Bill > SB1512

This bill creates the Consumer Financial Protection Law, establishing a comprehensive regulatory framework for financial services in Illinois. The legislation creates the Financial Protection Fund and grants broad powers to the Department of Financial and Professional Regulation to oversee and regulate financial products and services. Key provisions include requiring registration for financial service providers, implementing consumer protection measures, establishing cybersecurity requirements, and creating robust enforcement mechanisms. The bill aims to protect consumers from unfair, deceptive, or abusive financial practices, with a particular focus on vulnerable populations like low-income households, historically marginalized communities, military service members, seniors, and students. The law empowers the Department to investigate complaints, levy fines, conduct examinations, and take action against regulated entities that violate consumer protection standards. It also introduces significant increases in licensing and application fees across various financial service sectors, with most fees increasing from hundreds to thousands of dollars. The bill is set to take effect on January 1, 2026, and provides a comprehensive approach to financial regulation that prioritizes consumer safety, market transparency, and ethical business practices.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1512&GAID=18&DocTypeID=SB&SessionID=114&GA=104