HB3469 (Gordon) – Banking – Small Business Loan Reporting
Requires banks to report their small business lending to the state. Specifically, each banking house, branch, branch bank, or branch office shall be required to report the number of loans made to small businesses. Small business often has trouble getting loans.

This bill will enable the state to know which banks are lending to small businesses, and which ones are not. Such data will help to determine future policies to encourage more banks to lend to small businesses.

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HB3469-Illinois Banking Act Loan Reporting

Section 5.
The Illinois Banking Act is amended by adding
Section 48.8 as follows:
(205 ILCS 5/48.8 new)

Sec. 48.8. Loan reporting.
(a) Beginning on January 1, 2012, a banking house, branch, branch bank, or branch office shall report to the Secretary the number of loans made to small businesses as defined in the Small Business Advisory Act.
(b) The Department of Financial and Professional Regulation shall adopt rules to implement this Section.

Section 99. Effective date.
This Act takes effect upon becoming law.