IL SB3480

Creates the Payday Advance Consumer Protection Act requiring all payday advance providers to obtain a license from the Division of Financial Institutions before operating in Illinois

Requires providers to pay a $2,500 application fee, submit audited financial statements, and disclose information about owners, officers, and directors including criminal records and judgments from the past 10 years

Operating as a payday advance provider without a license constitutes a Class 4 felony, and violations of the Act are treated as unlawful practices under the Consumer Fraud and Deceptive Business Practices Act

Exempts banks, savings banks, savings and loan associations, credit unions, and insurance companies from the licensing requirements

Effective date of July 1, 2027