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Bill

HB 3795

INS CD-FRAUD REPORTING

104th Regular Session Introduced by Anthony DeLuca and 1 co-sponsor

Illinois bill requiring insurance companies to report certificate of deposit fraud cases to authorities to combat consumer financial fraud.

Added Co-Sponsor Rep. Anthony DeLuca
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WeVote Research Nonpartisan
Bill Summary · HB 3795

Legislative bill overview

HB 3795 appears to establish or modify requirements for insurance companies to report cases of CD (certificate of deposit) fraud to relevant authorities. The bill, sponsored by Illinois Representatives Jeff Keicher and Anthony DeLuca, was filed in February 2025 and is currently in the Rules Committee stage of the legislative process.

Why is this important

CD fraud—where consumers are deceived into purchasing fraudulent or misrepresented certificates of deposit—can result in significant financial losses for victims who believe they're making secure investments. Mandatory reporting requirements can help law enforcement identify fraud patterns, protect consumers, and hold financial institutions accountable for oversight failures.

Potential points of contention

  • Regulatory burden on insurers: Insurance companies may argue that additional reporting requirements increase compliance costs and administrative overhead, potentially affecting premiums or service availability
  • Scope ambiguity: The bill's precise definition of "CD fraud" and which entities must report (insurance companies only, or broader financial institutions) could create confusion about compliance obligations
  • Consumer privacy concerns: Mandatory fraud reporting could raise questions about how personal information from fraud victims is handled, shared, and protected across agencies

Compiled from official sources — confirm details with the bill’s official record.

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