Illinois General Assembly - Bill Status for SB3772
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 Bill Status of SB3772  102nd General Assembly


Senate Sponsors
Sen. Omar Aquino

Last Action
DateChamber Action
  1/21/2022SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Consumer Income Share Agreement Act. Provides that no person, partnership, association, limited liability company, or corporation may engage in the business of making income share agreements without a license provided under the Act. Sets forth provisions concerning applications for an income share agreement license, investigations, fees, suspension or revocation of licenses, closing of business, books and records, prohibitions and limitations of income share agreements, required disclosures, statements of account, advertising, penalties, and cease and desist orders. Provides that a person who engages in business as a licensee without the license required by the Act commits a Class 4 felony. Provides that the Department of Financial and Professional Regulation may adopt and enforce reasonable rules, directions, orders, decisions, and findings as the execution and enforcement of the provisions of the Act require, and rules in connection with the activities of licensees that are necessary and appropriate for the protection of consumers in the State. Provides that if it appears to the Director that a person or any entity has committed or is about to commit a violation of the Act, a rule adopted under the Act, or an order of the Director, the Director may apply to the circuit court for an order enjoining the person or entity from the violation. Provides that the provisions of the Act are severable. Defines terms. Makes other changes. Effective immediately.

DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Omar Aquino
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments

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