Stava-Murray votes in favor of bill regulating buy-now-pay-later lenders in Illinois
Rep. Anne Stava-Murray (D-81st) supported SB3561 to establish regulations for buy-now-pay-later lenders in Illinois, as recorded during the 104th General Assembly on May 31, 2026. The legislation, according to the Illinois House, passed the chamber unanimously with a 116-0 vote.
The bill's official document describes it as the "BUY-NOW-PAY-LATER ACT."
The summary below draws from the bill text and may reflect interpretations to clarify its provisions.
SB3561 creates the Buy-Now-Pay-Later Loan Regulation Act, requiring such lenders in Illinois to register each year with the Department of Financial and Professional Regulation, pay $5,000 in initial and renewal fees, and supply comprehensive disclosures regarding loan details, APR, fees, repayment terms, credit reporting, dispute resolution, and refund rights. The act sets standards for responsible underwriting, fair handling of disputes and refunds, and clear posting of registration and complaint contact information. The secretary is authorized to investigate, issue subpoenas, review records, order cease-and-desist actions, impose civil penalties up to $10,000 per violation, and pursue injunctions. Any violation is considered an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act.
The official record for SB3561 indicates: 'Third Reading - Short Debate - Passed.'
Stava-Murray earned a bachelor's degree from Dartmouth College in 2008.
Stava-Murray, a Democrat, was first elected to the Illinois State House in 2019, representing the 81st District after succeeding David S. Olsen.
Legislation in Illinois moves through a multi-step legislative process that involves introduction in a chamber, committee review, debates on the floor, and votes in both the House and Senate, followed by the governor's approval or veto. The General Assembly operates on a biennial calendar, with thousands of bills introduced each session, though only a small share are enacted into law.