Measure creating “Small Business Truth in Lending Act” heads to Illinois House

A bill heading to the Illinois House that aims to provide financial lending protections for businesses is being criticized as being bad for business.  State Senator Christopher Belt’s measure would provide protections for small businesses when taking out a loan by requiring financial terms such as the amount financed, fees and the annual percentage rate be clearly disclosed.

State Senator Jason Plummer says there is a reason why small and medium business groups are opposed to the legislation.

Only two other states, California and New York, have enacted similar transparency laws.

Story from Illinois Radio Network