Vote Smart's Synopsis:

Vote to pass a bill that establishes the Small Business Financing Transparency Act in Illinois.

Highlights:

• Establishes the Small Business Financing Transparency Act in Illinois to provide protections for small businesses when taking out a loan by requiring financial terms such as the amount financed, fees, and the annual percentage rate be clearly disclosed at the time an online or non-bank provider makes an offer for a loan (Sec. 2-995).

• Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the governor (Sec. 999).

Full Bill Text