Rep. Diane Blair-Sherlock supports measure to oversee buy-now-pay-later lenders; SB3561 passes House 116-0

During the 104th General Assembly on May 31, 2026, Rep. Diane Blair-Sherlock (D-46th) supported SB3561 with a Yes vote, as reported by the Illinois House. The measure to regulate buy-now-pay-later lenders in Illinois passed the House by a unanimous 116-0 vote.

A summary of the bill's official text describes it as the "BUY-NOW-PAY-LATER ACT."

Here is an overview based on the bill’s language, with clarification for greater understanding.

Under the Buy-Now-Pay-Later Loan Regulation Act established by the bill, lenders offering buy-now-pay-later services in Illinois must annually register with the Department of Financial and Professional Regulation, pay a $5,000 fee for both new and renewed registrations, and provide borrowers with comprehensive disclosures about loan terms, APR, fees, repayment timelines, credit reporting, dispute processes, and refunds. The act calls for practical underwriting standards, fair resolution for disputes and refunds, and visible display of registration and complaints information. The secretary will have authority to investigate operations, subpoena records, inspect documentation, issue cease-and-desist directives, assess civil penalties up to $10,000 per infraction, and pursue court-ordered injunctions. Breaches would count as violations of the Consumer Fraud and Deceptive Business Practices Act.

The official record for SB3561 reads: 'Third Reading - Short Debate - Passed.'

Blair-Sherlock earned an Associate of Arts from College of DuPage in 1985, a Bachelor of Science from Northern Illinois University in 1987, and a Juris Doctor from John Marshall Law School in 1993.

A member of the Democratic Party, Blair-Sherlock began representing Illinois' 46th House District in 2023, following the tenure of former state representative Deborah Conroy.

In Illinois, bills go through a multi-step legislative process that starts in either the House or Senate, involves committee consideration, debates on the floor, and must be approved in both chambers before going to the governor for either signature or veto. The state legislature meets biennially and introduces thousands of bills every session, although only a select number become law.