SB0260 establishes transparency requirements for commercial financing in Illinois.
The Small Business Financing Transparency Act sets forth disclosure requirements for commercial financing providers. Providers must disclose details such as total financing amount, finance charges, annual percentage rate, and potential fees. The Act also mandates the creation of a commercial financing database to collect and report on financing transactions. The Secretary of Financial and Professional Regulation has authority to investigate, subpoena documents, and enforce compliance. Violations can result in penalties, including fines and suspension or revocation of registration.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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