SB1512 - 104th General Assembly

CONSUMER FIN PROTECTION LAW
Last Action

2/04/2025 - Senate: Referred to Assignments
Senate Sponsors

Sen. Mark L. Walker, Karina Villa and Rachel Ventura
Statutes Amended In Order of Appearance

New Act
20 ILCS 1205/6afrom Ch. 17, par. 107
20 ILCS 1205/18.4 new
30 ILCS 105/5.1030 new
205 ILCS 405/4from Ch. 17, par. 4808
205 ILCS 405/14from Ch. 17, par. 4823
205 ILCS 405/16from Ch. 17, par. 4832
205 ILCS 660/6from Ch. 17, par. 5206
205 ILCS 665/4from Ch. 17, par. 5304
205 ILCS 665/6from Ch. 17, par. 5306
205 ILCS 670/2from Ch. 17, par. 5402
205 ILCS 670/4from Ch. 17, par. 5404
Synopsis As Introduced

Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2026.
Actions

Date Chamber Action
2/04/2025 Senate Filed with Secretary by Sen. Mark L. Walker
2/04/2025 Senate First Reading
2/04/2025 Senate Referred to Assignments
3/18/2025 Senate Added as Co-Sponsor Sen. Karina Villa
3/19/2025 Senate Added as Co-Sponsor Sen. Rachel Ventura