Rep. Martha Deuter supports SB3561 establishing regulation for buy-now-pay-later loans
Rep. Martha Deuter (D-45th) cast a Yes vote on SB3561 during the 104th General Assembly on May 31, 2026; according to the Illinois House, the bill secured passage in the House by a 116-0 margin.
The legislation's official summary identifies it as the "BUY-NOW-PAY-LATER ACT."
Below is an analysis of the bill text, with interpretative elements to provide additional clarification of its sections.
This legislation creates the Buy-Now-Pay-Later Loan Regulation Act. It requires all buy-now-pay-later lenders operating in Illinois to annually register with the Department of Financial and Professional Regulation, pay $5,000 for both initial registration and annual renewal, and furnish thorough disclosures about loan terms, APR, fees, repayment plans, credit reporting, rights during disputes, and refund procedures. The act sets expectations for proper underwriting, transparent resolution and refund protocols, and mandates prominent display of registration and consumer complaint details. The secretary is empowered to conduct investigations, issue subpoenas, review records, enact cease-and-desist orders, levy civil penalties up to $10,000 per violation, and seek court injunctions. Violations will be deemed unlawful practices under the Consumer Fraud and Deceptive Business Practices Act.
The action recorded for SB3561 was: 'Third Reading - Short Debate - Passed'.
Deuter holds a BSW from Ohio University, graduating in 1995.
Elected in 2025, Deuter, a Democrat, represents Illinois' 45th House District, succeeding former state representative Jenn Ladisch Douglass.
Illinois utilizes a multi-step legislative process for bills, beginning with their introduction in the House or Senate. Following committee scrutiny, bills proceed to floor debates and voting in both chambers before being sent to the governor for a signature or veto. The General Assembly works on a biennial timeline, with many proposals introduced each session and only a portion making it through all legislative hurdles to become law.