Translate
HB5290 - 104th General Assembly
SALES FINANCE AGENCY-VARIOUS
Last Action
Statutes Amended In Order of Appearance
205 ILCS 660/2from Ch. 17, par. 5202
205 ILCS 660/3.5 new
205 ILCS 660/4from Ch. 17, par. 5204
205 ILCS 660/4.1 new
205 ILCS 660/4.2 new
205 ILCS 660/4.3 new
205 ILCS 660/4.4 new
205 ILCS 660/4.5 new
205 ILCS 660/4.6 new
205 ILCS 660/6.2 new
205 ILCS 660/6.3 new
205 ILCS 660/6.4 new
205 ILCS 660/6.5 new
205 ILCS 660/6.6 new
205 ILCS 660/6.7 new
205 ILCS 660/6.8 new
205 ILCS 660/10.2from Ch. 17, par. 5225
205 ILCS 660/10.7 new
205 ILCS 660/10.8 new
205 ILCS 660/12from Ch. 17, par. 5230
205 ILCS 660/13from Ch. 17, par. 5231
205 ILCS 660/13.5 new
205 ILCS 660/14.5 new
205 ILCS 660/17from Ch. 17, par. 5235
Synopsis As Introduced
Amends the Sales Finance Agency Act. Makes changes to defined terms. Provides that applicants for a license shall apply in a form prescribed by the Secretary of Financial and Professional Regulation. Prohibits any person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by the Act from operating the business under a name other than the real names of the entity and individuals conducting the business. Grants the Secretary authority to issue a license upon completion of the specified filing and investigatory requirements. Sets forth further licensing requirements. Provides that all moneys received by the Secretary under the Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund. Prohibits a sales finance agency from aiding or seeking to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. Grants additional investigatory, disciplinary, and examination authority to the Secretary. Establishes rulemaking provisions. Grants the Department authority to adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under the Act. Allows the Secretary to request a circuit court to assess a civil penalty of up to $10,000 (rather than $1,000) for violations of the Act. Repeals various provisions of the Act. Makes other changes. Effective immediately.
House Floor Amendment No. 1
Provides that each licensee shall pay to the Department of Financial and Professional Regulation its pro rata share of any deficit actually incurred in the administration of the Act in the previous 3 years (instead of in prior years).
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/05/2026 | House | Filed with the Clerk by Rep. Margaret Croke |
| 2/10/2026 | House | First Reading |
| 2/10/2026 | House | Referred to Rules Committee |
| 2/24/2026 | House | Assigned to Financial Institutions and Licensing Committee |
| 3/18/2026 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000 |
| 3/19/2026 | House | Placed on Calendar 2nd Reading - Short Debate |
| 3/23/2026 | House | House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke |
| 3/23/2026 | House | House Floor Amendment No. 1 Referred to Rules Committee |
| 3/24/2026 | House | House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee |
| 3/24/2026 | House | House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000 |
| 4/07/2026 | House | House Floor Amendment No. 1 Adopted |
| 4/07/2026 | House | Second Reading - Short Debate |
| 4/07/2026 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 4/09/2026 | House | Third Reading - Short Debate - Passed 070-036-000 |
| 4/10/2026 | Senate | Arrive in Senate |
| 4/10/2026 | Senate | Placed on Calendar Order of First Reading |
| 4/10/2026 | Senate | Chief Senate Sponsor Sen. Laura Ellman |
| 4/10/2026 | Senate | First Reading |
| 4/10/2026 | Senate | Referred to Assignments |
| 4/22/2026 | Senate | Approved for Consideration Assignments |
| 4/22/2026 | Senate | Placed on Calendar Order of 2nd Reading April 28, 2026 |
| 4/30/2026 | Senate | Second Reading |
| 4/30/2026 | Senate | Placed on Calendar Order of 3rd Reading May 5, 2026 |
| 5/14/2026 | Senate | Third Reading - Passed; 036-019-000 |
| 5/14/2026 | House | Passed Both Houses |