IllinoisSB1512104th General Assembly (2025–2026)Senate

CONSUMER FIN PROTECTION LAW

Sponsored By: Mark L. Walker (Democratic)

In Committee

Summary

Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2026.

assignments

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

  • Mark L. Walker

    Democratic • Senate

Cosponsors

  • Karina Villa

    Democratic • Senate

  • Rachel Ventura

    Democratic • Senate

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Added as Co-Sponsor Sen. Rachel Ventura

    3/19/2025Senate
  2. Added as Co-Sponsor Sen. Karina Villa

    3/18/2025Senate
  3. Referred to Assignments

    2/4/2025Senate
  4. First Reading

    2/4/2025Senate
  5. Filed with Secretary by Sen. Mark L. Walker

    2/4/2025Senate

Bill Text

Related Bills

Back to State Legislation