(o) Information that is prohibited from being
disclosed under Section 4 of the Illinois Health and
Hazardous Substances Registry Act.
(p) Security portions of system safety program plans,
investigation reports, surveys, schedules, lists, data, or
information compiled, collected, or prepared by or for the
Department of Transportation under Sections 2705-300 and
2705-616 of the Department of Transportation Law of the

SB2234 Engrossed - 69 - LRB103 28770 BMS 55153 b
Civil Administrative Code of Illinois, the Regional
Transportation Authority under Section 2.11 of the
Regional Transportation Authority Act, or the St. Clair
County Transit District under the Bi-State Transit Safety
Act (repealed).
(q) Information prohibited from being disclosed by the
Personnel Record Review Act.
(r) Information prohibited from being disclosed by the
Illinois School Student Records Act.
(s) Information the disclosure of which is restricted
under Section 5-108 of the Public Utilities Act.
(t) (Blank).
(u) Records and information provided to an independent
team of experts under the Developmental Disability and
Mental Health Safety Act (also known as Brian's Law).
(v) Names and information of people who have applied
for or received Firearm Owner's Identification Cards under
the Firearm Owners Identification Card Act or applied for
or received a concealed carry license under the Firearm
Concealed Carry Act, unless otherwise authorized by the
Firearm Concealed Carry Act; and databases under the
Firearm Concealed Carry Act, records of the Concealed
Carry Licensing Review Board under the Firearm Concealed
Carry Act, and law enforcement agency objections under the
Firearm Concealed Carry Act.
(v-5) Records of the Firearm Owner's Identification

SB2234 Engrossed - 70 - LRB103 28770 BMS 55153 b
Card Review Board that are exempted from disclosure under
Section 10 of the Firearm Owners Identification Card Act.
(w) Personally identifiable information which is
exempted from disclosure under subsection (g) of Section
19.1 of the Toll Highway Act.
(x) Information which is exempted from disclosure
under Section 5-1014.3 of the Counties Code or Section
8-11-21 of the Illinois Municipal Code.
(y) Confidential information under the Adult
Protective Services Act and its predecessor enabling
statute, the Elder Abuse and Neglect Act, including
information about the identity and administrative finding
against any caregiver of a verified and substantiated
decision of abuse, neglect, or financial exploitation of
an eligible adult maintained in the Registry established
under Section 7.5 of the Adult Protective Services Act.
(z) Records and information provided to a fatality
review team or the Illinois Fatality Review Team Advisory
Council under Section 15 of the Adult Protective Services
Act.
(aa) Information which is exempted from disclosure
under Section 2.37 of the Wildlife Code.
(bb) Information which is or was prohibited from
disclosure by the Juvenile Court Act of 1987.
(cc) Recordings made under the Law Enforcement
Officer-Worn Body Camera Act, except to the extent

SB2234 Engrossed - 71 - LRB103 28770 BMS 55153 b
authorized under that Act.
(dd) Information that is prohibited from being
disclosed under Section 45 of the Condominium and Common
Interest Community Ombudsperson Act.
(ee) Information that is exempted from disclosure
under Section 30.1 of the Pharmacy Practice Act.
(ff) Information that is exempted from disclosure
under the Revised Uniform Unclaimed Property Act.
(gg) Information that is prohibited from being
disclosed under Section 7-603.5 of the Illinois Vehicle
Code.
(hh) Records that are exempt from disclosure under
Section 1A-16.7 of the Election Code.
(ii) Information which is exempted from disclosure
under Section 2505-800 of the Department of Revenue Law of
the Civil Administrative Code of Illinois.
(jj) Information and reports that are required to be
submitted to the Department of Labor by registering day
and temporary labor service agencies but are exempt from
disclosure under subsection (a-1) of Section 45 of the Day
and Temporary Labor Services Act.
(kk) Information prohibited from disclosure under the
Seizure and Forfeiture Reporting Act.
(ll) Information the disclosure of which is restricted
and exempted under Section 5-30.8 of the Illinois Public
Aid Code.

SB2234 Engrossed - 72 - LRB103 28770 BMS 55153 b
(mm) Records that are exempt from disclosure under
Section 4.2 of the Crime Victims Compensation Act.
(nn) Information that is exempt from disclosure under
Section 70 of the Higher Education Student Assistance Act.
(oo) Communications, notes, records, and reports
arising out of a peer support counseling session
prohibited from disclosure under the First Responders
Suicide Prevention Act.
(pp) Names and all identifying information relating to
an employee of an emergency services provider or law
enforcement agency under the First Responders Suicide
Prevention Act.
(qq) Information and records held by the Department of
Public Health and its authorized representatives collected
under the Reproductive Health Act.
(rr) Information that is exempt from disclosure under
the Cannabis Regulation and Tax Act.
(ss) Data reported by an employer to the Department of
Human Rights pursuant to Section 2-108 of the Illinois
Human Rights Act.
(tt) Recordings made under the Children's Advocacy
Center Act, except to the extent authorized under that
Act.
(uu) Information that is exempt from disclosure under
Section 50 of the Sexual Assault Evidence Submission Act.
(vv) Information that is exempt from disclosure under

SB2234 Engrossed - 73 - LRB103 28770 BMS 55153 b
subsections (f) and (j) of Section 5-36 of the Illinois
Public Aid Code.
(ww) Information that is exempt from disclosure under
Section 16.8 of the State Treasurer Act.
(xx) Information that is exempt from disclosure or
information that shall not be made public under the
Illinois Insurance Code.
(yy) Information prohibited from being disclosed under
the Illinois Educational Labor Relations Act.
(zz) Information prohibited from being disclosed under
the Illinois Public Labor Relations Act.
(aaa) Information prohibited from being disclosed
under Section 1-167 of the Illinois Pension Code.
(bbb) Information that is prohibited from disclosure
by the Illinois Police Training Act and the Illinois State
Police Act.
(ccc) Records exempt from disclosure under Section
2605-304 of the Illinois State Police Law of the Civil
Administrative Code of Illinois.
(ddd) Information prohibited from being disclosed
under Section 35 of the Address Confidentiality for
Victims of Domestic Violence, Sexual Assault, Human
Trafficking, or Stalking Act.
(eee) Information prohibited from being disclosed
under subsection (b) of Section 75 of the Domestic
Violence Fatality Review Act.

SB2234 Engrossed - 74 - LRB103 28770 BMS 55153 b
(fff) Images from cameras under the Expressway Camera
Act. This subsection (fff) is inoperative on and after
July 1, 2025.
(ggg) Information prohibited from disclosure under
paragraph (3) of subsection (a) of Section 14 of the Nurse
Agency Licensing Act.
(hhh) Information submitted to the Illinois State
Police in an affidavit or application for an assault
weapon endorsement, assault weapon attachment endorsement,
.50 caliber rifle endorsement, or .50 caliber cartridge
endorsement under the Firearm Owners Identification Card
Act.
(iii) Data exempt from disclosure under Section 50 of
the School Safety Drill Act.
(jjj) (hhh) Information exempt from disclosure under
Section 30 of the Insurance Data Security Law.
(kkk) (iii) Confidential business information
prohibited from disclosure under Section 45 of the Paint
Stewardship Act.
(lll) (iii) Data exempt from disclosure under Section
2-3.196 of the School Code.
(mmm) (iii) Information prohibited from being
disclosed under subsection (e) of Section 1-129 of the
Illinois Power Agency Act.
(nnn) Information exempt from disclosure under Section
165 of the Small Business Financing Transparency Act.

SB2234 Engrossed - 75 - LRB103 28770 BMS 55153 b
(Source: P.A. 102-36, eff. 6-25-21; 102-237, eff. 1-1-22;
102-292, eff. 1-1-22; 102-520, eff. 8-20-21; 102-559, eff.
8-20-21; 102-813, eff. 5-13-22; 102-946, eff. 7-1-22;
102-1042, eff. 6-3-22; 102-1116, eff. 1-10-23; 103-8, eff.
6-7-23; 103-34, eff. 6-9-23; 103-142, eff. 1-1-24; 103-372,
eff. 1-1-24; 103-472, eff. 8-1-24; 103-508, eff. 8-4-23;
103-580, eff. 12-8-23; revised 1-2-24.)
Section 905. The Consumer Fraud and Deceptive Business
Practices Act is amended by adding Section 2EEEE as follows:
(815 ILCS 505/2EEEE new)
Sec. 2EEEE. Violations of the Small Business Financing
Transparency Act. Any person who violates the Small Business
Financing Transparency Act commits an unlawful practice within
the meaning of this Act.
Section 995. No acceleration or delay. Where this Act
makes changes in a statute that is represented in this Act by
text that is not yet or no longer in effect (for example, a
Section represented by multiple versions), the use of that
text does not accelerate or delay the taking effect of (i) the
changes made by this Act or (ii) provisions derived from any
other Public Act.