Illinois · House Bill 3477 · 104th General Assembly

SM BUS FINANCING TRANSPARENCY

HB 3477 Sponsored by Dagmara Avelar In committee

  1. Introduced Feb 7, 2025
  2. In committee Feb 18, 2025
  3. Passed the House Next
  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 Financing Transparency 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…

Read the full title (180 words)

Creates the Small Business Financing Transparency 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

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

  1. HouseFiled with the Clerk by Rep. Dagmara Avelar
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. CommitteeAssigned to Financial Institutions and Licensing Committee · House Financial Institutions & Licensing
  5. CommitteeDo Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 · House Financial Institutions & Licensing
  6. HousePlaced on Calendar 2nd Reading - Short Debate
  7. HouseSecond Reading - Short Debate
  8. HousePlaced on Calendar Order of 3rd Reading - Short Debate
  9. CommitteeRule 19(a) / Re-referred to Rules Committee · House Rules

Roll calls

1 recorded vote: 0 on the floor, 1 in committee. Each shows how every member voted.

Committee votes

DateWhereQuestionResult
Mar 18, 2025 House Financial Institutions & Licensing Financial Institutions & Licensing - Business Truth In Lending Act
Members

Yes · 8

No · 4

 Passed 8–4

Sponsors

The member who introduced it.

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.