Illinois House Bill 3064

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Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on February 16 2023 - 25% progression
Action: 2023-10-27 - Added Co-Sponsor Rep. Will Guzzardi
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

BUSINESS TRUTH IN LENDING ACT

Rep. Hoan Huynh [D]	Rep. Theresa Mah [D]	Rep. Lilian Jimenez [D]	Rep. Kevin Olickal [D]
Rep. Abdelnasser Rashid [D]	Rep. Will Guzzardi [D]

Date	Chamber	Action
2023-10-27	House	Added Co-Sponsor Rep. Will Guzzardi
2023-03-10	House	Rule 19(a) / Re-referred to Rules Committee
2023-03-01	House	Added Chief Co-Sponsor Rep. Abdelnasser Rashid
2023-03-01	House	Added Chief Co-Sponsor Rep. Kevin John Olickal
2023-03-01	House	Added Chief Co-Sponsor Rep. Lilian Jiménez
2023-03-01	House	Added Chief Co-Sponsor Rep. Theresa Mah
2023-02-28	House	Assigned to Financial Institutions and Licensing Committee
2023-02-17	House	Referred to Rules Committee
2023-02-17	House	First Reading
2023-02-16	House	Filed with the Clerk by Rep. Hoan Huynh

Chapter	Article	Section	Citation Type	Statute Text
815	505	2BBBB	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3064&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB3064.htm