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SB1512

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CONSUMER FIN PROTECTION LAW

What this bill does

Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2026.

Sponsor: Mark L. Walker Chamber: Senate Introduced: 2025-02-04

Stuck

P(Advance)

0.3%

Chance it ever reaches a milestone (committee, floor, etc.). Not “next step.”

P(Law)

0.0%

Chance it becomes law given where it is now (stage, momentum).

Confidence: 99%

Calculating prediction drivers...

Pipeline Progress

Current stage: In Committee · Last action 386 days ago · STAGNANT

How does a bill become law in Illinois?

Introduction of Bill
A member of the Senate or the House introduces a bill, which is assigned a unique identifying number (e.g., "H.B. ___" for House bills and "S.B. ___" for Senate bills). If not enacted, it must be reintroduced in the next General Assembly with a new number.
Committee Work — Hearings
The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.
Committee Work — Markup, Amendments, Report
The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.
Floor Debate
The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.
Passage and Consideration in Second Chamber
If the bill passes in the first chamber, it moves to the second chamber for a similar review process. If both chambers approve, it goes to the governor.
Gubernatorial Action
The governor can sign the bill into law, veto it, or take no action (resulting in an automatic law after 60 days). The type of veto can be total or amendatory. Once signed, the bill becomes a Public Act and is assigned a Public Act number.

Hearings

This bill has not been scheduled for a committee hearing.

Action History

5 actions recorded. Last action: 2025-03-19 — Added as Co-SponsorSen. Rachel Ventura. Each action's meaning and outcome signal are classified automatically.

2025-02-04 Introduction & Filing

Filed with Secretary bySen. Mark L. Walker Rule 2-7(b)

Bill officially submitted to the Senate Secretary during the session.

2025-02-04 Introduction & Filing

First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38

Formal introduction — title read into the official record. Required procedural step; bill now exists in the system.

2025-02-04 Committee Assignment

Referred toAssignments Senate Rule 3-8(a); House Rule 18(a)

Sent to a committee (usually Rules in the House, Assignments in the Senate). The gatekeeping step — Rules/Assignments decides which substantive committee hears the bill.

2025-03-18 Co-Sponsorship Mild +

Added as Co-SponsorSen. Karina Villa Senate Rule 5-1(a); House Rule 37(a)

A legislator added as co-sponsor.

2025-03-19 Co-Sponsorship Mild +

Added as Co-SponsorSen. Rachel Ventura Senate Rule 5-1(a); House Rule 37(a)