* The Coalition for Small Business Loan Transparency…
Every year, Illinois small businesses lose an estimated $450 million as a result of nontransparent loans that often conceal predatory triple-digit interest rates of more than 100%. A coalition of advocates for small business loan transparency have gotten a big boost in their effort to close the loophole that leaves small businesses vulnerable to predatory lending despite Illinois 36% rate cap on consumer loans.
Illinois Attorney General Kwame Raoul, Illinois Comptroller Susana Mendoza, Illinois Treasurer Mike Frerichs, Cook County Board President Toni Preckwinkle and Chicago Mayor Brandon Johnson have all endorsed the Small Business Financing Transparency Act (HB744 HA #1), (a.k.a ‘APR for All’) legislation that would require non-bank lenders to disclose the Annual Percentage Rate (APR) of loans offered to small businesses.
“Small business owners should have access to basic information when considering loans, and the current lack of transparency especially harms businesses in minority and lower-income communities,” said Illinois Attorney General Kwame Raoul. “This legislation helps reduce costs for small businesses by requiring the same transparency that already exists for many consumer lending products, like credit cards and mortgages. I urge the General Assembly to approve this proposal, and I remain committed to advocating for transparency for borrowers in Illinois.”
“Tariffs, high interest rates, and erratic federal policies have created a costly and precarious financial environment for small businesses. By passing the Small Business Financing Transparency Act, Illinois would make it much easier for small businesses to save money and pass these savings on to their customers,” said Illinois Comptroller Susana Mendoza.
“Transparency is crucial in financial matters. You find out the APR when you take out a car loan or a mortgage for a home. Small business owners, who are the backbone of our state’s economy, should get the same information so they can decide what’s best for them,” said Illinois Treasurer Mike Frerichs. […]
While consumers have long been entitled to APR disclosures thanks to the federal Truth In Lending Act, small businesses are still excluded from these basic protections. Non-bank lenders, which are mostly online lenders, often advertise and make loans using confusing “factor rates” or other pricing schemes that obscure the true cost of borrowing, making it difficult for entrepreneurs to make apples-to-apples comparisons between their financing options.
States like California and New York have already passed APR disclosure laws to protect small businesses, but Illinois has yet to act despite having some of the strongest consumer financial protections of any state.
State Representative Mary Beth Canty (D-Arlington Heights) and Chief Sponsor of APR for All praised the endorsers saying, “I’m thrilled that APR for All is gaining momentum. These protections are essential for small businesses who don’t need yet another obstacle to success thrown at them. Nontransparent lending increases the cost of financing by making it nearly impossible for a small business owner to shop for the best price. These increased costs are passed on to consumers, making day-to-day life less affordable for the average Illinoisan. APR disclosures will empower small businesses to shop for the best price, which will benefit both them and their customers.”
* SB4062 from Sen. Cristina Castro…
Amends the Illinois Municipal Code. Provides that municipalities authorized to levy impact fees must calculate fees using the statewide formula structure issued by the Department of Commerce and Economic Opportunity. Provides that municipalities may adopt fees lower than the formula-derived levels. Provides that the Department shall issue, update annually, and make publicly available specified mandatory information to be used in the calculation of standardized impact mitigation fees. Provides that the Department shall issue a model impact fee ordinance that municipalities authorized to levy impact fees must adopt verbatim or with only technical deviations. Provides that each municipality authorized to levy impact fees must, before imposing any fee, publish a schedule identifying: (1) the formula-generated maximum fee per unit type; (2) the State-issued multipliers and assumptions used; (3) any allowable municipal adjustment factors applied; and (4) any municipal reductions adopted. Provides that municipalities authorized to levy impact fees must annually report to the Department, including: (1) fees collected; (2) fund expenditures; (3) fund balances; (4) number and type of housing units approved; and (5) any use of adjustment factors. Requires the Department to adopt rules to implement the provisions. Provides that, beginning 30 months after the effective date of the amendatory Act, any impact fee imposed on residential development must be calculated in accordance with the provisions. Limits home rule powers. Effective immediately.
* WAND…
A plan moving in Springfield could create new protections for your genetic information. Sponsors believe the insurance industry should be banned from using genetic information to determine healthcare coverage. […]
[Sen. Julie Morrison’s] bill could ban insurance companies from canceling, limiting, or denying coverage or changing rates based on genetic information collected for healthcare treatment. Insurers would also be blocked from soliciting a person’s genetic information, using genetic test results, or considering a patient’s decisions regarding genetic information in any manner for insurance purposes. […]
Genetic counselors told the Senate Insurance Committee that many patients and families delay or avoid genetic testing because a positive result could limit their ability to receive coverage. They stressed that people may not have access to lifesaving early detection or risk-reducing options under the status quo. […]
However, some argue that this bill would be detrimental to the life insurance industry’s viability in Illinois. The American Council of Life Insurers said they need access to accurate and complete information about patients, including their full medical record with genetic information and family history.
* Rep. Kam Buckner filed HB5626 last week. Synopsis…
Amends the Illinois Municipal Code. Provides that, 8 months after the effective date of the amendatory Act, a municipality shall, on any lot located in a residential zoning district that permits single-family dwellings, allow (1) on an area of not more than 2,500 square feet, at least one detached single-family dwelling unit; (2) on any lot with an area of more than 2,500 square feet and not more than 5,000 square feet, up to 4 dwelling units; (3) on any lot with an area of more than 5,000 square feet and not more than 7,500 square feet, up to 6 dwelling units; and (4) on any lot with an area of more than 7,500 square feet, up to 8 dwelling units, including cottage clusters. Provides that each municipality shall permit accessory dwelling units in all zoning districts that permit single-family dwellings without additional requirements for lot size, setbacks, aesthetic requirements, design review requirements, frontage, space limitations, or other controls beyond those required for single-family dwelling units without an accessory dwelling unit. Provides that, if a municipality fails to complete its plan review within the deadlines established under the provisions, then the applicant may retain a qualified third-party plan reviewer. Provides that, if a municipality fails to conduct a required inspection within 2 business days, then the applicant may retain a qualified third-party inspector. Provides that municipalities authorized to levy impact fees must calculate fees using the statewide formula structure issued by the Department of Commerce and Economic Opportunity. Provides that, beginning January 1, 2027, the corporate authorities of a municipality shall not establish minimum automobile parking requirements for (A) residential dwellings of less than 1,500 square feet; (B) affordable housing projects under the Illinois Affordable Housing Act; (C) assisted living establishments; (D) ground level nonresidential spaces in mixed-use buildings; or (E) buildings undergoing a change of use from nonresidential to residential. Amends the Counties Code. Provides that, beginning January 1, 2027, no building code adopted by a county or municipality may prohibit residential buildings from having a single stairway serving as an exit for all units if the building satisfies specified requirements. Limits home rule powers. Makes other changes.
* SB4064 from Sen. Javier Cervantes…
Amends the Illinois Municipal Code. Provides that, beginning January 1, 2027, the corporate authorities of a municipality shall not require more than 0.5 automobile parking spaces per multifamily dwelling unit or more than one automobile parking space per single-family home. Provides that, beginning January 1, 2027, the corporate authorities of a municipality shall not establish minimum automobile parking requirements for (A) residential dwellings of less than 1,500 square feet; (B) affordable housing projects under the Illinois Affordable Housing Act; (C) assisted living establishments; (D) ground level nonresidential spaces in mixed-use buildings; or (E) buildings undergoing a change of use from nonresidential to residential. Provides that requirements for automobile parking spaces permanently marked for the exclusive use of individuals with disabilities are not subject to the provisions. Provides that, if the provisions conflict with a developer’s contractual agreement or approved site plan with the corporate authorities of a municipality that was executed or approved on or before the effective date of the amendatory Act, then the contractual agreement or approved site plan is not subject to the provisions. Provides that nothing in the provisions prevents a municipality from enacting or enforcing an ordinance or resolution that establishes a maximum automobile parking requirement that is more stringent than or equal to the automobile parking requirements of the provisions. Provides that nothing in the provisions prohibits a developer from constructing additional automobile parking that is not available to the public. Limits home rule powers.
* WIFR…
A bill proposed by Rockford-area State Rep. Joe Sosnowski would change how property taxes are determined as a way to stop large tax increases for homeowners.
House Bill 4626 would base property taxes on the equalized assessed value or EAV of a home the year it is purchased. The cost would not go up for property tax assessments for as long as someone owns their home.
Sosnowski says the bill would offer more cost-certainty for homeowners and make housing more affordable for first-time homebuyers, working families and seniors on fixed incomes. […]
Sosnowski also has companion legislation that would amend the property tax code.
- House Bill 3723 would cap annual property tax increases at 1% for seniors
- House Bill 3724 would cap annual property tax increases at 3% for all homeowners beginning in the 2026 tax year (collected in 2027)
* Rep. Kimberly DuBuclet…
On Saturday, State Rep. Kimberly DuBuclet, D-Chicago, Speaker Welch, community leaders, and members of the Young Voter Empowerment Coalition at the national headquarters of Operation PUSH to highlight efforts to expand civic participation among Illinois youth. […]
State Rep. DuBuclet introduced House Bill 4339 in January, known as the Rev. Jesse Jackson Sr. Young Voter Empowerment Act, to expand participation in Illinois’ democracy by requiring high schools to provide eligible students with the opportunity to register to vote.
Research consistently shows that young people are less likely to participate in elections due to gaps in civic education and the perception that their vote doesn’t matter. Rep. DuBuclet emphasized that her legislation is designed to remove practical barriers while reinforcing civic confidence. […]
House Bill 4339 is structured as a nonpartisan, voluntary initiative focused solely on expanding access to voter registration in trusted educational settings.
- Travel Guy - Tuesday, Feb 24, 26 @ 10:16 am:
The property tax bill is some solid political maneuvering. Of course, if anything like it ever passed, our public schools would go the way of many of California’s overcrowded, dilapidated, and failing school districts.
It’s just like term limits. People love the sound of them, but they hate when the lobbyists are the only ones who know how things work in the Capitol. Things that sound too good to be true usually are.
- JS Mill - Tuesday, Feb 24, 26 @ 10:20 am:
If Sosnowski’s bills pass schools will be financially crippled. Our district receives 15% of our funding from the state. Local revenue has allowed us to keep up with expenses as the state has been historically unreliable as we see again. This is local revenue and the state needs to stay out of it.
MCATS not being funded are going to force us to keep our tax rates at the maximum level. Does Sosnowski have even the slightest clue? I am guessing he just likes to pander for votes.
You think the volume from the IFT is loud now, wait until nearly every district in the state is in trouble because this would actually do it.
- Captain Obvious - Tuesday, Feb 24, 26 @ 10:21 am:
Love HB 4626. My taxes would be 1/3 of what they are now. From just over 2% market value to around .8% market value, which is reasonable. Fair even. Of course it will never pass. No meaningful property tax relief ever will. The ever more incompetent public schools require more and more revenue in order to be less effective at educating our children.
- rnug - Tuesday, Feb 24, 26 @ 10:31 am:
== blocked from soliciting a person’s genetic information, using genetic test results, or considering a patient’s decisions regarding genetic information in any manner for insurance purposes ==
Mixed feelings on this one. Decades ago DNA testing allowed me to get a super cheap rate on a LTC policy, which has only had one minor increase in all those years.
But I can see the other side of it because we don’t have any real control over our genes, other than parents with longevity marrying each other.
- RNUG - Tuesday, Feb 24, 26 @ 10:38 am:
== would change how property taxes are determined … ==
Sounds a lot like California. Of course, Illinois often follows California on a number of issues, or even sometimes leads.
Going to be a popular bill for the average voter. The details are going to matter. If it passes, hopefully it will only apply to primary owner occupied residences.
But it will seriously cut school funding. No more automatic increases from inflation. But Illinos school districts have been creative in the past, what with voter approved bonding for new schools and repairs when you would have expected those items to come out of the normal taxes. As Rich has often said, money is fungible …
- Socially DIstant Watcher - Tuesday, Feb 24, 26 @ 10:45 am:
Sosnowski’s bill will shift tax burden to new homeowners, making it harder for people to afford to buy homes and discouraging people from selling. It’s another transfer of wealth from young people to older people.
- Demoralized - Tuesday, Feb 24, 26 @ 10:49 am:
==No meaningful property tax relief ever will.==
Because our schools are primarily funded with property taxes, any property tax reform is going to have to come with increased support from the state. But nobody wants to make that trade off because it would require increased income or other taxes at the state level. Those suggesting that schools should cut in amounts that would be required to be substantial as a result of this legislation aren’t being realistic. The majority of costs for schools are staffing. So, unless you want to decimate school staffing and/or cut teacher salaries you aren’t being realistic on what needs to be done in order to cut property taxes.
- Remember the Alamo II - Tuesday, Feb 24, 26 @ 11:22 am:
Sosnowski’s bills will never see the light of day. There are too many Democrats, especially those in the South Suburbs, that would be in quite the predicament in the event that this bill gets called to the floor for a vote.
- The Farm Grad - Tuesday, Feb 24, 26 @ 11:27 am:
How have lawmakers not sponsored a bill that would enable Dolton to restructure its debt.
Last week the Trib ran a story about a judge ordering Dolton to issue a 33M bond to pay a judgement. And the city says that would translate into an additional 700 dollars per property tax bill, in a municipality that’s already having trouble attracting newcomers because of high property tax bills.
And what spread would an investor demand to buy a bond with Dolton’s credit profile? Dolton could end up paying 12% interest
- Sox Fan - Tuesday, Feb 24, 26 @ 11:38 am:
Hopefully the true effects of that property tax legislation is carefully articulated. By limiting the legislation to properties that receive a homeowners exemption, it is effectively a shift of tax burden on to apartments (how do you think those owners are going to make up for lost revenue?) and commercial properties (who already pay 2.5X more in property tax than residential property in Cook County).
As articulated above, this legislation is similar to California’s system. My favorite anecdote to California’s similar property tax system is the Los Angeles country club. Because the property hasn’t technically changed ownership ever, their property tax is capped at around $300k. As vacant land, if it was paying tax on it’s true market value, the taxes would be approximately $60M.
- fs - Tuesday, Feb 24, 26 @ 11:42 am:
One problem with rate freezes, exemptions, etc, is that it just shifts the burden of property taxes from exempt properties to non exempt or lesser exempt properties. The real issue is the way our property tax system is structured. A taxing district dertimes the total amount that they are going to collect (the levy), and that amount is collected from all of the properties. So if one existing property is frozen in terms of value, taxes could still increase if the levy increases. And if you freeze how much that property has to pay, another property has to make up that difference if the levy is increased from one year to the next. The entire system is backwards, where the taxing district says how much they are to collect and the taxed citizens adjust to that; instead of the taxed citizens saying how much the agree to give and the taxing body adjusting their budget to that number.
- Joseph M - Tuesday, Feb 24, 26 @ 12:10 pm:
Other commenters have pointed out the obvious flaws with Sosnowski’s property tax reform bills (read: “homeowner handouts funded by Illinois’ future”) but I can’t overstate how bad of an idea they would be. If your goal is to destroy Illinois’ chances of growing and attracting young residents, then by all means, support those bills.
But if you actually want to expand the tax base, I’m happy to remind you that three other bills in Isabel’s post would help alleviate existing constraints on housing options: SB4064, HB5626, and SB4062.
Springfield can put a bandaid on residents’ wounds by capping property tax increases, or they can fix the root cause by clamping down on municipal micromanagement and expanding the housing supply. I’ll be watching to see if they make the right choice.
- JS Mill - Tuesday, Feb 24, 26 @ 12:24 pm:
=instead of the taxed citizens saying how much the agree to give and the taxing body adjusting their budget to that number.=
If that was the case you would have dirt roads and outhouses, no police or fire. Welcome to the pioneer days.
= No more automatic increases from inflation. But Illinos school districts have been creative in the past, what with voter approved bonding for new schools and repairs when you would have expected those items to come out of the normal taxes. As Rich has often said, money is fungible …=
Only PTELL districts get automatic/guaranteed increases. Only 39 Illinois counties are PTELL counties. This law would seemingly upend PTELL.
It would cripple schools. Period. There is no fungibling out of this unless the state also massively increased schools ability to borrow and left the bond rate unlimited which I highly doubt. Your debt capacity is tied to EAV. 6.9% for k-8 or 9-12 districts and 13.8% for unit districts. It doesn’t take much to get there if you have to build a school or do major renovations which will become more common since regular maintenance will get to expensive (already and issue for a lot of districts).
It will also slow or halt new construction since, as other have pointed out, the tax burden will shift to them.
And wait until suburban school let out at 1pm because they have to cancel electives and extracurricular classes. Lol.
Other than that it seems like a great idea. /s
- Southern Wind - Tuesday, Feb 24, 26 @ 1:24 pm:
Per Article !X of the State Consitution, property tax must be levied uniformly. It doesn’t seem very uniform to have my neighbor’s house assessed at 2008 values and mine at 2021 values.
- JS Mill - Tuesday, Feb 24, 26 @ 2:26 pm:
=and mine at 2021 values.=
Sue your county assessor.
- The Farm Grad - Tuesday, Feb 24, 26 @ 2:32 pm:
“Per Article !X of the State Consitution, property tax must be levied uniformly. It doesn’t seem very uniform to have my neighbor’s house assessed at 2008 values and mine at 2021 values. ”
Wouldn’t that be grounds to constitutionally challenge any sweetheart Bears property tax deal?
- Walker - Tuesday, Feb 24, 26 @ 2:50 pm:
J S Mill wins the day with “no fungibilizing out of it”
- Jibba - Tuesday, Feb 24, 26 @ 3:17 pm:
The granny flat bill is just too much. A 6 unit on a small lot by right is excessive. Perhaps allow a granny flat by right then allow individual cities to approve larger amounts? Local control here is key because not every city has the same issues. Some have too many rentals with attendant loss of quality of life for neighbors.
- Captain Obvious - Tuesday, Feb 24, 26 @ 3:27 pm:
Furthermore on the property tax bill, if we’re granting tax certainty to billionaires, it’s only right to grant the same level ofcertainty to all property owners.
- Dotnonymous x - Tuesday, Feb 24, 26 @ 4:48 pm:
- But I can see the other side of it because we don’t have any real control over our genes… -
Humans have considerable control over what affects our individual genetic expression…diet and exercise greatly influence what genes are “turned on”…nutritional deficiencies activate certain genes as well as consumption of tobacco or alcohol, for just two negative examples.