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IL SB3903
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Mark Walker
Click for details
AI Summary
- Removes the requirement for the Secretary of Financial and Professional Regulation to investigate currency exchange businesses at least once annually, making such investigations discretionary
- Eliminates the Secretary's obligation to annually review and report to the General Assembly on Currency Exchange Section operating costs and revenue
- Authorizes the Secretary to establish fee categories and amounts by rule for administering multiple financial regulatory acts, including the Currency Exchange Act, Sales Finance Agency Act, Consumer Installment Loan Act, Debt Management Service Act, Debt Settlement Consumer Protection Act, and Payday Loan Reform Act
- Changes examination requirements under the Sales Finance Agency Act from mandatory annual examinations to discretionary examinations "at any time"
- Removes the provision allowing half-price license fees for Consumer Installment Loan Act applications filed after June 30th, requiring full $450 annual fees regardless of filing date
Legislative Description
FINANCIAL REG-FEES-INVESTIGATE
Last Action
Placed on Calendar Order of 2nd Reading March 5, 2026
3/4/2026
Committee Referrals
Financial Institutions2/24/2026
Assignments2/6/2026
Full Bill Text
No bill text available