SB3480 - 104th General Assembly (2025-2026)

CONSUMERS-PAYDAY ADVANCES
Last Action
2/05/2026 - Senate: Referred to Assignments
Senate Sponsors
Sen. Mike Simmons
Statutes Amended In Order of Appearance
New Act  
815 ILCS 505/2MMMM new  
Synopsis As Introduced
Creates the Payday Advance Consumer Protection Act. Provides that no person shall engage in the business of providing payday advance services without licensure under the Act. Provides that the Division of Financial Institutions of the Department of Financial and Professional Regulation shall administer the Act. Sets forth requirements for initial licensure; renewals; revocations; grounds for discipline; and administrative procedures. Provides that any payday advance provider that offers payday advance services to a consumer in the State shall comply with specified consumer protection provisions. Provides that a violation of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a conforming change. Effective July 1, 2027.
Actions
DateChamberAction
2/05/2026SenateFiled with Secretary by Sen. Mike Simmons
2/05/2026SenateFirst Reading
2/05/2026SenateReferred to Assignments