IllinoisHB3477104th General Assembly (2025–2026)House

SM BUS FINANCING TRANSPARENCY

Sponsored By: Dagmara Avelar (Democratic)

In Committee

Summary

Creates the Small Business Financing Transparency Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.

financial institutions and licensing

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Dagmara Avelar

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 8 • No: 4

House vote • 3/18/2025

Do Pass / Short Debate Financial Institutions and Licensing Committee;

Yes: 8 • No: 4

Actions Timeline

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

    4/11/2025House
  2. Placed on Calendar Order of 3rd Reading - Short Debate

    3/26/2025House
  3. Second Reading - Short Debate

    3/26/2025House
  4. Placed on Calendar 2nd Reading - Short Debate

    3/19/2025House
  5. Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000

    3/18/2025House
  6. Assigned to Financial Institutions and Licensing Committee

    3/11/2025House
  7. Referred to Rules Committee

    2/18/2025House
  8. First Reading

    2/18/2025House
  9. Filed with the Clerk by Rep. Dagmara Avelar

    2/7/2025House

Bill Text

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