Belt measure to address financial disparities passes Senate

SPRINGFIELD – State Senator Christopher Belt advanced a measure out of the Senate that aims to identify and correct inequities some individuals face when seeking loans, mortgages or other financial services.

“We should be welcoming and encouraging residents to take the steps needed to buy a home or own a small business, not deter them through unfair lending practices,” said Belt (D-Swansea).  “This legislation will help combat those issues and empower individuals with the financial tools and resources necessary to thrive.”

Senate Bill 3235 builds off previous legislation that incentivizes state-regulated financial institutions to meet the financial service needs of areas where there is a lack of access to affordable banking, credit for small businesses, reasonable interest rates, mortgages and other lending services.

The measure would mandate the Illinois Department of Financial and Professional Regulation to conduct studies to identify areas in Illinois that show significant disparities in relation to race, ethnicity, gender and other protected characteristics in the area of financial services. Additionally, the bill would identify policies and procedures that may have discriminatory effects on underserved communities.

“This continues to show we are taking steps forward in ensuring economic equity and opportunity is attainable for everyone in the state,” said Belt. “No person should be left behind due to barriers to basic banking and credit services, and we will fight for that until it’s a reality.”

Senate Bill 3235 passed the Senate Thursday and now heads to the House.

Belt helps secure funding to address rural nursing shortage

EAST ST. LOUIS – To address the nursing shortage rural communities are currently facing, State Senator Christopher Belt helped secure $150,000 in funding for nursing student scholarships at McKendree University.

“In order to end the nursing shortage in smaller communities, we need to hone in on incentives and other investments that shine light on this career path,” said Belt (D-Swansea). “Nurses are essential in our hospitals, and we cannot afford to continue seeing declining numbers of them.”

The Illinois Board of Higher Education awarded a total of $150,000 through a nursing school grant to McKendree University. The grant was awarded through a competitive application process where institutions submitted enrollment, retention, completion and job placement rates of their students during a multi-year period and how grant funds would be used to enhance their program’s efforts to close equity gaps and improve student success.

Read more: Belt helps secure funding to address rural nursing shortage

Belt advances bill to address financial disparities in Illinois

SPRINGFIELD – State Senator Christopher Belt advanced a measure out of the Senate Executive Committee Wednesday that aims to identify and correct inequities some individuals face when seeking loans, mortgages or other financial services.

“Access to fair lending services, reasonable banking and other financial assistance is fundamental to economic development and stability,” said Belt (D-Swansea). “However, there are many communities across the state that face systemic barriers and disparities that hinder their ability to fully participate in the economy such as running a successful business or owning a home.”

Senate Bill 3235 builds off of previous legislation that incentivizes state-regulated financial institutions to meet the financial service needs of areas where there is a lack of access to affordable banking, credit for small businesses, reasonable interest rates, mortgages and other lending services.

Read more: Belt advances bill to address financial disparities in Illinois

Belt advances measure to enhance consumer protections for small businesses

SPRINGFIELD – State Senator Christopher Belt advanced a measure out of the Senate Financial Institutions Committee that would provide better financial protections for small businesses in the state.

“Our small businesses are what makes the community thrive, and it is essential that we provide them with the necessary tools and protections to thrive,” said Belt (D-Swansea). “With more transparency in lending practices, we are empowering small business owners and creating an equitable business environment.”

Senate Bill 2234 would create the Consumer Protections for Small Business Act, which would provide protections for small businesses when taking out a loan by requiring key financial terms such as the amount financed, fees and the annual percentage rate be clearly disclosed at the time an online or non-bank provider makes an offer for a loan.

“No small business should have to encounter predatory lending,” said Belt. “With this measure, we are safeguarding these businesses from unfair and deceptive practices, in turn creating more support and well-being for our state’s small business community.”

Senate Bill 2234 now awaits consideration before the Senate.