SB 2234

  • Illinois Senate Bill
  • 103rd Regular Session
  • Introduced in Senate May 03, 2024
  • Senate
  • Passed House May 02, 2024
  • Governor

Business Truth In Lending Act

Abstract

Creates the Small Business Truth in Lending Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.

Bill Sponsors (29)

Votes


Actions


May 31, 2024

House

Rule 19(a) / Re-referred to Rules Committee

May 26, 2024

House

Committee/Final Action Deadline Extended-9(b) May 31, 2024

May 24, 2024

House

Committee/Final Action Deadline Extended-9(b) May 27, 2024

May 22, 2024

House

Added Alternate Co-Sponsor Rep. Dagmara Avelar

May 21, 2024

House

Added Alternate Chief Co-Sponsor Rep. Sonya M. Harper

May 20, 2024

House

Added Alternate Co-Sponsor Rep. Joyce Mason

May 16, 2024

House

Added Alternate Co-Sponsor Rep. Will Guzzardi

House

Added Alternate Co-Sponsor Rep. Kelly M. Cassidy

House

Added Alternate Co-Sponsor Rep. Debbie Meyers-Martin

House

Added Alternate Co-Sponsor Rep. Kam Buckner

House

Added Alternate Co-Sponsor Rep. Abdelnasser Rashid

May 15, 2024

House

Added as Co-Sponsor Sen. Karina Villa

May 14, 2024

House

Added as Co-Sponsor Sen. Emil Jones, III

May 13, 2024

House

Committee/Final Action Deadline Extended-9(b) May 24, 2024

House

Assigned to Financial Institutions and Licensing Committee

May 03, 2024

House

Arrived in House

House

Alternate Chief Sponsor Changed to Rep. Curtis J. Tarver, II

House

Referred to Rules Committee

House

First Reading

House

Chief House Sponsor Rep. Hoan Huynh

May 02, 2024

House

Recalled to Second Reading

House

Senate Floor Amendment No. 4 Tabled Pursuant to Rule 5-4(a)

House

Senate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4(a)

House

Senate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)

House

Third Reading - Passed; 036-019-000

House

Placed on Calendar Order of 3rd Reading

House

Senate Floor Amendment No. 5 Adopted; Belt

Apr 30, 2024

House

Added as Co-Sponsor Sen. David Koehler

Apr 29, 2024

House

Added as Co-Sponsor Sen. Natalie Toro

House

Added as Co-Sponsor Sen. Cristina Castro

Apr 23, 2024

House

Added as Co-Sponsor Sen. Michael E. Hastings

Apr 19, 2024

House

Rule 2-10 Third Reading Deadline Established As May 3, 2024

Apr 18, 2024

House

Added as Co-Sponsor Sen. Rachel Ventura

Apr 17, 2024

House

Added as Co-Sponsor Sen. Sara Feigenholtz

House

Added as Co-Sponsor Sen. Laura M. Murphy

House

Added as Co-Sponsor Sen. Omar Aquino

House

Senate Floor Amendment No. 5 Recommend Do Adopt Financial Institutions; 005-002-000

Apr 16, 2024

House

Senate Floor Amendment No. 5 Referred to Assignments

House

Senate Floor Amendment No. 5 Assignments Refers to Financial Institutions

House

Senate Floor Amendment No. 4 Assignments Refers to Financial Institutions

House

Senate Floor Amendment No. 5 Filed with Secretary by Sen. Christopher Belt

Apr 12, 2024

House

Rule 2-10 Third Reading Deadline Established As April 19, 2024

Apr 11, 2024

House

Placed on Calendar Order of 3rd Reading April 12, 2024

House

Second Reading

Apr 10, 2024

House

Senate Floor Amendment No. 3 Postponed - Financial Institutions

Apr 09, 2024

House

Senate Floor Amendment No. 3 Assignments Refers to Financial Institutions

House

Senate Floor Amendment No. 4 Referred to Assignments

House

Senate Floor Amendment No. 4 Filed with Secretary by Sen. Christopher Belt

Apr 08, 2024

House

Senate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt

House

Senate Floor Amendment No. 3 Referred to Assignments

Mar 14, 2024

House

Added as Co-Sponsor Sen. Napoleon Harris, III

Mar 13, 2024

House

Placed on Calendar Order of 2nd Reading March 14, 2024

House

Do Pass as Amended Financial Institutions; 005-002-000

Mar 12, 2024

House

Senate Committee Amendment No. 1 Postponed - Financial Institutions

House

Senate Committee Amendment No. 2 Adopted

House

Senate Committee Amendment No. 2 Assignments Refers to Financial Institutions

Mar 08, 2024

House

Senate Committee Amendment No. 2 Referred to Assignments

House

Senate Committee Amendment No. 2 Filed with Secretary by Sen. Christopher Belt

Mar 07, 2024

House

Added as Co-Sponsor Sen. Mike Simmons

House

Added as Co-Sponsor Sen. Adriane Johnson

Mar 06, 2024

House

Added as Co-Sponsor Sen. Mary Edly-Allen

House

Added as Co-Sponsor Sen. Mike Porfirio

Mar 05, 2024

House

Added as Chief Co-Sponsor Sen. Lakesia Collins

House

Added as Co-Sponsor Sen. Doris Turner

Jan 16, 2024

House

Added as Chief Co-Sponsor Sen. Mattie Hunter

Jan 10, 2024

House

Senate Committee Amendment No. 1 Re-assigned to Financial Institutions

House

Re-assigned to Financial Institutions

Oct 04, 2023

House

Chief Sponsor Changed to Sen. Christopher Belt

House

Added as Co-Sponsor Sen. Laura Ellman

Mar 31, 2023

House

Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments

House

Rule 3-9(a) / Re-referred to Assignments

Mar 23, 2023

House

Rule 2-10 Committee Deadline Established As March 31, 2023

Mar 16, 2023

House

Added as Chief Co-Sponsor Sen. Christopher Belt

Mar 10, 2023

House

Rule 2-10 Committee Deadline Established As March 24, 2023

Mar 08, 2023

House

Senate Committee Amendment No. 1 Postponed - Financial Institutions

House

Postponed - Financial Institutions

Mar 07, 2023

House

Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions

Mar 01, 2023

House

Senate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman

House

Senate Committee Amendment No. 1 Referred to Assignments

Feb 28, 2023

House

Assigned to Financial Institutions

Feb 10, 2023

House

First Reading

House

Referred to Assignments

House

Filed with Secretary by Sen. Laura Ellman

Bill Text

Bill Text Versions Format
Introduced HTML PDF
Engrossed HTML PDF
Senate Amendment 001 HTML PDF
Senate Amendment 002 HTML PDF
Senate Amendment 003 HTML PDF
Senate Amendment 004 HTML PDF
Senate Amendment 005 HTML PDF

Related Documents

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Sources

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