SB 3314

Abstract

Amends the Consumer Legal Funding Act. Provides that, notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule. Provides that the Department of Financial and Professional Regulation shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of the amendatory Act. Authorizes the Department to adopt rules to permit the refinancing of consumer legal fundings. Makes conforming changes to contract disclosures. House Floor Amendment No. 2 Adds reference to: 815 ILCS 121/5 815 ILCS 121/55 815 ILCS 121/65 815 ILCS 121/135 815 ILCS 121/170 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Further amends the Consumer Legal Funding Act. Provides that it shall be grounds for disciplinary action if any fact or condition exists that, if it had existed at the time of the original application for the license, would have warranted the Secretary of Financial and Professional Regulation in refusing to originally issue the license. Provides that a licensee who is found to have committed any unfair, deceptive, or abusive business practice shall be subject to a fine that shall not exceed $75,000 for each separate count of offense. Provides that an administrative review of specified actions taken by the Department of Financial and Professional Regulation shall provide for, at a minimum, the appointment of a hearing officer other than a regular employee of the Division of Financial Institutions (rather than an employee of the Department). Makes a change in provisions concerning definitions and the scope of consumer legal funding licenses.