All Roll Calls
Yes: 121 • No: 62
IllinoisHB5290104th General Assembly (2025–2026)HouseWALLET
SALES FINANCE AGENCY-VARIOUS
Sponsored By: Sponsor information unavailable
Signed by Governor
Summary
Amends the Sales Finance Agency Act. Makes changes to defined terms. Provides that applicants for a license shall apply in a form prescribed by the Secretary of Financial and Professional Regulation. Prohibits any person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by the Act from operating the business under a name other than the real names of the entity and individuals conducting the business. Grants the Secretary authority to issue a license upon completion of the specified filing and investigatory requirements. Sets forth further licensing requirements. Provides that all moneys received by the Secretary under the Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund. Prohibits a sales finance agency from aiding or seeking to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. Grants additional investigatory, disciplinary, and examination authority to the Secretary. Establishes rulemaking provisions. Grants the Department authority to adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under the Act. Allows the Secretary to request a circuit court to assess a civil penalty of up to $10,000 (rather than $1,000) for violations of the Act. Repeals various provisions of the Act. Makes other changes. Effective immediately.
financial institutions and licensingassignments
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 3 benefits, 2 costs, 2 mixed.
More privacy for finance records
Financial information presented in a hearing is confidential when an agency got it while serving an individual. It can be shared as part of the hearing record, for full judicial review, or with written consent. The Department also limits access to confidential supervisory records. Regulators can share protected information through the licensing system without losing applicable confidentiality protections, subject to legal exceptions and waiver rules.
More ways to challenge license decisions
The Department can create an internal process to review Secretary decisions that affect rights under the law. Final agency decisions remain reviewable in court. A licensee who requests a hearing in writing within 15 days can pause a discipline order until a final administrative order, and the Secretary must schedule a preliminary hearing within 30 days. A license can be restored only when the original reasons for denial no longer exist.
More institutions avoid licensing rules
The law extends a licensing exemption to qualifying financial institutions authorized to do business under Illinois, another state, or federal law. It also exempts certain special purpose vehicles administered by a state or national bank under a management agreement for a securitization, private placement, or similar investment transaction. These exemptions reduce licensing duties for the covered institutions and entities.
Higher license and exam costs
An initial company license costs $1,000, plus an $800 background check. Annual company renewal costs $300; branch applications and renewals cost $100 each. Other fees include $1,000 for an ownership or control change, $50 for listed changes or returned payments, and $1,200 per examiner per day. Agencies also pay out-of-state examination travel costs, a share of certain administrative costs, and the costs of covered licensing hearings.
Sales finance agencies face new license rules
Applicants must be at least 18, maintain $30,000 in positive net worth, post a bond of at least $50,000, and provide financial and background information. Licensees must report most application changes within 30 days and judgments or bankruptcy petitions within 5 days. Licenses renew each year; applications may be sent 60 days early but must arrive at least 30 days before expiration. A late license becomes inactive, and reactivation within 90 days requires good cause and a fee equal to the renewal fee. Agencies must display licenses at physical and digital locations and give 10 days’ notice before certain moves or closures; surrender does not erase earlier liability or provide a fee refund.
More checks on finance agencies
The Secretary can examine agencies, inspect records and offices, question people, and require reports or written answers. Agencies and others covered by the law must provide requested records and cannot knowingly hide, alter, destroy, or remove relevant information. The Secretary can subpoena witnesses and records, and can ask a court to enforce a subpoena or restrict transactions and asset transfers. An agency may face a penalty of up to $50 per day for failing to answer a regulatory request or file a required report. An affiliate can be examined only when documented evidence shows unlawful activity tied to the agency.
Stronger consumer rules for finance agencies
Sales finance agencies face fines and other discipline for violations, and courts can order consumer restitution. Administrative fines can reach $25,000 per violation, or $75,000 for certain fraud or unfair practices; a court can assess civil penalties up to $10,000. People bringing a civil claim may receive reasonable attorney fees and court costs. Agencies cannot buy certain unlawful installment contracts, and they cannot purchase or make loans secured by contracts or balances for canine or feline sales; those contracts and loans are void and unenforceable prospectively, but earlier contracts are not affected. A person who needs a license cannot sue to collect service fees unless licensed throughout the work.
Sponsors & Cosponsors
Sponsors
There is no primary sponsor on record.
Cosponsors
Laura Ellman
Democratic • Senate
Margaret Croke
Democratic • House
Roll Call Votes
Senate vote • 5/14/2026
Third Reading - Passed;
Yes: 36 • No: 19
House vote • 4/9/2026
Third Reading - Short Debate - Passed
Yes: 70 • No: 36
House vote • 3/24/2026
House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee;
Yes: 8 • No: 4
House vote • 3/18/2026
Do Pass / Short Debate Financial Institutions and Licensing Committee;
Yes: 7 • No: 3
Actions Timeline
Public Act . . . . . . . . . 104-0516
6/26/2026HouseEffective Date June 26, 2026
6/26/2026HouseGovernor Approved
6/26/2026HouseSent to the Governor
6/12/2026HousePassed Both Houses
5/14/2026HouseThird Reading - Passed; 036-019-000
5/14/2026SenatePlaced on Calendar Order of 3rd Reading May 5, 2026
4/30/2026SenateSecond Reading
4/30/2026SenatePlaced on Calendar Order of 2nd Reading April 28, 2026
4/22/2026SenateApproved for Consideration Assignments
4/22/2026SenateReferred to Assignments
4/10/2026SenateFirst Reading
4/10/2026SenateChief Senate Sponsor Sen. Laura Ellman
4/10/2026SenatePlaced on Calendar Order of First Reading
4/10/2026SenateArrive in Senate
4/10/2026SenateThird Reading - Short Debate - Passed 070-036-000
4/9/2026HousePlaced on Calendar Order of 3rd Reading - Short Debate
4/7/2026HouseSecond Reading - Short Debate
4/7/2026HouseHouse Floor Amendment No. 1 Adopted
4/7/2026HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000
3/24/2026HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
3/24/2026HouseHouse Floor Amendment No. 1 Referred to Rules Committee
3/23/2026HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
3/23/2026HousePlaced on Calendar 2nd Reading - Short Debate
3/19/2026HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000
3/18/2026House
Bill Text
Engrossed
Enrolled
House Amendment 1
Introduced
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