Illinois 2023-2024 Regular Session

Illinois House Bill HB3517 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3517 Introduced , by Rep. Nabeela Syed SYNOPSIS AS INTRODUCED: 205 ILCS 5/32.2 new Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause. LRB103 27624 SPS 54000 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3517 Introduced , by Rep. Nabeela Syed SYNOPSIS AS INTRODUCED: 205 ILCS 5/32.2 new 205 ILCS 5/32.2 new Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause. LRB103 27624 SPS 54000 b LRB103 27624 SPS 54000 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3517 Introduced , by Rep. Nabeela Syed SYNOPSIS AS INTRODUCED:
3	3	205 ILCS 5/32.2 new 205 ILCS 5/32.2 new
4	4	205 ILCS 5/32.2 new
5	5	Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause.
6	6	LRB103 27624 SPS 54000 b LRB103 27624 SPS 54000 b
7	7	LRB103 27624 SPS 54000 b
8	8	A BILL FOR
9	9	HB3517LRB103 27624 SPS 54000 b HB3517 LRB103 27624 SPS 54000 b
10	10	HB3517 LRB103 27624 SPS 54000 b
11	11	1 AN ACT concerning regulation.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Banking Act is amended by adding
15	15	5 Section 32.2 as follows:
16	16	6 (205 ILCS 5/32.2 new)
17	17	7 Sec. 32.2. Loans to small businesses; confessions of
18	18	8 judgment prohibited. No financial institution shall make a
19	19	9 loan or extension of credit to a small business that contains a
20	20	10 confession of judgment clause. As used in this Section, "small
21	21	11 business" means a corporation or a concern, including its
22	22	12 affiliates, that is independently owned and operated, not
23	23	13 dominant in its field, and employs fewer than 50 full-time
24	24	14 employees or has gross annual sales of less than $4,000,000.
25	25
26	26
27	27
28	28	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3517 Introduced , by Rep. Nabeela Syed SYNOPSIS AS INTRODUCED:
29	29	205 ILCS 5/32.2 new 205 ILCS 5/32.2 new
30	30	205 ILCS 5/32.2 new
31	31	Amends the Illinois Banking Act. Provides that no financial institution shall make a loan or extension of credit to a small business that contains a confession of judgment clause.
32	32	LRB103 27624 SPS 54000 b LRB103 27624 SPS 54000 b
33	33	LRB103 27624 SPS 54000 b
34	34	A BILL FOR
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39	39
40	40	205 ILCS 5/32.2 new
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42	42
43	43
44	44	LRB103 27624 SPS 54000 b
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46	46
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54	54	HB3517 LRB103 27624 SPS 54000 b