Police say Ghebry Figueroa was driving the tour bus to a Michigan casino from Chicago on Sunday.
The Prospect Heights man now faces two felony counts of knowingly operating a motor vehicle with a revoked license and causing great bodily harm.
Figueroa made his first court appearance on Tuesday. ABC7's Green Bay affiliate reports that he has since been released from jail, posting a $5,000 bond after he was formally charged.
Green Bay police say there were 54 passengers on board, and the number of people injured in Sunday's crash has now risen to 41. They previously said two were critically injured.
One of the victims appeared in court on Tuesday, speaking on a video call from their hospital bed, saying, "He messed up my life."
Video obtained by ABC affiliate WBAY shows the charter bus speeding across four lanes of traffic before it went over an embankment and ultimately stopped between two warehouses off North Webster Avenue, near Interstate 43.
"It's like seeing a plane crash in front of you," said witness Scott Miller. "The bus literally went 120, 125 yards after it impacted the curb."
Video from witness Miller's dashcam was captured just as he approached the intersection. He says he was seconds away from being in the path of the bus.
"Thank goodness I wasn't about six seconds sooner. Things wouldn't have been good," Miller said.
Figueroa was arrested on the night of the crash.
Court documents revealed Figueroa's license was revoked and that he admitted on body camera that he did not have a valid license. He told officers that as he was taking the exit ramp, his brakes failed and he lost air. He said the emergency brakes also failed.
The complaint says Figueroa passed a field sobriety test and agreed to a breath test that came back "zero." The court also ordered Figueroa not to drive without a valid license.
If convicted on all counts, Figueroa faces a potential maximum sentence of seven years behind bars. He is due back in court on April 1.
Those with information on the crash are asked to call Green Bay police at (920) 448-3200. Those who want to remain anonymous can call Crime Stoppers at (920) 432-STOP (7867).