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IL SB3561
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Michael Hastings
Click for details
AI Summary
- Requires buy-now-pay-later lenders to register with the Illinois Division of Financial Institutions and maintain valid registration, with initial and annual renewal fees of $5,000.
- Defines buy-now-pay-later loans as closed-end credit provided in connection with a consumer's purchase of goods or services, including both interest-free installment plans and those with interest or finance charges.
- Exempts banks, credit unions, savings institutions, Farm Credit Act lenders, and technology service providers without financial interest in the loans from registration requirements.
- Mandates specific disclosures to loan recipients and grants the Secretary of Financial and Professional Regulation authority to investigate complaints, subpoena documents, and issue orders against violators.
- Classifies violations of the Act as unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, with registrations expiring December 31 annually if not properly renewed.
Legislative Description
BUY-NOW-PAY-LATER ACT
Last Action
Added as Co-Sponsor Sen. Michael W. Halpin
3/13/2026
Committee Referrals
Judiciary3/10/2026
Assignments3/9/2026
Judiciary2/17/2026
Assignments2/5/2026
Full Bill Text
No bill text available