Bill Status of HB 3477   104th General Assembly

Short Description:  SM BUS FINANCING TRANSPARENCY

House Sponsors
Rep. Dagmara Avelar

Last Action  View All Actions

DateChamber Action
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
New Act
5 ILCS 140/7.5
815 ILCS 505/2HHHH new

Synopsis As Introduced
Creates the Small Business Financing Transparency 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.

Actions 
DateChamber Action
  2/7/2025HouseFiled with the Clerk by Rep. Dagmara Avelar
  2/18/2025HouseFirst Reading
  2/18/2025HouseReferred to Rules Committee
  3/11/2025HouseAssigned to Financial Institutions and Licensing Committee
  3/18/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
  3/19/2025HousePlaced on Calendar 2nd Reading - Short Debate
  3/26/2025HouseSecond Reading - Short Debate
  3/26/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/11/2025HouseRule 19(a) / Re-referred to Rules Committee

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