Bill Text: IL HB3477 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-02-07 - Filed with the Clerk by Rep. Dagmara Avelar [HB3477 Detail]

Download: Illinois-2025-HB3477-Introduced.html

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104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB3477 Introduced , by Rep. Dagmara Avelar SYNOPSIS AS INTRODUCED:
New Act
5 ILCS 140/7.5
815 ILCS 505/2HHHH new
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.
LRB104 09252 BAB 19310 b
A BILL FOR
HB3477 LRB104 09252 BAB 19310 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the Small
Business Financing Transparency Act.
Section 2. Purpose and construction. The purpose of this
Act is to protect small businesses. This Act shall be
liberally construed to effectuate its purpose.
Section 5. Definitions. As used in this Act:
"Advance fee" means any consideration that is charged or
collected by a broker prior to the closing of a commercial
financing transaction.
"Applicant" means a person who has submitted an
application for a registration under this Act.
"Broker" means any person who, for compensation or the
expectation of compensation, obtains a commercial financing
transaction or an offer for a commercial financing transaction
from a third party that would, if executed, be binding upon
that third party and communicates that offer to a business
located in this State. The term "broker" excludes a provider,
or any individual or entity whose compensation is not based or
dependent on the terms of the specific commercial financing

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transaction obtained or offered.
"Closed-end financing" means a closed-end extension of
credit, secured or unsecured, that the recipient does not
intend to use for personal, family, or household purposes.
"Closed-end financing" includes financing with an established
principal amount and duration.
"Commercial financing" means open-end financing,
closed-end financing, sales-based financing, factoring
transaction, or other form of financing, the proceeds of which
the recipient does not intend to use primarily for personal,
family, or household purposes. For purposes of determining
whether a financing is a commercial financing, the provider
may rely on any statement of intended purposes by the
recipient. The statement may be a separate statement signed by
the recipient; may be contained in the financing application,
financing agreement, or other document signed or consented to
by the recipient; or may be provided orally by the recipient so
long as it is documented in the recipient's application file
by the provider. Electronic signatures and consents are valid
for purposes of the foregoing sentence. The provider shall not
be required to ascertain that the proceeds of a commercial
financing are used in accordance with the recipient's
statement of intended purposes.
"Commercial financing facility" means a commercial
financing agreement pursuant to which the provider reasonably
contemplates repeated transactions with the recipient over a

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period of time, and the agreement sets forth the terms and
conditions governing the use of the facility. "Commercial
financing facility" includes, but is not limited to, open-end
financing.
"Department" means the Department of Financial and
Professional Regulation.
"Division of Financial Institutions" or "Division" means
the Division of Financial Institutions of the Department of
Financial and Professional Regulation.
"Factoring transaction" means an accounts receivable
purchase transaction that includes an agreement to purchase,
transfer, or sell a legally enforceable claim for payment held
by a recipient for goods the recipient has supplied or
services the recipient has rendered that have been ordered but
for which payment has not yet been made.
"Finance charge" means the cost of financing as a dollar
amount. "Finance charge" includes any charge payable directly
or indirectly by the recipient and imposed directly or
indirectly by the provider as an incident to or a condition of
the extension of financing. For the purposes of a factoring
transaction, "finance charge" includes the discount taken on
the face value of the accounts receivable.
"Open-end financing" means an agreement for one or more
extensions of open-end credit, secured or unsecured, that the
recipient does not intend to use the proceeds of primarily for
personal, family, or household purposes. "Open-end financing"

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includes credit extended by a provider under a plan in which:
(i) the provider reasonably contemplates repeated
transactions; (ii) the provider may impose a finance charge
from time to time on an outstanding unpaid balance; and (iii)
the amount of credit that may be extended to the recipient
during the term of the plan is generally made available to the
extent that any outstanding balance is repaid.
"Person" means an individual, entity, corporation,
partnership, limited liability company, joint venture,
association, joint stock company, trust, or unincorporated
organization, including, but not limited to, a sole
proprietorship.
"Provider" means a person who extends a specific offer of
commercial financing to a recipient. The mere extension of a
specific offer or provision of disclosures for a commercial
financing, is not sufficient to conclude that a provider is
originating, making, funding, or providing commercial
financing. "Provider" does not include:
(1) a bank, trust company, or industrial loan company,
or any subsidiary or affiliate thereof, doing business
under the authority of, or in accordance with, a license,
certificate or charter issued by the United States, this
State, or any other state, district, territory, or
commonwealth of the United States that is authorized to
transact business in this State;
(2) a federally chartered savings and loan

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association, federal savings bank, or federal credit
union, or any subsidiary or affiliate thereof, that is
authorized to transact business in this State;
(3) a savings and loan association, savings bank, or
credit union, or any subsidiary or affiliate thereof,
organized under the laws of this State or any other state
that is authorized to transact business in this State;
(4) a lender regulated under the federal Farm Credit
Act; and
(5) a person acting as a technology services provider
to an entity described by sub-paragraphs (1), (2), or (3)
for use as part of that entity's commercial financing
program, provided the person has no interest, or
arrangement, or agreement to purchase any interest in the
commercial financing extended by the entity in connection
with the program.
"Recipient" means a person located in the State of
Illinois who applies for commercial financing and is made a
specific offer of commercial financing by a provider. For the
purpose of determining whether a recipient is located in
Illinois, a provider may rely upon (i) any written
representation by the recipient as to whether it is located in
Illinois; or (ii) the business address provided by the
recipient in the application for commercial financing showing
that the recipient is located in Illinois. "Recipient" does
not include a person acting as a broker.

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"Sales-based financing" means a transaction that is repaid
by the recipient to the provider, over time, as a percentage of
sales or revenue, in which the payment amount may increase or
decrease according to the volume of sales made or revenue
received by the recipient or a transaction that includes a
true-up mechanism where the financing is repaid as a fixed
payment but provides for a reconciliation process that adjusts
the payment to an amount that is a percentage of sales or
revenue.
"Secretary" means the Secretary of Financial and
Professional Regulation or a person authorized by the
Secretary to perform the Secretary's responsibilities under
this Act.
"Specific offer" means the specific terms of commercial
financing, including price or amount, that is quoted in
writing to a recipient based on information obtained from or
about the recipient that, if accepted by a recipient, shall be
binding on the provider, as applicable, subject to any
specific requirements stated in the specific terms.
"True-up mechanism" means, with respect to sales-based
financing, a contractual arrangement with all the following
elements:
(1) The financer receives periodic payments based upon
a pre-set amount stated in the contract.
(2) The contract allows the recipient to request, or
the financer to initiate, adjustments to the payment

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amount, credits to the recipient, or charges to the
recipient after execution of the contract, so that the
total amount paid by the recipient more closely reflects a
split rate listed in the contract.
Section 10. Applicability.
(a) The provisions of this Act do not apply to:
(1) a bank, trust company, or industrial loan company,
or any subsidiary or affiliate thereof, doing business
under the authority of, or in accordance with, a license,
certificate or charter issued by the United States, this
State, or any other state, district, territory, or
commonwealth of the United States that is authorized to
transact business in this State;
(2) a federally chartered savings and loan
association, federal savings bank, or federal credit
union, or any subsidiary or affiliate thereof, that is
authorized to transact business in this State;
(3) a savings and loan association, savings bank, or
credit union, or any subsidiary or affiliate thereof,
organized under the laws of this State or any other state
that is authorized to transact business in this State;
(4) a lender regulated under the federal Farm Credit
Act; and
(5) a person acting in the person's capacity as a
technology services provider to an entity described by

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sub-paragraphs (1), (2), or (3) for use as part of that
entity's commercial financing program, provided the person
has no interest, or arrangement, or agreement to purchase
any interest in the commercial financing extended by the
entity in connection with the program.
Section 15. Division of Financial Institutions. This Act
shall be administered by the Division on behalf of the
Secretary.
Section 20. Registration requirement.
(a) It is unlawful for a person to engage in the conduct
regulated by this Act as a broker or provider unless the broker
or provider: (i) registers with the Secretary in accordance
with this Section; and (ii) maintains a valid registration. An
officer or employee of a person required to register under
this Section is not required to register if the person for whom
the individual is an officer or employee is registered.
(b) Application for registration and renewal of
registration shall be made in accordance with this Act and
with the requirements of the multistate licensing system, if
required by the Secretary. The application shall be in
writing, under oath, and on a form obtained from and
prescribed by the Secretary. The Secretary may change or
update the form to carry out the purposes of this Act. The
Secretary may require part or all of the application to be

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submitted electronically, with attestation, to the multistate
licensing system.
(c) Registrants shall apply to renew their registration
every calendar year. Registrants may submit properly completed
renewal application forms and filing fees 60 days before the
registration expiration date, and the same shall be received
by the Secretary at least 30 days before the registration
expiration date. Absent a written extension from the
Department, a registration shall expire on December 31 of each
year if a registrant fails to timely submit a properly
completed renewal application and fees.
(d) Upon receipt of the registration, a registrant is
authorized to engage in conduct regulated by this Act. The
registration shall remain in full force and effect until it
expires, is withdrawn by the registrant, or is revoked or
suspended as provided in this Act.
(e) To register under this Section, an applicant shall:
(1) pay a registration fee of $2,500 to the
Department; and
(2) submit a registration statement containing the
information described in subsection (g).
(f) To renew a registration under this Section, a person
shall:
(1) pay the annual fee of $2,500 to the Department;
and
(2) submit a renewal statement containing the

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information described in subsection (g).
(g) A registration or renewal statement must be submitted
to the Secretary or to a multistate licensing system as
approved by the Secretary. The registration or renewal
statement shall include:
(1) the name of the person;
(2) the name in which the business will be transacted
if different from that required in paragraph (1), which
must be properly registered as an assumed corporate name
under the Business Corporation Act of 1983, an assumed
limited liability company name under the Limited Liability
Company Act, or an assumed business name under the Assumed
Business Name Act;
(3) the address of the person's principal business
office;
(4) the address of each office in this State at which
the person engages in commercial financing transactions;
(5) if the person engages in brokering or providing
commercial financing transactions in this State but does
not maintain an office in this State, a brief description
of the manner in which the business is conducted;
(6) if the person conducts business through an agent
located in this State, the name and address in this State
of the person's agent properly registered with the
Secretary of State;
(7) for a registration application, whether the

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person, an officer, director, manager, operator, or
principal of the person, or an employee of the person
engaged in the business of commercial financing has been
convicted of a crime involving an act of fraud,
dishonesty, breach of trust, or money laundering; if the
applicant answers yes to this paragraph, then the
applicant shall report the names, titles or relationship
to the applicant or registrant, and the nature of the
covered crime;
(8) for a renewal application, whether, in the past
year, the person, an officer, director, manager, operator,
or principal of the person, or an employee of the person
engaged in the business of commercial financing has been
convicted of a crime involving an act of fraud,
dishonesty, breach of trust, or money laundering; if the
registrant answers yes to this paragraph, then the
registrant shall report the names, titles or relationship
to the applicant or registrant, and the nature of the
covered crime; and
(9) a statement of the person's commitment to abide by
the requirements of registering persons under this Act.
(h) The Department shall adopt and amend rules as may be
required for the proper administration and enforcement of this
Section, including rules providing for the form, content, and
filing of a registration and renewal statement.

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Section 25. Additional registration information.
(a) In order to fulfill the purposes of this Act, the
Secretary may establish relationships or contracts with a
multistate licensing system or other persons to collect and
maintain records and process fees related to registrants or
other persons subject to this Act.
(b) For the purposes of this Section, and to reduce the
points of contact that the Secretary may have to maintain, the
Secretary may use a multistate licensing system as a
channeling agent for requesting and distributing information
to and from any source.
(c) Each registrant shall furnish to the Secretary or
multistate licensing system an updated business address within
30 days after any change of business address.
Section 30. Registration expiration. No activity regulated
by this Act shall be conducted by a registrant whose
registration has expired. The Secretary shall reinstate an
expired registration upon payment of the renewal fee, payment
of a reactivation fee equal to 2 times the renewal fee, and
submission of a completed renewal application.
Section 35. Functions; powers; duties. The functions,
powers, and duties of the Secretary include, but are not
limited to, the following:
(1) to issue any registration or renewal;

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(2) to revoke or suspend for cause any registration
issued under this Act;
(3) to keep records of all registrations issued under
this Act;
(4) to receive, consider, investigate, and act upon
complaints made by any person in connection with any
registration in this State or unregistered commercial
brokering or financing activity of any person;
(5) to adopt rules necessary and proper for the
administration of this Act;
(6) to subpoena documents and witnesses and compel
their attendance and production, to administer oaths, and
to require the production of any books, papers, or other
materials relevant to any inquiry authorized by this Act
or its implementing rules;
(7) to issue orders against any person if the
Secretary has reasonable cause to believe that an unlawful
practice has occurred, is occurring, or is about to occur;
if any person is violating, or is about to violate any law,
rule, or written agreement with the Secretary; or for the
purpose of administering the provisions of this Act and
any rule adopted in accordance with this Act;
(8) to address any inquiries to any registrant, or the
owners, officers, or directors thereof, in relation to its
activities and conditions, or any other matter connected
with its affairs, and any registrant or person so

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addressed shall promptly reply in writing to those
inquiries. The Secretary may also require reports from any
registrant at any time the Secretary deems desirable;
(9) to enforce provisions of this Act and its
implementing rules;
(10) to levy fees, including, but not limited to,
assessments, registration fees, civil penalties, and
charges for services performed in administering this Act.
The Secretary may establish and modify fees by rule. The
aggregate of all fees collected by the Secretary under
this Act shall be paid promptly after receipt into the
Financial Institution Fund. The amounts deposited into the
Financial Institution Fund shall be used for the ordinary
and contingent expenses of the Department. Nothing in this
Act prevents paying expenses including salaries,
retirement, social security, and State-paid insurance of
State employees, or any other expenses incurred under this
Act by appropriation from the General Revenue Fund or any
other fund;
(11) to issue refunds to registrants of any
overpayment for good cause shown;
(12) to appoint experts and special assistants as
needed to effectively and efficiently administer this Act;
(13) to conduct hearings for the purpose of
suspensions, denials, or revocations of registrations,
fining, or other discipline of registrants or unregistered

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persons or entities;
(14) to exercise visitorial power over a registrant if
the Secretary has reasonable cause to believe that a
person is violating or is about to violate this Act;
(15) to impose civil penalties of up to $200 per day
against a registrant for failing to respond to a
regulatory request or reporting requirement; and
(16) to enter into agreements in connection with a
multistate licensing system.
Section 40. Subpoena power of the Secretary.
(a) The Secretary may issue and serve subpoenas and
subpoenas duces tecum to compel the attendance of witnesses
and the production of all books, accounts, records, and other
documents and materials relevant to an investigation. The
Secretary, or the Secretary's duly authorized representative,
may administer oaths and affirmations to any person.
(b) If a person does not comply with the Secretary's
subpoena or subpoena duces tecum, the Secretary may, through
the Attorney General, petition the circuit court of the county
in which the subpoenaed person resides or has its principal
place of business for an order requiring the subpoenaed person
to testify and to comply with the subpoena duces tecum. The
court may grant injunctive relief restraining the person from
engaging in activity regulated by this Act. The court may
grant other relief, including, but not limited to, the

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restraint, by injunction or appointment of a receiver, of any
transfer, pledge, assignment, or other disposition of the
person's assets, concealment, destruction, or other
disposition of books, accounts, records, or other documents
and materials, as the court deems appropriate, until the
person has fully complied with the subpoena or subpoena duces
tecum and the Secretary has completed an investigation.
(c) If it appears to the Secretary that the compliance
with a subpoena or subpoena duces tecum issued or caused to be
issued by the Secretary under this Section is essential to an
investigation, the Secretary, in addition to the other
remedies provided for in this Act, may, through the Attorney
General, apply for relief to the circuit court of the county in
which the subpoenaed person resides or has its principal place
of business. The court shall thereupon direct the issuance of
an order against the subpoenaed person requiring sufficient
bond conditioned on compliance with the subpoena or subpoena
duces tecum. The court shall cause to be endorsed on the order
a suitable amount of bond or payment pursuant to which the
person named be freed, having a due regard to the nature of the
case.
(d) In addition, the Secretary may, through the Attorney
General, seek a writ of attachment or an equivalent order from
the circuit court having jurisdiction over the person who has
refused to obey a subpoena, who has refused to give testimony,
or who has refused to produce the matters described in the

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subpoena duces tecum.
Section 45. Sales-based financing disclosure requirements.
A provider subject to this Act shall provide the following
disclosures to a recipient, in a manner prescribed by the
Secretary, if any, at the time of extending a specific offer of
sales-based financing:
(1) The total amount of the commercial financing, and,
if different from the financing amount, the disbursement
amount after any fees deducted or withheld at
disbursement.
(2) The total cost of the commercial financing, which
is the finance charge.
(3) The total remittance amount.
(4) The estimated term, which is the period of time
required for the initially estimated periodic payments to
equal the total remittance amount.
(5) The estimated payment amounts:
(A) for payment amounts that are fixed, the
payment amounts and frequency, such as, daily, weekly,
monthly, and, if the payment frequency is other than
monthly, the amount of the average projected payments
per month; or
(B) for payment amounts that are variable, a
payment schedule or a description of the method used
to calculate the amounts and frequency of payments and

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the amount of the average projected payments per
month.
(6) A description of all other potential fees and
charges not included in the finance charge, including, but
not limited to, draw fees, late payment fees, and returned
payment fees.
(7) If the recipient elects to pay off or refinance
the commercial financing before full payment, the provider
shall disclose:
(A) whether the recipient would be required to pay
any finance charges; if so, disclosure of the maximum
dollar amount the recipient could be required to pay;
and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(8) A description of collateral requirements or
security interests, if any.
Section 50. Commercial closed-end financing disclosure
requirements. A provider subject to this Act shall provide the
following disclosures to a recipient, in a manner prescribed
by the Secretary, if any, at the time of extending a specific
offer for closed-end financing:
(1) The total amount of the commercial financing, and,
if different from the financing amount, the disbursement

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amount after any fees deducted or withheld at
disbursement.
(2) The total cost of the commercial financing, which
is the finance charge.
(3) The total repayment amount, which is the
disbursement amount plus the finance charge.
(4) The term of the financing.
(5) The payment amounts:
(A) for payment amounts that are fixed, the
payment amounts and frequency, such as daily, weekly,
monthly, and, if the payment frequency is other than
monthly, the amount of the average projected payments
per month; or
(B) for payment amounts that are variable, a full
payment schedule or a description of the method used
to calculate the amounts and frequency of payments and
the amount of the average projected payments per
month.
(6) A description of all other potential fees and
charges that can be avoided by the recipient, including,
but not limited to, late payment fees and returned payment
fees.
(7) If the recipient elects to pay off or refinance
the commercial financing before full repayment, the
provider shall disclose:
(A) whether the recipient would be required to pay

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any finance charges other than interest accrued since
their last payment; if so, disclosure of the maximum
dollar amount the recipient could be required to pay;
and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(8) A description of collateral requirements or
security interests, if any.
Section 55. Open-end commercial financing disclosure
requirements. A provider subject to this Act shall provide the
following disclosures to a recipient, in a manner prescribed
by the Secretary, if any, at the time of extending a specific
offer for open-end financing:
(1) The maximum amount of credit available to the
recipient, such as the credit line amount, and the amount
scheduled to be drawn by the recipient at the time the
offer is extended, if any, less any fees deducted or
withheld at disbursement.
(2) The total cost of the commercial financing, which
is the finance charge.
(3) The total repayment amount.
(4) The term of the plan, if applicable, or the period
over which a draw is amortized.
(5) The payment frequency and amounts, including a

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description of payment amount requirements such as a
minimum payment amount, and if the payment frequency is
other than monthly, the amount of the average projected
payments per month. For payment amounts that are variable,
the provider should include a payment schedule or a
description of the method used to calculate the amounts
and frequency of payments and the estimated average
monthly payment amount.
(6) A description of all other potential fees and
charges that can be avoided by the recipient, including,
but not limited to, draw fees, late payment fees, and
returned payment fees.
(7) Were the recipient to elect to pay off or
refinance the commercial financing before full repayment,
the provider shall disclose:
(A) whether the recipient would be required to pay
any finance charges other than interest accrued since
their last payment; if so, disclosure of the maximum
dollar amount the recipient could be required to pay;
and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(8) A description of collateral requirements or
security interests, if any.

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Section 60. Factoring transaction disclosure requirements.
A provider subject to this Act shall provide the following
disclosures to a recipient, in a manner prescribed by the
Secretary, if any, at the time of extending a specific offer
for a factoring transaction:
(1) The amount of the receivables purchase price paid
to the recipient, and, if different from the purchase
price, the disbursement amount after any fees deducted or
withheld at disbursement.
(2) The total cost of the commercial financing, which
is the finance charge.
(3) The total repayment amount.
(4) A description of all other potential fees and
charges that can be avoided by the recipient.
(5) A description of the receivables purchased and any
additional collateral requirements or security interests.
Section 65. Other forms of financing disclosure
requirements. The Secretary may require disclosure by a
provider extending a specific offer of commercial financing
which is not an open-end financing, closed-end financing,
sales-based financing, or factoring transaction but otherwise
meets the definition of commercial financing. Subject to rules
adopted by the Secretary, a provider subject to this Act shall
provide the following disclosures to a recipient, in a manner
prescribed by the Secretary, if any, at the time of extending a

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specific offer of other forms of financing:
(1) The total amount of the commercial financing, and,
if different from the financing amount, the disbursement
amount after any fees deducted or withheld at
disbursement.
(2) The total cost of the commercial financing, which
is the finance charge.
(3) The total repayment amount.
(4) The term of the financing.
(5) The payment amounts:
(A) for payment amounts that are fixed, the
payment amounts and frequency, such as daily, weekly,
monthly, and the average monthly payment amount; or
(B) for payment amounts that are variable, a
payment schedule or a description of the method used
to calculate the amounts and frequency of payments,
and the estimated average monthly payment amount.
(6) A description of all other potential fees and
charges that can be avoided by the recipient, including,
but not limited to, late payment fees and returned payment
fees.
(7) If the recipient elects to pay off or refinance
the commercial financing before full repayment, the
provider shall disclose:
(A) whether the recipient would be required to pay
any finance charges other than interest accrued since

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their last payment; if so, disclosure of the maximum
dollar amount the recipient could be required to pay;
and
(B) whether the recipient would be required to pay
any additional fees not already included in the
finance charge.
(8) A description of collateral requirements or
security interests, if any.
Section 70. Disclosure requirements for renewal financing.
If, as a condition of obtaining the commercial financing, the
provider requires the recipient to pay off the balance of an
existing commercial financing from the same provider, the
provider shall disclose:
(1) The amount of the new commercial financing that is
used to pay off the portion of the existing commercial
financing that consists of prepayment charges required to
be paid and any unpaid finance charges that were not
forgiven at the time of renewal. For financing for which
the total repayment amount is calculated as a fixed
amount, the prepayment charge is equal to the original
finance charge multiplied by the amount of the renewal
used to pay off existing financing as a percentage of the
total repayment amount, minus any portion of the total
repayment amount forgiven by the provider at the time of
prepayment. If the amount is more than zero, the amount

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shall be the answer to the following question: "Does the
renewal financing include any amount that is used to pay
unpaid finance charges? Yes, {enter amount}. If the amount
is zero, the answer would be no."
(2) If the disbursement amount will be reduced to pay
down any unpaid portion of the outstanding balance, the
actual dollar amount by which the disbursement amount will
be reduced.
Section 75. Commercial financing facilities and additional
information.
(a) In connection with a commercial financing facility, a
provider may provide disclosures based on an example of a
transaction that could occur under the agreement. Only one
disclosure is required for each commercial financing facility,
and a disclosure is not required as result of additional funds
being disbursed, or a modification, forbearance, or change to
the facility.
(b) Nothing in this Act shall prevent a provider from
providing or disclosing additional information on a commercial
financing being offered to a recipient; however, the
additional information shall not be disclosed as part of the
disclosure required by this Act.
Section 80. Violation of disclosure requirements. If the
Secretary finds that a provider who is required to register

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with the Department according to this Act has violated any
disclosure requirements outlined in Sections 45, 50, 55, 60,
65, 70, and 75, that shall be considered a violation of this
Act separate from any other violation that may result from
operating without a registration as required in this Act.
Section 90. Notification.
(a) A registrant must advise the Secretary in writing of
any changes to the information submitted on its most recent
registration or renewal of registration within 30 days after
the change.
(b) A registrant must advise the Secretary in writing that
the registrant has been disciplined, including denial of
licensure, by a licensing authority of this State or another
state within 10 days after entry of the discipline.
Section 95. Disciplinary actions.
(a) The Secretary may enter an order imposing one or more
of the following penalties:
(1) revocation of registration;
(2) suspension of a registration subject to
reinstatement upon satisfying all reasonable conditions
the Secretary may specify;
(3) placement of the registrant or applicant on
probation for a period of time and subject to all
reasonable conditions as the Secretary may specify;

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(4) imposition of civil monetary penalties not to
exceed $10,000 for each separate offense, but civil
penalties may not to exceed $50,000 for all aggregated
violations arising from the use of the same or
substantially similar form of disclosure or materials
found to be in violation of this Act;
(5) restitution, refunds, or any other relief
necessary to protect recipients; and
(6) denial of a registration.
(b) Grounds for penalties include:
(1) if a registrant has violated any provision of this
Act;
(2) if a person has violated any provision of this Act
or any rule adopted by the Secretary pursuant to this Act;
(3) if an applicant made a material misstatement in
the applicant's application for registration or any other
communication to the Secretary;
(4) if a person has failed to advise the Secretary in
writing of any changes to the information submitted on the
person's most recent registration or renewal of
registration within 30 days after the change; and
(5) if a person failed to timely pay any fee, charge,
or civil penalty assessed under this Act.
(c) No registration shall be suspended or revoked, except
as provided in this Section, nor shall any person be assessed a
civil penalty without notice of the right to a hearing.

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(d) No violation of this Act shall impair or affect the
obligation of any lawful contract between the registrant and
any person.
(e) Every registration issued under this Act shall remain
in force and effect until the registration expires, is
surrendered, is revoked, or is suspended in accordance with
the provisions of this Act. The Secretary shall have authority
to reinstate a suspended registration or to issue a new
registration to a registrant whose registration has been
revoked or surrendered if no fact or condition then exists
which would have warranted the Secretary in refusing
originally to issue that registration under this Act.
(f) Whenever the Secretary imposes discipline authorized
by this Section, the Secretary shall execute a written order
to that effect. The Secretary shall serve a copy of the order
upon the person. The Secretary shall serve the person with
notice of the order, including a statement of the reasons for
the order personally or by certified mail. Service by
certified mail shall be deemed completed when the notice is
deposited in the U.S. Mail.
(g) An order assessing a civil penalty, an order revoking
or suspending a registration, or an order denying renewal of a
registration shall take effect upon service of the order
unless the registrant serves the Department with a written
request for a hearing in the manner required by the order
within 10 days after the date of service of the order. If a

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person requests a hearing, the order shall be stayed from its
date of service until the Department enters a final
administrative order. Hearings shall be conducted as follows:
(1) If the registrant requests a hearing, then the
Secretary shall schedule a hearing within 90 days after
the request for a hearing unless otherwise agreed to by
the parties.
(2) The hearing shall be held at the time and place
designated by the Secretary. The Secretary and any
administrative law judge designated by the Secretary shall
have the power to administer oaths and affirmations,
subpoena witnesses and compel their attendance, take
evidence, and require the production of books, papers,
correspondence, and other records or information that they
consider relevant or material to the inquiry.
(i) The costs of administrative hearings conducted under
this Section shall be paid by the registrant or other person
subject to the hearing.
(j) Registrants and other persons subject to this Act
shall be subject to the disciplinary actions specified in this
Act for any violations conducted by any officer, director,
shareholder, joint venture, partner, owner, including, but not
limited to, ultimate equitable owner.
Section 100. Investigation of complaints. The Secretary
may investigate any complaints and inquiries made concerning

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this Act and any registrants or persons the Secretary believes
may be required to register under this Act. Each registrant or
person the Secretary believes may be required to register
under this Act shall open the registrant's or person's books,
records, documents, and offices wherever situated to the
Secretary as needed to facilitate the investigations.
Section 105. Additional investigation authority. In
addition to any authority allowed under this Act, the
Secretary may conduct investigations as follows:
(1) Each person subject to this Act shall make
available to the Secretary upon request the books and
records relating to the operations of the person subject
to this Act. The Secretary shall have access to those
books and records and may interview the owners, officers,
principals, employees, independent contractors, agents,
vendors, and customers of any registrant or person subject
to this Act.
(2) In making any investigation authorized by this
Act, the Secretary may control access to any documents and
records of the registrant or person under investigation.
The Secretary may take possession of the documents and
records or otherwise take constructive control of the
documents. During the period of control, no person shall
remove or alter any of the documents or records, except
pursuant to a court order or with the consent of the

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Secretary for purposes outlined in Section 100(5) below.
Unless the Secretary has reasonable grounds to believe the
documents or records of the registrant have been or are at
risk of being altered or destroyed for purposes of
concealing a violation of this Act, the registrant or
owner of the documents and records shall have access to
the documents or records as necessary to conduct its
ordinary business affairs.
(3) In order to carry out the purposes of this
Section, the Secretary may:
(A) retain attorneys, accountants, or other
professionals and specialists as auditors or
investigators to conduct or assist in the conduct of
investigations;
(B) enter into agreements or relationships with
other government officials or regulatory associations
to protect financing recipients, improve efficiencies,
and reduce regulatory burden by sharing resources,
standardized or uniform methods or procedures, and
documents, records, information, or evidence obtained
under this Section;
(C) use, hire, contract, or employ publicly or
privately available analytical systems, methods, or
software or investigate the registrant or person
subject to this Act;
(D) accept and rely on examination or

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investigation reports made by other government
officials, within or outside this State; or
(E) accept audit reports made by an independent
certified public accountant for the person subject to
this Act and may incorporate the audit report in the
report of the investigation or other writing of the
Secretary.
(4) The authority of this Section shall remain in
effect, whether the person subject to this Act acts or
claims to act under any licensing or registration law of
this State or claims to act without the authority.
(5) No registrant or person subject to investigation
or under this Section may knowingly withhold, alter,
abstract, remove, mutilate, destroy, hide, or conceal any
books, records, computer records, or other information or
take actions designed to delay or complicate review of
records.
Section 110. Confidentiality. To promote more effective
regulation, protect consumers and financing recipients, and
reduce regulatory burden through inter-regulatory sharing of
confidential supervisory information:
(1) The privacy or confidentiality of any information
or material provided to a multistate licensing system,
including all privileges arising under federal or state
court rules and law, shall continue to apply to the

HB3477 - 33 - LRB104 09252 BAB 19310 b
information or material after the information or material
has been disclosed to the multistate licensing system.
Information and material may be shared with a multistate
licensing system, federal and state regulatory officials
with relevant oversight authority, and law enforcement
without the loss of privilege or the loss of
confidentiality protections.
(2) The Secretary is authorized to enter into
agreements or sharing arrangements with other governmental
agencies, the Conference of State Bank Supervisors, and
other associations representing governmental agencies.
(3) Information or material that is privileged or
confidential under this Act as determined by the Secretary
is not subject to the following:
(A) disclosure under any State law governing the
disclosure to the public of information held by an
officer or an agency of the State; or
(B) subpoena, discovery, or admission into
evidence, in any private civil action or
administrative process except as authorized by the
Secretary.
(4) Any other law relating to the disclosure of
confidential supervisory information that is inconsistent
with this Act shall be superseded by the requirements of
this Section to the extent the other law provides less
confidentiality or a weaker privilege for information that

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is privileged or confidential under this Act.
(5) Confidential or privileged information received
from a multistate licensing system, another licensing
body, federal and State regulatory officials, or law
enforcement shall be protected to the same extent as the
Secretary's confidential and privileged information is
protected under this Act. The Secretary may also protect
from disclosure confidential or privileged information
that would be exempt from disclosure to the extent it is
held directly by the multistate licensing system, another
licensing body, federal and State regulatory officials, or
law enforcement.
Section 115. Appeal and review.
(a) The Secretary may, in accordance with the Illinois
Administrative Procedure Act, adopt rules to provide for
review within the Department of their decisions affecting the
rights of persons under this Act. The review shall provide
for, at a minimum:
(1) appointment of a hearing officer;
(2) appropriate procedural rules, specific deadlines
for filings, and standards of evidence and of proof; and
(3) provisions for apportioning costs among parties to
the appeal.
(b) All final agency determinations of appeals to
decisions of the Secretary may be reviewed in accordance with

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and under the provisions of the Administrative Review Law.
Appeals from all final orders and judgments entered by a court
in review of any final administrative decision of the
Secretary or of any final agency review of a decision of the
Secretary may be taken as in other civil cases.
Section 120. Registration fees.
(a) The fee for initial registration is $2,500. The fee is
nonrefundable.
(b) The fee for annual application renewal is $2,500. The
fee is nonrefundable.
(c) The Department shall impose a contingent fee
sufficient to cover its operating expenses in administering
this Act not otherwise covered by all other revenue collected
under this Act.
Section 125. Cease and desist order.
(a) The Secretary may issue a cease and desist order to any
registrant or person doing business without the required
registration when, in the opinion of the Secretary, the
registrant or other person has violated, is violating, or is
about to violate any provision of this Act or any rule adopted
by the Department under this Act or any requirement imposed in
writing by the Department as a condition of granting any
authorization permitted by this Act. The cease and desist
order authorized by this Section may be issued prior to a

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hearing.
(b) The Secretary shall serve notice of the cease and
desist order, either personally or by certified mail. Service
by certified mail shall be deemed completed when the notice is
deposited in the U.S. Mail. The Secretary's notice shall
include a statement of the reasons for the action.
(c) Within 10 days after service of the cease and desist
order, the person subject to the cease and desist order may
request a hearing in writing. The Secretary shall schedule a
preliminary hearing within 60 days after the request for a
hearing unless the parties agree to a later date.
(d) If it is determined that the Secretary had the
authority to issue the cease and desist order, the Secretary
may issue the orders as may be reasonably necessary to
correct, eliminate, deter, or remedy the conduct described in
the order and resulting harms.
(e) The powers vested in the Secretary by this Section are
additional to all other powers and remedies vested in the
Secretary by any law. Nothing in this Section shall be
construed as requiring that the Secretary shall employ the
power conferred in this Section instead of or as a condition
precedent to the exercise of any other power or remedy vested
in the Secretary.
Section 130. Injunctions. The Secretary may maintain an
action in the name of the people of this State and may apply

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for an injunction in the circuit court to enjoin a person from
violating this Act or its implementing rules through the
Attorney General.
Section 135. Exemptions. This Act does not apply to, and
does not place any additional requirements or obligations
upon, any of the following:
(1) any person or entity that is not a broker or a
provider;
(2) a commercial financing transaction secured by real
property;
(3) a lease as defined in Section 2A-103 of the
Uniform Commercial Code or a purchase money obligation as
defined in paragraph Section 9-103 of the Uniform
Commercial Code that is incurred as all or part of the
price of the collateral or for value given to enable the
recipient to acquire rights in or the use of the
collateral if the value is in fact so used; or
(4) a commercial financing transaction offered by a
person in connection with the sale or lease of products or
services that such person manufactures, licenses, or
distributes, or whose parent company or any of its
directly or indirectly owned and controlled subsidiaries
manufactures, licenses, or distributes;
(5) any person or provider who makes no more than 5
commercial financing transactions in this State in a

HB3477 - 38 - LRB104 09252 BAB 19310 b
12-month period;
(6) a single, discrete commercial financing
transaction in an amount over $500,000; or
(7) a commercial financing transaction in which the
recipient is a vehicle dealer subject to Section 5-101 or
5-102 of the Illinois Vehicle Code, an affiliate of a
dealer, a rental vehicle company as defined in Section 10
of the Renter's Financial Responsibility and Protection
Act, or an affiliate of a company under a commercial
financing agreement or commercial open-end credit plan of
at least $50,000, including any commercial loan made
pursuant to the commercial financing transaction.
Section 140. Complaint disclosure. All commercial
financing disclosure forms shall include a clear and
conspicuous notice on how to file a complaint with the
Department and how to submit a complaint to the provider.
Section 145. Rules. The Secretary may adopt rules to enact
and enforce this Act, including, but not limited to:
(1) rules defining the terms used in this Act and as
may be necessary and appropriate to interpret and
implement the provisions of this Act;
(2) rules for the enforcement and administration of
this Act;

HB3477 - 39 - LRB104 09252 BAB 19310 b
Section 150. Violations. Nothing in this Act shall be
construed to restrict the exercise of powers or the
performance of the duties that the Attorney General is
authorized to exercise or perform by law.
Section 155. Beginning of registration. No person shall be
required to register under this Act before the date
established by the Department by rule. The date shall not be
before January 1, 2026.
Section 160. Beginning of disclosure requirements. No
person shall be required to comply with the disclosure
requirements set forth in this Act before the date established
by the Department by rule. The date shall not be before January
1, 2026.
Section 165. Commercial financing database. No broker
shall assess, collect, or solicit an advance fee from a
business to provide services as a broker, except that nothing
contained in this Section shall preclude a broker from
soliciting a business to pay for, or preclude a business from
paying for, actual services necessary to apply for a
commercial financing transaction, including, but not limited
to, a credit check or an appraisal of security, where the
payment is made by check or money order payable to a party
independent of the broker; making or using any false or

HB3477 - 40 - LRB104 09252 BAB 19310 b
misleading representations or omitting any material fact in
the offer or sale of the services of a broker or engaging,
directly or indirectly, in any act that operates or would
operate as fraud or deception upon any person in connection
with the offer or sale of the services of a broker,
notwithstanding the absence of reliance by the business; or
making or using any false or deceptive representation in the
broker's business dealings.
Section 170. Severability. The provisions of this Act are
severable under Section 1.31 of the Statute on Statutes.
Section 900. The Freedom of Information Act is amended by
changing Section 7.5 as follows:
(5 ILCS 140/7.5)
Sec. 7.5. Statutory exemptions. To the extent provided for
by the statutes referenced below, the following shall be
exempt from inspection and copying:
(a) All information determined to be confidential
under Section 4002 of the Technology Advancement and
Development Act.
(b) Library circulation and order records identifying
library users with specific materials under the Library
Records Confidentiality Act.
(c) Applications, related documents, and medical

HB3477 - 41 - LRB104 09252 BAB 19310 b
records received by the Experimental Organ Transplantation
Procedures Board and any and all documents or other
records prepared by the Experimental Organ Transplantation
Procedures Board or its staff relating to applications it
has received.
(d) Information and records held by the Department of
Public Health and its authorized representatives relating
to known or suspected cases of sexually transmitted
infection or any information the disclosure of which is
restricted under the Illinois Sexually Transmitted
Infection Control Act.
(e) Information the disclosure of which is exempted
under Section 30 of the Radon Industry Licensing Act.
(f) Firm performance evaluations under Section 55 of
the Architectural, Engineering, and Land Surveying
Qualifications Based Selection Act.
(g) Information the disclosure of which is restricted
and exempted under Section 50 of the Illinois Prepaid
Tuition Act.
(h) Information the disclosure of which is exempted
under the State Officials and Employees Ethics Act, and
records of any lawfully created State or local inspector
general's office that would be exempt if created or
obtained by an Executive Inspector General's office under
that Act.
(i) Information contained in a local emergency energy

HB3477 - 42 - LRB104 09252 BAB 19310 b
plan submitted to a municipality in accordance with a
local emergency energy plan ordinance that is adopted
under Section 11-21.5-5 of the Illinois Municipal Code.
(j) Information and data concerning the distribution
of surcharge moneys collected and remitted by carriers
under the Emergency Telephone System Act.
(k) Law enforcement officer identification information
or driver identification information compiled by a law
enforcement agency or the Department of Transportation
under Section 11-212 of the Illinois Vehicle Code.
(l) Records and information provided to a residential
health care facility resident sexual assault and death
review team or the Executive Council under the Abuse
Prevention Review Team Act.
(m) Information provided to the predatory lending
database created pursuant to Article 3 of the Residential
Real Property Disclosure Act, except to the extent
authorized under that Article.
(n) Defense budgets and petitions for certification of
compensation and expenses for court appointed trial
counsel as provided under Sections 10 and 15 of the
Capital Crimes Litigation Act (repealed). This subsection
(n) shall apply until the conclusion of the trial of the
case, even if the prosecution chooses not to pursue the
death penalty prior to trial or sentencing.
(o) Information that is prohibited from being

HB3477 - 43 - LRB104 09252 BAB 19310 b
disclosed under Section 4 of the Illinois Health and
Hazardous Substances Registry Act.
(p) Security portions of system safety program plans,
investigation reports, surveys, schedules, lists, data, or
information compiled, collected, or prepared by or for the
Department of Transportation under Sections 2705-300 and
2705-616 of the Department of Transportation Law of the
Civil Administrative Code of Illinois, the Regional
Transportation Authority under Section 2.11 of the
Regional Transportation Authority Act, or the St. Clair
County Transit District under the Bi-State Transit Safety
Act (repealed).
(q) Information prohibited from being disclosed by the
Personnel Record Review Act.
(r) Information prohibited from being disclosed by the
Illinois School Student Records Act.
(s) Information the disclosure of which is restricted
under Section 5-108 of the Public Utilities Act.
(t) (Blank).
(u) Records and information provided to an independent
team of experts under the Developmental Disability and
Mental Health Safety Act (also known as Brian's Law).
(v) Names and information of people who have applied
for or received Firearm Owner's Identification Cards under
the Firearm Owners Identification Card Act or applied for
or received a concealed carry license under the Firearm

HB3477 - 44 - LRB104 09252 BAB 19310 b
Concealed Carry Act, unless otherwise authorized by the
Firearm Concealed Carry Act; and databases under the
Firearm Concealed Carry Act, records of the Concealed
Carry Licensing Review Board under the Firearm Concealed
Carry Act, and law enforcement agency objections under the
Firearm Concealed Carry Act.
(v-5) Records of the Firearm Owner's Identification
Card Review Board that are exempted from disclosure under
Section 10 of the Firearm Owners Identification Card Act.
(w) Personally identifiable information which is
exempted from disclosure under subsection (g) of Section
19.1 of the Toll Highway Act.
(x) Information which is exempted from disclosure
under Section 5-1014.3 of the Counties Code or Section
8-11-21 of the Illinois Municipal Code.
(y) Confidential information under the Adult
Protective Services Act and its predecessor enabling
statute, the Elder Abuse and Neglect Act, including
information about the identity and administrative finding
against any caregiver of a verified and substantiated
decision of abuse, neglect, or financial exploitation of
an eligible adult maintained in the Registry established
under Section 7.5 of the Adult Protective Services Act.
(z) Records and information provided to a fatality
review team or the Illinois Fatality Review Team Advisory
Council under Section 15 of the Adult Protective Services

HB3477 - 45 - LRB104 09252 BAB 19310 b
Act.
(aa) Information which is exempted from disclosure
under Section 2.37 of the Wildlife Code.
(bb) Information which is or was prohibited from
disclosure by the Juvenile Court Act of 1987.
(cc) Recordings made under the Law Enforcement
Officer-Worn Body Camera Act, except to the extent
authorized under that Act.
(dd) Information that is prohibited from being
disclosed under Section 45 of the Condominium and Common
Interest Community Ombudsperson Act.
(ee) Information that is exempted from disclosure
under Section 30.1 of the Pharmacy Practice Act.
(ff) Information that is exempted from disclosure
under the Revised Uniform Unclaimed Property Act.
(gg) Information that is prohibited from being
disclosed under Section 7-603.5 of the Illinois Vehicle
Code.
(hh) Records that are exempt from disclosure under
Section 1A-16.7 of the Election Code.
(ii) Information which is exempted from disclosure
under Section 2505-800 of the Department of Revenue Law of
the Civil Administrative Code of Illinois.
(jj) Information and reports that are required to be
submitted to the Department of Labor by registering day
and temporary labor service agencies but are exempt from

HB3477 - 46 - LRB104 09252 BAB 19310 b
disclosure under subsection (a-1) of Section 45 of the Day
and Temporary Labor Services Act.
(kk) Information prohibited from disclosure under the
Seizure and Forfeiture Reporting Act.
(ll) Information the disclosure of which is restricted
and exempted under Section 5-30.8 of the Illinois Public
Aid Code.
(mm) Records that are exempt from disclosure under
Section 4.2 of the Crime Victims Compensation Act.
(nn) Information that is exempt from disclosure under
Section 70 of the Higher Education Student Assistance Act.
(oo) Communications, notes, records, and reports
arising out of a peer support counseling session
prohibited from disclosure under the First Responders
Suicide Prevention Act.
(pp) Names and all identifying information relating to
an employee of an emergency services provider or law
enforcement agency under the First Responders Suicide
Prevention Act.
(qq) Information and records held by the Department of
Public Health and its authorized representatives collected
under the Reproductive Health Act.
(rr) Information that is exempt from disclosure under
the Cannabis Regulation and Tax Act.
(ss) Data reported by an employer to the Department of
Human Rights pursuant to Section 2-108 of the Illinois

HB3477 - 47 - LRB104 09252 BAB 19310 b
Human Rights Act.
(tt) Recordings made under the Children's Advocacy
Center Act, except to the extent authorized under that
Act.
(uu) Information that is exempt from disclosure under
Section 50 of the Sexual Assault Evidence Submission Act.
(vv) Information that is exempt from disclosure under
subsections (f) and (j) of Section 5-36 of the Illinois
Public Aid Code.
(ww) Information that is exempt from disclosure under
Section 16.8 of the State Treasurer Act.
(xx) Information that is exempt from disclosure or
information that shall not be made public under the
Illinois Insurance Code.
(yy) Information prohibited from being disclosed under
the Illinois Educational Labor Relations Act.
(zz) Information prohibited from being disclosed under
the Illinois Public Labor Relations Act.
(aaa) Information prohibited from being disclosed
under Section 1-167 of the Illinois Pension Code.
(bbb) Information that is prohibited from disclosure
by the Illinois Police Training Act and the Illinois State
Police Act.
(ccc) Records exempt from disclosure under Section
2605-304 of the Illinois State Police Law of the Civil
Administrative Code of Illinois.

HB3477 - 48 - LRB104 09252 BAB 19310 b
(ddd) Information prohibited from being disclosed
under Section 35 of the Address Confidentiality for
Victims of Domestic Violence, Sexual Assault, Human
Trafficking, or Stalking Act.
(eee) Information prohibited from being disclosed
under subsection (b) of Section 75 of the Domestic
Violence Fatality Review Act.
(fff) Images from cameras under the Expressway Camera
Act. This subsection (fff) is inoperative on and after
July 1, 2025.
(ggg) Information prohibited from disclosure under
paragraph (3) of subsection (a) of Section 14 of the Nurse
Agency Licensing Act.
(hhh) Information submitted to the Illinois State
Police in an affidavit or application for an assault
weapon endorsement, assault weapon attachment endorsement,
.50 caliber rifle endorsement, or .50 caliber cartridge
endorsement under the Firearm Owners Identification Card
Act.
(iii) Data exempt from disclosure under Section 50 of
the School Safety Drill Act.
(jjj) Information exempt from disclosure under Section
30 of the Insurance Data Security Law.
(kkk) Confidential business information prohibited
from disclosure under Section 45 of the Paint Stewardship
Act.

HB3477 - 49 - LRB104 09252 BAB 19310 b
(lll) Data exempt from disclosure under Section
2-3.196 of the School Code.
(mmm) Information prohibited from being disclosed
under subsection (e) of Section 1-129 of the Illinois
Power Agency Act.
(nnn) Materials received by the Department of Commerce
and Economic Opportunity that are confidential under the
Music and Musicians Tax Credit and Jobs Act.
(ooo) (nnn) Data or information provided pursuant to
Section 20 of the Statewide Recycling Needs and Assessment
Act.
(ppp) (nnn) Information that is exempt from disclosure
under Section 28-11 of the Lawful Health Care Activity
Act.
(qqq) (nnn) Information that is exempt from disclosure
under Section 7-101 of the Illinois Human Rights Act.
(rrr) (mmm) Information prohibited from being
disclosed under Section 4-2 of the Uniform Money
Transmission Modernization Act.
(sss) (nnn) Information exempt from disclosure under
Section 40 of the Student-Athlete Endorsement Rights Act.
(ttt) Information exempt from disclosure under Section
165 of the Small Business Financing Transparency Act.
(Source: P.A. 102-36, eff. 6-25-21; 102-237, eff. 1-1-22;
102-292, eff. 1-1-22; 102-520, eff. 8-20-21; 102-559, eff.
8-20-21; 102-813, eff. 5-13-22; 102-946, eff. 7-1-22;

HB3477 - 50 - LRB104 09252 BAB 19310 b
102-1042, eff. 6-3-22; 102-1116, eff. 1-10-23; 103-8, eff.
6-7-23; 103-34, eff. 6-9-23; 103-142, eff. 1-1-24; 103-372,
eff. 1-1-24; 103-472, eff. 8-1-24; 103-508, eff. 8-4-23;
103-580, eff. 12-8-23; 103-592, eff. 6-7-24; 103-605, eff.
7-1-24; 103-636, eff. 7-1-24; 103-724, eff. 1-1-25; 103-786,
eff. 8-7-24; 103-859, eff. 8-9-24; 103-991, eff. 8-9-24;
103-1049, eff. 8-9-24; revised 11-26-24.)
Section 905. The Consumer Fraud and Deceptive Business
Practices Act is amended by adding Section 2HHHH as follows:
(815 ILCS 505/2HHHH new)
Sec. 2HHHH. Violations of the Small Business Financing
Transparency Act. Any person who violates the Small Business
Financing Transparency Act commits an unlawful practice within
the meaning of this Act.
Section 995. No acceleration or delay. Where this Act
makes changes in a statute that is represented in this Act by
text that is not yet or no longer in effect (for example, a
Section represented by multiple versions), the use of that
text does not accelerate or delay the taking effect of (i) the
changes made by this Act or (ii) provisions derived from any
other Public Act.
Section 999. Effective date. This Act takes effect upon
becoming law.