Illinois SB 3480: CONSUMERS-PAYDAY ADVANCES

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3480

Introduced 2/5/2026, by Sen. Mike Simmons 

SYNOPSIS AS INTRODUCED:

New Act

815 ILCS 505/2MMMM new

 Creates the Payday Advance Consumer Protection Act. Provides that no person shall engage in the business of providing payday advance services without licensure under the Act. Provides that the Division of Financial Institutions of the Department of Financial and Professional Regulation shall administer the Act. Sets forth requirements for initial licensure; renewals; revocations; grounds for discipline; and administrative procedures. Provides that any payday advance provider that offers payday advance services to a consumer in the State shall comply with specified consumer protection provisions. Provides that a violation of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a conforming change. Effective July 1, 2027.

LRB104 16720 SPS 30126 b

A BILL FOR

SB3480LRB104 16720 SPS 30126 b

1 AN ACT concerning business.

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 Payday 

5Advance Consumer Protection Act.

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

7 "Applicant" means a person who has submitted an 

8application for a license under this Act.

9 "Consumer" means any natural person who has applied for or 

10received proceeds.

11 "Department" means the Department of Financial and 

12Professional Regulation.

13 "Division" means the Division of Financial Institutions of 

14the Department of Financial and Professional Regulation.

15 "Ear