On February 16, 2023, the Illinois House introduced a bill titled the Small Business Truth in Lending Act. This proposed legislation, similar to statutes that have been enacted in other states, was written with the stated purpose of protecting small business owners from predatory lending through heightened disclosure requirements in commercial financing agreements. The bill sets forth disclosure requirements similar to that of the federal Truth In Lending Act, which applies primarily to consumer lending. And, speaking of consumer lending, the bill also (somewhat disjointly) could be read to create additional regulatory and rulemaking authority in the consumer-lending context. While…