SM BUS FINANCING TRANSPARENCY House SponsorsRep. Dagmara Avelar 4/11/2025HouseRule 19(a) / Re-referred to Rules Committee New Act5 ILCS 140/7.5815 ILCS 505/2HHHH new 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. 2/7/2025HouseFiled with the Clerk by Rep. Dagmara Avelar 2/18/2025HouseFirst Reading 2/18/2025HouseReferred to Rules Committee 3/11/2025HouseAssigned to Financial Institutions and Licensing Committee 3/18/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000 3/19/2025HousePlaced on Calendar 2nd Reading - Short Debate 3/26/2025HouseSecond Reading - Short Debate 3/26/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate 4/11/2025HouseRule 19(a) / Re-referred to Rules Committee