HB 5587

Abstract

Creates the Consumer Protections for Small Business Act. Provides that the Act applies to any person that offers or provides commercial financing in Illinois or is otherwise a provider, to any person that seeks to evade its applicability by any device, subterfuge, or pretense whatsoever, and to any person that aids or facilitates a violation of the Act. Provides that the Act shall be administered by the Division of Financial Institutions of the Department of Financial and Professional Regulation. Prohibits a person from providing commercial financing without the license required by the Act and shall be guilty of a Class 4 felony for practicing without a license. Sets forth provisions concerning investigation of a person that may require licensure pursuant to the Act; licensure requirements for persons providing commercial financing; applying for licensing under the Act; license application and issuance; refusal to issue a license; license issuance and renewal; fees; functions, power, and duties; examination and prohibited activities; subpoena power of the Secretary of Financial and Professional Regulation; reports required; suspension of licenses, revocation of licenses, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; licensure fees; injunctions; exemptions; complaint disclosure; rules; violations; severability; severability; and a commercial financing database. Amends the Freedom of Information Act to make a conforming change. Effective immediately.