103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3483 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: See Index Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2024. LRB103 27826 BMS 54204 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3483 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: See Index See Index Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2024. LRB103 27826 BMS 54204 b LRB103 27826 BMS 54204 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3483 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
See Index See Index
See Index
Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2024.
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A BILL FOR
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1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Article 1. General Provisions
5 Section 1-1. Short title. This Act may be cited as the
6 Consumer Financial Protection Law.
7 Section 1-5. Definitions.
8 (a) As used in this Act:
9 "Affiliate" means any person that controls, is controlled
10 by, or is under common control with another person. For
11 purposes of this definition, "control" means the possession,
12 direct or indirect, of the power to direct or cause the
13 direction of the management and policies of a person.
14 "Confidential supervisory information" means that the
15 record or information is exempt from public disclosure under
16 any federal or State statute or rules and regulations
17 implementing federal or State statute.
18 "Consumer" means an individual; an agent, trustee, or
19 representative acting on behalf of an individual; or the
20 estate, trust, or joint trust of an individual, however
21 denominated.
22 "Covered employee" means any individual performing tasks
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3483 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
See Index See Index
See Index
Creates the Consumer Financial Protection Law. Creates the Financial Protection Fund. Sets forth provisions concerning findings and purpose, exemptions, administration of the provisions, funds, supervision, registration requirements, consumer protection, cybersecurity, anti-fraud and anti-money laundering, enforcement, procedures, and rulemaking. Defines terms. Makes conforming changes in the Freedom of Information Act and the State Finance Act. Changes the name of the Financial Institutions Code to the Financial Institutions Act. Sets forth additional powers and duties of the Division of Financial Institutions. Sets forth provisions concerning court orders, penalty of perjury, character and fitness of licensees, and consent orders and settlement agreements. Removes specified provisions. Defines terms. Makes other changes. Makes a conforming change in the Collection Agency Act. Amends the Currency Exchange Act, the Sales Finance Agency Act, the Debt Management Service Act, the Consumer Installment Loan Act, and the Debt Settlement Consumer Protection Act. Changes application, license, and examination fees. Effective January 1, 2024.
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A BILL FOR
See Index
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1 related to the offering or provision of a financial product or
2 service.
3 "Department" means the Department of Financial and
4 Professional Regulation.
5 "Division of Banking" means the Division of Banking within
6 the Department of Financial and Professional Regulation.
7 "Division of Financial Institutions" means the Division of
8 Financial Institutions within the Department of Financial and
9 Professional Regulation.
10 "Financial law" means a federal or Illinois law that
11 directly and specifically regulates the manner, content, or
12 terms and conditions of any financial transaction, or any
13 account, product, or service related thereto, with respect to
14 a consumer.
15 "Financial product or service" means any financial product
16 or financial service offered or provided by any person that is
17 regulated or required to be regulated by the Department or any
18 other financial product or service offered or sold to
19 consumers.
20 "Person" includes, without limitation, any individual,
21 corporation, business trust, estate, trust, partnership,
22 proprietorship, syndicate, limited liability company,
23 association, joint venture, government, governmental
24 subsection, agency, or instrumentality, public corporation or
25 joint stock company, any other organization, or legal or
26 commercial entity.
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1 "Regulated person" or "person regulated" means, to the
2 extent not preempted by federal law, any person that (1)
3 engages in offering or providing a financial product or
4 service to a resident of this State, (2) any affiliate of a
5 regulated person, (3) service providers, and (4) related
6 persons.
7 "Related person" means (1) any director, officer, or
8 employee charged with managerial responsibility for, or the
9 controlling shareholder of, or an agent for, a regulated
10 person; (2) any shareholder, consultant, joint venture
11 partner, or other person, as determined by the Department, by
12 rule or on a case-by-case basis, who materially participates
13 in the conduct of the affairs of a regulated person; and (3)
14 any independent contractor, including any attorney, appraiser,
15 or accountant, who knowingly or recklessly participates in any
16 (i) violation of any provision of law or regulation, or (ii)
17 breach of a fiduciary duty.
18 "Secretary" means the Secretary of Financial and
19 Professional Regulation and any authorized representative of
20 the Secretary.
21 "Service provider" means any person that provides a
22 material service to a regulated person in connection with the
23 offering or provision by that regulated person of a financial
24 product or service, including a person that either:
25 (1) Participates in designing, operating, or
26 maintaining the financial product or service.
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1 (2) Processes transactions relating to the financial
2 product or service, other than unknowingly or incidentally
3 transmitting or processing financial data in a manner in
4 which the data is undifferentiated from other types of
5 data of the same form as the person transmits or
6 processes.
7 "Service provider" does not include a person solely by
8 virtue of that person offering or providing to a regulated
9 person either:
10 (1) A support service of a type provided to businesses
11 generally or a similar ministerial service.
12 (2) Time or space for an advertisement for a financial
13 product or service through print, newspaper, or electronic
14 media.
15 (b) Whenever the terms "include", "including", or terms of
16 similar import appear in this Act, unless the context requires
17 otherwise, such terms shall not be construed to imply the
18 exclusion of any person, class, or thing not specifically
19 included.
20 (c) A reference in this Act to any other law or statute of
21 this State, or of any other jurisdiction, means such law or
22 statute as amended on the effective date of this Act, and
23 unless the context otherwise requires, as amended thereafter.
24 Section 1-10. Findings and purpose.
25 (a) The General Assembly finds and declares the following:
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1 (1) The lack of a dedicated financial services
2 regulator with broad authority over providers of financial
3 products and services has left the people of Illinois
4 vulnerable to abuse and forced Illinois businesses to
5 compete with unscrupulous providers. The victimization of
6 Illinois consumers, including those who lack a safety net
7 of personal or household financial resources, not only
8 harms individuals but also has broader social and economic
9 costs to the State, including increased caseloads for
10 social safety net programs. These problems become even
11 more acute in times of crisis, including disasters,
12 financial crises, and economic recessions. Therefore, the
13 General Assembly should enact statutory measures to
14 protect the people of Illinois from abuses in the
15 marketplace for financial products and services.
16 (2) Technological innovation offers great promise for
17 the more effective and efficient provision of financial
18 products and services to the people of Illinois but also
19 poses new risks to consumers and challenges to financial
20 services regulators and law enforcement in addressing
21 those risks. These challenges include, but are not limited
22 to, preventing regulatory arbitrage, maintaining effective
23 oversight of new providers of financial products and
24 services, promoting the stability of Illinois financial
25 institutions and the financial system, protecting the
26 confidentiality, integrity, and availability of
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1 information systems and consumer information stored on
2 those information systems, and guarding against fraud,
3 money laundering, terrorist financing, and other financial
4 crimes.
5 (3) Robust financial protections enable wealth
6 building and promote a vibrant economy. They are
7 especially important among various populations, including,
8 but not limited to, low-income and moderate-income
9 households, historically marginalized communities,
10 military service members, seniors, students, and new
11 residents of this State. Unfair, deceptive, or abusive
12 practices in the provision of financial products and
13 services undermine the public confidence that is essential
14 to the continued functioning of the financial system,
15 sound extensions of credit to consumers, and the
16 protection of consumers.
17 (4) It is the intent of the General Assembly to enact
18 this Act to strengthen financial protections by expanding
19 the ability of the Department of Financial and
20 Professional Regulation to improve accountability and
21 transparency in the Illinois financial system, provide
22 financial education, and protect Illinois persons from
23 abusive financial practices, while prioritizing the
24 prevention of unethical businesses from harming the most
25 vulnerable populations, including low-income and
26 moderate-income households, historically marginalized
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1 communities, military service members, seniors, students,
2 and new residents of this State.
3 (b) Among the purposes of this Act shall be the promotion
4 of general welfare, fair competition, and wealth creation in
5 this State, including by doing the following:
6 (1) Promoting nondiscriminatory access to responsible,
7 affordable credit on terms that reasonably reflect
8 consumers' ability to repay.
9 (2) Promoting nondiscriminatory access to financial
10 products and services that are understandable and not
11 unfair, deceptive, or abusive.
12 (3) Protecting Illinois persons from discrimination
13 and unfair, deceptive, and abusive acts and practices in
14 connection with financial practices and services.
15 (4) Promoting nondiscriminatory protective innovation
16 in financial products and services.
17 Section 1-15. Unlawful, unfair, deceptive, or abusive
18 acts.
19 (a) It is unlawful for a regulated person to do any of the
20 following:
21 (1) Engage, have engaged, or propose to engage in any
22 unlawful, unfair, deceptive, or abusive act or practice
23 with respect to financial products or services.
24 (2) Offer or provide to a consumer any financial
25 product or service not in conformity with any financial
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1 law or otherwise commit any act or omission in violation
2 of a financial law.
3 (3) Fail or refuse, as required by a financial law or
4 any rule or order issued by the Department under this Act,
5 to do any of the following:
6 (A) Permit the Department access to or copying of
7 records.
8 (B) Establish or maintain records.
9 (C) Make reports or provide information to the
10 Department.
11 (b) For any person who provides substantial assistance to
12 a regulated person in violation of subsection (a) or any rule
13 or order issued under that provision, the provider of that
14 substantial assistance shall be deemed to be in violation of
15 that provision, rule, or order to the same extent as the person
16 to whom that assistance is provided.
17 (c) Notwithstanding subsection (b), a person shall not be
18 held to have violated paragraph (1) of subsection (a) solely
19 by virtue of providing or selling advertising time or space to
20 a regulated person.
21 Section 1-20. Employee protection against retaliation.
22 (a) A regulated person shall not terminate or in any other
23 way discriminate or retaliate against, or cause to be
24 terminated or discriminated or retaliated against, any
25 employee or any authorized representative of covered employees
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1 by reason of the fact that the employee or representative,
2 whether at the initiative of the employee or in the ordinary
3 course of the duties of the employee, or any person acting
4 pursuant to a request of the employee, has either:
5 (1) Filed or instituted, or caused to be filed or
6 instituted, any proceeding under any financial law.
7 (2) Objected to, refused to participate in, or
8 reported to the Department any activity, policy, practice,
9 or assigned task that the employee or other such person
10 reasonably believed to be in violation of any law, rule,
11 order, standard, or prohibition, subject to the
12 jurisdiction of, or enforceable by, the Department.
13 (b) A violation of this Section is enforceable as a
14 violation of the Whistleblower Act.
15 (c) This Section does not restrict the remedies available
16 under this Act.
17 Section 1-25. Exemptions.
18 (a) This Act shall not apply to any financial product or
19 service for which registration, chartering, licensing, or any
20 other express authorization is required by any State agency or
21 department of State government, other than by the Department,
22 but only to the extent the financial product or service is
23 actually regulated for the purpose of consumer or investor
24 protection by such State agency or department of State
25 government.
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1 (b) Products or services shall not be exempt from this Act
2 solely because of the following:
3 (1) they are subject to other general laws or
4 regulations for the protection of consumers or investors;
5 (2) they are subject to the Motor Vehicle Retail
6 Installment Sales Act; or
7 (3) they are subject to the Retail Installment Sales
8 Act.
9 Article 5. Administration
10 Section 5-5. General powers and duties.
11 (a) The Department shall regulate the offering and
12 provision of financial products or services under Illinois
13 financial laws, unless exempt pursuant to Section 1-25. To the
14 extent permissible under federal financial laws, the
15 Department shall exercise nonexclusive oversight and
16 enforcement under the federal financial laws.
17 (b) The Department shall have the functions, powers, and
18 duties as are conferred by this Act, the Division of Banking
19 Act, the Financial Institutions Act, and any other law
20 relating to the Department. To the extent of any inconsistency
21 between functions, powers, and duties granted to the
22 Department in this Act and the Division of Banking Act, the
23 Financial Institutions Act, and any other law, this Act shall
24 control. The functions, powers, and duties granted to the
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1 Department in the Division of Banking Act, the Financial
2 Institutions Act, and any other law shall not be deemed as
3 inconsistent with this Act so long as they give more
4 protection to consumers or competition.
5 (c) The Department shall have the following functions,
6 powers, and duties in carrying out its responsibilities under
7 this Act and any other financial law under the jurisdiction of
8 or enforceable by the Department:
9 (1) to issue or refuse to issue any license,
10 registration, charter, certificate, or other
11 authorization;
12 (2) to revoke or suspend for cause any license,
13 registration, charter, certificate, or other
14 authorization;
15 (3) to keep records of all licenses, registrations,
16 charters, or other authorizations;
17 (4) to receive, consider, investigate, and act upon
18 complaints made by any person relating to a regulated
19 person;
20 (5) to prescribe the forms of and receive:
21 (A) applications for licenses, registrations,
22 charters, or other authorizations; and
23 (B) all reports and all books and records required
24 to be made by any regulated persons;
25 (6) to subpoena documents and witnesses and compel
26 their attendance and production, to administer oaths, and
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1 to require the production of any books, papers, or other
2 materials relevant to any inquiry authorized by this Act
3 or other financial law under the jurisdiction of or
4 enforceable by the Department;
5 (7) to issue orders against any person:
6 (A) if the Secretary has reasonable cause to
7 believe that an unsafe, unsound, or unlawful practice
8 has occurred, is occurring, or is about to occur;
9 (B) if any person has violated, is violating, or
10 is about to violate any law, rule, or written
11 agreement with the Secretary; or
12 (C) for the purpose of administering the
13 provisions of this Act or other financial law and any
14 rule adopted in accordance with this Act or other
15 financial law;
16 (8) to address any inquiries to any regulated person,
17 or the directors, officers, or employees of the regulated
18 person, in relation to the regulated person's activities
19 and conditions or any other matter connected with its
20 affairs, and it shall be the duty of any person so
21 addressed to promptly reply in writing to those inquiries;
22 the Secretary may also require reports from any regulated
23 person at any time the Secretary chooses;
24 (9) to examine the books and records of every
25 regulated person;
26 (10) to enforce the provisions of this Act and
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1 Illinois and federal financial laws under the jurisdiction
2 of or enforceable by the Department;
3 (11) to levy fees, fines, civil penalties, charges for
4 services, and assessments to defray operating expenses,
5 including direct and indirect costs, of administering this
6 Act and other financial laws under the jurisdiction of or
7 enforceable by the Department;
8 (12) to appoint examiners, supervisors, experts, and
9 special assistants as needed to effectively and
10 efficiently administer this Act and other financial laws
11 under the jurisdiction of or enforceable by the
12 Department;
13 (13) to conduct hearings for the purpose of carrying
14 out the purposes of this Act;
15 (14) to exercise visitorial power over a regulated
16 person;
17 (15) to enter into cooperative agreements with federal
18 and State regulatory authorities and to accept reports of
19 examinations from federal and State regulatory
20 authorities;
21 (16) to assign on an emergency basis an examiner or
22 examiners to monitor the affairs of a regulated person
23 with whatever frequency the Secretary determines
24 appropriate and to charge the regulated person for
25 reasonable and necessary expenses of the Secretary if in
26 the opinion of the Secretary an emergency exists or
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1 appears likely to occur;
2 (17) to impose civil penalties against a regulated
3 person for failing to respond to a regulatory request or
4 reporting requirement;
5 (18) to conduct investigations, market surveillance,
6 and research, studies, and analyses of matters affecting
7 the interests of users of financial products and services;
8 (19) to protect users of financial products and
9 services, including by:
10 (A) initiating and encouraging consumer and
11 investor financial education programs and
12 disseminating materials to educate users of financial
13 products and services;
14 (B) developing and implementing outreach and
15 education programs to underserved consumers,
16 investors, and communities;
17 (C) providing technical assistance to federal
18 regulatory agencies, other State agencies or
19 departments of State government, units of local
20 government, law enforcement, and not-for-profits in
21 the development of consumer and investor protection
22 measures with respect to financial products and
23 services;
24 (D) continuing and expanding the detection,
25 investigation, and prevention of fraud, money
26 laundering, terrorist financing, and other financial
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1 crimes; and
2 (E) taking such actions as the Secretary deems
3 necessary to educate and protect users of financial
4 products and services;
5 (20) to develop and implement initiatives and programs
6 to promote innovation, competition, and access to
7 financial products and services; and
8 (21) to perform any other lawful acts necessary or
9 desirable to carry out the purposes and provisions of this
10 Act and other financial laws.
11 (d) The Department is authorized and encouraged to share
12 any information obtained pursuant to this Act or any other law
13 under the jurisdiction of or enforceable by the Department
14 with law enforcement officials or other regulatory agencies.
15 (e) The Secretary may establish such divisions, bureaus,
16 and other units within the Department as may be necessary for
17 the administration of the financial laws, and the proper
18 exercise of his or her powers and the performance of his or her
19 duties under those laws, and may, from time to time,
20 reorganize, consolidate, or abolish such divisions, bureaus,
21 or other units within the Department. Notwithstanding any
22 inconsistent provision of law, the Secretary may determine the
23 official functions of each division, bureau, or other unit
24 within the Department. Except as may be otherwise provided by
25 the Civil Administrative Code of Illinois, the Personnel Code,
26 or other applicable law, there shall be a head of each
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1 division, bureau, or other unit to be appointed by the
2 Secretary, who shall serve at the pleasure of the Secretary.
3 Section 5-10. Funds.
4 (a) All moneys collected or received by the Department
5 under this Act shall be deposited into the Financial
6 Protection Fund, which is hereby created. The amounts
7 deposited into the Financial Protection Fund shall be used for
8 the ordinary and contingent expenses of the Department in
9 administering this Act and other financial laws; nothing in
10 this Act shall prevent the continuation of the practice of
11 paying expenses involving salaries, retirement, social
12 security, and State-paid insurance of State officers and
13 employees by appropriation from the General Revenue Fund or
14 any other fund. Moneys deposited into the Financial Protection
15 Fund may be transferred to the Professions Indirect Cost Fund
16 or any other Department fund.
17 (b) The Department may set and collect an annual or
18 quarterly assessment fee for each person required to register
19 pursuant to Section 10-5, which may be scaled based on the size
20 or market participation of the person. The assessment fee
21 shall be limited to the reasonable regulatory costs under this
22 Act incident to issuing registrations and performing
23 investigations, inspections, examinations, audits, and
24 supervisory activities; and the administrative enforcement and
25 adjudication of the Department with respect to registrants.
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1 The regulatory costs for the administrative enforcement of
2 this Act are for the purposes of protecting consumers against
3 unfair, deceptive, or abusive acts or practices in connection
4 with any transaction involving the provision of financial
5 products and services in this State; protecting registrants
6 against unfair competition; improving accountability and
7 transparency; and ensuring equitable enforcement of the
8 financial laws. The cost of every inspection and examination
9 of a regulated person conducted under the authority of this
10 Act shall be paid to the Department by the regulated person
11 examined and the Department may maintain an action for
12 recovery of those costs in any court of competent
13 jurisdiction. Nothing in this subsection shall alter or
14 supersede the requirements for the cost of an examination
15 conducted under the authority of any other law administered by
16 the Department.
17 (c) For each fiscal year commencing on or after the
18 effective date of this Act, assessments to defray operating
19 expenses, including all direct and indirect costs, of the
20 Department in administering the financial laws, except
21 expenses incurred in the administration of the Illinois
22 Banking Act, the Savings Bank Act, the Corporate Fiduciary
23 Act, and the Illinois Credit Union Act, may be assessed by the
24 Department in accordance with this subsection. The Department
25 may adopt rules to set and collect annual or quarterly
26 assessment fees to defray operating expenses of administering
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1 each financial law, which shall be borne by and assessed
2 against the person regulated by each financial law, and which
3 may be scaled based on the size or market participation of such
4 regulated persons. Nothing in this subsection shall limit the
5 existing authority of the Department to levy fees, fines,
6 civil penalties, charges, and assessments under other
7 financial laws.
8 (d) Fees and assessments paid pursuant to this Section are
9 nonrefundable.
10 Article 10. Supervision
11 Section 10-5. Registration requirements.
12 (a) The Department may adopt rules regarding registration
13 requirements applicable to a regulated person engaged in the
14 business of offering or providing a financial product or
15 service, including, but not limited to, requiring a filing to
16 be made under oath and requiring the payment of assessment
17 fees. The Department may require registration through the
18 Nationwide Multistate Licensing System and Registry or a
19 provider of another multi-state licensing system.
20 (b) Notwithstanding subsection (a), the Department shall
21 not require the registration by any of the following:
22 (1) A regulated person who is regulated by the
23 Department under another law and who is providing a
24 financial product or service within the scope of that
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1 other law.
2 (2) A regulated person who is licensed or registered
3 by another State agency or department of State government,
4 other than the Department, unless the regulated person is
5 offering or providing a financial product or service that
6 is not regulated by the other agency.
7 (c) The following procedures apply to the oversight of
8 persons required to register under subsection (a):
9 (1) The Department may adopt rules to facilitate
10 oversight of regulated persons and assessment and
11 detection of risks to consumers.
12 (2) The Department may require a regulated person to
13 generate, provide, or retain records for the purposes of
14 facilitating oversight of those persons and assessing and
15 detecting risks to consumers.
16 (3) The Department may adopt rules regarding a
17 regulated person to ensure that such persons are
18 legitimate entities and are able to perform their
19 obligations to consumers. Such rules may include
20 background checks for principals, officers, directors, or
21 key personnel and bonding or other appropriate financial
22 and safety and soundness requirements.
23 Section 10-10. Consumer protection.
24 (a) The Department may adopt rules applicable to any
25 regulated person identifying as unlawful, unfair, deceptive,
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1 or abusive acts or practices in connection with any
2 transaction for a financial product or service, or the
3 offering of a financial product or service. Rules adopted
4 pursuant to this subsection may include requirements for the
5 purpose of preventing those acts or practices.
6 (b) The Department may adopt rules applicable to any
7 regulated person to ensure that the features of any financial
8 product or service, both initially and over the term of the
9 product or service, are fully, accurately, and effectively
10 disclosed to persons in a manner that permits persons to
11 understand the costs, benefits, and risks associated with the
12 product or service in light of the facts and circumstances.
13 (c) In conducting any monitoring, regulatory, or
14 supervision activity, the Department may gather information
15 from time to time regarding the organization, business
16 conduct, markets, and activities of any regulated person.
17 (d) The Department may require any regulated person to
18 file with the Department, under oath or otherwise, in a form
19 and within a reasonable period of time as the Department may
20 order, annual reports, special reports, or answers in writing
21 to specific questions, as necessary for the Department to
22 fulfill its monitoring, regulatory, supervision, and reporting
23 responsibilities.
24 (e) To clarify the applicability of State credit cost
25 limitations, including rate and fee caps, to the offering and
26 provision of financial products and services by a regulated
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1 person, the Department may interpret and implement, including
2 to prevent evasion, all Illinois credit cost provisions as to
3 their applicability to financial products and services.
4 Nothing in this subsection (e) shall be construed to give the
5 Department authority to establish a usury limit applicable to
6 an extension of credit offered or made by a regulated person to
7 a person except as otherwise provided for by law.
8 Section 10-15. Cybersecurity.
9 (a) Each entity covered by this Section shall maintain a
10 cybersecurity program that is consistent with any applicable
11 federal and State laws and any rules adopted by the
12 Department. It is unlawful for a covered entity to fail to
13 comply with any requirement of this Section or any rule
14 adopted by the Department. At a minimum, and subject to any
15 rules adopted by the Department, each covered entity shall:
16 (1) Maintain a cybersecurity program designed to
17 protect the confidentiality, integrity, and availability
18 of the covered entity's information systems and nonpublic
19 information stored on those information systems.
20 (2) Implement and maintain a written policy or
21 policies, approved at least annually by a senior officer
22 or the covered entity's board of directors, an appropriate
23 committee thereof, or an equivalent governing body,
24 setting forth the covered entity's policies and procedures
25 for the protection of its information systems and
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1 nonpublic information stored on those information systems.
2 (3) Designate a qualified individual responsible for
3 overseeing and implementing the covered entity's
4 cybersecurity program and enforcing its cybersecurity
5 policy or policies. The individual must have adequate
6 authority to ensure cybersecurity risks are appropriately
7 managed, including the ability to direct sufficient
8 resources to implement and maintain a cybersecurity
9 program. The individual may be employed by the covered
10 entity, one of its affiliates, or a service provider.
11 (b) To assist in carrying out this Section, the Department
12 may adopt rules to define terms used in this Section and to
13 establish specific requirements for the cybersecurity program
14 required by subsection (a), including, but not limited to,
15 rules related to:
16 (1) penetration testing and vulnerability assessment;
17 (2) audit trails;
18 (3) access privileges;
19 (4) application security;
20 (5) risk assessment;
21 (6) cybersecurity personnel and intelligence;
22 (7) affiliates and service providers;
23 (8) authentication;
24 (9) data retention;
25 (10) training and monitoring;
26 (11) encryption;
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1 (12) incident response;
2 (13) notice of cybersecurity events; and
3 (14) any other requirement necessary and appropriate
4 for the protection of consumers, for the safety and
5 soundness of the covered entity, or to effectuate the
6 purposes of this Section.
7 (c) Each covered entity shall notify the Department
8 electronically as promptly as possible but in no event later
9 than 72 hours after a determination that a cybersecurity event
10 has occurred that is any of the following:
11 (1) cybersecurity events impacting the covered entity
12 of which notice is required to be provided to any
13 government body, self-regulatory agency, or any other
14 supervisory body;
15 (2) cybersecurity events that have a reasonable
16 likelihood of materially harming, disrupting, or degrading
17 any material part of the normal operations of the covered
18 entity;
19 (3) cybersecurity events where an unauthorized user
20 has gained access to a privileged account;
21 (4) cybersecurity events that resulted in the
22 deployment of ransomware within a material part of the
23 covered entity's information system; or
24 (5) other cybersecurity events as defined by the
25 Department by rule.
26 Within a reasonable period of time as the Department may
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1 adopt by rule or by order, each covered entity shall provide
2 the Department electronically any information requested
3 regarding the investigation of the cybersecurity event.
4 Covered entities shall have a continuing obligation to update
5 and supplement the information provided.
6 (d) As used in this Section, "covered entity" or "entity
7 covered by this Section" means a regulated person that is not
8 an individual who is operating under or required to operate
9 under a license, registration, charter, certificate, or other
10 authorization under a financial law administered by the
11 Department.
12 Section 10-20. Anti-fraud and anti-money laundering.
13 (a) It is unlawful for a regulated person to do any of the
14 following:
15 (1) Commit any fraud or misrepresentation with respect
16 to a financial product or service or involving any person
17 offering to provide or providing financial products or
18 services.
19 (2) Fail to establish and maintain a program to guard
20 against fraud, scams, and unauthorized transactions
21 against consumers involving the regulated person's
22 financial products or services, consistent with any
23 applicable federal and State laws and any rules adopted by
24 the Department.
25 Nothing in this subsection shall affect the construction
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1 or interpretation of the term "fraud" as it is used in any
2 other provision of State law.
3 (b) In order to guard against money laundering and
4 terrorist financing, entities covered by this subsection shall
5 establish and maintain an anti-money laundering and countering
6 the financing of terrorism program that complies with
7 applicable federal anti-money laundering laws and regulations.
8 Each covered entity shall also comply with applicable federal
9 regulations issued by the Office of Foreign Assets Control of
10 the United States Department of the Treasury, 31 CFR Part 500.
11 It is unlawful for a covered entity to fail to comply with any
12 requirement of this subsection or any rule adopted by the
13 Department. As used in this subsection, "covered entity" or
14 "entity covered by this subsection" means a bank, credit
15 union, money transmitter, or other person regulated by the
16 Department that is subject to applicable federal anti-money
17 laundering laws, 31 U.S.C. Chapter 53, Subchapter II.
18 (c) Whenever the Department is satisfied that a violation
19 subject to this Section or other criminal activity under the
20 financial laws has been committed or attempted, the Department
21 shall report any such violation of law, as the Department
22 deems appropriate, to the relevant law enforcement or
23 regulatory agencies, the Attorney General, or the State's
24 Attorney of the county in which any such violation occurs.
25 Article 15. Enforcement
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1 Section 15-5. Subpoena and investigatory powers.
2 (a) The Department, by its Secretary or a person
3 designated by him or her, is empowered, at any time during the
4 course of any investigation, examination, or hearing conducted
5 pursuant to this Act to administer oaths, subpoena witnesses,
6 take evidence, and compel the production of any books, papers,
7 records, or any other documents that the Secretary or a person
8 designated by him or her deems relevant or material to any such
9 investigation, examination, or hearing conducted by the
10 Department, with the same fees and mileage and in the same
11 manner as prescribed by law in judicial proceedings in civil
12 cases in circuit courts of this State.
13 (b) The Secretary may require regulated persons to file
14 written reports or written answers to questions.
15 (c) Any person who, without lawful authority, fails to
16 appear in response to a subpoena or to answer any question or
17 produce any books, papers, records, or any other documents
18 relevant or material to the investigation or hearing is guilty
19 of a Class A misdemeanor. Each violation shall constitute a
20 separate and distinct offense.
21 (d) In addition to initiating criminal proceedings through
22 referral, the Department, through the Attorney General or
23 State's Attorney of the county in which any such violation
24 occurs, may seek civil enforcement of any such subpoena by any
25 circuit court of this State.
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1 Section 15-10. Enforcement powers.
2 (a) The Department may take any action authorized by this
3 law against a regulated person who engages, has engaged, or
4 proposes to engage in unfair, deceptive, or abusive practices
5 with respect to consumer financial products or services.
6 (b) The Department may take any action authorized by this
7 law against a regulated person for any violation of this Act or
8 any financial law applicable to such regulated person or for
9 any unsafe, unsound, or unlawful practice by such regulated
10 person. Violations of this Act by a regulated person
11 constitute both a violation of this Act and a violation of the
12 financial law under which such regulated person is licensed,
13 registered, chartered, authorized, or otherwise regulated by
14 the Department.
15 (c) Relief under this Section may include, but is not
16 limited to, any of the following:
17 (1) Rescission or reformation of contracts.
18 (2) Refund of moneys or return of real property.
19 (3) Restitution.
20 (4) Disgorgement or compensation for unjust
21 enrichment, with any disgorged amounts returned to the
22 affected consumers, to the extent practicable.
23 (5) Payment of damages or other monetary relief.
24 (6) Public notification regarding the violation,
25 including the costs of notification.
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1 (7) Limits on the activities or functions of the
2 person.
3 (8) Monetary penalties, as set forth in subsection
4 (d).
5 (d) In any administrative action brought pursuant to this
6 Act, the following penalties shall apply:
7 (1) Any person that violates, through any act or
8 omission, any provision of this Act shall forfeit and pay
9 a penalty pursuant to this subsection.
10 (A) The penalty amounts are as follows:
11 (i) For any violation of this Act or a rule,
12 order, or condition imposed in writing by the
13 Department, a penalty may not exceed the greater
14 of $5,000 for each day during which the violation
15 or failure to pay continues or $2,500 for each act
16 or omission in violation.
17 (ii) Notwithstanding subdivision (i), for any
18 reckless violation by a person of this Act or a
19 rule, order, or condition imposed by the
20 Department, a penalty may not exceed the greater
21 of $25,000 for each day during which the violation
22 continues or $10,000 for each act or omission in
23 violation.
24 (iii) Notwithstanding subdivision (i) or (ii),
25 for any knowing violation by a person of this Act
26 or a rule, order, or condition imposed by the
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1 Department, a penalty may not exceed the lesser of
2 1% of the person's total assets, $1,000,000 for
3 each day during which the violation continues, or
4 $25,000 for each act or omission in violation.
5 (B) In determining the amount of any penalty
6 assessed under this Act, the Department shall take
7 into account mitigating factors and the
8 appropriateness of the penalty with respect to all of
9 the following:
10 (i) The amount of financial resources of the
11 person charged.
12 (ii) The good faith of the person charged.
13 (iii) The gravity of the violation.
14 (iv) The severity of the risks to or losses of
15 the consumer, which may take into account the
16 number of products or services sold or provided.
17 (v) The history of previous violations.
18 (vi) Other facts and circumstances as justice
19 may require.
20 (2) The Department may compromise, modify, or remit
21 any penalty that may be assessed or has already been
22 assessed.
23 (3) Penalties may be imposed to deter future
24 violations by the regulated person or other regulated
25 persons.
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1 Section 15-15. Civil actions.
2 (a) If a person violates any provision of this Act, or a
3 rule, order, or condition imposed in writing by the
4 Department, the Department through the Attorney General or the
5 State's Attorney of the county in which any such violation
6 occurs may bring an action in the circuit court to enjoin the
7 acts or practices or to enforce compliance with this Act or any
8 rule or order adopted pursuant to this Act. Upon a proper
9 showing, a permanent or preliminary injunction, restraining
10 order, or writ of mandate shall be granted and a receiver,
11 monitor, conservator, or other designated fiduciary or officer
12 of the court may be appointed for the defendant or the
13 defendant's assets, or any other ancillary relief may be
14 granted as appropriate. A receiver, monitor, conservator, or
15 other designated fiduciary or officer of the court appointed
16 by the circuit court pursuant to this Section may, with the
17 approval of the court, exercise any or all of the powers of the
18 defendant's officers, directors, partners, trustees, or
19 persons who exercise similar powers and perform similar
20 duties, including the filing of a petition for bankruptcy. No
21 action at law or in equity may be maintained by any party
22 against the Secretary, a receiver, monitor, conservator, or
23 other designated fiduciary or officer of the court, by reason
24 of their exercising these powers or performing these duties
25 pursuant to the order of, or with the approval of, the circuit
26 court.
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1 (b) The Secretary may include in any action relief
2 authorized by Section 15-10. The circuit court shall have
3 jurisdiction to award additional relief.
4 (c) In any action brought by the Department, the
5 Department may recover its costs and attorney's fees in
6 connection with prosecuting the action if the Department is
7 the prevailing party in the action.
8 Section 15-20. Limitations on actions.
9 (a) Except as otherwise permitted by law or equity,
10 including provisions under any financial law, no civil action
11 may be brought under this Act more than 5 years after the date
12 of discovery of the violation to which an action relates.
13 (b) In any action arising solely under an Illinois or
14 federal financial law:
15 (1) The limitations period under that financial law
16 shall apply, and not the period under subsection (a).
17 (2) The Department may commence, defend, or intervene
18 in the action in accordance with the requirements of that
19 provision of law, as applicable.
20 Section 15-25. Hearings and adjudication proceedings.
21 (a) The Department may conduct hearings and adjudication
22 proceedings with respect to any person in order to ensure or
23 enforce compliance with the following:
24 (1) The provisions of this Act, including any rule,
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1 order, or condition imposed by the Department under this
2 Act.
3 (2) Any other law that the Department is authorized to
4 enforce and any rules, regulations, or orders adopted
5 pursuant to that law, unless that law specifically limits
6 the Department from conducting a hearing or adjudication
7 proceeding and only to the extent of that limitation.
8 (b) All hearings provided for in this Act shall be
9 conducted in accordance with 38 Ill. Adm. Code 100 and the
10 Secretary shall have all the powers granted therein.
11 (c) The Department may, by order, assess penalties under
12 subsection (d) of Section 15-10. If that person fails to file a
13 written request for a hearing within 30 days after the date of
14 service of the order, the order shall be deemed a final order
15 of the Secretary.
16 (d)(1) If, in the opinion of the Department, any person
17 engages, has engaged, or proposes to engage in any activity
18 prohibited by Sections 1-15 or 1-20, any unsafe, unsound, or
19 unlawful practice, or any activity, act, practice, or course
20 of business that violates a law, rule, order, or any condition
21 imposed in writing on the person by the Department, the
22 Department may issue an order directing the person to cease
23 and desist and refrain from engaging in the activity, act,
24 practice, or course of business.
25 (2) If that person fails to file a written request for
26 a hearing within 30 days after the date of service of the
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1 order, the order shall be deemed a final order of the
2 Secretary.
3 (e) If any person engages, has engaged, or proposes to
4 engage in any activity prohibited by Sections 1-15 or 1-20,
5 any unsafe, unsound, or unlawful practice, or any activity,
6 act, practice, or course of business that violates a law,
7 rule, order, or any condition imposed in writing on the person
8 by the Department, the Department may include in any
9 administrative action authorized under this Section a claim
10 for ancillary relief as set forth in subsection (c) of Section
11 15-10. The court shall have jurisdiction to award additional
12 relief.
13 (f) If, in the opinion of the Department, any regulated
14 person engages, has engaged, or proposes to engage in any
15 unsafe, unsound, or unlawful practice or any activity, act,
16 practice, or course of business that violates a law, rule,
17 order, or any condition imposed in writing on the person by the
18 Department, the Department may, after notice and an
19 opportunity for a hearing, suspend or revoke the license or
20 registration of the regulated person. If that person fails to
21 file a written request for a hearing within 30 days after the
22 date of service of the order, the order shall be deemed a final
23 order of the Secretary.
24 (g) An order of the Department shall be served upon every
25 person or corporation to be affected thereby by personal
26 delivery of a copy of the order by mail, or, at the discretion
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1 of the Department, by electronic means to an email address
2 specified by the person or corporation with the Department.
3 Mailing in the United States mail as herein provided shall
4 constitute service without additional proof of a receipt of
5 such copy or copies of such order.
6 (h) After the exhaustion of the review procedures provided
7 for in this Section, the Secretary may apply to the
8 appropriate circuit court for an order compelling the cited
9 person to comply with the orders of the Secretary.
10 (1) The application shall include a copy of the final
11 order of the Secretary.
12 (2) Upon the filing of the application, the circuit
13 court shall set a date for a hearing for an order to show
14 cause why judgment should not be entered, which shall be
15 set not less than 30 calendar days after the date the
16 application is filed.
17 (3) The Secretary shall serve a copy of the
18 application and final order along with notice of the
19 hearing to all entities or persons cited in the order
20 against whom a civil judgment is sought not less than 15
21 calendar days before the date set for the hearing. Service
22 of the application shall be pursuant to the methods
23 specified by Part 2 of the Civil Practice Law for service
24 of summons.
25 (4) The court shall consider the filing of a copy of
26 the final order of the Secretary and the proof of service
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1 of the application and notice of the hearing on the
2 persons or entities against whom the judgment is sought as
3 a sufficient prima facie showing to warrant the issuance
4 of the civil judgment and order at the hearing. The
5 respondent bears the burden of showing by affirmative
6 evidence at the hearing why the order of the Secretary is
7 not final or why the timely notice of application and
8 hearing was not provided to avoid judgment being entered
9 by the circuit court.
10 (5) The respondent shall not be allowed to raise any
11 defenses or present any evidence at the hearing, an
12 appeal, or writ from such proceedings on the application
13 that had been or could have been raised by the respondent
14 at an administrative hearing to challenge the Secretary's
15 order.
16 (6) The judgment issued pursuant to paragraph (4) of
17 this subsection may be for injunctive relief or payment of
18 ancillary relief or penalties. The judgment may be
19 enforced by the court pursuant to the procedures
20 authorized for any other civil judgment.
21 Section 15-30. Hearing rules.
22 (a) The Department may, in accordance with the Illinois
23 Administrative Procedure Act, adopt rules to provide for
24 review within the Department of the Secretary's decisions
25 affecting the rights of persons or entities under this Act.
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1 The review shall provide for, at a minimum:
2 (1) appointment of a hearing officer;
3 (2) appropriate procedural rules, specific deadlines
4 for filings, and standards of evidence and of proof; and
5 (3) provision for apportioning costs among parties to
6 the appeal.
7 (b) All final administrative decisions of the Department
8 under this Act, all amendments and modifications of final
9 administrative decisions, and any rules adopted by the
10 Department pursuant to this Act shall be subject to judicial
11 review pursuant to the provisions of the Administrative Review
12 Law.
13 Section 15-35. No construed restrictions on Secretary or
14 other officials.
15 (a) Nothing in this Act shall be construed to restrict the
16 exercise of powers or the performance of the duties of the
17 Secretary that he or she is authorized to exercise or perform
18 by another law.
19 (b) Nothing in this Act shall be construed to restrict the
20 exercise of powers or the performance of the duties of the
21 Attorney General or any other governmental official that he or
22 she is authorized to exercise or perform by law.
23 Article 20. Additional Procedural Provisions
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1 Section 20-5. Confidential supervisory information.
2 (a) Information or documents obtained by employees,
3 agents, or representatives of the Department in the course of
4 any examination, investigation, audit, visit, registration,
5 certification, review, licensing, investigation, or any other
6 regulatory activity pursuant this Act and any record prepared
7 or obtained by the Department to the extent that the record
8 summarizes or contains information derived from any report,
9 document, or record described in this Section shall, unless
10 made a matter of public record, be deemed confidential and not
11 subject to disclosure under the Freedom of Information Act,
12 and only subject to disclosure pursuant to subpoena or court
13 order as provided in subsection (e).
14 (b) All records of communications or summaries of
15 communications between employees, agents, or representatives
16 of the Department and employees, agents, or representatives of
17 other governmental agencies, a provider of any multi-state
18 licensing system, or associations or organizations
19 representing federal, State, or local law enforcement or
20 regulatory agencies or providers of any multi-state licensing
21 system, pursuant to any regulatory or supervision activity
22 under this Act and any other financial law under the
23 jurisdiction of or enforceable by the Department, are
24 confidential to the extent they contain confidential
25 supervisory information and not subject to disclosure under
26 the Freedom of Information Act.
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1 (c) All confidential supervisory information received from
2 other governmental agencies, a multi-state licensing system
3 provider, or associations or organizations consisting of
4 employees, agents, or representatives of such agencies or
5 providers, shall not be subject to disclosure under the
6 Freedom of Information Act, and only subject to disclosure
7 pursuant to subpoena or court order as provided in subsection
8 (e).
9 (d) The sharing of any confidential supervisory
10 information under this Act with governmental agencies,
11 providers of any multi-state licensing system, or associations
12 or organizations consisting of employees, agents, or
13 representatives of such federal, State, or local law
14 enforcement or regulatory agencies, shall not result in the
15 loss of privilege arising under federal or State law, or the
16 loss of confidentiality protections provided by federal law or
17 State law, and are only subject to disclosure pursuant to
18 subpoena or court order as provided in subsection (e).
19 (e) Confidential supervisory information may not be
20 disclosed to anyone other than the regulated person, law
21 enforcement officials or other regulatory agencies that have
22 an appropriate regulatory interest as determined by the
23 Secretary, or to a party presenting a lawful subpoena, order,
24 or other judicial or administrative process to the Secretary.
25 The Secretary may immediately appeal to the court of
26 jurisdiction the disclosure of such confidential supervisory
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1 information and seek a stay of the subpoena pending the
2 outcome of the appeal. Reports required of regulated persons
3 by the Secretary under this Act and results of examinations
4 performed by the Secretary under this Act shall be the
5 property of only the Secretary but may be shared with the
6 regulated person. Access under this Act to the books and
7 records of each regulated person shall be limited to the
8 Secretary and his or her agents as provided in this Act and to
9 the regulated person and its authorized agents and designees.
10 No other person shall have access to the books and records of a
11 regulated person under this Act. Any person upon whom a demand
12 for production of confidential supervisory information is
13 made, whether by subpoena, order, or other judicial or
14 administrative process, must withhold production of the
15 confidential supervisory information and must notify the
16 Secretary of the demand, at which time the Secretary is
17 authorized to intervene for the purpose of enforcing the
18 limitations of this Section or seeking the withdrawal or
19 termination of the attempt to compel production of the
20 confidential supervisory information. The Secretary may impose
21 any conditions and limitations on the disclosure of
22 confidential supervisory information that are necessary to
23 protect the confidentiality of such information. Except as
24 authorized by the Secretary, no person obtaining access to
25 confidential supervisory information may make a copy of the
26 confidential supervisory information. The Secretary may
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1 condition a decision to disclose confidential supervisory
2 information on entry of a protective order by the court or
3 administrative tribunal presiding in the particular case or on
4 a written agreement of confidentiality. In a case in which a
5 protective order or agreement has already been entered between
6 parties other than the Secretary, the Secretary may
7 nevertheless condition approval for release of confidential
8 supervisory information upon the inclusion of additional or
9 amended provisions in the protective order. The Secretary may
10 authorize a party who obtained the records for use in one case
11 to provide them to another party in another case, subject to
12 any conditions that the Secretary may impose on either or both
13 parties. The requester shall promptly notify other parties to
14 a case of the release of confidential supervisory information
15 obtained and, upon entry of a protective order, shall provide
16 copies of confidential supervisory information to the other
17 parties.
18 (f) The Secretary is authorized to enter agreements or
19 sharing arrangements with other governmental agencies,
20 providers of any multi-state licensing system, or associations
21 or organizations representing governmental agencies or
22 providers of any multi-state licensing system. Notwithstanding
23 the foregoing, the provisions of this Section shall apply
24 regardless of the existence of any such agreement or sharing
25 arrangement.
26 (g) This Section in no way limits any right, privilege, or
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1 authority that the Department has pursuant to any other
2 applicable law. This Section does not in any way limit any
3 privilege arising under federal or State law or other
4 exemption from disclosure pursuant to the Freedom of
5 Information Act.
6 (h) Notwithstanding the foregoing, whenever the Secretary
7 determines, in his or her sole discretion, that it is in the
8 public's interest, he or she may publicly disclose information
9 or documents obtained under this Act and any other financial
10 law under the jurisdiction of or enforceable by the
11 Department, unless otherwise prohibited by law.
12 Section 20-10. Additional rulemaking authority.
13 (a) In addition to such powers and rulemaking authority as
14 may be prescribed elsewhere in this Act or other financial
15 laws under the jurisdiction of or enforceable by the
16 Department, the Secretary is hereby authorized and empowered
17 to adopt rules consistent with the purposes of this Act,
18 including, but not limited to:
19 (1) rules in connection with the activities of
20 regulated persons as may be necessary and appropriate for
21 the protection of consumers in this State;
22 (2) rules to define the terms used in this Act and as
23 may be necessary and appropriate to interpret and
24 implement the provisions of this Act;
25 (3) rules as may be necessary for the administration
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1 and enforcement of this Act;
2 (4) rules to set and collect fees necessary to
3 administer and enforce this Act; and
4 (5) rules in connection with the activities of
5 regulated persons as may be necessary and appropriate for
6 the safety and soundness of such regulated persons and the
7 stability of the financial system in this State.
8 (b) The Secretary is hereby authorized and empowered to
9 make specific rulings, demands, and findings that he or she
10 deems necessary for the proper conduct of the regulated
11 persons.
12 (c) The Secretary may adopt rules pursuant to this Act
13 upon this Act becoming law with such rules not to take effect
14 earlier than January 1, 2024.
15 Article 90.
16 Section 90-5. The Freedom of Information Act is amended by
17 changing Section 7.5 as follows:
18 (5 ILCS 140/7.5)
19 Sec. 7.5. Statutory exemptions. To the extent provided for
20 by the statutes referenced below, the following shall be
21 exempt from inspection and copying:
22 (a) All information determined to be confidential
23 under Section 4002 of the Technology Advancement and
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1 Development Act.
2 (b) Library circulation and order records identifying
3 library users with specific materials under the Library
4 Records Confidentiality Act.
5 (c) Applications, related documents, and medical
6 records received by the Experimental Organ Transplantation
7 Procedures Board and any and all documents or other
8 records prepared by the Experimental Organ Transplantation
9 Procedures Board or its staff relating to applications it
10 has received.
11 (d) Information and records held by the Department of
12 Public Health and its authorized representatives relating
13 to known or suspected cases of sexually transmissible
14 disease or any information the disclosure of which is
15 restricted under the Illinois Sexually Transmissible
16 Disease Control Act.
17 (e) Information the disclosure of which is exempted
18 under Section 30 of the Radon Industry Licensing Act.
19 (f) Firm performance evaluations under Section 55 of
20 the Architectural, Engineering, and Land Surveying
21 Qualifications Based Selection Act.
22 (g) Information the disclosure of which is restricted
23 and exempted under Section 50 of the Illinois Prepaid
24 Tuition Act.
25 (h) Information the disclosure of which is exempted
26 under the State Officials and Employees Ethics Act, and
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1 records of any lawfully created State or local inspector
2 general's office that would be exempt if created or
3 obtained by an Executive Inspector General's office under
4 that Act.
5 (i) Information contained in a local emergency energy
6 plan submitted to a municipality in accordance with a
7 local emergency energy plan ordinance that is adopted
8 under Section 11-21.5-5 of the Illinois Municipal Code.
9 (j) Information and data concerning the distribution
10 of surcharge moneys collected and remitted by carriers
11 under the Emergency Telephone System Act.
12 (k) Law enforcement officer identification information
13 or driver identification information compiled by a law
14 enforcement agency or the Department of Transportation
15 under Section 11-212 of the Illinois Vehicle Code.
16 (l) Records and information provided to a residential
17 health care facility resident sexual assault and death
18 review team or the Executive Council under the Abuse
19 Prevention Review Team Act.
20 (m) Information provided to the predatory lending
21 database created pursuant to Article 3 of the Residential
22 Real Property Disclosure Act, except to the extent
23 authorized under that Article.
24 (n) Defense budgets and petitions for certification of
25 compensation and expenses for court appointed trial
26 counsel as provided under Sections 10 and 15 of the
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1 Capital Crimes Litigation Act. This subsection (n) shall
2 apply until the conclusion of the trial of the case, even
3 if the prosecution chooses not to pursue the death penalty
4 prior to trial or sentencing.
5 (o) Information that is prohibited from being
6 disclosed under Section 4 of the Illinois Health and
7 Hazardous Substances Registry Act.
8 (p) Security portions of system safety program plans,
9 investigation reports, surveys, schedules, lists, data, or
10 information compiled, collected, or prepared by or for the
11 Department of Transportation under Sections 2705-300 and
12 2705-616 of the Department of Transportation Law of the
13 Civil Administrative Code of Illinois, the Regional
14 Transportation Authority under Section 2.11 of the
15 Regional Transportation Authority Act, or the St. Clair
16 County Transit District under the Bi-State Transit Safety
17 Act.
18 (q) Information prohibited from being disclosed by the
19 Personnel Record Review Act.
20 (r) Information prohibited from being disclosed by the
21 Illinois School Student Records Act.
22 (s) Information the disclosure of which is restricted
23 under Section 5-108 of the Public Utilities Act.
24 (t) All identified or deidentified health information
25 in the form of health data or medical records contained
26 in, stored in, submitted to, transferred by, or released
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1 from the Illinois Health Information Exchange, and
2 identified or deidentified health information in the form
3 of health data and medical records of the Illinois Health
4 Information Exchange in the possession of the Illinois
5 Health Information Exchange Office due to its
6 administration of the Illinois Health Information
7 Exchange. The terms "identified" and "deidentified" shall
8 be given the same meaning as in the Health Insurance
9 Portability and Accountability Act of 1996, Public Law
10 104-191, or any subsequent amendments thereto, and any
11 regulations promulgated thereunder.
12 (u) Records and information provided to an independent
13 team of experts under the Developmental Disability and
14 Mental Health Safety Act (also known as Brian's Law).
15 (v) Names and information of people who have applied
16 for or received Firearm Owner's Identification Cards under
17 the Firearm Owners Identification Card Act or applied for
18 or received a concealed carry license under the Firearm
19 Concealed Carry Act, unless otherwise authorized by the
20 Firearm Concealed Carry Act; and databases under the
21 Firearm Concealed Carry Act, records of the Concealed
22 Carry Licensing Review Board under the Firearm Concealed
23 Carry Act, and law enforcement agency objections under the
24 Firearm Concealed Carry Act.
25 (v-5) Records of the Firearm Owner's Identification
26 Card Review Board that are exempted from disclosure under
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1 Section 10 of the Firearm Owners Identification Card Act.
2 (w) Personally identifiable information which is
3 exempted from disclosure under subsection (g) of Section
4 19.1 of the Toll Highway Act.
5 (x) Information which is exempted from disclosure
6 under Section 5-1014.3 of the Counties Code or Section
7 8-11-21 of the Illinois Municipal Code.
8 (y) Confidential information under the Adult
9 Protective Services Act and its predecessor enabling
10 statute, the Elder Abuse and Neglect Act, including
11 information about the identity and administrative finding
12 against any caregiver of a verified and substantiated
13 decision of abuse, neglect, or financial exploitation of
14 an eligible adult maintained in the Registry established
15 under Section 7.5 of the Adult Protective Services Act.
16 (z) Records and information provided to a fatality
17 review team or the Illinois Fatality Review Team Advisory
18 Council under Section 15 of the Adult Protective Services
19 Act.
20 (aa) Information which is exempted from disclosure
21 under Section 2.37 of the Wildlife Code.
22 (bb) Information which is or was prohibited from
23 disclosure by the Juvenile Court Act of 1987.
24 (cc) Recordings made under the Law Enforcement
25 Officer-Worn Body Camera Act, except to the extent
26 authorized under that Act.
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1 (dd) Information that is prohibited from being
2 disclosed under Section 45 of the Condominium and Common
3 Interest Community Ombudsperson Act.
4 (ee) Information that is exempted from disclosure
5 under Section 30.1 of the Pharmacy Practice Act.
6 (ff) Information that is exempted from disclosure
7 under the Revised Uniform Unclaimed Property Act.
8 (gg) Information that is prohibited from being
9 disclosed under Section 7-603.5 of the Illinois Vehicle
10 Code.
11 (hh) Records that are exempt from disclosure under
12 Section 1A-16.7 of the Election Code.
13 (ii) Information which is exempted from disclosure
14 under Section 2505-800 of the Department of Revenue Law of
15 the Civil Administrative Code of Illinois.
16 (jj) Information and reports that are required to be
17 submitted to the Department of Labor by registering day
18 and temporary labor service agencies but are exempt from
19 disclosure under subsection (a-1) of Section 45 of the Day
20 and Temporary Labor Services Act.
21 (kk) Information prohibited from disclosure under the
22 Seizure and Forfeiture Reporting Act.
23 (ll) Information the disclosure of which is restricted
24 and exempted under Section 5-30.8 of the Illinois Public
25 Aid Code.
26 (mm) Records that are exempt from disclosure under
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1 Section 4.2 of the Crime Victims Compensation Act.
2 (nn) Information that is exempt from disclosure under
3 Section 70 of the Higher Education Student Assistance Act.
4 (oo) Communications, notes, records, and reports
5 arising out of a peer support counseling session
6 prohibited from disclosure under the First Responders
7 Suicide Prevention Act.
8 (pp) Names and all identifying information relating to
9 an employee of an emergency services provider or law
10 enforcement agency under the First Responders Suicide
11 Prevention Act.
12 (qq) Information and records held by the Department of
13 Public Health and its authorized representatives collected
14 under the Reproductive Health Act.
15 (rr) Information that is exempt from disclosure under
16 the Cannabis Regulation and Tax Act.
17 (ss) Data reported by an employer to the Department of
18 Human Rights pursuant to Section 2-108 of the Illinois
19 Human Rights Act.
20 (tt) Recordings made under the Children's Advocacy
21 Center Act, except to the extent authorized under that
22 Act.
23 (uu) Information that is exempt from disclosure under
24 Section 50 of the Sexual Assault Evidence Submission Act.
25 (vv) Information that is exempt from disclosure under
26 subsections (f) and (j) of Section 5-36 of the Illinois
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1 Public Aid Code.
2 (ww) Information that is exempt from disclosure under
3 Section 16.8 of the State Treasurer Act.
4 (xx) Information that is exempt from disclosure or
5 information that shall not be made public under the
6 Illinois Insurance Code.
7 (yy) Information prohibited from being disclosed under
8 the Illinois Educational Labor Relations Act.
9 (zz) Information prohibited from being disclosed under
10 the Illinois Public Labor Relations Act.
11 (aaa) Information prohibited from being disclosed
12 under Section 1-167 of the Illinois Pension Code.
13 (bbb) Information that is prohibited from disclosure
14 by the Illinois Police Training Act and the Illinois State
15 Police Act.
16 (ccc) Records exempt from disclosure under Section
17 2605-304 of the Illinois State Police Law of the Civil
18 Administrative Code of Illinois.
19 (ddd) Information prohibited from being disclosed
20 under Section 35 of the Address Confidentiality for
21 Victims of Domestic Violence, Sexual Assault, Human
22 Trafficking, or Stalking Act.
23 (eee) Information prohibited from being disclosed
24 under subsection (b) of Section 75 of the Domestic
25 Violence Fatality Review Act.
26 (fff) Images from cameras under the Expressway Camera
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1 Act. This subsection (fff) is inoperative on and after
2 July 1, 2023.
3 (ggg) Information prohibited from disclosure under
4 paragraph (3) of subsection (a) of Section 14 of the Nurse
5 Agency Licensing Act.
6 (hhh) Information submitted to the Department of State
7 Police in an affidavit or application for an assault
8 weapon endorsement, assault weapon attachment endorsement,
9 .50 caliber rifle endorsement, or .50 caliber cartridge
10 endorsement under the Firearm Owners Identification Card
11 Act.
12 (iii) Information prohibited from being disclosed
13 under Section 20-5 of the Consumer Financial Protection
14 Law.
15 (Source: P.A. 101-13, eff. 6-12-19; 101-27, eff. 6-25-19;
16 101-81, eff. 7-12-19; 101-221, eff. 1-1-20; 101-236, eff.
17 1-1-20; 101-375, eff. 8-16-19; 101-377, eff. 8-16-19; 101-452,
18 eff. 1-1-20; 101-466, eff. 1-1-20; 101-600, eff. 12-6-19;
19 101-620, eff 12-20-19; 101-649, eff. 7-7-20; 101-652, eff.
20 1-1-22; 101-656, eff. 3-23-21; 102-36, eff. 6-25-21; 102-237,
21 eff. 1-1-22; 102-292, eff. 1-1-22; 102-520, eff. 8-20-21;
22 102-559, eff. 8-20-21; 102-813, eff. 5-13-22; 102-946, eff.
23 7-1-22; 102-1042, eff. 6-3-22; 102-1116, eff. 1-10-23.)
24 Section 90-10. The Financial Institutions Code is amended
25 by changing Sections 1, 2, 4, 6, 6a, 7, 8, 15, 16, 17, and 18
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1 and by adding Sections 2.5, 18.2, 18.3, 18.4, and 18.5 as
2 follows:
3 (20 ILCS 1205/1) (from Ch. 17, par. 101)
4 Sec. 1. Short title. This Act may shall be known and shall
5 be cited as the "Financial Institutions Act Code."
6 (Source: Laws 1957, p. 369.)
7 (20 ILCS 1205/2) (from Ch. 17, par. 102)
8 Sec. 2. The purpose of the Financial Institutions Act Code
9 is to provide under the Governor for the orderly
10 administration and enforcement of laws relating to financial
11 institutions under the authority of the Governor.
12 (Source: Laws 1957, p. 369.)
13 (20 ILCS 1205/2.5 new)
14 Sec. 2.5. References to the Department of Financial
15 Institutions. All references to the Department of Financial
16 Institutions in Illinois law shall be construed as a reference
17 to the Division of Financial Institutions of the Department of
18 Financial and Professional Regulation. All references to the
19 Director of the Department of Financial Institutions in
20 Illinois law shall be construed as a reference to the
21 Secretary of Financial and Professional Regulation. All
22 references to the Financial Institutions Code shall be
23 construed as a reference to this Act.
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1 (20 ILCS 1205/4) (from Ch. 17, par. 104)
2 Sec. 4. As used in this Act:
3 "Address of record" means the designated address recorded
4 by the Division in the applicant's application file or the
5 licensee's license file, as maintained by the Division.
6 "Department" means the Department of Financial and
7 Professional Regulation.
8 "Director" means the Director or acting Director of the
9 Division of Financial Institutions and any authorized
10 representative of the Director.
11 "Division" means the Division of Financial Institutions of
12 the Department.
13 "Financial institutions" means ambulatory and community
14 currency exchanges, credit unions, guaranteed credit unions,
15 money transmitters, title insuring or guaranteeing companies,
16 and their agents, consumer installment lenders, payday
17 lenders, sales finance agencies, consumer legal funders,
18 collections agencies, and any other person industry or
19 business that offers services or products that are regulated
20 under any Act administered by the Director.
21 "License" means any certificate or authorization issued to
22 any person, party, or entity pursuant to any Act administered
23 by the Division.
24 "Licensee" means any person, party, or entity who is or
25 comes to be certified, chartered, registered, licensed, or
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1 otherwise authorized by the Division pursuant to any Act
2 administered by the Division.
3 "Payday loan" has the meaning ascribed to that term in the
4 Payday Loan Reform Act.
5 "Person" means any individual, partnership, joint venture,
6 trust, estate, firm, corporation, cooperative society or
7 association, or any other form of business association or
8 legal entity.
9 "Regulated person" is a person whose activities are
10 subject to an Act or rule that is administered by the Division.
11 "Regulated person" includes licensees as well as persons who
12 are lawfully or unlawfully unlicensed.
13 "Secretary" means the Secretary or acting Secretary of
14 Financial and Professional Regulation and any authorized
15 representative of the Secretary.
16 (Source: P.A. 102-975, eff. 1-1-23.)
17 (20 ILCS 1205/6)
18 Sec. 6. General powers and duties. In addition to the
19 powers and duties provided by law and imposed elsewhere in
20 this Act, the Division has the following powers and duties:
21 (1) To administer and enforce the Consumer Installment
22 Loan Act and its implementing rules.
23 (2) To administer and enforce the Currency Exchange
24 Act and its implementing rules. the Currency Exchange Act
25 (3) To administer and enforce the Debt Management
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1 Service Act and its implementing rules.
2 (4) To administer and enforce the Debt Settlement
3 Consumer Protection Act and its implementing rules.
4 (5) To administer and enforce the Illinois Development
5 Credit Corporation Act and its implementing rules.
6 (6) To administer and enforce the Payday Loan Reform
7 Act and its implementing rules. the Safety Deposit License
8 Act
9 (7) To administer and enforce the Safety Deposit
10 License Act and its implementing rules.
11 (8) To administer and enforce the Sales Finance Agency
12 Act and its implementing rules.
13 (9) To administer and enforce the Title Insurance Act
14 and its implementing rules.
15 (10) To administer and enforce the Transmitters of
16 Money Act and its implementing rules.
17 (11) To administer and enforce the Predatory Loan
18 Prevention Act and its implementing rules.
19 (12) To administer and enforce the Motor Vehicle
20 Retail Installment Sales Act and its implementing rules.
21 (13) To administer and enforce the Retail Installment
22 Sales Act and its implementing rules.
23 (14) To administer and enforce the Illinois Credit
24 Union Act and its implementing rules.
25 (15) To administer and enforce the Collection Agency
26 Act and its implementing rules.
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1 (16) To administer and enforce the Consumer Legal
2 Funding Act and its implementing rules.
3 (17) (16) To administer and enforce this Act and any
4 other Act administered by the Director or Division.
5 (18) (17) Whenever If the Division is authorized or
6 required by law to consider some aspect of criminal
7 history record information for the purpose of carrying out
8 its statutory powers and responsibilities, then, upon
9 request and payment of fees in conformance with the
10 requirements of Section 2605-400 of the Illinois State
11 Police Law, the Illinois State Police is authorized to
12 furnish, pursuant to positive identification, the
13 information contained in State files that is necessary to
14 fulfill the request to obtain from the Illinois State
15 Police, upon request and payment of the fees required by
16 the Illinois State Police Law of the Civil Administrative
17 Code of Illinois, pursuant to positive identification,
18 such information contained in State files as is necessary
19 to carry out the duties of the Division.
20 (19) (18) To authorize and administer examinations to
21 ascertain the qualifications of applicants and licensees
22 for which the examination is held.
23 (20) (19) To conduct hearings in proceedings to
24 revoke, suspend, refuse to renew, or take other
25 disciplinary action regarding licenses, charters,
26 certifications, registrations, or authorities of persons
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1 as authorized in any Act administered by the Division.
2 (21) To receive, consider, investigate, and act upon
3 complaints made by any person relating to a regulated
4 person.
5 (22) To keep records of all licenses, registrations,
6 charters, or other authorizations.
7 (23) To issue orders against any person:
8 (A) if the Secretary has reasonable cause to
9 believe that an unsafe, unsound, unfit, or unlawful
10 practice has occurred, is occurring, or is likely to
11 occur;
12 (B) if any person has violated, is violating, or
13 is about to violate any law, rule, or written
14 agreement with the Secretary; or
15 (C) for the purpose of administering the
16 provisions of this Act or other law and any rule
17 adopted in accordance with this Act or other law
18 administered by the Division.
19 (24) To require information or reports from any
20 regulated person at any time the Secretary chooses.
21 (25) To examine the activities, books, and records of
22 every regulated person.
23 (26) To enforce the provisions of this Act, Illinois
24 laws administered by the Division, and the federal laws
25 applicable to persons regulated by the Division.
26 (27) To levy fees, fines, civil penalties, charges for
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1 services, and assessments to defray operating expenses,
2 including direct and indirect costs, of administering this
3 Act and other laws administered by the Division.
4 (28) To enter into cooperative agreements with federal
5 and State regulatory authorities and to accept reports of
6 examinations from federal and State regulatory
7 authorities.
8 (29) To exercise visitorial power over regulated
9 persons.
10 (30) To prescribe the forms of and receive (A)
11 applications for licenses, registrations, charters, or
12 other authorizations; and (B) all reports, books, and
13 records required to be made by any licensee.
14 (31) To subpoena documents and witnesses and compel
15 their attendance and production, to administer oaths, and
16 to require the production of any books, papers, or other
17 materials relevant to any inquiry authorized by this Act
18 or other law administered by the Division.
19 (32) To appoint examiners, supervisors, experts, and
20 special assistants as needed to administer this Act and
21 other laws administered by the Division.
22 (33) To assign an examiner or examiners to monitor the
23 affairs of a regulated person with whatever frequency the
24 Secretary determines appropriate and to charge the
25 regulated person for reasonable and necessary expenses of
26 the Secretary.
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1 (34) To investigate unlicensed activity and take any
2 actions reasonably necessary to prohibit and stop
3 unlicensed activity.
4 (35) To perform any other lawful acts necessary or
5 desirable to carry out the purposes and provisions of this
6 Act and other laws administered by the Division.
7 (Source: P.A. 101-658, eff. 3-23-21; 102-538, eff. 8-20-21;
8 102-813, eff. 5-13-22; 102-975, eff. 1-1-23; revised
9 12-13-22.)
10 (20 ILCS 1205/6a) (from Ch. 17, par. 107)
11 Sec. 6a. Department rulemaking.
12 (a) In addition to such powers and rulemaking authority as
13 may be prescribed elsewhere in this Act or other laws
14 administered by the Division, the Department is authorized and
15 empowered to adopt rules consistent with the purposes of this
16 Act applicable to regulated persons, including, but not
17 limited to:
18 (1) rules in connection with the activities of
19 regulated person as may be necessary and appropriate for
20 the protection of consumers in this State;
21 (2) rules to define the terms used in this Act and as
22 may be necessary and appropriate to interpret and
23 implement the provisions of this Act and any other law
24 administered by the Division;
25 (3) rules as may be necessary for the implementation,
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1 administration, and enforcement of this Act and any other
2 law administered by the Division;
3 (4) rules to set and collect fees necessary to
4 administer and enforce this Act and any other law
5 administered by the Division, including, but not limited
6 to, fees relating to:
7 (i) investigation of licensees and license
8 applicant fees;
9 (ii) examination fees;
10 (iii) contingent fees; and
11 (iv) such other categories as may be required to
12 administer this Act and any other law administered by
13 the Division; and
14 (5) rules relating to confidential supervisory
15 information.
16 (b) The Secretary is authorized and empowered to make
17 specific rulings, demands, and findings that the Secretary
18 deems necessary for the proper conduct of regulated persons.
19 The Director may, in accordance with The Illinois
20 Administrative Procedure Act, adopt reasonable rules with
21 respect to the administration and enforcement of any Act the
22 administration of which is vested in the Director or the
23 Department.
24 (Source: P.A. 81-205.)
25 (20 ILCS 1205/7) (from Ch. 17, par. 108)
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1 Sec. 7. The provisions of "The Illinois Administrative
2 Procedure Act", as now or hereafter amended, are hereby
3 expressly adopted and incorporated herein as though a part of
4 this Act, and shall apply to all administrative rules and
5 procedures of the Division Director and the Department of
6 Financial Institutions under this Act, except that the
7 provisions of the Administrative Procedure Act regarding
8 contested cases shall not apply to actions of the Director
9 under Section 15.1 of "An Act in relation to the definition,
10 licensing and regulation of community currency exchanges and
11 ambulatory currency exchanges, and the operators and employees
12 thereof, and to make an appropriation therefor, and to provide
13 penalties and remedies for the violation thereof", approved
14 June 30, 1943, as amended, or Sections 8 and 61 of "The
15 Illinois Credit Union Act".
16 (Source: P.A. 100-22, eff. 1-1-18.)
17 (20 ILCS 1205/8) (from Ch. 17, par. 109)
18 Sec. 8. The Secretary Director shall direct and supervise
19 all Department administrative and technical activities, in
20 addition to the duties imposed upon the Secretary him
21 elsewhere in this Act Code, and shall:
22 (1) Apply and carry out this Act Code and the laws and all
23 rules adopted in pursuance thereof.
24 (2) Appoint, subject to the provisions of the Personnel
25 Code, such employees of the Division Department and such
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1 experts and special assistants as may be necessary to carry
2 out effectively the provisions of this Act Code.
3 (3) Foster and develop programs with financial
4 institutions, for the best interests of these institutions,
5 their services and the people of the State of Illinois.
6 (4) Attend meetings of the Advisory Boards created by laws
7 relating to financial institutions.
8 (5) (Blank). Make continuous studies and report his
9 recommendations to the Governor for the improvement of the
10 Department.
11 (6) (Blank). Make an annual report regarding the work of
12 the Department and such special reports as he may consider
13 desirable to the Governor, or as the Governor may request.
14 (7) Perform any other lawful acts which the Secretary he
15 may consider necessary or desirable to carry out the purposes
16 and provisions of this Act Law.
17 (Source: Laws 1957, p. 369.)
18 (20 ILCS 1205/15) (from Ch. 17, par. 116)
19 Sec. 15. This Act shall not affect any act done, ratified
20 or confirmed or any right accrued or established, or affect or
21 abate any action or proceeding had or commenced in a civil or
22 criminal cause before this Act takes effect; but such actions
23 or proceedings may be prosecuted and continued by the Division
24 Department of Financial Institutions.
25 (Source: Laws 1957, p. 369.)
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1 (20 ILCS 1205/16) (from Ch. 17, par. 117)
2 Sec. 16. The Governor shall appoint a Director of the
3 Division, who shall oversee the Division and who shall report
4 to the Secretary. There shall be a Supervisor of Consumer
5 Credit, a Supervisor of Currency Exchanges, a Supervisor of
6 Title Insurance, and a Supervisor of Credit Unions. The
7 respective supervisors Supervisors shall be appointed by and
8 responsible to the Director and shall be administratively
9 responsible within the Department for the financial
10 institutions and title insurance entities to which their
11 appointments pertain. The Secretary may appoint other
12 supervisory staff as deemed necessary to implement any Act
13 that the Division administers.
14 (Source: P.A. 99-549, eff. 7-15-16.)
15 (20 ILCS 1205/17) (from Ch. 17, par. 118)
16 Sec. 17. Neither the Secretary, the Director, nor any
17 supervisor in the Division, nor any examiner in the Division
18 shall be an officer, director, owner, or shareholder of, or a
19 partner in, or have any proprietary interest, direct or
20 indirect, in any financial institution under the jurisdiction
21 of the Division. However, ; provided, however, that ownership
22 of withdrawable capital accounts or shares in credit unions
23 and ownership of diversified investment funds, employee
24 benefit plans, pensions, retirement and thrift saving plans,
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1 or similar financial instruments in which the employee has no
2 ability to exercise control over or selection of the financial
3 interests held by the fund are permitted shall not be deemed to
4 be prevented hereby. If the Secretary, Director, or any
5 supervisor, or examiner within the Division is a , shall be a
6 shareholder, or partner in, or an owner of, or has have any
7 interest, direct or indirect, in any such financial
8 institution under the jurisdiction of the Division at the time
9 of their his appointment, they he shall dispose of their his
10 shares of stock or other evidences of ownership or property
11 within 120 days after from the date of their his appointment.
12 It is unlawful for the Secretary, Director, or any supervisor
13 or examiner within the Division to obtain or repay any loan,
14 product, or service from a financial institution subject to
15 the jurisdiction of the Division on terms more favorable than
16 those offered to the general public. The Department is
17 authorized to adopt rules to implement or interpret this
18 Section. It is unlawful for the Director, any supervisor or
19 examiner to obtain any loan or gratuity from a financial
20 institution subject to the jurisdiction of the Department as
21 herein provided. If any other employee of the Department
22 borrows from or becomes indebted in an aggregate amount of
23 $2,500 or more to any financial institution subject to the
24 jurisdiction of the Department, he shall make a written report
25 to the Director stating the date and amount of such loan or
26 indebtedness, the security therefor, if any, and the purpose
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1 or purposes for which proceeds have been or are to be used.
2 (Source: P.A. 91-357, eff. 7-29-99.)
3 (20 ILCS 1205/18) (from Ch. 17, par. 119)
4 Sec. 18. Oaths; subpoenas; penalty.
5 (a) At any time during the course of any investigation or
6 hearing conducted pursuant to any Act administered by the
7 Division, the Secretary The Director shall have the power to
8 administer oaths, subpoena witnesses, take evidence, and
9 compel the production of any books, records, or any other
10 documents that the Secretary deems relevant or pertinent and
11 papers pertinent to any investigation or hearing regarding the
12 operation of any financial institution. Witnesses in
13 investigations or hearings conducted under this Section are
14 entitled to the same fees and mileage, and in the same manner,
15 as prescribed by law in judicial proceedings in civil cases of
16 this State.
17 (b) Any person who fails to appear in response to a
18 subpoena, or to answer any question, to or produce any books,
19 and papers, records, or any documents deemed relevant or
20 pertinent to such investigation or hearing, or who knowingly
21 gives false testimony therein, is guilty of a Class A
22 misdemeanor. Each violation shall constitute a separate and
23 distinct offense. In addition to initiating criminal
24 proceedings, the Division, through the Attorney General, may
25 seek enforcement of any such subpoena in any circuit court of
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1 this State.
2 (Source: P.A. 77-2594.)
3 (20 ILCS 1205/18.2 new)
4 Sec. 18.2. Court order requiring attendance of witnesses
5 or production of materials. Upon application by the Division,
6 any Illinois circuit court may enter an order to enforce a
7 subpoena issued by the Division for the attendance of
8 witnesses and the production of relevant books and papers
9 before the Division in any hearing relative to the denial of an
10 application, refusal to renew, suspension, revocation, placing
11 on probationary status, reprimand, fine, or the taking of any
12 other disciplinary action as may be authorized in any Act
13 administered by the Division. The court may compel obedience
14 to its order through proceedings for contempt.
15 (20 ILCS 1205/18.3 new)
16 Sec. 18.3. Perjury; penalty. The Secretary may require any
17 document filed under any Act administered or rule adopted by
18 the Division to be verified or contain a written affirmation
19 that it is signed under the penalties of perjury. Any person
20 who knowingly signs a fraudulent document commits perjury as
21 defined in Section 32-2 of the Criminal Code of 2012 and for
22 the purpose of this Section shall be guilty of a Class A
23 misdemeanor.
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1 (20 ILCS 1205/18.4 new)
2 Sec. 18.4. Character and fitness. To receive and maintain
3 any license for any Act administered by the Division, a
4 regulated person shall at all times have the character and
5 general fitness as to justify the confidence of the public and
6 be fit, willing, and able to carry on the proposed business in
7 a lawful and fair manner.
8 (20 ILCS 1205/18.5 new)
9 Sec. 18.5. Consent orders and settlement agreements. The
10 Secretary may enter into a consent order or settlement
11 agreement at any time with a regulated person to resolve a
12 matter arising under this Act or any other Act under the
13 jurisdiction of the Division. A consent order or settlement
14 agreement need not constitute an admission by a regulated
15 person that this Act or a rule or order issued or adopted under
16 this Act or any Act under the jurisdiction of the Division has
17 been violated, nor need it constitute a finding by the
18 Secretary that the person has violated this Act or a rule or
19 order adopted under this Act or any Act under the jurisdiction
20 of the Division.
21 (20 ILCS 1205/9 rep.)
22 (20 ILCS 1205/10 rep.)
23 (20 ILCS 1205/11 rep.)
24 (20 ILCS 1205/12 rep.)
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1 (20 ILCS 1205/13 rep.)
2 (20 ILCS 1205/13.5 rep.)
3 (20 ILCS 1205/14 rep.)
4 Section 90-15. The Financial Institutions Code is amended
5 by repealing Sections 9, 10, 11, 12, 13, 13.5, and 14.
6 Section 90-20. The State Finance Act is amended by adding
7 Section 5.990 as follows:
8 (30 ILCS 105/5.990 new)
9 Sec. 5.990. The Financial Protection Fund.
10 Section 90-25. The Collection Agency Act is amended by
11 changing Section 13.2 as follows:
12 (205 ILCS 740/13.2) (was 225 ILCS 425/13.2)
13 (Section scheduled to be repealed on January 1, 2026)
14 Sec. 13.2. Powers and duties of Department. The Department
15 shall exercise the powers and duties prescribed by the
16 Financial Institutions Act Code for the administration of
17 licensing Acts and shall exercise such other powers and duties
18 necessary for effectuating the purposes of this Act.
19 Subject to the provisions of this Act, the Department may:
20 (1) Conduct hearings on proceedings to refuse to issue
21 or renew or to revoke licenses or suspend, place on
22 probation, or reprimand persons licensed under this Act.
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1 (2) To adopt rules consistent with the purposes of
2 this Act, including, but not limited to: (i) rules in
3 connection with the activities of collection agencies as
4 may be necessary and appropriate for the protection of
5 consumers in this State; (ii) rules as may be necessary
6 and appropriate to define and enforce against improper or
7 fraudulent business practices in connection with the
8 activities of collection agencies; (iii) rules that define
9 the terms used in this Act and as may be necessary and
10 appropriate to interpret and implement the provisions of
11 this Act; and (iv) rules as may be necessary for the
12 enforcement of this Act.
13 (3) Obtain written recommendations from the Board
14 regarding standards of professional conduct, formal
15 disciplinary actions and the formulation of rules
16 affecting these matters. Notice of proposed rulemaking
17 shall be transmitted to the Board and the Department shall
18 review the response of the Board and any recommendations
19 made in the response. The Department may solicit the
20 advice of the Board on any matter relating to the
21 administration and enforcement of this Act.
22 (4) (Blank).
23 (Source: P.A. 102-975, eff. 1-1-23.)
24 Article 95.
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1 Section 95-5. The Currency Exchange Act is amended by
2 changing Sections 4, 14, and 16 as follows:
3 (205 ILCS 405/4) (from Ch. 17, par. 4808)
4 Sec. 4. License application; contents; fees. A licensee
5 shall obtain a separate license for each licensed location.
6 Application for such license shall be in writing under oath
7 and in the form prescribed and furnished by the Secretary.
8 Each application shall contain the following:
9 (a) The applicant's full name and address (both of
10 residence and place of business) if the applicant is a
11 natural person, and if the applicant is a partnership,
12 limited liability company, or association, of every member
13 thereof, and the name and principal office if the
14 applicant is a corporation;
15 (b) The county and municipality, with street and
16 number, if any, where the community currency exchange is
17 to be conducted, if the application is for a community
18 currency exchange license;
19 (c) If the application is for an ambulatory currency
20 exchange license, the name and address of the employer at
21 each location to be served by it; and
22 (d) In the case of a licensee's initial license
23 application, the applicant's occupation or profession; a
24 detailed statement of the applicant's business experience
25 for the 10 years immediately preceding the application; a
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1 detailed statement of the applicant's finances; the
2 applicant's present or previous connection with any other
3 currency exchange; whether the applicant has ever been
4 involved in any civil or criminal litigation, and the
5 material facts pertaining thereto; whether the applicant
6 has ever been committed to any penal institution or
7 admitted to an institution for the care and treatment of
8 mentally ill persons; and the nature of applicant's
9 occupancy of the premises to be licensed where the
10 application is for a community currency exchange license.
11 If the applicant is a partnership, the information
12 specified herein shall be required of each partner. If the
13 applicant is a corporation or limited liability company,
14 the said information shall be required of each controlling
15 person thereof along with disclosure of their ownership
16 interests.
17 A licensee's initial community currency exchange license
18 application shall be accompanied by a fee of $2,500 $1,000 for
19 the cost of investigating the applicant. A licensee's
20 application for licenses for additional licensed locations
21 shall be accompanied by a fee of $1,000 for each additional
22 license. If the ownership of a licensee or licensed location
23 changes, in whole or in part, a new application must be filed
24 pursuant to this Section along with a $500 fee if the
25 licensee's ownership interests have been transferred or sold
26 to a new person or entity or a fee of $300 if the licensee's
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1 ownership interests have been transferred or sold to a current
2 holder or holders of the licensee's ownership interests. When
3 the application for a community currency exchange license has
4 been approved by the Secretary and the applicant so advised,
5 an additional sum of $1,000 $400 as an annual license fee for a
6 period terminating on the last day of the current calendar
7 year shall be paid to the Secretary by the applicant;
8 provided, that the license fee for an applicant applying for
9 such a license after July 1st of any year shall be $500 $200
10 for the balance of such year. Upon receipt of a community
11 currency exchange license application, the Secretary shall
12 examine the application for completeness and notify the
13 applicant in writing of any defect within 20 days after
14 receipt. The applicant must remedy the defect within 10 days
15 after the mailing of the notification of the defect by the
16 Secretary. Failure to timely remedy the defect will void the
17 application. Once the Secretary determines that the
18 application is complete, the Secretary shall have 90 business
19 days to approve or deny the application. If the application is
20 denied, the Secretary shall send by United States mail notice
21 of the denial to the applicant at the address set forth in the
22 application. If an application is denied, the applicant may,
23 within 10 days after the date of the notice of denial, make a
24 written request to the Secretary for a hearing on the
25 application. The hearing shall be set for a date after the
26 receipt by the Secretary of the request for a hearing, and
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1 written notice of the time and place of the hearing shall be
2 mailed to the applicant no later than 15 days before the date
3 of the hearing. The hearing shall be scheduled for a date
4 within 56 days after the date of the receipt of the request for
5 a hearing. The applicant shall pay the actual cost of making
6 the transcript of the hearing prior to the Secretary's issuing
7 his or her decision. The Secretary's decision is subject to
8 review as provided in Section 22.01 of this Act.
9 An application for an ambulatory currency exchange license
10 shall be accompanied by a fee of $3,000 $100, which fee shall
11 be for the cost of investigating the applicant. An approved
12 applicant shall not be required to pay the initial
13 investigation fee of $1,000 $100 more than once. When the
14 application for an ambulatory currency exchange license has
15 been approved by the Secretary, and such applicant so advised,
16 such applicant shall pay an annual license fee of $3,000 $25
17 for each and every location to be served by such applicant;
18 provided that such license fee for an approved applicant
19 applying for such a license after July 1st of any year shall be
20 $1,500 $12 for the balance of such year for each and every
21 location to be served by such applicant. Such an approved
22 applicant for an ambulatory currency exchange license, when
23 applying for a license with respect to a particular location,
24 shall file with the Secretary, at the time of filing an
25 application, a letter of memorandum, which shall be in writing
26 and under oath, signed by the owner or authorized
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1 representative of the business whose employees are to be
2 served; such letter or memorandum shall contain a statement
3 that such service is desired, and that the person signing the
4 same is authorized so to do. The Secretary shall thereupon
5 verify the authenticity of the letter or memorandum and the
6 authority of the person who executed it, to do so.
7 The Department shall have 45 business days to approve or
8 deny a licensee's request to purchase another currency
9 exchange.
10 (Source: P.A. 99-445, eff. 1-1-16.)
11 (205 ILCS 405/14) (from Ch. 17, par. 4823)
12 Sec. 14. Every licensee, shall, on or before November 15,
13 pay to the Secretary the annual license fee or fees for the
14 next succeeding calendar year and shall at the same time file
15 with the Secretary the annual bond or bonds and the insurance
16 policy or policies as and if required by this Act. The annual
17 license fee for each community currency exchange shall be
18 $3,000 $400 for each licensee and $3,000 $400 for each
19 additional licensed location. The annual license fee for each
20 location served by an ambulatory currency exchange shall be
21 $3,000 $25.
22 (Source: P.A. 99-445, eff. 1-1-16; 99-549, eff. 7-15-16.)
23 (205 ILCS 405/16) (from Ch. 17, par. 4832)
24 Sec. 16. Annual report; investigation; costs.
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1 (a) Each licensee shall annually, on or before the 1st day
2 of March, file a report with the Secretary for the calendar
3 year period from January 1st through December 31st, giving
4 such relevant information as the Secretary may reasonably
5 require concerning, and for the purpose of examining, the
6 business and operations during the preceding fiscal year
7 period of each licensed currency exchange conducted by such
8 licensee within the State. Such report shall be made under
9 oath and shall be in the form prescribed by the Secretary. The
10 Secretary may at any time, and shall at least once in each
11 year, investigate the currency exchange business of any
12 licensee and of every person, partnership, association,
13 limited liability company, and corporation who or which shall
14 be engaged in the business of operating a currency exchange.
15 For that purpose, the Secretary shall have free access to the
16 offices and places of business and to such records of all such
17 persons, firms, partnerships, associations, limited liability
18 companies and members thereof, and corporations and to the
19 officers and directors thereof that shall relate to such
20 currency exchange business. The investigation may be conducted
21 in conjunction with representatives of other State agencies or
22 agencies of another state or of the United States as
23 determined by the Secretary. The Secretary may at any time
24 inspect the locations served by an ambulatory currency
25 exchange, for the purpose of determining whether such currency
26 exchange is complying with the provisions of this Act at each
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1 location served. The Secretary may require by subpoena the
2 attendance of and examine under oath all persons whose
3 testimony he may require relative to such business, and in
4 such cases the Secretary, or any qualified representative of
5 the Secretary whom the Secretary may designate, may administer
6 oaths to all such persons called as witnesses, and the
7 Secretary, or any such qualified representative of the
8 Secretary, may conduct such examinations, and there shall be
9 paid to the Secretary for each such examination a fee of $1,200
10 $250 for each day or part thereof for each qualified
11 representative designated and required to conduct the
12 examination; provided, however, that in the case of an
13 ambulatory currency exchange, such fee shall be $1,200 $150
14 for each day or part thereof.
15 (b) Confidentiality. All information collected by the
16 Department in the course of an examination or investigation of
17 an ambulatory or community currency exchange or applicant,
18 including, by not limited to, any complaint against an
19 ambulatory or community currency exchange filed with the
20 Department, and information collected to investigate any such
21 complaint shall be maintained for the confidential use of the
22 Department and shall not be disclosed. The Department may not
23 disclose such information to anyone other than law enforcement
24 officials, other regulatory agencies that have an appropriate
25 regulatory interest as determined by the Secretary, or to a
26 party presenting a lawful subpoena to the Department.
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1 Information and documents disclosed to a federal, State,
2 county, or local law enforcement agency shall not be disclosed
3 by the agency for any purpose to any other agency or person. A
4 formal complaint filed against a licensee by the Department or
5 any order issued by the Department against a licensee shall be
6 a public record, except as otherwise prohibited by law.
7 (Source: P.A. 97-315, eff. 1-1-12.)
8 Section 95-10. The Sales Finance Agency Act is amended by
9 changing Section 6 as follows:
10 (205 ILCS 660/6) (from Ch. 17, par. 5206)
11 Sec. 6. For each application for a license, the applicant
12 shall pay a nonrefundable license fee of $3,000. A license fee
13 of $300 for the applicant's principal place of business and
14 $100 for each additional place of business for which a license
15 is sought must be submitted with an application for license
16 made before July 1 of any year. If application for a license is
17 made on July 1 or thereafter, a license fee of $150 for the
18 principal place of business and of $50 for each additional
19 place of business must accompany the application. Each license
20 remains in force until surrendered, suspended, or revoked. If
21 the application for license is denied, the original license
22 fee shall be retained by the State in reimbursement of its
23 costs of investigating that application.
24 Before the license is granted, the applicant shall prove
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1 in form satisfactory to the Director, that the applicant has a
2 positive net worth of a minimum of $30,000.
3 A licensee must pay to the Department, and the Department
4 must receive, by December 1 of each year, the renewal license
5 application on forms prescribed by the Director and a
6 nonrefundable license fee of $3,000 for each $300 for the
7 license for his principal place of business and $100 for each
8 additional license held as a renewal license fee for the
9 succeeding calendar year.
10 (Source: P.A. 92-398, eff. 1-1-02.)
11 Section 95-15. The Debt Management Service Act is amended
12 by changing Sections 4 and 6 as follows:
13 (205 ILCS 665/4) (from Ch. 17, par. 5304)
14 Sec. 4. Application for license. Application for a license
15 to engage in the debt management service business in this
16 State shall be made to the Secretary and shall be in writing,
17 under oath, and in the form prescribed by the Secretary.
18 Each applicant, at the time of making such application,
19 shall pay to the Secretary the sum of $30.00 as a fee for
20 investigation of the applicant, and the additional sum of
21 $1,000 $100.00 as a license fee.
22 Every applicant shall submit to the Secretary, at the time
23 of the application for a license, a bond to be approved by the
24 Secretary in which the applicant shall be the obligor, in the
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1 sum of $25,000 or such additional amount as required by the
2 Secretary based on the amount of disbursements made by the
3 licensee in the previous year, and in which an insurance
4 company, which is duly authorized by the State of Illinois, to
5 transact the business of fidelity and surety insurance shall
6 be a surety.
7 The bond shall run to the Secretary for the use of the
8 Department or of any person or persons who may have a cause of
9 action against the obligor in said bond arising out of any
10 violation of this Act or rules by a license. Such bond shall be
11 conditioned that the obligor will faithfully conform to and
12 abide by the provisions of this Act and of all rules,
13 regulations and directions lawfully made by the Secretary and
14 will pay to the Secretary or to any person or persons any and
15 all money that may become due or owing to the State or to such
16 person or persons, from said obligor under and by virtue of the
17 provisions of this Act.
18 (Source: P.A. 96-1420, eff. 8-3-10.)
19 (205 ILCS 665/6) (from Ch. 17, par. 5306)
20 Sec. 6. Renewal of license. Each debt management service
21 provider under the provisions of this Act may make application
22 to the Secretary for renewal of its license, which application
23 for renewal shall be on the form prescribed by the Secretary
24 and shall be accompanied by a fee of $1,000 $100.00 together
25 with a bond or other surety as required, in a minimum amount of
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1 $25,000 or such an amount as required by the Secretary based on
2 the amount of disbursements made by the licensee in the
3 previous year. The application must be received by the
4 Department no later than December 1 of the year preceding the
5 year for which the application applies.
6 (Source: P.A. 96-1420, eff. 8-3-10.)
7 Section 95-20. The Consumer Installment Loan Act is
8 amended by changing Sections 2, 4, and 12.5 as follows:
9 (205 ILCS 670/2) (from Ch. 17, par. 5402)
10 Sec. 2. Application; fees; positive net worth. Application
11 for such license shall be in writing, and in the form
12 prescribed by the Director. For each application for a
13 license, the applicant shall pay a nonrefundable license fee
14 of $3,000 Such applicant at the time of making such
15 application shall pay to the Director the sum of $300 as an
16 application fee and the additional sum of $450 as an annual
17 license fee, for a period terminating on the last day of the
18 current calendar year; provided that if the application is
19 filed after June 30th in any year, such license fee shall be
20 1/2 of the annual license fee for such year.
21 Before the license is granted, every applicant shall prove
22 in form satisfactory to the Director that the applicant has
23 and will maintain a positive net worth of a minimum of $30,000.
24 Every applicant and licensee shall maintain a surety bond in
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1 the principal sum of $25,000 issued by a bonding company
2 authorized to do business in this State and which shall be
3 approved by the Director. Such bond shall run to the Director
4 and shall be for the benefit of any consumer who incurs damages
5 as a result of any violation of the Act or rules by a licensee.
6 If the Director finds at any time that a bond is of
7 insufficient size, is insecure, exhausted, or otherwise
8 doubtful, an additional bond in such amount as determined by
9 the Director shall be filed by the licensee within 30 days
10 after written demand therefor by the Director. "Net worth"
11 means total assets minus total liabilities.
12 (Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)
13 (205 ILCS 670/4) (from Ch. 17, par. 5404)
14 Sec. 4. Investigation to determine whether license shall
15 be issued. Upon the filing of an application and the payment of
16 the fee, the Director shall investigate to determine (1) that
17 the reputation of the applicant, including managers of a
18 limited liability company, partners, owners, officers or
19 directors thereof is such as to warrant belief that the
20 business will be operated honestly and fairly within the
21 purposes of this Act and (2) that the applicant meets the
22 positive net worth requirement set forth in Section 2 of this
23 Act. Unless the Director makes findings hereinabove
24 enumerated, he or she shall not issue a license and shall
25 notify the applicant of the denial and return to the applicant
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1 the sum paid by the applicant as a license fee, but shall
2 retain the $300 application fee. The Director shall approve or
3 deny every application for license hereunder within 60 days
4 from the filing of a complete application thereof with the
5 fee.
6 (Source: P.A. 90-437, eff. 1-1-98; 90-575, eff. 3-20-98.)
7 (205 ILCS 670/12.5)
8 Sec. 12.5. Limited purpose branch.
9 (a) Upon the written approval of the Director, a licensee
10 may maintain a limited purpose branch for the sole purpose of
11 making loans as permitted by this Act. A limited purpose
12 branch may include an automatic loan machine. No other
13 activity shall be conducted at the site, including but not
14 limited to, accepting payments, servicing the accounts, or
15 collections.
16 (b) The licensee must submit an application for a limited
17 purpose branch to the Director on forms prescribed by the
18 Director with an application fee of $3,000 $300. The approval
19 for the limited purpose branch must be renewed concurrently
20 with the renewal of the licensee's license along with a
21 renewal fee of $3,000 $300 for the limited purpose branch.
22 (c) The books, accounts, records, and files of the limited
23 purpose branch's transactions shall be maintained at the
24 licensee's licensed location. The licensee shall notify the
25 Director of the licensed location at which the books,
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1 accounts, records, and files shall be maintained.
2 (d) The licensee shall prominently display at the limited
3 purpose branch the address and telephone number of the
4 licensee's licensed location.
5 (e) No other business shall be conducted at the site of the
6 limited purpose branch unless authorized by the Director.
7 (f) The Director shall make and enforce reasonable rules
8 for the conduct of a limited purpose branch.
9 (g) A limited purpose branch may not be located within
10 1,000 feet of a facility operated by an inter-track wagering
11 licensee or an organization licensee subject to the Illinois
12 Horse Racing Act of 1975, on a riverboat or in a casino subject
13 to the Illinois Gambling Act, or within 1,000 feet of the
14 location at which the riverboat docks or within 1,000 feet of a
15 casino.
16 (Source: P.A. 101-31, eff. 6-28-19.)
17 Section 95-25. The Debt Settlement Consumer Protection Act
18 is amended by changing Section 30 as follows:
19 (225 ILCS 429/30)
20 Sec. 30. Renewal of license. Each debt settlement provider
21 under the provisions of this Act may make application to the
22 Secretary for renewal of its license, which application for
23 renewal shall be on the form prescribed by the Secretary and
24 shall be accompanied by a fee of $3,000 $1,000 together with a
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1 bond or other surety as required, in a minimum amount of
2 $100,000 or an amount as required by the Secretary based on the
3 amount of disbursements made by the licensee in the previous
4 year. The application must be received by the Department no
5 later than December 1 of the year preceding the year for which
6 the application applies.
7 (Source: P.A. 96-1420, eff. 8-3-10; 97-333, eff. 8-12-11.)
8 Article 999. Miscellaneous Provisions; Effective Date
9 Section 999-95. Construction; severability.
10 (a) The provisions of this Act shall be liberally
11 construed to effectuate its purposes.
12 (b) The provisions of this Act are severable under Section
13 1.31 of the Statute on Statutes.
14 (c) To the extent that any provision of this Act is
15 preempted by federal law, the provision shall not apply and
16 shall not be enforced solely as to the extent of the preemption
17 and not as to other circumstances, persons, or applications.
18 Section 999-99. Effective date. This Act takes effect
19 January 1, 2024.
HB3483- 85 -LRB103 27826 BMS 54204 b 1 INDEX 2 Statutes amended in order of appearance 3 New Act4 5 ILCS 140/7.5 5 20 ILCS 1205/1from Ch. 17, par. 101 6 20 ILCS 1205/2from Ch. 17, par. 102 7 20 ILCS 1205/2.5 new 8 20 ILCS 1205/4from Ch. 17, par. 104 9 20 ILCS 1205/6 10 20 ILCS 1205/6afrom Ch. 17, par. 107 11 20 ILCS 1205/7from Ch. 17, par. 108 12 20 ILCS 1205/8from Ch. 17, par. 109 13 20 ILCS 1205/15from Ch. 17, par. 116 14 20 ILCS 1205/16from Ch. 17, par. 117 15 20 ILCS 1205/17from Ch. 17, par. 118 16 20 ILCS 1205/18from Ch. 17, par. 119 17 20 ILCS 1205/18.2 new18 20 ILCS 1205/18.3 new19 20 ILCS 1205/18.4 new20 20 ILCS 1205/18.5 new 21 20 ILCS 1205/9 rep. 22 20 ILCS 1205/10 rep. 23 20 ILCS 1205/11 rep. 24 20 ILCS 1205/12 rep. 25 20 ILCS 1205/13 rep. HB3483- 86 -LRB103 27826 BMS 54204 b HB3483- 85 -LRB103 27826 BMS 54204 b HB3483 - 85 - LRB103 27826 BMS 54204 b 1 INDEX 2 Statutes amended in order of appearance 3 New Act 4 5 ILCS 140/7.5 5 20 ILCS 1205/1 from Ch. 17, par. 101 6 20 ILCS 1205/2 from Ch. 17, par. 102 7 20 ILCS 1205/2.5 new 8 20 ILCS 1205/4 from Ch. 17, par. 104 9 20 ILCS 1205/6 10 20 ILCS 1205/6a from Ch. 17, par. 107 11 20 ILCS 1205/7 from Ch. 17, par. 108 12 20 ILCS 1205/8 from Ch. 17, par. 109 13 20 ILCS 1205/15 from Ch. 17, par. 116 14 20 ILCS 1205/16 from Ch. 17, par. 117 15 20 ILCS 1205/17 from Ch. 17, par. 118 16 20 ILCS 1205/18 from Ch. 17, par. 119 17 20 ILCS 1205/18.2 new 18 20 ILCS 1205/18.3 new 19 20 ILCS 1205/18.4 new 20 20 ILCS 1205/18.5 new 21 20 ILCS 1205/9 rep. 22 20 ILCS 1205/10 rep. 23 20 ILCS 1205/11 rep. 24 20 ILCS 1205/12 rep. 25 20 ILCS 1205/13 rep. HB3483- 86 -LRB103 27826 BMS 54204 b HB3483 - 86 - LRB103 27826 BMS 54204 b
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1 INDEX
2 Statutes amended in order of appearance
3 New Act
4 5 ILCS 140/7.5
5 20 ILCS 1205/1 from Ch. 17, par. 101
6 20 ILCS 1205/2 from Ch. 17, par. 102
7 20 ILCS 1205/2.5 new
8 20 ILCS 1205/4 from Ch. 17, par. 104
9 20 ILCS 1205/6
10 20 ILCS 1205/6a from Ch. 17, par. 107
11 20 ILCS 1205/7 from Ch. 17, par. 108
12 20 ILCS 1205/8 from Ch. 17, par. 109
13 20 ILCS 1205/15 from Ch. 17, par. 116
14 20 ILCS 1205/16 from Ch. 17, par. 117
15 20 ILCS 1205/17 from Ch. 17, par. 118
16 20 ILCS 1205/18 from Ch. 17, par. 119
17 20 ILCS 1205/18.2 new
18 20 ILCS 1205/18.3 new
19 20 ILCS 1205/18.4 new
20 20 ILCS 1205/18.5 new
21 20 ILCS 1205/9 rep.
22 20 ILCS 1205/10 rep.
23 20 ILCS 1205/11 rep.
24 20 ILCS 1205/12 rep.
25 20 ILCS 1205/13 rep.
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1 INDEX
2 Statutes amended in order of appearance
3 New Act
4 5 ILCS 140/7.5
5 20 ILCS 1205/1 from Ch. 17, par. 101
6 20 ILCS 1205/2 from Ch. 17, par. 102
7 20 ILCS 1205/2.5 new
8 20 ILCS 1205/4 from Ch. 17, par. 104
9 20 ILCS 1205/6
10 20 ILCS 1205/6a from Ch. 17, par. 107
11 20 ILCS 1205/7 from Ch. 17, par. 108
12 20 ILCS 1205/8 from Ch. 17, par. 109
13 20 ILCS 1205/15 from Ch. 17, par. 116
14 20 ILCS 1205/16 from Ch. 17, par. 117
15 20 ILCS 1205/17 from Ch. 17, par. 118
16 20 ILCS 1205/18 from Ch. 17, par. 119
17 20 ILCS 1205/18.2 new
18 20 ILCS 1205/18.3 new
19 20 ILCS 1205/18.4 new
20 20 ILCS 1205/18.5 new
21 20 ILCS 1205/9 rep.
22 20 ILCS 1205/10 rep.
23 20 ILCS 1205/11 rep.
24 20 ILCS 1205/12 rep.
25 20 ILCS 1205/13 rep.
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