Bill Text: IL HB3517 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB3517 Detail]

Download: Illinois-2023-HB3517-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3517 Introduced , by Rep. Nabeela Syed SYNOPSIS AS INTRODUCED:
205 ILCS 5/32.2 new
Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause.
LRB103 27624 SPS 54000 b
A BILL FOR
HB3517 LRB103 27624 SPS 54000 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by adding
Section 32.2 as follows:
(205 ILCS 5/32.2 new)
Sec. 32.2. Loans to small businesses; confessions of
judgment prohibited. No financial institution shall make a
loan or extension of credit to a small business that contains a
confession of judgment clause. As used in this Section, "small
business" means a corporation or a concern, including its
affiliates, that is independently owned and operated, not
dominant in its field, and employs fewer than 50 full-time
employees or has gross annual sales of less than $4,000,000.