Section 178.165  Restricted and Professional Words

a)         Words which are subject to restrictions on their use in a limited liability company name include, but are not limited to, the following and any variation thereof:  Insurance, Surety, Underwriters, Bank, Bankers, Banking, or any licensed professional services.

b)         However, "Bank", "Banker", or "Banking" may be used in a limited liability company name if, at the time of filing of the articles of organization, application for admission by a foreign limited liability company, or an amendment to either of these documents to change the limited liability company name, the limited liability company shall give the Department a letter signed by the Director of Financial and Professional Regulation-Division of Banking or a designee granting permission to use these words, pursuant to the standard set forth in Section 46 of the Illinois Banking Act [205 ILCS 5/46].

1)         The limited liability company using any of these aforementioned words must not be engaged in the banking business, but may be a bank holding company.

2)         The use of these words shall be allowed if the limited liability company is not conducting financial business and the otherwise prohibited word is a person's proper name, e.g. "Robert Banks".

c)         The Department will prohibit the organization of limited liability companies which seek to use names or have purposes which violate the Act.  This prohibition does not apply to names or purposes specifically authorized by these rules.

(Source:  Amended at 29 Ill. Reg. 19699, effective November 28, 2005)