Illinois House Bill 5587 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Consumer Protections for Small Business Act. Provides that the Act applies to any person that offers or provides commercial financing in Illinois or is otherwise a provider, to any person that seeks to evade its applicability by any device, subterfuge, or pretense whatsoever, and to any person that aids or facilitates a violation of the Act. Provides that the Act shall be administered by the Division of Financial Institutions of the Department of Financial and Professional Regulation. Prohibits a person from providing commercial financing without the license required by the Act and shall be guilty of a Class 4 felony for practicing without a license. Sets forth provisions concerning investigation of a person that may require licensure pursuant to the Act; licensure requirements for persons providing commercial financing; applying for licensing under the Act; license application and issuance; refusal to issue a license; license issuance and renewal; fees; functions, power, and duties; examination and prohibited activities; subpoena power of the Secretary of Financial and Professional Regulation; reports required; suspension of licenses, revocation of licenses, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; licensure fees; injunctions; exemptions; complaint disclosure; rules; violations; severability; severability; and a commercial financing database. Amends the Freedom of Information Act to make a conforming change. Effective immediately.

PROTECT SMALL BUSINESS ACT

Rep. Hoan Huynh [D]

Rep. Norma Hernandez [D]

Rep. Kevin Olickal [D]

Rep. Debbie Meyers-Martin [D]

Date	Chamber	Action
2025-01-07	House	Session Sine Die
2024-05-07	House	Added Chief Co-Sponsor Rep. Debbie Meyers-Martin
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-12	House	Assigned to Financial Institutions and Licensing Committee
2024-03-06	House	Added Chief Co-Sponsor Rep. Kevin John Olickal
2024-03-06	House	Added Chief Co-Sponsor Rep. Norma Hernandez
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-09	House	Filed with the Clerk by Rep. Hoan Huynh

Chapter	Article	Section	Citation Type	Statute Text
5	140	7.5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5587&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5587.htm