Bill Status of SB0260

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SB0260 - 104th General Assembly

BUSINESS FINANCE TRANSPARENCY
Last Action
1/24/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Christopher Belt
Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7.5
815 ILCS 505/2HHHH new
Synopsis As Introduced
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.
Actions
Date Chamber Action
1/24/2025 Senate Filed with Secretary by Sen. Christopher Belt
1/24/2025 Senate First Reading
1/24/2025 Senate Referred to Assignments