Date	Chamber	Action
1/24/2025	Senate	Referred to Assignments

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 registration requirements for persons providing commercial financing; additional registration information; registration expiration; functions, power, and duties; subpoena power of the Secretary of Financial and Professional Regulation; disclosure requirements; commercial financing disclosure forms approved for use in other states; violation of disclosure requirements; notification; suspension of registrations, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; registration fees; cease and desist orders; injunctions; exemptions; complaint disclosure; rules; violations; limitations on liability; beginning of registration; beginning of disclosure requirements; severability; and a commercial financing database. Amends the Freedom of Information Act and the Consumer Fraud and Deceptive Business Practices Act to make conforming changes. Effective immediately.

Actions 

Date	Chamber	Action
1/24/2025	Senate	Filed with Secretary by Sen. Christopher Belt
1/24/2025	Senate	First Reading
1/24/2025	Senate	Referred to Assignments

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