SPRINGFIELD – State Senator Laura Ellman is spearheading new legislation to modernize Illinois’ financial oversight laws and strengthen consumer protections through Senate Bill 3676.

“As technology and commerce evolve, our laws must keep pace,” said Ellman (D-Naperville). “This update would give our regulators the tools they need to oversee modern financial operations and ensure the marketplace remains fair and transparent for Illinois consumers.”

Senate Bill 3676 would modernize outdated statutory references, revise key definitions including “special purpose vehicle,” and ensure that all related fees and expenses are directed to the Financial Institutions Fund for proper regulatory oversight. The bill builds on Ellman’s history of supporting smart, modernized frameworks that balance innovation with accountability.

The proposed legislation would also advance the state’s progress toward a proactive and equitable financial system. By aligning Illinois’ framework with more recent regulatory acts and addressing gaps in agency authority, the measure ensures strong consumer protection at a time when federal oversight has weakened.

“Families and small businesses deserve confidence that lending and credit institutions are being held to fair standards,” Ellman said. “This bill is about keeping Illinois ahead of the curve and protecting consumers in a rapidly changing economy.”

Senate Bill 3676 passed the Senate Licensed Activities committee on Wednesday and heads to the full Senate for further consideration.