Illinois · Senate Bill 2234 · 103rd General Assembly

BUSINESS TRUTH IN LENDING ACT

SB 2234 Sponsored by Christopher Belt Passed one chamber, then died

  1. Introduced Feb 10, 2023
  2. In committee Feb 10, 2023
  3. Passed the Senate May 2, 2024
  4. Died  
  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

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

Show the 76 earlier steps
  1. SenateFiled with Secretary by Sen. Laura Ellman
  2. SenateFirst Reading
  3. CommitteeReferred to Assignments · Senate Assignments
  4. CommitteeAssigned to Financial Institutions · Senate Financial Institutions
  5. SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
  6. CommitteeSenate Committee Amendment No. 1 Referred to Assignments · Senate Assignments
  7. CommitteeSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions · Senate Financial Institutions
  8. CommitteeSenate Committee Amendment No. 1 Postponed - Financial Institutions · Senate Financial Institutions
  9. CommitteePostponed - Financial Institutions · Senate Financial Institutions
  10. SenateRule 2-10 Committee Deadline Established As March 24, 2023
  11. SenateAdded as Chief Co-Sponsor Sen. Christopher Belt
  12. SenateRule 2-10 Committee Deadline Established As March 31, 2023
  13. CommitteeSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments · Senate Assignments
  14. CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments
  15. SenateChief Sponsor Changed to Sen. Christopher Belt
  16. SenateAdded as Co-Sponsor Sen. Laura Ellman
  17. CommitteeRe-assigned to Financial Institutions · Senate Financial Institutions
  18. CommitteeSenate Committee Amendment No. 1 Re-assigned to Financial Institutions · Senate Financial Institutions
  19. SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  20. SenateAdded as Chief Co-Sponsor Sen. Lakesia Collins
  21. SenateAdded as Co-Sponsor Sen. Doris Turner
  22. SenateAdded as Co-Sponsor Sen. Mary Edly-Allen
  23. SenateAdded as Co-Sponsor Sen. Mike Porfirio
  24. SenateAdded as Co-Sponsor Sen. Adriane Johnson
  25. SenateAdded as Co-Sponsor Sen. Mike Simmons
  26. SenateSenate Committee Amendment No. 2 Filed with Secretary by Sen. Christopher Belt
  27. CommitteeSenate Committee Amendment No. 2 Referred to Assignments · Senate Assignments
  28. CommitteeSenate Committee Amendment No. 2 Assignments Refers to Financial Institutions · Senate Financial Institutions
  29. CommitteeSenate Committee Amendment No. 1 Postponed - Financial Institutions · Senate Financial Institutions
  30. SenateSenate Committee Amendment No. 2 Adopted
  31. CommitteeDo Pass as Amended Financial Institutions; 005-002-000 · Senate Financial Institutions
  32. SenatePlaced on Calendar Order of 2nd Reading March 14, 2024
  33. SenateAdded as Co-Sponsor Sen. Napoleon Harris, III
  34. SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Christopher Belt
  35. CommitteeSenate Floor Amendment No. 3 Referred to Assignments · Senate Assignments
  36. CommitteeSenate Floor Amendment No. 3 Assignments Refers to Financial Institutions · Senate Financial Institutions
  37. SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. Christopher Belt
  38. CommitteeSenate Floor Amendment No. 4 Referred to Assignments · Senate Assignments
  39. CommitteeSenate Floor Amendment No. 3 Postponed - Financial Institutions · Senate Financial Institutions
  40. SenateSecond Reading
  41. SenatePlaced on Calendar Order of 3rd Reading April 12, 2024
  42. SenateRule 2-10 Third Reading Deadline Established As April 19, 2024
  43. SenateSenate Floor Amendment No. 5 Filed with Secretary by Sen. Christopher Belt
  44. CommitteeSenate Floor Amendment No. 5 Referred to Assignments · Senate Assignments
  45. CommitteeSenate Floor Amendment No. 4 Assignments Refers to Financial Institutions · Senate Financial Institutions
  46. CommitteeSenate Floor Amendment No. 5 Assignments Refers to Financial Institutions · Senate Financial Institutions
  47. CommitteeSenate Floor Amendment No. 5 Recommend Do Adopt Financial Institutions; 005-002-000 · Senate Financial Institutions
  48. SenateAdded as Co-Sponsor Sen. Sara Feigenholtz
  49. SenateAdded as Co-Sponsor Sen. Omar Aquino
  50. SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  51. SenateAdded as Co-Sponsor Sen. Rachel Ventura
  52. SenateRule 2-10 Third Reading Deadline Established As May 3, 2024
  53. SenateAdded as Co-Sponsor Sen. Michael E. Hastings
  54. SenateAdded as Co-Sponsor Sen. Natalie Toro
  55. SenateAdded as Co-Sponsor Sen. Cristina Castro
  56. SenateAdded as Co-Sponsor Sen. David Koehler
  57. SenateRecalled to Second Reading
  58. SenateSenate Floor Amendment No. 5 Adopted; Belt
  59. SenatePlaced on Calendar Order of 3rd Reading
  60. SenateThird Reading - Passed; 036-019-000
  61. SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  62. SenateSenate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4(a)
  63. SenateSenate Floor Amendment No. 4 Tabled Pursuant to Rule 5-4(a)
  64. HouseArrived in House
  65. HouseChief House Sponsor Rep. Hoan Huynh
  66. HouseFirst Reading
  67. CommitteeReferred to Rules Committee · House Rules
  68. HouseAlternate Chief Sponsor Changed to Rep. Curtis J. Tarver, II
  69. CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  70. HouseCommittee/Final Action Deadline Extended-9(b) May 24, 2024
  71. SenateAdded as Co-Sponsor Sen. Emil Jones, III
  72. SenateAdded as Co-Sponsor Sen. Karina Villa
  73. HouseAdded Alternate Co-Sponsor Rep. Abdelnasser Rashid
  74. HouseAdded Alternate Co-Sponsor Rep. Will Guzzardi
  75. HouseAdded Alternate Co-Sponsor Rep. Kam Buckner
  76. HouseAdded Alternate Co-Sponsor Rep. Debbie Meyers-Martin
  1. HouseAdded Alternate Co-Sponsor Rep. Kelly M. Cassidy
  2. HouseAdded Alternate Co-Sponsor Rep. Joyce Mason
  3. HouseAdded Alternate Chief Co-Sponsor Rep. Sonya M. Harper
  4. HouseAdded Alternate Co-Sponsor Rep. Dagmara Avelar
  5. HouseCommittee/Final Action Deadline Extended-9(b) May 27, 2024
  6. HouseCommittee/Final Action Deadline Extended-9(b) May 31, 2024
  7. CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules
  8. SenateSession Sine Die

Roll calls

4 recorded votes: 1 on the floor, 3 in committee. Each shows how every member voted.

Third Reading · Full Senate

Passed 36–19
May 2, 2024 · journal entry
Yes 36 No 19 Not voting 3
Democrats: 36 yes, 1 no Republicans: 0 yes, 18 no
How each member voted

Yes · 36

No · 19

Not voting · 3

Committee and other votes

DateWhereQuestionResult
Mar 12, 2024 Senate Financial Institutions Financial Institutions - Do Pass As Amended
Members

Yes · 5

No · 2

Not voting · 2

 5–2
Mar 12, 2024 Senate Financial Institutions Senate Committee Amendment No. 2 - Financial Institutions - Be Adopted
Members

Yes · 7

Not voting · 2

 7–0
Apr 16, 2024 Senate Financial Institutions Senate Floor Amendment No. 5 - Financial Institutions - Recommend Do Adopt
Members

Yes · 5

No · 2

Not voting · 2

 5–2

Sponsors

The member who introduced it, joined by 27 cosponsors: 27 Democrats.

All 27 cosponsors

From Illinois's official records (www.ilga.gov), checked Nov 2, 2026. Text links go to the official versions; LegiList does not copy bill text.