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
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
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
LRB103 27624 SPS 54000 b
A BILL FOR
HB3517LRB103 27624 SPS 54000 b HB3517 LRB103 27624 SPS 54000 b
HB3517 LRB103 27624 SPS 54000 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Banking Act is amended by adding
5 Section 32.2 as follows:
6 (205 ILCS 5/32.2 new)
7 Sec. 32.2. Loans to small businesses; confessions of
8 judgment prohibited. No financial institution shall make a
9 loan or extension of credit to a small business that contains a
10 confession of judgment clause. As used in this Section, "small
11 business" means a corporation or a concern, including its
12 affiliates, that is independently owned and operated, not
13 dominant in its field, and employs fewer than 50 full-time
14 employees or has gross annual sales of less than $4,000,000.
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
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
LRB103 27624 SPS 54000 b
A BILL FOR
205 ILCS 5/32.2 new
LRB103 27624 SPS 54000 b
HB3517 LRB103 27624 SPS 54000 b