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HB3477 - 104th General Assembly
SM BUS FINANCING TRANSPARENCY
Statutes Amended In Order of Appearance
New Act
815 ILCS 505/2HHHH new
Synopsis As Introduced
Creates the Small Business Financing Transparency Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 02/07/2025 | House | Filed with the Clerk by Rep. Dagmara Avelar |
| 02/18/2025 | House | First Reading |
| 02/18/2025 | House | Referred to Rules Committee |
| 03/11/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 03/18/2025 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 |
| 03/19/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 03/26/2025 | House | Second Reading - Short Debate |
| 03/26/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 04/11/2025 | House | Rule 19(a) / Re-referred to Rules Committee |