Bill > SB2234

This bill, called the Small Business Financing Transparency Act, creates a new law to protect business owners by regulating persons who provide commercial financing in Illinois. The key provisions include: - Requiring providers of commercial financing to register with the Department of Financial and Professional Regulation and provide certain disclosures to financing recipients, including details on the financing amount, finance charges, annual percentage rate, total repayment amount, and payment terms. - Establishing the Division of Financial Institutions to administer and enforce the Act, including issuing or refusing registrations, investigating complaints, and imposing disciplinary actions. - Creating a commercial financing database where providers must report information on sales-based and certain closed-end commercial financing transactions. - Exempting certain entities like banks and credit unions from the registration and disclosure requirements. - Authorizing the Secretary to adopt rules and take other actions to implement and enforce the Act. - Designating violations of the disclosure requirements as violations of the Consumer Fraud and Deceptive Business Practices Act. The bill sets January 1, 2025 as the earliest date that the registration and disclosure requirements will take effect.