Illinois General Assembly - Bill Status for SB3314
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 Bill Status of SB3314  103rd General Assembly

Short Description:  CONSUMER LEGAL-REFINANCING

Senate Sponsors
Sen. Bill Cunningham

House Sponsors
(Rep. Curtis J. Tarver, II)

Hearings
Financial Institutions and Licensing Committee Hearing Apr 30 2024 4:00PM Capitol Building Room 122B Springfield, IL


Last Action
DateChamber Action
  4/24/2024HouseAssigned to Financial Institutions and Licensing Committee

Statutes Amended In Order of Appearance
815 ILCS 121/25
815 ILCS 121/30
815 ILCS 121/165


Synopsis As Introduced
Amends the Consumer Legal Funding Act. Provides that, notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule. Provides that the Department of Financial and Professional Regulation shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of the amendatory Act. Authorizes the Department to adopt rules to permit the refinancing of consumer legal fundings. Makes conforming changes to contract disclosures.

Actions 
DateChamber Action
  2/7/2024SenateFiled with Secretary by Sen. Bill Cunningham
  2/7/2024SenateFirst Reading
  2/7/2024SenateReferred to Assignments
  2/20/2024SenateAssigned to Judiciary
  3/6/2024SenateDo Pass Judiciary; 006-003-000
  3/6/2024SenatePlaced on Calendar Order of 2nd Reading March 7, 2024
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  4/10/2024SenateThird Reading - Passed; 040-018-000
  4/10/2024HouseArrived in House
  4/10/2024HouseChief House Sponsor Rep. Nabeela Syed
  4/10/2024HouseAlternate Chief Sponsor Changed to Rep. Curtis J. Tarver, II
  4/11/2024HouseFirst Reading
  4/11/2024HouseReferred to Rules Committee
  4/24/2024HouseAssigned to Financial Institutions and Licensing Committee

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