Rep. Amy L. Grant listed as excused on SB3561, Illinois House passes buy-now-pay-later loan regulation bill
Rep. Amy L. Grant (R-47th) did not vote on SB3561, legislation targeting buy-now-pay-later lenders, during the 104th General Assembly on May 31, 2026, according to the Illinois House. The bill secured House approval with a 116-0 tally.
The bill text refers to the measure as: "BUY-NOW-PAY-LATER ACT."
Our summary below clarifies and interprets the language and intent of the bill.
This measure establishes the Buy-Now-Pay-Later Loan Regulation Act, mandating that buy-now-pay-later lenders in Illinois annually register with the Department of Financial and Professional Regulation, pay $5,000 for both initial and renewal applications, and provide comprehensive disclosures outlining loan terms, APR, fees, repayment schedules, credit reporting policies, dispute resolution rights, and refund information. The law also requires sound underwriting, fair processes for handling disputes and refunds, and prominent display of registration and complaint guidance. The secretary receives expanded authority to investigate, issue subpoenas, examine records, enforce cease-and-desist orders, impose civil penalties up to $10,000 for each violation, and request injunctions. Offenses under the act are considered violations of the Consumer Fraud and Deceptive Business Practices Act.
The legislative record for SB3561 lists its status as 'Third Reading - Short Debate - Passed'.
Grant earned her BS from the University of Pittsburgh in 1980.
Serving as a Republican, Grant was elected in 2023 to represent Illinois' 47th House District, succeeding Deanne Mazzochi.
Illinois measures advance through a multi-stage legislative process that starts with introduction in either chamber, includes committee consideration and floor debates, and requires passage in both the House and Senate before the governor can sign or veto legislation. Sessions operate on a two-year cycle; each session thousands of bills are introduced, yet only a minority are enacted into law.