Bill > HB5290

This bill makes significant changes to the Sales Finance Agency Act, primarily by updating definitions, clarifying licensing procedures, and expanding the regulatory authority of the Secretary of Financial and Professional Regulation (referred to as the "Secretary"). Key provisions include requiring applicants for a sales finance agency license to apply through a form prescribed by the Secretary, potentially utilizing the Nationwide Multistate Licensing System and Registry, and prohibiting businesses from operating under names other than the real names of the entity and individuals involved, unless using an officially registered assumed business name. The bill grants the Secretary broader powers to issue licenses after specific filing and investigatory requirements are met, including financial responsibility assessments and background checks. It also mandates that all funds collected by the Secretary under the Act be deposited into the Financial Institution Fund. Furthermore, sales finance agencies are now explicitly prohibited from assisting in violations of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. The Secretary's investigatory, disciplinary, and examination authority is enhanced, including the ability to impose civil penalties of up to $10,000 per violation, a substantial increase from the previous $1,000 limit. The bill also establishes new rulemaking provisions and allows for internal departmental review of the Secretary's decisions affecting parties under the Act, while repealing numerous outdated provisions of the existing law.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=5290&GAID=18&DocTypeID=HB&SessionID=114&GA=104