Illinois HB 3477: FAMILY & MEDICAL LEAVE ACT

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 Full Text of HB3477

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 HB3477 - 104th General Assembly 

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HB3477 EngrossedLRB104 09252 BAB 19310 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the Small 

5Business Financing Transparency Act.

6 Section 2. Purpose and construction. The purpose of this 

7Act is to protect small businesses. This Act shall be 

8liberally construed to effectuate its purpose.

9 Section 5. Definitions. As used in this Act:

10 "Advance fee" means any consideration that is charged or 

11collected by a broker prior to the closing of a commercial 

12financing transaction.

13 "Applicant" means a person who has submitted an 

14application for a registration under this Act. 

15 "Broker" means any person who, for compensation or the 

16expectation of compensation, obtains a commercial financing 

17transaction or an offer for a commercial financing transaction 

18from a third party that would, if executed, be binding upon 

19that third party and communicates that offer to a business 

20located in this State. The term "broker" excludes a provider, 

21or any individual or entity whose compensation is not based or 

22dependent on the terms of the specific commercial financing 

HB3477 Engrossed- 2 -LRB104 09252 BAB 19310 b

1transaction obtained or offered.

2 "Closed-end financing" means a closed-end extension of 

3credit, secured or unsecured, that the recipient does not 

4intend to use for personal, family, or household purposes. 

5"Closed-end financing" includes financing with an established 

6principal amount and duration.

7 "Commercial financing" means open-end financing, 

8closed-end financing, sales-based financing, factoring 

9tran