Illinois · House Bill 3064 · 103rd General Assembly

BUSINESS TRUTH IN LENDING ACT

HB 3064 Sponsored by Hoan Huynh Died in committee

  1. Introduced Feb 16, 2023
  2. In committee Feb 17, 2023
  3. Died  
  4. Passed the Senate  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long 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…

Read the full title (181 words)

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.

Every action

11 steps, oldest first, as the legislature records them.

  1. HouseFiled with the Clerk by Rep. Hoan Huynh
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  5. HouseAdded Chief Co-Sponsor Rep. Theresa Mah
  6. HouseAdded Chief Co-Sponsor Rep. Lilian Jiménez
  7. HouseAdded Chief Co-Sponsor Rep. Kevin John Olickal
  8. HouseAdded Chief Co-Sponsor Rep. Abdelnasser Rashid
  9. CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
  10. HouseAdded Co-Sponsor Rep. Will Guzzardi
  11. HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it, joined by 5 cosponsors: 5 Democrats.

All 5 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.