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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB0260

Introduced 1/24/2025, by Sen. Christopher Belt 

SYNOPSIS AS INTRODUCED:

New Act

5 ILCS 140/7.5

815 ILCS 505/2HHHH new

 Creates the Small Business Financing Transparency Act. Sets forth provisions concerning registration requirements for persons providing commercial financing; additional registration information; registration expiration; functions, power, and duties; subpoena power of the Secretary of Financial and Professional Regulation; disclosure requirements; commercial financing disclosure forms approved for use in other states; violation of disclosure requirements; notification; suspension of registrations, civil penalties, and other discipline; investigation of complaints; confidentiality; appeal and review; registration fees; cease and desist orders; injunctions; exemptions; complaint disclosure; rules; violations; limitations on liability; beginning of registration; beginning of disclosure requirements; severability; and a commercial financing database. Amends the Freedom of Information Act and the Consumer Fraud and Deceptive Business Practices Act to make conforming changes. Effective immediately.

LRB104 06474 BAB 16510 b

A BILL FOR

SB0260LRB104 06474 BAB 16510 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 business owners. This Act shall be liberally 

8construed to effectuate its purpose.

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

10 "Applicant" means a person who has submitted a