Bill Status of HB 3064   103rd General Assembly

Short Description:  BUSINESS TRUTH IN LENDING ACT

House Sponsors
Rep. Hoan Huynh-Theresa Mah-Lilian Jiménez-Kevin John Olickal-Abdelnasser Rashid and Will Guzzardi

Last Action  View All Actions

DateChamber Action
  1/7/2025HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
815 ILCS 505/2BBBB new

Synopsis As Introduced
Creates the Small Business Truth in Lending 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 
DateChamber Action
  2/16/2023HouseFiled with the Clerk by Rep. Hoan Huynh
  2/17/2023HouseFirst Reading
  2/17/2023HouseReferred to Rules Committee
  2/28/2023HouseAssigned to Financial Institutions and Licensing Committee
  3/1/2023HouseAdded Chief Co-Sponsor Rep. Theresa Mah
  3/1/2023HouseAdded Chief Co-Sponsor Rep. Lilian Jiménez
  3/1/2023HouseAdded Chief Co-Sponsor Rep. Kevin John Olickal
  3/1/2023HouseAdded Chief Co-Sponsor Rep. Abdelnasser Rashid
  3/10/2023HouseRule 19(a) / Re-referred to Rules Committee
  10/27/2023HouseAdded Co-Sponsor Rep. Will Guzzardi
  1/7/2025HouseSession Sine Die

Back To Top