Illinois 103rd Regular Session Status: Passed House 3 D cosponsors

HB 73 — BUSINESS-TECH

Last action — Pursuant to Senate Rule 3-9(b) / Referred to Assignments

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 103rd Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Fairness in Lending Act. Makes a technical change in a Section concerning the short title.

Bill Text

What changed in the latest version

107 added · 19 removed

Plain-language change summary

The amendment to Bill HB 73 clarifies the definitions used in the Consumer Legal Funding Act. It specifies what "advertise," "charges," "consumer," and "consumer legal funding" mean, ensuring everyone understands the terms involved in legal funding transactions. These changes are important because they help protect consumers by making sure they are fully informed about the services and fees associated with funding for legal claims.

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*LRB10303589SPS48595b* HB0073 103RD GENERAL ASSEMBLY State of Illinois and 2024 HB0073 Introduced 1/12/2023, by SYNOPSIS AS INTRODUCED:
HB0073 Engrossed LRB103 03589 SPS 48595 b AN ACT concerning business.
ILCS 120/1 from Ch.
17, par.
851 in a Section concerning the short title.ng Act.
Makes a technical change LRB103 03589 SPS 48595 b A BILL FOR HB0073 LRB103 03589 SPS 48595 b AN ACT concerning business.
The Illinois Fairness in Lending Act is amended by changing Section 1 as follows:
The Consumer Legal Funding Act is amended by changing Sections 5 and 55 as follows:
(815 ILCS 120/1) (from Ch.
(815 ILCS 121/5) Sec.
17, par.
5.
851) Sec.
Definitions.
1.
"Advertise" means publishing or disseminating any written, electronic, or printed communication, or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, published, disseminated, circulated, or placed before the public, directly or indirectly, for the purpose of inducing a consumer to enter into a consumer legal funding.
This Act shall be known and and may be cited as the "Illinois Fairness in Lending Act".
"Charges" means the fees, as set forth in Section 25, to be paid to the consumer legal funding company by or on behalf of the consumer above the funded amount provided by or on behalf of the company to an Illinois consumer pursuant to this Act.
"Consumer" means a natural person who has a pending legal claim and who resides or is domiciled in Illinois.
"Consumer legal funding" or "funding" means a nonrecourse transaction in which a company purchases and a consumer HB0073 Engrossed - 2 - LRB103 03589 SPS 48595 b transfers to the company an unvested, contingent future interest in the potential net proceeds of a settlement or judgment obtained from the consumer's legal claim;
and in which, if no proceeds are obtained from the consumer's legal claim, the consumer is not required to repay the company the consumer legal funding amount or charges.
"Consumer legal funding company" or "company" means a person or entity that enters into, purchases, or services a consumer legal funding transaction with an Illinois consumer.
"Consumer legal funding company" does not include:
(1) an immediate family member of the consumer;
(2) a bank, lender, financing entity, or other special purpose entity:
(A) that provides financing to a consumer legal funding company;
or (B) to which a consumer legal funding company grants a security interest or transfers any rights or interest in a consumer legal funding;
or (3) an attorney or accountant who provides services to a consumer.
"Department" means the Department of Financial and Professional Regulation.
"Funded amount" means the amount of moneys provided to, or on behalf of, the consumer in the consumer legal funding.
"Funded amount" does not include charges except for charges that are deducted from the funded amount.
HB0073 Engrossed - 3 - LRB103 03589 SPS 48595 b "Funding date" means the date on which the funded amount is transferred to the consumer by the consumer legal funding company either by personal delivery;
via wire, ACH, or other electronic means;
or mailed by insured, certified, or registered United States mail.
"Immediate family member" means a parent;
sibling;
child by blood, adoption, or marriage;
spouse;
grandparent;
or grandchild.
"Legal claim" means a bona fide civil claim or cause of action.
"Resolution amount" means the funded amount plus the agreed-upon charges that are delivered to the consumer legal funding company on the resolution date.
"Resolution date" means the date the resolution amount is delivered to the consumer legal funding company.
"Secretary" means the Secretary of Financial and Professional Regulation or the Secretary's designee.
81-1391.)
102-987, eff.
5-27-22.) (815 ILCS 121/55) Sec.
55.
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Consumer legal funding license scope.
(a) It shall be unlawful for any person or entity to operate as a consumer legal funding provider in this State except as authorized by this Act and without first having obtained a license in accordance with this Act.
No person or entity may engage in any device, subterfuge, or pretense to HB0073 Engrossed - 4 - LRB103 03589 SPS 48595 b evade the requirements of this Act.
However, any company that has a license in good standing under the Consumer Installment Loan Act on the effective date of this Act shall be entitled to make consumer legal fundings under the terms of this Act upon the effective date of this Act if that company files an application for a consumer legal funding license within 60 days after the Department issues forms for the filing of that application and until the Department approves or denies the application for a funding license.
Any consumer legal funding contract made by any person or entity in violation of this subsection shall be null and void and the person or entity who entered into the consumer legal funding transaction shall have no right to collect, attempt to collect, receive, or retain any principal, interest, or charges related to the consumer legal funding transaction.
(b) The provisions of this Act do not apply to a bank, savings bank, savings association, or credit union organized under the laws of this State, any other state, or under the laws of the United States.
(b-1) The provisions of this Act do not apply to consumer legal funding if (i) the amount of funding is greater than $500,000 and (ii) the consumer does not use or intend to use any of the proceeds for personal, family, or household expenses.
(c) Any consumer legal funding made by a person not licensed under this Act, including a person holding an HB0073 Engrossed - 5 - LRB103 03589 SPS 48595 b inactive license, and not exempt under this Act shall be null and void, and no person or entity shall have any right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the funding.
(Source:
P.A.
102-987, eff.
5-27-22.)
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Amendments

1 amendment

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Action History

  1. Pursuant to Senate Rule 3-9(b) / Referred to Assignments

  2. Rule 2-10 Third Reading Deadline Established As May 25, 2023

  3. Rule 2-10 Third Reading Deadline Established As May 19, 2023

  4. Rule 2-10 Third Reading Deadline Established As May 25, 2023

  5. Added as Alternate Co-Sponsor Sen. Emil Jones, III

  6. Placed on Calendar Order of 3rd Reading April 25, 2023

  7. Second Reading

  8. Placed on Calendar Order of 2nd Reading April 20, 2023

  9. Do Pass Judiciary; 008-001-000

  10. Alternate Chief Sponsor Changed to Sen. Michael W. Halpin

  11. Assigned to Judiciary

  12. Referred to Assignments

  13. First Reading

  14. Chief Senate Sponsor Sen. Don Harmon

  15. Placed on Calendar Order of First Reading

  16. Arrive in Senate

  17. Third Reading - Short Debate - Passed 112-000-000

  18. Placed on Calendar Order of 3rd Reading - Short Debate

  19. Second Reading - Short Debate

  20. House Floor Amendment No. 1 Adopted

  21. House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 012-000-000

  22. House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee

  23. Chief Sponsor Changed to Rep. Curtis J. Tarver, II

  24. House Floor Amendment No. 1 Referred to Rules Committee

  25. House Floor Amendment No. 1 Filed with Clerk by Rep. Curtis J. Tarver, II

  26. Placed on Calendar 2nd Reading - Short Debate

  27. Do Pass / Short Debate Executive Committee; 011-000-000

  28. Assigned to Executive Committee

  29. Referred to Rules Committee

  30. First Reading

  31. Prefiled with Clerk by Rep. Emanuel "Chris" Welch

Sponsors

Sponsorship breakdown

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2 sponsors · 1 co-sponsors · 180 not signed on · 1 voted No

Sponsors (2)

Co-sponsors (1)

Not signed on (180)

180 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 112 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Republican 35000
Unaffiliated 17001
Democrat 60004
Total 112005
% of votes cast 96%0%0%4%
How each member voted (117)
Member Party Vote
Nichols — Yea
Ortiz — Yea
Ozinga — Yea
Burke — Yea
Carroll — Yea
Caulkins — Yea
Egofske — Yea
Marron — Yea
Flowers — Yea
Frese — Yea
Yednock — Yea
Robinson — Not Voting
Costa Howard — Yea
Faver Dias — Yea
Hernandez, Lisa — Yea
Ladisch Douglass — Yea
Williams, Jawaharial — Yea
Yang Rohr — Yea
Abdelnasser Rashid Democrat Yea
Angelica Guerrero-Cuellar Democrat Yea
Ann M. Williams Democrat Yea
Anna Moeller Democrat Yea
Anne Stava Democrat Yea
Anthony DeLuca Democrat Yea
Barbara Hernandez Democrat Yea
Bob Morgan Democrat Yea
Camille Y. Lilly Democrat Yea
Carol Ammons Democrat Yea
Curtis J. Tarver, II Democrat Yea
Dagmara Avelar Democrat Yea
Daniel Didech Democrat Yea
Dave Vella Democrat Yea
Debbie Meyers-Martin Democrat Not Voting
Diane Blair-Sherlock Democrat Yea
Edgar González, Jr. Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Eva-Dina Delgado Democrat Yea
Fred Crespo Democrat Yea
Gregg Johnson Democrat Yea
Harry Benton Democrat Yea
Hoan Huynh Democrat Yea
Jaime M. Andrade, Jr. Democrat Yea
Jay Hoffman Democrat Yea
Jehan Gordon-Booth Democrat Yea
Jennifer Gong-Gershowitz Democrat Yea
Joyce Mason Democrat Yea
Justin Slaughter Democrat Yea
Kam Buckner Democrat Yea
Katie Stuart Democrat Yea
Kelly M. Cassidy Democrat Yea
Kevin John Olickal Democrat Not Voting
La Shawn K. Ford Democrat Yea
Lakesia Collins Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Lilian Jiménez Democrat Yea
Lindsey LaPointe Democrat Yea
Marcus C. Evans, Jr. Democrat Not Voting
Margaret Croke Democrat Yea
Mark L. Walker Democrat Yea
Martin J. Moylan Democrat Yea
Mary Beth Canty Democrat Yea
Matt Hanson Democrat Yea
Maura Hirschauer Democrat Yea
Maurice A. West, II Democrat Yea
Michael J. Kelly Democrat Yea
Michelle Mussman Democrat Yea
Nabeela Syed Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Norma Hernandez Democrat Yea
Rita Mayfield Democrat Yea
Robert "Bob" Rita Democrat Yea
Robyn Gabel Democrat Yea
Sharon Chung Democrat Yea
Sonya M. Harper Democrat Yea
Stephanie A. Kifowit Democrat Yea
Sue Scherer Democrat Yea
Suzanne M. Ness Democrat Yea
Thaddeus Jones Democrat Not Voting
Theresa Mah Democrat Yea
Will Guzzardi Democrat Yea
William "Will" Davis Democrat Yea
Adam M. Niemerg Republican Yea
Amy Elik Republican Yea
Amy L. Grant Republican Yea
Blaine Wilhour Republican Yea
Brad Halbrook Republican Yea
Brad Stephens Republican Yea
Bradley Fritts Republican Yea
Charles Meier Republican Yea
Chris Miller Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Dan Swanson Republican Yea
Daniel J. Ugaste Republican Yea
Dave Severin Republican Yea
David Friess Republican Yea
Dennis Tipsword Republican Yea
Jackie Haas Republican Yea
Jason R. Bunting Republican Yea
Jed Davis Republican Yea
Jeff Keicher Republican Yea
Jennifer Sanalitro Republican Yea
Joe C. Sosnowski Republican Yea
John M. Cabello Republican Yea
Kevin Schmidt Republican Yea
Martin McLaughlin Republican Yea
Michael J. Coffey, Jr. Republican Yea
Norine K. Hammond Republican Yea
Patrick Windhorst Republican Yea
Paul Jacobs Republican Yea
Ryan Spain Republican Yea
Steven Reick Republican Yea
Tom Weber Republican Yea
Tony M. McCombie Republican Yea
Travis Weaver Republican Yea
Wayne A. Rosenthal Republican Yea
William E Hauter Republican Yea

Official roll call →

Financial Institutions & Licensing, Amendment 1

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democrat 8000
Republican 4000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Ann M. Williams Democrat Yea
Dagmara Avelar Democrat Yea
Daniel Didech Democrat Yea
Eva-Dina Delgado Democrat Yea
Kevin John Olickal Democrat Yea
Margaret Croke Democrat Yea
Mark L. Walker Democrat Yea
Natalie A. Manley Democrat Yea
Bradley Fritts Republican Yea
Christopher "C.D." Davidsmeyer Republican Yea
Daniel J. Ugaste Republican Yea
Ryan Spain Republican Yea

Official roll call →

Executive

Passed 11 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Republican 3001
Democrat 7000
Unaffiliated 1000
Total 11001
% of votes cast 92%0%0%8%
How each member voted (12)
Member Party Vote
Ortiz, Aaron M — Yea
Elizabeth "Lisa" Hernandez Democrat Yea
Jay Hoffman Democrat Yea
Marcus C. Evans, Jr. Democrat Yea
Natalie A. Manley Democrat Yea
Nicholas K. Smith Democrat Yea
Robert "Bob" Rita Democrat Yea
Theresa Mah Democrat Yea
Christopher "C.D." Davidsmeyer Republican Not Voting
John M. Cabello Republican Yea
Norine K. Hammond Republican Yea
Ryan Spain Republican Yea

Official roll call →

Subjects

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Frequently asked questions

What does HB 73 do?
Amends the Illinois Fairness in Lending Act. Makes a technical change in a Section concerning the short title.
Who sponsors HB 73?
HB 73 is sponsored by Curtis J. Tarver, II (Democrat), Michael W. Halpin (Democrat), and Emil Jones, III (Democrat).
What is the current status of HB 73?
This bill died with 103rd Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 73?
Track HB 73 free on One Click Politics — get push/email alerts when it moves.

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