Bill Title: Creates the Commercial Financing Licensing Act. Sets forth provisions concerning licensure requirements for persons providing commercial financing; applicability of the Act; applying for licensing under the Act; license application and issuance; refusal to issue a license; license issuance and renewal; fees; functions, power, and duties; examination and prohibited activities; subpoena power of the Secretary of Financial and Professional Regulation; reports required; suspension of licenses, revocation of licenses, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; licensure fees; injunctions; exemptions; complaint disclosure; rules; violations; severability; severability; and a commercial financing database. Amends the Freedom of Information Act to make a conforming change. Effective immediately.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-05-07 - Added Chief Co-Sponsor Rep. Debbie Meyers-Martin [HB5587 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB5587

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB5587 currently on file.

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