HB3477 — SM BUS FINANCING TRANSPARENCY
Last action — Rule 19(a) / Re-referred to Rules Committee
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1Introduced
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2In Committee
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3Passed House
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4Passed Senate
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5To Executive
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6Enacted
This bill has been introduced in the House. Introduced February 07, 2025. It must pass committee before a floor vote.
Next likely step: a committee referral and hearing.
Odds of enactment
Low chanceBased on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.
Upgrade to see the exact probability and what's driving it.
A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.
Prognosis
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Introduced
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (1 D).
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Cleared a recorded vote
Passed 1 recorded vote so far.
Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.
Summary
Creates the Small Business Financing Transparency Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.
Bill Text
We don't have the full text on file for this bill yet.
Read HB3477 on the official Illinois source →Action History
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Rule 19(a) / Re-referred to Rules Committee
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Placed on Calendar Order of 3rd Reading - Short Debate
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Second Reading - Short Debate
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Placed on Calendar 2nd Reading - Short Debate
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Do Pass / Short Debate Financial Institutions and Licensing Committee; 008-004-000
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Assigned to Financial Institutions and Licensing Committee
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Referred to Rules Committee
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First Reading
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Filed with the Clerk by Rep. Dagmara Avelar
Sponsors
- Dagmara Avelar · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 182 not signed on · 4 voted No
Sponsors (1)
- Dagmara Avelar Democrat
Co-sponsors (0)
None.
Not signed on (182)
182 members have not signed on to this bill.
Show all 182 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Democrat | 8 | 0 | 0 | 0 |
| Republican | 0 | 4 | 0 | 0 |
| Total | 8 | 4 | 0 | 0 |
| % of votes cast | 67% | 33% | 0% | 0% |
How each member voted (12)
| Member | Party | Vote |
|---|---|---|
| Dagmara Avelar | Democrat | Yea |
| Daniel Didech | Democrat | Yea |
| Eva-Dina Delgado | Democrat | Yea |
| Jaime M. Andrade, Jr. | Democrat | Yea |
| Jennifer Gong-Gershowitz | Democrat | Yea |
| Margaret Croke | Democrat | Yea |
| Natalie A. Manley | Democrat | Yea |
| Rita Mayfield | Democrat | Yea |
| Christopher "C.D." Davidsmeyer | Republican | Nay |
| Daniel J. Ugaste | Republican | Nay |
| Jeff Keicher | Republican | Nay |
| Michael J. Coffey, Jr. | Republican | Nay |
Subjects
Frequently asked questions
- What does HB3477 do?
- Creates the Small Business Financing Transparency Act. Sets forth provisions concerning disclosure requirements for sales-based financing, closed-end commercial financing, open-end commercial financing, factoring transactions, renewal financing, and other forms of financing. Provides that all commercial financing shall include a clear and conspicuous notice on how to file a complaint with the Department of Financial and Professional Regulation. Provides that the Department may adopt rules. Provides that upon a finding by the Secretary of Financial and Professional Regulation that a provider has violated the provisions or rules, the provider shall be ordered to pay the Department a civil penalty for each violation of the provisions or any rule not to exceed $10,000 for each violation, or if a violation is willful, $20,000 for each violation. Sets forth provisions concerning cease and desist orders, injunctions, investigation and examination, civil actions, violations, and registration. Provides that a violation of the provisions constitutes an unlawful practice in violation of the Consumer Fraud and Deceptive Business Practices Act. Defines terms. Makes a conforming change in the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.
- Who sponsors HB3477 ?
- HB3477 is sponsored by Dagmara Avelar (Democrat).
- What is the current status of HB3477 ?
- This bill has been introduced in the House. Introduced February 07, 2025. It must pass committee before a floor vote.
- Where can I track HB3477 ?
- Track HB3477 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 3 months ago · updated continuously
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