IllinoisHB5384104th General Assembly (2025–2026)HouseWALLET

FINANCIAL REG-FEES-INVESTIGATE

Sponsored By: Sponsor information unavailable

Signed by Governor

Summary

Amends the Currency Exchange Act. Removes provisions requiring the Secretary of Financial and Professional Regulation to investigate a currency exchange business at least once in each year and to review and report on the cost of operation of the Currency Exchange Section. Establishes fee-setting provisions for the administration of the Act. Amends the Sales Finance Agency Act, the Consumer Installment Loan Act, and the Safety Deposit License Act. Makes changes to the authority of the Secretary and the Director of the Division of Financial Institutions to examine and investigate a business to determine if it is in compliance with those Acts. Establishes fee-setting provisions for the administration of those Acts. Amends the Debt Management Service Act, the Debt Settlement Consumer Protection Act, and the Payday Loan Reform Act. Establishes fee-setting provisions for the administration of those Acts. Makes other changes. Effective immediately.

financial institutions and licensingassignments

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 2 costs, 1 mixed.

Higher late-year loan license fees

Consumer installment loan license applicants who file after June 30 must pay the full $450 annual license fee for that calendar year. The former option to pay half the annual fee is removed. The $300 application fee remains.

Financial firms pay oversight costs

Currency exchange, sales finance, debt service, lending, payday loan, and safety deposit businesses must cover the costs of administering their laws. These costs include licensing, investigations, and examinations. The Secretary sets how fees are assessed and may set or change fee amounts by rule. The law does not set specific amounts for these administrative fees.

Fewer required financial business inspections

The law removes required yearly examinations for currency exchanges, sales finance firms, and installment lenders. It also removes the requirement to inspect safety deposit businesses during each license period. The Department or Director can still inspect or examine these businesses at any time. Installment loan examination fees may include travel costs for out-of-state locations and must reasonably reflect actual costs.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Margaret Croke

    Democratic • House

  • Mark L. Walker

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 123 • No: 62

Senate vote • 5/14/2026

Third Reading - Passed;

Yes: 38 • 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

  1. Public Act . . . . . . . . . 104-0520

    6/26/2026House
  2. Effective Date June 26, 2026

    6/26/2026House
  3. Governor Approved

    6/26/2026House
  4. Sent to the Governor

    6/12/2026House
  5. Passed Both Houses

    5/14/2026House
  6. Third Reading - Passed; 038-019-000

    5/14/2026Senate
  7. Placed on Calendar Order of 3rd Reading May 5, 2026

    4/30/2026Senate
  8. Second Reading

    4/30/2026Senate
  9. Placed on Calendar Order of 2nd Reading April 28, 2026

    4/22/2026Senate
  10. Approved for Consideration Assignments

    4/22/2026Senate
  11. Referred to Assignments

    4/16/2026Senate
  12. First Reading

    4/16/2026Senate
  13. Chief Senate Sponsor Sen. Mark L. Walker

    4/16/2026Senate
  14. Placed on Calendar Order of First Reading April 14, 2026

    4/10/2026Senate
  15. Arrive in Senate

    4/10/2026Senate
  16. Third Reading - Short Debate - Passed 070-036-000

    4/9/2026House
  17. Placed on Calendar Order of 3rd Reading - Short Debate

    4/7/2026House
  18. Second Reading - Short Debate

    4/7/2026House
  19. House Floor Amendment No. 1 Adopted

    4/7/2026House
  20. House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000

    3/24/2026House
  21. House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee

    3/24/2026House
  22. House Floor Amendment No. 1 Referred to Rules Committee

    3/23/2026House
  23. House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke

    3/23/2026House
  24. Placed on Calendar 2nd Reading - Short Debate

    3/19/2026House
  25. Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000

    3/18/2026House

Bill Text

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