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Bill

HB 2191

REGULATION-TECH

104th Regular Session Introduced by Tony McCombie

HB 2191 creates state licensing and oversight requirements for Illinois fintech companies to establish consumer protections and regulatory clarity for digital financial services.

Rule 19(a) / Re-referred to Rules Committee
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Bill Summary · HB 2191

Legislative bill overview

HB 2191 establishes a regulatory framework for financial technology (fintech) companies operating in Illinois, creating licensing requirements and oversight mechanisms for non-bank financial service providers. The bill aims to modernize state regulations to address emerging digital financial services while maintaining consumer protections.

Why is this important

Fintech companies currently operate in regulatory gray areas, creating potential risks for consumers while limiting legitimate business growth. This bill clarifies which entities need state licenses, establishes baseline consumer protection standards, and generates revenue through licensing fees while positioning Illinois competitively in the fintech sector.

Potential points of contention

  • Regulatory burden on innovation: Licensing requirements and compliance costs could disadvantage smaller fintech startups, potentially favoring established companies with greater resources
  • Scope and definitions: Disagreement over which financial services should require licensing versus remaining unregulated may create implementation challenges and legal disputes
  • Federal vs. state jurisdiction: Tension between state-level requirements and existing federal fintech regulations could create duplicative or conflicting compliance obligations

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

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