# 117-hr-5912: Close the ILC Loophole Act

117-hr-5912, Close the ILC Loophole Act, is a 117th Congress bill sponsored by Rep. García, Jesús G. "Chuy" [D-IL-4] (D-IL); status Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/117-hr-5912
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 117-hr-5912
- Congress: 117
- Title: Close the ILC Loophole Act
- Status: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.
- Introduced: 2021-11-09
- Sponsor: Rep. García, Jesús G. "Chuy" [D-IL-4] (D-IL)
- Cosponsors: 3
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Close the ILC Loophole Act This bill limits the exemption from certain banking regulations applicable to industrial loan companies to those companies approved to receive Federal Deposit Insurance Corporation insurance before September 23, 2021, or companies with an application pending as of September 23, 2021. Industrial loan companies are state chartered institutions that provide several services similar to banks, such as originating loans and processing payments. Parent companies of such industrial loan companies are subject to the supervision of the Board of Governors of the Federal Reserve System. The bill also sets forth procedures regarding a change in control of an industrial loan company. The Government Accountability Office must report on the effects of industrial loan companies, industrial banks, and other similar institutions on the economy, including the effect on competitiveness, market structure, and different industries.

## Cosponsors (3)

- Rep. Gooden, Lance [R-TX-5] (R-TX), 2022-01-19T00:00:00.000Z
- Rep. Sessions, Pete [R-TX-17] (R-TX), 2022-03-11T00:00:00.000Z
- Rep. Lynch, Stephen F. [D-MA-8] (D-MA), 2022-04-18T00:00:00.000Z

## Related bills

- 117-hr-3537: Accelerating Access to Critical Therapies for ALS Act
- 117-hr-263: Big Cat Public Safety Act
- 117-hres-881: Condemning the heinous terrorist attack on Congregation Beth Israel in Colleyville, Texas, on January 15, 2022.
- 117-hr-1282: Major Richard Star Act
- 117-hr-707: Ghost Army Congressional Gold Medal Act
- 117-hr-1667: Dr. Lorna Breen Health Care Provider Protection Act

## Sources
- [117-hr-5912 on Congress.gov](https://www.congress.gov/bill/117th-congress/house-bill/5912)

## Related
- [117-hr-3537: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/117-hr-3537)
- [117-hr-263: Big Cat Public Safety Act](https://policyrisk.com/legislation/117-hr-263)
- [117-hres-881: Condemning the heinous terrorist attack on Congregation Beth Israel in Colleyvi…](https://policyrisk.com/legislation/117-hres-881)
- [117-hr-1282: Major Richard Star Act](https://policyrisk.com/legislation/117-hr-1282)
- [117-hr-707: Ghost Army Congressional Gold Medal Act](https://policyrisk.com/legislation/117-hr-707)
- [117-hr-1667: Dr. Lorna Breen Health Care Provider Protection Act](https://policyrisk.com/legislation/117-hr-1667)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/117-hr-5912 (as of 2025-11-18).