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HB3477

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SM BUS FINANCING TRANSPARENCY

What this bill does

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.

Sponsor: Dagmara Avelar Chamber: House Introduced: 2025-02-07
Stuck
P(Advance)
16.9%
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: 83%

Calculating prediction drivers...

Pipeline Progress

Current stage: Floor Vote · Last action 456 days ago · STAGNANT

How does a bill become law in Illinois?
  1. 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.

  2. Committee Work — Hearings

    The bill goes to the appropriate committee, which holds hearings to gather expert opinions and determine the need for the legislation.

  3. Committee Work — Markup, Amendments, Report

    The committee may make amendments to the bill. If approved, a committee report endorsing the bill is issued.

  4. Floor Debate

    The bill is debated and can be further amended. The debate transcripts are accessible online for public viewing.

  5. 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.

  6. 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.

Sponsor Context

Public Engagement

17 witness slips filed 17 proponents / 0 opponents 16 organizations

Witness slips

17 slips filed. Proponent / opponent / no position as filed with the committee.

Name Organization Representing Position Hearing committee Hearing date
Alexis Shapiro Forward Financing Forward Financing Proponent Financial Institutions & Licensing 2025-03-18
Eligio Rivas Eligios Landscaping Rebecca Goldberg, Forward Financing Proponent Financial Institutions & Licensing 2025-03-18
Frank Bass The Bass Group Revenue Based Finance Coalition Proponent Financial Institutions & Licensing 2025-03-18
Ines Soler BCA Capital Partners Proponent Financial Institutions & Licensing 2025-03-18
Javier Palomarez United States Hispanic Business Council United States Hispanic Business Council Proponent Financial Institutions & Licensing 2025-03-18
Jessica Fuentesl Fuentes Consulting Small Business Finance Association Proponent Financial Institutions & Licensing 2025-03-18
John D'Alessandro JLD Consulting Group Forward Financing Proponent Financial Institutions & Licensing 2025-03-18
Julio Fuentes Hispanic Business Alliance Proponent Financial Institutions & Licensing 2025-03-18
Katherine C Fisher Hudson Cook, LLP Revenue Based Finance Coalition Proponent Financial Institutions & Licensing 2025-03-18
Kevin L Riggs Kevin Riggs Consulting Group Revenue Based Finance Coalition Proponent Financial Institutions & Licensing 2025-03-18
Luis Colonel Gus New Quality Shoe Repair Proponent Financial Institutions & Licensing 2025-03-18
Maren Ronan Maren Ronan Ltd. Revenue Based Finance Coalition Proponent Financial Institutions & Licensing 2025-03-18
Mary Donohue Revenue Based Finance Coalition Proponent Financial Institutions & Licensing 2025-03-18
Natalie Lynch RXN Innovative Lending Platform Association Proponent Financial Institutions & Licensing 2025-03-18
Norma Fuentes Fuentes Consulting Small Business Finance Association Proponent Financial Institutions & Licensing 2025-03-18
Patrick M Theisen KMCSTRATEGIES, Inc. Equipment Leasing & Finance Association Proponent Financial Institutions & Licensing 2025-03-18
Tondalaya LLoyd The Lloyd Law Firm Proponent Financial Institutions & Licensing 2025-03-18

Roll-call votes

Total votes and outcome per event. Deciding vote = margin of 1; those voters on the winning side could have changed the outcome by flipping.

Date Chamber Type Description Yea Nay Present NV Outcome Margin Deciding voters
H Committee Financial Institutions & Licensing 8 4 0 0 Passed 4 —

Action History

9 actions recorded. Last action: 2025-04-11 — Rule 19(a) / Re-referred toRules Committee. Each action's meaning and outcome signal are classified automatically.

2025-02-07 Introduction & Filing
Filed with the Clerk byRep. Dagmara Avelar House Rule 6(b)
Bill officially submitted to the House Clerk during the session.
2025-02-18 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.
2025-02-18 Committee Assignment
Referred toRules Committee 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.
2025-03-11 Committee Assignment
Assigned toFinancial Institutions and Licensing Committee Senate Rule 3-8(a); House Rule 18(b)
Sent to a substantive committee (e.g., Transportation, Revenue). This is where the bill gets a real hearing and evaluation.
2025-03-18 Committee Action Positive
Do Pass / Short DebateFinancial Institutions and Licensing Committee; 008-004-000 Senate Rule 3-11(a)(1); House Rule 22(a)(1), 52(b)
Committee recommends passage and places it on the Short Debate calendar (limited floor discussion time). Strong positive signal — committee believes bill has broad support.
2025-03-19 Floor Process Positive
Placed on Calendar 2nd Reading - Short Debate Senate Rule 4-4(7-8)/5-2; House Rule 31(8-9)/38/52
Bill placed on the Second Reading calendar. Positive — bill is queued for floor action.
2025-03-26 Floor Process Positive
Second Reading - Short Debate Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)/52(a)(1)
Bill reaches the floor amendment stage on Short Debate calendar. Major milestone — bill has passed committee and is on the floor.
2025-03-26 Floor Process Positive
Placed on Calendar Order of 3rd Reading - Short Debate Rule 4-4(8)
Bill placed on the Third Reading calendar — queued for final vote.
2025-04-11 Deadlines & Re-referrals Mild −
Rule 19(a) / Re-referred toRules Committee House Rule 19(a); Senate analog: Rule 3-9(a)
MISSED COMMITTEE DEADLINE — bill did not get a committee vote before the deadline and is re-referred to Rules/Assignments. The bill is NOT dead but faces an uphill battle to be reassigned. Most bills that hit Rule 19(a) do not advance.

All actions (table)

Date Chamber Action Category Signal
2025-02-07 House Filed with the Clerk byRep. Dagmara Avelar House Rule 6(b) Introduction & Filing —
2025-02-18 House First Reading Senate Rule 5-1(d)/5-2; House Rule 37(d)/38 Introduction & Filing —
2025-02-18 House Referred toRules Committee Senate Rule 3-8(a); House Rule 18(a) Committee Assignment —
2025-03-11 House Assigned toFinancial Institutions and Licensing Committee Senate Rule 3-8(a); House Rule 18(b) Committee Assignment —
2025-03-18 House Do Pass / Short DebateFinancial Institutions and Licensing Committee; 008-004-000 Senate Rule 3-11(a)(1); House Rule 22(a)(1), 52(b) Committee Action Positive
2025-03-19 House Placed on Calendar 2nd Reading - Short Debate Senate Rule 4-4(7-8)/5-2; House Rule 31(8-9)/38/52 Floor Process Positive
2025-03-26 House Second Reading - Short Debate Senate Rule 3-12(a)/5-4(a); House Rule 24(a)/40(b)/52(a)(1) Floor Process Positive
2025-03-26 House Placed on Calendar Order of 3rd Reading - Short Debate Rule 4-4(8) Floor Process Positive
2025-04-11 House Rule 19(a) / Re-referred toRules Committee House Rule 19(a); Senate analog: Rule 3-9(a) Deadlines & Re-referrals Mild −