Bill Title: 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.
Spectrum: Partisan Bill (Democrat 29-0)
Status: (Engrossed) 2024-05-31 - Rule 19(a) / Re-referred to Rules Committee
[SB2234 Detail]
Bill Drafts
Revision | Date | Format | Source | View |
Engrossed | 2024-05-02 | HTML/Text | Link | View |
Introduced | 2023-02-10 | HTML/Text | Link | View |
Amendments
Supplemental Documents
Title | Description | Date | Format | Source | View |
No supplemental documents for Illinois SB2234 currently on file. |
Social Comments on IL SB2234