Bill Status of SB3561

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SB3561 - 104th General Assembly

BUY-NOW-PAY-LATER ACT
Last Action
3/11/2026 - Senate: Placed on Calendar Order of 2nd Reading March 12, 2026
Statutes Amended In Order of Appearance
New Act
815 ILCS 505/2MMMM new
Synopsis As Introduced
Creates the Buy-Now-Pay-Later Loan Regulation Act. Provides that it is unlawful for a person to act as a buy-now-pay-later lender unless the person registers with the Division of Financial Institutions of the Department of Financial and Professional Regulation. Sets forth requirements for registration; duties and powers of the Secretary of Financial and Professional Regulation; and administrative procedures. Provides that a buy-now-pay-lender shall provide specified disclosures to recipients. Provides that a violation of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a conforming change.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Creates the Buy-Now-Pay-Later Loan Consumer Protection Act. Provides that no person shall engage in the business of providing buy-now-pay-later loans without licensure under the Act. Provides that the Division of Financial Institutions of the Department of Financial and Professional Regulation shall administer the Act. Sets forth requirements for initial licensure; renewals; revocations; grounds for discipline; and administrative procedures. Provides that any lender that offers a buy-now-pay-later loan to a consumer in this State shall comply with specified consumer protection provisions. Provides that a violation of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a conforming change. Effective immediately.
Actions
Date Chamber Action
2/05/2026 Senate Filed with Secretary by Sen. Michael E. Hastings
2/05/2026 Senate First Reading
2/05/2026 Senate Referred to Assignments
2/17/2026 Senate Assigned to Judiciary
3/09/2026 Senate Senate Committee Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings
3/09/2026 Senate Senate Committee Amendment No. 1 Referred to Assignments
3/10/2026 Senate Senate Committee Amendment No. 1 Assignments Refers to Judiciary
3/11/2026 Senate Senate Committee Amendment No. 1 Adopted
3/11/2026 Senate Do Pass as Amended Judiciary; 009-000-000
3/11/2026 Senate Placed on Calendar Order of 2nd Reading March 12, 2026
3/13/2026 Senate Added as Co-Sponsor Sen. Michael W. Halpin
3/17/2026 Senate Added as Chief Co-Sponsor Sen. Christopher Belt
3/20/2026 Senate Added as Chief Co-Sponsor Sen. Suzy Glowiak Hilton
3/24/2026 Senate Added as Co-Sponsor Sen. Cristina Castro
3/25/2026 Senate Added as Co-Sponsor Sen. Mattie Hunter
3/26/2026 Senate Added as Co-Sponsor Sen. Doris Turner
3/27/2026 Senate Added as Co-Sponsor Sen. Graciela Guzmán
3/31/2026 Senate Added as Co-Sponsor Sen. Adriane Johnson
4/13/2026 Senate Senate Floor Amendment No. 2 Filed with Secretary by Sen. Michael E. Hastings
4/13/2026 Senate Senate Floor Amendment No. 2 Referred to Assignments
4/14/2026 Senate Senate Floor Amendment No. 2 Assignments Refers to Judiciary
4/15/2026 Senate Senate Floor Amendment No. 2 Postponed - Judiciary
4/17/2026 Senate Rule 2-10 Third Reading Deadline Established As May 8, 2026