# Illinois HB5290: SALES FINANCE AGENCY-VARIOUS Illinois HB5290, SALES FINANCE AGENCY-VARIOUS, is a 104th General Assembly (2025–2026) House bill sponsored by no sponsor on record; status signed, last action 2026-06-26 (Public Act . . . . . . . . . 104-0516); PRIA reads it as touching household money (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/IL-HB5290-2025-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Illinois HB5290 - State: Illinois - Session: 104th General Assembly (2025–2026) - Title: SALES FINANCE AGENCY-VARIOUS - Status: signed - Chamber: House - Introduced: 2026-02-05 - Last action: 2026-06-26, Public Act . . . . . . . . . 104-0516 - Sponsors: no sponsor on record - Cosponsors: 2 - Subjects: financial institutions and licensing, assignments - Touches household money: yes - Roll calls: 4 (121 yes, 62 no in all) - Economic provisions PRIA read: 7 ## 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. ## Bill overview: provisions PRIA read - More privacy for finance records: benefit, low. 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 sh… - More ways to challenge license decisions: benefit, low. 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 Secre… - More institutions avoid licensing rules: benefit, low. 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 pl… - Higher license and exam costs: cost, low. 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. Age… - Sales finance agencies face new license rules: cost, low. 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; app… - More checks on finance agencies: mixed, low. 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 witne… - Stronger consumer rules for finance agencies: mixed, low. 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 m… ## Sponsors and cosponsors - Cosponsor: Laura Ellman (Democratic), Senate - Cosponsor: Margaret Croke (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-05-14 | Senate | Third Reading - Passed; | pass | 36 | 19 | | | 2026-04-09 | House | Third Reading - Short Debate - Passed | pass | 70 | 36 | | | 2026-03-24 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; | pass | 8 | 4 | | | 2026-03-18 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; | pass | 7 | 3 | | ## Actions (29) - 2026-06-26: Public Act . . . . . . . . . 104-0516 (House) - 2026-06-26: Effective Date June 26, 2026 (House) - 2026-06-26: Governor Approved (House) - 2026-06-12: Sent to the Governor (House) - 2026-05-14: Passed Both Houses (House) - 2026-05-14: Third Reading - Passed; 036-019-000 (Senate) - 2026-04-30: Placed on Calendar Order of 3rd Reading May 5, 2026 (Senate) - 2026-04-30: Second Reading (Senate) - 2026-04-22: Placed on Calendar Order of 2nd Reading April 28, 2026 (Senate) - 2026-04-22: Approved for Consideration Assignments (Senate) - 2026-04-10: Referred to Assignments (Senate) - 2026-04-10: First Reading (Senate) - 2026-04-10: Chief Senate Sponsor Sen. Laura Ellman (Senate) - 2026-04-10: Placed on Calendar Order of First Reading (Senate) - 2026-04-10: Arrive in Senate (Senate) - 2026-04-09: Third Reading - Short Debate - Passed 070-036-000 (House) - 2026-04-07: Placed on Calendar Order of 3rd Reading - Short Debate (House) - 2026-04-07: Second Reading - Short Debate (House) - 2026-04-07: House Floor Amendment No. 1 Adopted (House) - 2026-03-24: House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000 (House) - 2026-03-24: House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee (House) - 2026-03-23: House Floor Amendment No. 1 Referred to Rules Committee (House) - 2026-03-23: House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke (House) - 2026-03-19: Placed on Calendar 2nd Reading - Short Debate (House) - 2026-03-18: Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000 (House) - 2026-02-24: Assigned to Financial Institutions and Licensing Committee (House) - 2026-02-10: Referred to Rules Committee (House) - 2026-02-10: First Reading (House) - 2026-02-05: Filed with the Clerk by Rep. Margaret Croke (House) ## Bill text - Engrossed: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290eng.pdf) - Enrolled: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290enr.pdf) - House Amendment 1: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290ham001.pdf) - Introduced: [PDF](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290.pdf) ## Related bills - HB5198: AFFORDABLE HOUSING-CILAS (passed house) - SB1937: PENSION CODE-VARIOUS (passed senate) - HB2563: CONDO-RESERVE STUDY (in committee) - HB4701: LIMITATIONS FACILITY FEES ACT (in committee) - SB3008: DHS-ABLE PROGRAM INFO MATERIAL (passed senate) - SB3484: VEH CD-PLATES-REGISTRATION (signed) ## Sources - [Engrossed (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290eng.pdf) - [Enrolled (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290enr.pdf) - [House Amendment 1 (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290ham001.pdf) - [Introduced (PDF)](https://www.ilga.gov/documents/legislation/104/HB/PDF/10400HB5290.pdf) ## Related - [HB5198: AFFORDABLE HOUSING-CILAS](https://policyrisk.com/state-bill/IL-HB5198-2025-2026) - [SB1937: PENSION CODE-VARIOUS](https://policyrisk.com/state-bill/IL-SB1937-2025-2026) - [HB2563: CONDO-RESERVE STUDY](https://policyrisk.com/state-bill/IL-HB2563-2025-2026) - [HB4701: LIMITATIONS FACILITY FEES ACT](https://policyrisk.com/state-bill/IL-HB4701-2025-2026) - [SB3008: DHS-ABLE PROGRAM INFO MATERIAL](https://policyrisk.com/state-bill/IL-SB3008-2025-2026) - [SB3484: VEH CD-PLATES-REGISTRATION](https://policyrisk.com/state-bill/IL-SB3484-2025-2026) - [Illinois bills](https://policyrisk.com/states/illinois/bills) - [Illinois state hub](https://policyrisk.com/states/illinois) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/IL-HB5290-2025-2026 (as of 2026-11-01).