HB5290Introduced in the House
SALES FINANCE AGENCY-VARIOUS
Introduced by Margaret Croke, District 12
What does this bill do?
Plain-English breakdown
Writing a plain-English summary of this bill… this can take a few seconds the first time.
Official description
Amends the Sales Finance Agency Act. Makes changes to defined terms. Provides that applicants for a license shall apply in a form prescribed by the Secretary of Financial and Professional Regulation. Prohibits any person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by the Act from operating the business under a name other than the real names of the entity and individuals conducting the business. Grants the Secretary authority to issue a license upon completion of the specified filing and investigatory requirements. Sets forth further licensing requirements. Provides that all moneys received by the Secretary under the Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund. Prohibits a sales finance agency from aiding or seeking to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. Grants additional investigatory, disciplinary, and examination authority to the Secretary. Establishes rulemaking provisions. Grants the Department authority to adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under the Act. Allows the Secretary to request a circuit court to assess a civil penalty of up to $10,000 (rather than $1,000) for violations of the Act. Repeals various provisions of the Act. Makes other changes. Effective immediately.
Where it stands
Public Act . . . . . . . . . 104-0516
June 26, 2026
How did lawmakers vote?
House votes
3 recorded votes · each counted separately
Senate votes
1 recorded vote · each counted separately
SenateStage: Senate Third Reading · May 14, 2026
36
Yes
19
No
4
Absent or Not Voting
59 senators recorded in this Senate vote. Colors show vote categories only, not whether a vote was good or bad.
See how each senator voted
| Senator | District | Vote |
|---|---|---|
| Javier Cervantes | 1 | Yes |
| Omar Aquino | 2 | Yes |
| Mattie Hunter | 3 | Yes |
| Kimberly Lightford | 4 | Not Voting |
| Lakesia Collins | 5 | Yes |
| Sara Feigenholtz | 6 | Yes |
| Mike Simmons | 7 | Yes |
| Ram Villivalam | 8 | Yes |
| Laura Fine | 9 | Yes |
| Robert Martwick | 10 | Yes |
Bill history
Filed with the Clerk by Rep. Margaret Croke
First Reading
Referred to Rules Committee
Assigned to Financial Institutions and Licensing Committee
Do Pass / Short Debate Financial Institutions and Licensing Committee; 007-003-000
Placed on Calendar 2nd Reading - Short Debate
House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
House Floor Amendment No. 1 Referred to Rules Committee
House Floor Amendment No. 1 Rules Refers to Financial Institutions and Licensing Committee
House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions and Licensing Committee; 008-004-000
House Floor Amendment No. 1 Adopted
Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate
Third Reading - Short Debate - Passed 070-036-000
Arrive in Senate
Placed on Calendar Order of First Reading
Chief Senate Sponsor Sen. Laura Ellman
First Reading
Referred to Assignments
Approved for Consideration Assignments
Placed on Calendar Order of 2nd Reading April 28, 2026
Second Reading
Placed on Calendar Order of 3rd Reading May 5, 2026
Third Reading - Passed; 036-019-000
Passed Both Houses
Sent to the Governor
Governor Approved
Effective Date June 26, 2026
Public Act . . . . . . . . . 104-0516
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