IL HB5290

Amends the Sales Finance Agency Act to transfer regulatory authority from the Director of Financial Institutions to the Secretary of Financial and Professional Regulation

Requires license applicants to maintain a minimum net worth of $30,000 and post a surety bond of at least $50,000

Increases the maximum civil penalty for violations from $1,000 to $10,000 per violation

Prohibits sales finance agencies from operating under names other than their real business names and from aiding violations of the Retail Installment Sales Act or Motor Vehicle Retail Installment Sales Act

Authorizes use of the Nationwide Multistate Licensing System and Registry for license applications and requires licensees to display licenses at all physical and digital business locations