IllinoisHB2595104th General Assembly (2025–2026)House

BUSINESS TRUTH IN LENDING ACT

Sponsored By: Curtis J. Tarver, II (Democratic)

In Committee

Summary

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.

financial institutions and licensing

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Curtis J. Tarver, II

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Rule 19(a) / Re-referred to Rules Committee

    3/21/2025House
  2. Assigned to Financial Institutions and Licensing Committee

    3/4/2025House
  3. Referred to Rules Committee

    2/6/2025House
  4. First Reading

    2/6/2025House
  5. Filed with the Clerk by Rep. Curtis J. Tarver, II

    2/4/2025House

Bill Text

Related Bills

Back to State Legislation