Bill Status of HB2595  104th General Assembly

Short Description:  BUSINESS TRUTH IN LENDING ACT

House Sponsors
Rep. Curtis J. Tarver, II

Last Action
DateChamber Action
  3/21/2025HouseRule 19(a) / Re-referred to Rules Committee

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 
DateChamber Action
  2/4/2025HouseFiled with the Clerk by Rep. Curtis J. Tarver, II
  2/6/2025HouseFirst Reading
  2/6/2025HouseReferred to Rules Committee
  3/4/2025HouseAssigned to Financial Institutions and Licensing Committee
  3/21/2025HouseRule 19(a) / Re-referred to Rules Committee