Illinois Commercial Financing Bill (Pending)

At a glance

• Status: Bill introduced, not enacted

• Effective: Not enacted

• Who it covers: Would be broad — sales-based, closed/open-end, factoring, renewals

• Size cap: Proposed: $2,500,000 or less (earlier versions)

• Regulator: Would be IL Dept. of Financial & Professional Regulation

Type of rules: APR disclosure · Registration · Broad coverage

What the bill would do

• The most ambitious pending framework: provider registration, TILA-style disclosures including APR, and a first-of-its-kind state commercial financing database.

• Originally introduced in 2023 as the Small Business Truth in Lending Act and reworked in later sessions.

• Not enacted as of October 2026.

What to watch

If passed as drafted, Illinois would have the heaviest compliance load of any state.

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Search the Commercial Registration Database (members) to check who is registered.

Other states with laws: California · New York · Utah · Virginia · Georgia · Florida · Connecticut · Kansas · Missouri · Louisiana · Texas · Vermont · North Dakota

States with pending bills: New Jersey · Maryland · North Carolina · Pennsylvania

Last verified October 2026. Compiled and verified by Funder Intel for general industry information. This is not legal advice. Laws change often, so check the statute and a qualified attorney before making compliance decisions.