HB3483 103RD GENERAL ASSEMBLY

LRB103 27826 BMS 54204 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3483

Introduced 2/17/2023, 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.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Article 1. General Provisions

Section 1-1. Short title. This Act may be cited as the Consumer Financial Protection Law.

Section 1-5. Definitions.

(a) As used in this Act:

"Affiliate" means any person that controls, is controlled by, or is under common control with another person. For purposes of this definition, "control" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person.

"Confidential supervisory information" means that the record or information is exempt from public disclosure under any federal or State statute or rules and regulations implementing federal or State statute.

"Consumer" means an individual; an agent, trustee, or representative acting on behalf of an individual; or the estate, trust, or joint trust of an individual, however denominated.

"Covered employee" means any individual performing tasks related to the offering or provision of a financial product or service.

"Department" means the Department of Financial and Professional Regulation.

"Division of Banking" means the Division of Banking within the Department of Financial and Professional Regulation.

"Division of Financial Institutions" means the Division of Financial Institutions within the Department of Financial and Professional Regulation.

"Financial law" means a federal or Illinois law that directly and specifically regulates the manner, content, or terms and conditions of any financial transaction, or any account, product, or service related thereto, with respect to a consumer.

"Financial product or service" means any financial product or financial service offered or provided by any person that is regulated or required to be regulated by the Department or any other financial product or service offered or sold to consumers.

"Person" includes, without limitation, any individual, corporation, business trust, estate, trust, partnership, proprietorship, syndicate, limited liability company, association, joint venture, government, governmental subsection, agency, or instrumentality, public corporation or joint stock company, any other organization, or legal or commercial entity.

"Regulated person" or "person regulated" means, to the extent not preempted by federal law, any person that (1) engages in offering or providing a financial product or service to a resident of this State, (2) any affiliate of a regulated person, (3) service providers, and (4) related persons.

"Related person" means (1) any director, officer, or employee charged with managerial responsibility for, or the controlling shareholder of, or an agent for, a regulated person; (2) any shareholder, consultant, joint venture partner, or other person, as determined by the Department, by rule or on a case-by-case basis, who materially participates in the conduct of the affairs of a regulated person; and (3) any independent contractor, including any attorney, appraiser, or accountant, who knowingly or recklessly participates in any (i) violation of any provision of law or regulation, or (ii) breach of a fiduciary duty.

"Secretary" means the Secretary of Financial and Professional Regulation and any authorized representative of the Secretary.

"Service provider" means any person that provides a material service to a regulated person in connection with the offering or provision by that regulated person of a financial product or service, including a person that either:

(1) Participates in designing, operating, or maintaining the financial product or service.

(2) Processes transactions relating to the financial product or service, other than unknowingly or incidentally transmitting or processing financial data in a manner in which the data is undifferentiated from other types of data of the same form as the person transmits or processes.

"Service provider" does not include a person solely by virtue of that person offering or providing to a regulated person either:

(1) A support service of a type provided to businesses generally or a similar ministerial service.

(2) Time or space for an advertisement for a financial product or service through print, newspaper, or electronic media.

(b) Whenever the terms "include", "including", or terms of similar import appear in this Act, unless the context requires otherwise, such terms shall not be construed to imply the exclusion of any person, class, or thing not specifically included.

(c) A reference in this Act to any other law or statute of this State, or of any other jurisdiction, means such law or statute as amended on the effective date of this Act, and unless the context otherwise requires, as amended thereafter.

Section 1-10. Findings and purpose.

(a) The General Assembly finds and declares the following:

(1) The lack of a dedicated financial services regulator with broad authority over providers of financial products and services has left the people of Illinois vulnerable to abuse and forced Illinois businesses to compete with unscrupulous providers. The victimization of Illinois consumers, including those who lack a safety net of personal or household financial resources, not only harms individuals but also has broader social and economic costs to the State, including increased caseloads for social safety net programs. These problems become even more acute in times of crisis, including disasters, financial crises, and economic recessions. Therefore, the General Assembly should enact statutory measures to protect the people of Illinois from abuses in the marketplace for financial products and services.

(2) Technological innovation offers great promise for the more effective and efficient provision of financial products and services to the people of Illinois but also poses new risks to consumers and challenges to financial services regulators and law enforcement in addressing those risks. These challenges include, but are not limited to, preventing regulatory arbitrage, maintaining effective oversight of new providers of financial products and services, promoting the stability of Illinois financial institutions and the financial system, protecting the confidentiality, integrity, and availability of information systems and consumer information stored on those information systems, and guarding against fraud, money laundering, terrorist financing, and other financial crimes.

(3) Robust financial protections enable wealth building and promote a vibrant economy. They are especially important among various populations, including, but not limited to, low-income and moderate-income households, historically marginalized communities, military service members, seniors, students, and new residents of this State. Unfair, deceptive, or abusive practices in the provision of financial products and services undermine the public confidence that is essential to the continued functioning of the financial system, sound extensions of credit to consumers, and the protection of consumers.

(4) It is the intent of the General Assembly to enact this Act to strengthen financial protections by expanding the ability of the Department of Financial and Professional Regulation to improve accountability and transparency in the Illinois financial system, provide financial education, and protect Illinois persons from abusive financial practices, while prioritizing the prevention of unethical businesses from harming the most vulnerable populations, including low-income and moderate-income households, historically marginalized communities, military service members, seniors, students, and new residents of this State.

(b) Among the purposes of this Act shall be the promotion of general welfare, fair competition, and wealth creation in this State, including by doing the following:

(1) Promoting nondiscriminatory access to responsible, affordable credit on terms that reasonably reflect consumers' ability to repay.

(2) Promoting nondiscriminatory access to financial products and services that are understandable and not unfair, deceptive, or abusive.

(3) Protecting Illinois persons from discrimination and unfair, deceptive, and abusive acts and practices in connection with financial practices and services.

(4) Promoting nondiscriminatory protective innovation in financial products and services.

Section 1-15. Unlawful, unfair, deceptive, or abusive acts.

(a) It is unlawful for a regulated person to do any of the following:

(1) Engage, have engaged, or propose to engage in any unlawful, unfair, deceptive, or abusive act or practice with respect to financial products or services.

(2) Offer or provide to a consumer any financial product or service not in conformity with any financial law or otherwise commit any act or omission in violation of a financial law.

(3) Fail or refuse, as required by a financial law or any rule or order issued by the Department under this Act, to do any of the following:

(A) Permit the Department access to or copying of records.

(B) Establish or maintain records.

(C) Make reports or provide information to the Department.

(b) For any person who provides substantial assistance to a regulated person in violation of subsection (a) or any rule or order issued under that provision, the provider of that substantial assistance shall be deemed to be in violation of that provision, rule, or order to the same extent as the person to whom that assistance is provided.

(c) Notwithstanding subsection (b), a person shall not be held to have violated paragraph (1) of subsection (a) solely by virtue of providing or selling advertising time or space to a regulated person.

Section 1-20. Employee protection against retaliation.

(a) A regulated person shall not terminate or in any other way discriminate or retaliate against, or cause to be terminated or discriminated or retaliated against, any employee or any authorized representative of covered employees by reason of the fact that the employee or representative, whether at the initiative of the employee or in the ordinary course of the duties of the employee, or any person acting pursuant to a request of the employee, has either:

(1) Filed or instituted, or caused to be filed or instituted, any proceeding under any financial law.

(2) Objected to, refused to participate in, or reported to the Department any activity, policy, practice, or assigned task that the employee or other such person reasonably believed to be in violation of any law, rule, order, standard, or prohibition, subject to the jurisdiction of, or enforceable by, the Department.

(b) A violation of this Section is enforceable as a violation of the Whistleblower Act.

(c) This Section does not restrict the remedies available under this Act.

Section 1-25. Exemptions.

(a) This Act shall not apply to any financial product or service for which registration, chartering, licensing, or any other express authorization is required by any State agency or department of State government, other than by the Department, but only to the extent the financial product or service is actually regulated for the purpose of consumer or investor protection by such State agency or department of State government.

(b) Products or services shall not be exempt from this Act solely because of the following:

(1) they are subject to other general laws or regulations for the protection of consumers or investors;

(2) they are subject to the Motor Vehicle Retail Installment Sales Act; or

(3) they are subject to the Retail Installment Sales Act.

Article 5. Administration

Section 5-5. General powers and duties.

(a) The Department shall regulate the offering and provision of financial products or services under Illinois financial laws, unless exempt pursuant to Section 1-25. To the extent permissible under federal financial laws, the Department shall exercise nonexclusive oversight and enforcement under the federal financial laws.

(b) The Department shall have the functions, powers, and duties as are conferred by this Act, the Division of Banking Act, the Financial Institutions Act, and any other law relating to the Department. To the extent of any inconsistency between functions, powers, and duties granted to the Department in this Act and the Division of Banking Act, the Financial Institutions Act, and any other law, this Act shall control. The functions, powers, and duties granted to the Department in the Division of Banking Act, the Financial Institutions Act, and any other law shall not be deemed as inconsistent with this Act so long as they give more protection to consumers or competition.

(c) The Department shall have the following functions, powers, and duties in carrying out its responsibilities under this Act and any other financial law under the jurisdiction of or enforceable by the Department:

(1) to issue or refuse to issue any license, registration, charter, certificate, or other authorization;

(2) to revoke or suspend for cause any license, registration, charter, certificate, or other authorization;

(3) to keep records of all licenses, registrations, charters, or other authorizations;

(4) to receive, consider, investigate, and act upon complaints made by any person relating to a regulated person;

(5) to prescribe the forms of and receive:

(A) applications for licenses, registrations, charters, or other authorizations; and

(B) all reports and all books and records required to be made by any regulated persons;

(6) to subpoena documents and witnesses and compel their attendance and production, to administer oaths, and to require the production of any books, papers, or other materials relevant to any inquiry authorized by this Act or other financial law under the jurisdiction of or enforceable by the Department;

(7) to issue orders against any person:

(A) if the Secretary has reasonable cause to believe that an unsafe, unsound, or unlawful practice has occurred, is occurring, or is about to occur;

(B) if any person has violated, is violating, or is about to violate any law, rule, or written agreement with the Secretary; or

(C) for the purpose of administering the provisions of this Act or other financial law and any rule adopted in accordance with this Act or other financial law;

(8) to address any inquiries to any regulated person, or the directors, officers, or employees of the regulated person, in relation to the regulated person's activities and conditions or any other matter connected with its affairs, and it shall be the duty of any person so addressed to promptly reply in writing to those inquiries; the Secretary may also require reports from any regulated person at any time the Secretary chooses;

(9) to examine the books and records of every regulated person;

(10) to enforce the provisions of this Act and Illinois and federal financial laws under the jurisdiction of or enforceable by the Department;

(11) to levy fees, fines, civil penalties, charges for services, and assessments to defray operating expenses, including direct and indirect costs, of administering this Act and other financial laws under the jurisdiction of or enforceable by the Department;

(12) to appoint examiners, supervisors, experts, and special assistants as needed to effectively and efficiently administer this Act and other financial laws under the jurisdiction of or enforceable by the Department;

(13) to conduct hearings for the purpose of carrying out the purposes of this Act;

(14) to exercise visitorial power over a regulated person;

(15) to enter into cooperative agreements with federal and State regulatory authorities and to accept reports of examinations from federal and State regulatory authorities;

(16) to assign on an emergency basis an examiner or examiners to monitor the affairs of a regulated person with whatever frequency the Secretary determines appropriate and to charge the regulated person for reasonable and necessary expenses of the Secretary if in the opinion of the Secretary an emergency exists or appears likely to occur;

(17) to impose civil penalties against a regulated person for failing to respond to a regulatory request or reporting requirement;

(18) to conduct investigations, market surveillance, and research, studies, and analyses of matters affecting the interests of users of financial products and services;

(19) to protect users of financial products and services, including by:

(A) initiating and encouraging consumer and investor financial education programs and disseminating materials to educate users of financial products and services;

(B) developing and implementing outreach and education programs to underserved consumers, investors, and communities;

(C) providing technical assistance to federal regulatory agencies, other State agencies or departments of State government, units of local government, law enforcement, and not-for-profits in the development of consumer and investor protection measures with respect to financial products and services;

(D) continuing and expanding the detection, investigation, and prevention of fraud, money laundering, terrorist financing, and other financial crimes; and

(E) taking such actions as the Secretary deems necessary to educate and protect users of financial products and services;

(20) to develop and implement initiatives and programs to promote innovation, competition, and access to financial products and services; and

(21) to perform any other lawful acts necessary or desirable to carry out the purposes and provisions of this Act and other financial laws.

(d) The Department is authorized and encouraged to share any information obtained pursuant to this Act or any other law under the jurisdiction of or enforceable by the Department with law enforcement officials or other regulatory agencies.

(e) The Secretary may establish such divisions, bureaus, and other units within the Department as may be necessary for the administration of the financial laws, and the proper exercise of his or her powers and the performance of his or her duties under those laws, and may, from time to time, reorganize, consolidate, or abolish such divisions, bureaus, or other units within the Department. Notwithstanding any inconsistent provision of law, the Secretary may determine the official functions of each division, bureau, or other unit within the Department. Except as may be otherwise provided by the Civil Administrative Code of Illinois, the Personnel Code, or other applicable law, there shall be a head of each division, bureau, or other unit to be appointed by the Secretary, who shall serve at the pleasure of the Secretary.

Section 5-10. Funds.

(a) All moneys collected or received by the Department under this Act shall be deposited into the Financial Protection Fund, which is hereby created. The amounts deposited into the Financial Protection Fund shall be used for the ordinary and contingent expenses of the Department in administering this Act and other financial laws; nothing in this Act shall prevent the continuation of the practice of paying expenses involving salaries, retirement, social security, and State-paid insurance of State officers and employees by appropriation from the General Revenue Fund or any other fund. Moneys deposited into the Financial Protection Fund may be transferred to the Professions Indirect Cost Fund or any other Department fund.

(b) The Department may set and collect an annual or quarterly assessment fee for each person required to register pursuant to Section 10-5, which may be scaled based on the size or market participation of the person. The assessment fee shall be limited to the reasonable regulatory costs under this Act incident to issuing registrations and performing investigations, inspections, examinations, audits, and supervisory activities; and the administrative enforcement and adjudication of the Department with respect to registrants. The regulatory costs for the administrative enforcement of this Act are for the purposes of protecting consumers against unfair, deceptive, or abusive acts or practices in connection with any transaction involving the provision of financial products and services in this State; protecting registrants against unfair competition; improving accountability and transparency; and ensuring equitable enforcement of the financial laws. The cost of every inspection and examination of a regulated person conducted under the authority of this Act shall be paid to the Department by the regulated person examined and the Department may maintain an action for recovery of those costs in any court of competent jurisdiction. Nothing in this subsection shall alter or supersede the requirements for the cost of an examination conducted under the authority of any other law administered by the Department.

(c) For each fiscal year commencing on or after the effective date of this Act, assessments to defray operating expenses, including all direct and indirect costs, of the Department in administering the financial laws, except expenses incurred in the administration of the Illinois Banking Act, the Savings Bank Act, the Corporate Fiduciary Act, and the Illinois Credit Union Act, may be assessed by the Department in accordance with this subsection. The Department may adopt rules to set and collect annual or quarterly assessment fees to defray operating expenses of administering each financial law, which shall be borne by and assessed against the person regulated by each financial law, and which may be scaled based on the size or market participation of such regulated persons. Nothing in this subsection shall limit the existing authority of the Department to levy fees, fines, civil penalties, charges, and assessments under other financial laws.

(d) Fees and assessments paid pursuant to this Section are nonrefundable.

Article 10. Supervision

Section 10-5. Registration requirements.

(a) The Department may adopt rules regarding registration requirements applicable to a regulated person engaged in the business of offering or providing a financial product or service, including, but not limited to, requiring a filing to be made under oath and requiring the payment of assessment fees. The Department may require registration through the Nationwide Multistate Licensing System and Registry or a provider of another multi-state licensing system.

(b) Notwithstanding subsection (a), the Department shall not require the registration by any of the following:

(1) A regulated person who is regulated by the Department under another law and who is providing a financial product or service within the scope of that other law.

(2) A regulated person who is licensed or registered by another State agency or department of State government, other than the Department, unless the regulated person is offering or providing a financial product or service that is not regulated by the other agency.

(c) The following procedures apply to the oversight of persons required to register under subsection (a):

(1) The Department may adopt rules to facilitate oversight of regulated persons and assessment and detection of risks to consumers.

(2) The Department may require a regulated person to generate, provide, or retain records for the purposes of facilitating oversight of those persons and assessing and detecting risks to consumers.

(3) The Department may adopt rules regarding a regulated person to ensure that such persons are legitimate entities and are able to perform their obligations to consumers. Such rules may include background checks for principals, officers, directors, or key personnel and bonding or other appropriate financial and safety and soundness requirements.

Section 10-10. Consumer protection.

(a) The Department may adopt rules applicable to any regulated person identifying as unlawful, unfair, deceptive, or abusive acts or practices in connection with any transaction for a financial product or service, or the offering of a financial product or service. Rules adopted pursuant to this subsection may include requirements for the purpose of preventing those acts or practices.

(b) The Department may adopt rules applicable to any regulated person to ensure that the features of any financial product or service, both initially and over the term of the product or service, are fully, accurately, and effectively disclosed to persons in a manner that permits persons to understand the costs, benefits, and risks associated with the product or service in light of the facts and circumstances.

(c) In conducting any monitoring, regulatory, or supervision activity, the Department may gather information from time to time regarding the organization, business conduct, markets, and activities of any regulated person.

(d) The Department may require any regulated person to file with the Department, under oath or otherwise, in a form and within a reasonable period of time as the Department may order, annual reports, special reports, or answers in writing to specific questions, as necessary for the Department to fulfill its monitoring, regulatory, supervision, and reporting responsibilities.

(e) To clarify the applicability of State credit cost limitations, including rate and fee caps, to the offering and provision of financial products and services by a regulated person, the Department may interpret and implement, including to prevent evasion, all Illinois credit cost provisions as to their applicability to financial products and services. Nothing in this subsection (e) shall be construed to give the Department authority to establish a usury limit applicable to an extension of credit offered or made by a regulated person to a person except as otherwise provided for by law.

Section 10-15. Cybersecurity.

(a) Each entity covered by this Section shall maintain a cybersecurity program that is consistent with any applicable federal and State laws and any rules adopted by the Department. It is unlawful for a covered entity to fail to comply with any requirement of this Section or any rule adopted by the Department. At a minimum, and subject to any rules adopted by the Department, each covered entity shall:

(1) Maintain a cybersecurity program designed to protect the confidentiality, integrity, and availability of the covered entity's information systems and nonpublic information stored on those information systems.

(2) Implement and maintain a written policy or policies, approved at least annually by a senior officer or the covered entity's board of directors, an appropriate committee thereof, or an equivalent governing body, setting forth the covered entity's policies and procedures for the protection of its information systems and nonpublic information stored on those information systems.

(3) Designate a qualified individual responsible for overseeing and implementing the covered entity's cybersecurity program and enforcing its cybersecurity policy or policies. The individual must have adequate authority to ensure cybersecurity risks are appropriately managed, including the ability to direct sufficient resources to implement and maintain a cybersecurity program. The individual may be employed by the covered entity, one of its affiliates, or a service provider.

(b) To assist in carrying out this Section, the Department may adopt rules to define terms used in this Section and to establish specific requirements for the cybersecurity program required by subsection (a), including, but not limited to, rules related to:

(1) penetration testing and vulnerability assessment;

(2) audit trails;

(3) access privileges;

(4) application security;

(5) risk assessment;

(6) cybersecurity personnel and intelligence;

(7) affiliates and service providers;

(8) authentication;

(9) data retention;

(10) training and monitoring;

(11) encryption;

(12) incident response;

(13) notice of cybersecurity events; and

(14) any other requirement necessary and appropriate for the protection of consumers, for the safety and soundness of the covered entity, or to effectuate the purposes of this Section.

(c) Each covered entity shall notify the Department electronically as promptly as possible but in no event later than 72 hours after a determination that a cybersecurity event has occurred that is any of the following:

(1) cybersecurity events impacting the covered entity of which notice is required to be provided to any government body, self-regulatory agency, or any other supervisory body;

(2) cybersecurity events that have a reasonable likelihood of materially harming, disrupting, or degrading any material part of the normal operations of the covered entity;

(3) cybersecurity events where an unauthorized user has gained access to a privileged account;

(4) cybersecurity events that resulted in the deployment of ransomware within a material part of the covered entity's information system; or

(5) other cybersecurity events as defined by the Department by rule.

Within a reasonable period of time as the Department may adopt by rule or by order, each covered entity shall provide the Department electronically any information requested regarding the investigation of the cybersecurity event. Covered entities shall have a continuing obligation to update and supplement the information provided.

(d) As used in this Section, "covered entity" or "entity covered by this Section" means a regulated person that is not an individual who is operating under or required to operate under a license, registration, charter, certificate, or other authorization under a financial law administered by the Department.

Section 10-20. Anti-fraud and anti-money laundering.

(a) It is unlawful for a regulated person to do any of the following:

(1) Commit any fraud or misrepresentation with respect to a financial product or service or involving any person offering to provide or providing financial products or services.

(2) Fail to establish and maintain a program to guard against fraud, scams, and unauthorized transactions against consumers involving the regulated person's financial products or services, consistent with any applicable federal and State laws and any rules adopted by the Department.

Nothing in this subsection shall affect the construction or interpretation of the term "fraud" as it is used in any other provision of State law.

(b) In order to guard against money laundering and terrorist financing, entities covered by this subsection shall establish and maintain an anti-money laundering and countering the financing of terrorism program that complies with applicable federal anti-money laundering laws and regulations. Each covered entity shall also comply with applicable federal regulations issued by the Office of Foreign Assets Control of the United States Department of the Treasury, 31 CFR Part 500. It is unlawful for a covered entity to fail to comply with any requirement of this subsection or any rule adopted by the Department. As used in this subsection, "covered entity" or "entity covered by this subsection" means a bank, credit union, money transmitter, or other person regulated by the Department that is subject to applicable federal anti-money laundering laws, 31 U.S.C. Chapter 53, Subchapter II.

(c) Whenever the Department is satisfied that a violation subject to this Section or other criminal activity under the financial laws has been committed or attempted, the Department shall report any such violation of law, as the Department deems appropriate, to the relevant law enforcement or regulatory agencies, the Attorney General, or the State's Attorney of the county in which any such violation occurs.

Article 15. Enforcement

Section 15-5. Subpoena and investigatory powers.

(a) The Department, by its Secretary or a person designated by him or her, is empowered, at any time during the course of any investigation, examination, or hearing conducted pursuant to this Act to administer oaths, subpoena witnesses, take evidence, and compel the production of any books, papers, records, or any other documents that the Secretary or a person designated by him or her deems relevant or material to any such investigation, examination, or hearing conducted by the Department, with the same fees and mileage and in the same manner as prescribed by law in judicial proceedings in civil cases in circuit courts of this State.

(b) The Secretary may require regulated persons to file written reports or written answers to questions.

(c) Any person who, without lawful authority, fails to appear in response to a subpoena or to answer any question or produce any books, papers, records, or any other documents relevant or material to the investigation or hearing is guilty of a Class A misdemeanor. Each violation shall constitute a separate and distinct offense.

(d) In addition to initiating criminal proceedings through referral, the Department, through the Attorney General or State's Attorney of the county in which any such violation occurs, may seek civil enforcement of any such subpoena by any circuit court of this State.

Section 15-10. Enforcement powers.

(a) The Department may take any action authorized by this law against a regulated person who engages, has engaged, or proposes to engage in unfair, deceptive, or abusive practices with respect to consumer financial products or services.

(b) The Department may take any action authorized by this law against a regulated person for any violation of this Act or any financial law applicable to such regulated person or for any unsafe, unsound, or unlawful practice by such regulated person. Violations of this Act by a regulated person constitute both a violation of this Act and a violation of the financial law under which such regulated person is licensed, registered, chartered, authorized, or otherwise regulated by the Department.

(c) Relief under this Section may include, but is not limited to, any of the following:

(1) Rescission or reformation of contracts.

(2) Refund of moneys or return of real property.

(3) Restitution.

(4) Disgorgement or compensation for unjust enrichment, with any disgorged amounts returned to the affected consumers, to the extent practicable.

(5) Payment of damages or other monetary relief.

(6) Public notification regarding the violation, including the costs of notification.

(7) Limits on the activities or functions of the person.

(8) Monetary penalties, as set forth in subsection (d).

(d) In any administrative action brought pursuant to this Act, the following penalties shall apply:

(1) Any person that violates, through any act or omission, any provision of this Act shall forfeit and pay a penalty pursuant to this subsection.

(A) The penalty amounts are as follows:

(i) For any violation of this Act or a rule, order, or condition imposed in writing by the Department, a penalty may not exceed the greater of $5,000 for each day during which the violation or failure to pay continues or $2,500 for each act or omission in violation.

(ii) Notwithstanding subdivision (i), for any reckless violation by a person of this Act or a rule, order, or condition imposed by the Department, a penalty may not exceed the greater of $25,000 for each day during which the violation continues or $10,000 for each act or omission in violation.

(iii) Notwithstanding subdivision (i) or (ii), for any knowing violation by a person of this Act or a rule, order, or condition imposed by the Department, a penalty may not exceed the lesser of 1% of the person's total assets, $1,000,000 for each day during which the violation continues, or $25,000 for each act or omission in violation.

(B) In determining the amount of any penalty assessed under this Act, the Department shall take into account mitigating factors and the appropriateness of the penalty with respect to all of the following:

(i) The amount of financial resources of the person charged.

(ii) The good faith of the person charged.

(iii) The gravity of the violation.

(iv) The severity of the risks to or losses of the consumer, which may take into account the number of products or services sold or provided.

(v) The history of previous violations.

(vi) Other facts and circumstances as justice may require.

(2) The Department may compromise, modify, or remit any penalty that may be assessed or has already been assessed.

(3) Penalties may be imposed to deter future violations by the regulated person or other regulated persons.

Section 15-15. Civil actions.

(a) If a person violates any provision of this Act, or a rule, order, or condition imposed in writing by the Department, the Department through the Attorney General or the State's Attorney of the county in which any such violation occurs may bring an action in the circuit court to enjoin the acts or practices or to enforce compliance with this Act or any rule or order adopted pursuant to this Act. Upon a proper showing, a permanent or preliminary injunction, restraining order, or writ of mandate shall be granted and a receiver, monitor, conservator, or other designated fiduciary or officer of the court may be appointed for the defendant or the defendant's assets, or any other ancillary relief may be granted as appropriate. A receiver, monitor, conservator, or other designated fiduciary or officer of the court appointed by the circuit court pursuant to this Section may, with the approval of the court, exercise any or all of the powers of the defendant's officers, directors, partners, trustees, or persons who exercise similar powers and perform similar duties, including the filing of a petition for bankruptcy. No action at law or in equity may be maintained by any party against the Secretary, a receiver, monitor, conservator, or other designated fiduciary or officer of the court, by reason of their exercising these powers or performing these duties pursuant to the order of, or with the approval of, the circuit court.

(b) The Secretary may include in any action relief authorized by Section 15-10. The circuit court shall have jurisdiction to award additional relief.

(c) In any action brought by the Department, the Department may recover its costs and attorney's fees in connection with prosecuting the action if the Department is the prevailing party in the action.

Section 15-20. Limitations on actions.

(a) Except as otherwise permitted by law or equity, including provisions under any financial law, no civil action may be brought under this Act more than 5 years after the date of discovery of the violation to which an action relates.

(b) In any action arising solely under an Illinois or federal financial law:

(1) The limitations period under that financial law shall apply, and not the period under subsection (a).

(2) The Department may commence, defend, or intervene in the action in accordance with the requirements of that provision of law, as applicable.

Section 15-25. Hearings and adjudication proceedings.

(a) The Department may conduct hearings and adjudication proceedings with respect to any person in order to ensure or enforce compliance with the following:

(1) The provisions of this Act, including any rule, order, or condition imposed by the Department under this Act.

(2) Any other law that the Department is authorized to enforce and any rules, regulations, or orders adopted pursuant to that law, unless that law specifically limits the Department from conducting a hearing or adjudication proceeding and only to the extent of that limitation.

(b) All hearings provided for in this Act shall be conducted in accordance with 38 Ill. Adm. Code 100 and the Secretary shall have all the powers granted therein.

(c) The Department may, by order, assess penalties under subsection (d) of Section 15-10. If that person fails to file a written request for a hearing within 30 days after the date of service of the order, the order shall be deemed a final order of the Secretary.

(d)(1) If, in the opinion of the Department, any person engages, has engaged, or proposes to engage in any activity prohibited by Sections 1-15 or 1-20, any unsafe, unsound, or unlawful practice, or any activity, act, practice, or course of business that violates a law, rule, order, or any condition imposed in writing on the person by the Department, the Department may issue an order directing the person to cease and desist and refrain from engaging in the activity, act, practice, or course of business.

(2) If that person fails to file a written request for a hearing within 30 days after the date of service of the order, the order shall be deemed a final order of the Secretary.

(e) If any person engages, has engaged, or proposes to engage in any activity prohibited by Sections 1-15 or 1-20, any unsafe, unsound, or unlawful practice, or any activity, act, practice, or course of business that violates a law, rule, order, or any condition imposed in writing on the person by the Department, the Department may include in any administrative action authorized under this Section a claim for ancillary relief as set forth in subsection (c) of Section 15-10. The court shall have jurisdiction to award additional relief.

(f) If, in the opinion of the Department, any regulated person engages, has engaged, or proposes to engage in any unsafe, unsound, or unlawful practice or any activity, act, practice, or course of business that violates a law, rule, order, or any condition imposed in writing on the person by the Department, the Department may, after notice and an opportunity for a hearing, suspend or revoke the license or registration of the regulated person. If that person fails to file a written request for a hearing within 30 days after the date of service of the order, the order shall be deemed a final order of the Secretary.

(g) An order of the Department shall be served upon every person or corporation to be affected thereby by personal delivery of a copy of the order by mail, or, at the discretion of the Department, by electronic means to an email address specified by the person or corporation with the Department. Mailing in the United States mail as herein provided shall constitute service without additional proof of a receipt of such copy or copies of such order.

(h) After the exhaustion of the review procedures provided for in this Section, the Secretary may apply to the appropriate circuit court for an order compelling the cited person to comply with the orders of the Secretary.

(1) The application shall include a copy of the final order of the Secretary.

(2) Upon the filing of the application, the circuit court shall set a date for a hearing for an order to show cause why judgment should not be entered, which shall be set not less than 30 calendar days after the date the application is filed.

(3) The Secretary shall serve a copy of the application and final order along with notice of the hearing to all entities or persons cited in the order against whom a civil judgment is sought not less than 15 calendar days before the date set for the hearing. Service of the application shall be pursuant to the methods specified by Part 2 of the Civil Practice Law for service of summons.

(4) The court shall consider the filing of a copy of the final order of the Secretary and the proof of service of the application and notice of the hearing on the persons or entities against whom the judgment is sought as a sufficient prima facie showing to warrant the issuance of the civil judgment and order at the hearing. The respondent bears the burden of showing by affirmative evidence at the hearing why the order of the Secretary is not final or why the timely notice of application and hearing was not provided to avoid judgment being entered by the circuit court.

(5) The respondent shall not be allowed to raise any defenses or present any evidence at the hearing, an appeal, or writ from such proceedings on the application that had been or could have been raised by the respondent at an administrative hearing to challenge the Secretary's order.

(6) The judgment issued pursuant to paragraph (4) of this subsection may be for injunctive relief or payment of ancillary relief or penalties. The judgment may be enforced by the court pursuant to the procedures authorized for any other civil judgment.

Section 15-30. Hearing rules.

(a) The Department may, in accordance with the Illinois Administrative Procedure Act, adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under this Act. The review shall provide for, at a minimum:

(1) appointment of a hearing officer;

(2) appropriate procedural rules, specific deadlines for filings, and standards of evidence and of proof; and

(3) provision for apportioning costs among parties to the appeal.

(b) All final administrative decisions of the Department under this Act, all amendments and modifications of final administrative decisions, and any rules adopted by the Department pursuant to this Act shall be subject to judicial review pursuant to the provisions of the Administrative Review Law.

Section 15-35. No construed restrictions on Secretary or other officials.

(a) Nothing in this Act shall be construed to restrict the exercise of powers or the performance of the duties of the Secretary that he or she is authorized to exercise or perform by another law.

(b) Nothing in this Act shall be construed to restrict the exercise of powers or the performance of the duties of the Attorney General or any other governmental official that he or she is authorized to exercise or perform by law.

Article 20. Additional Procedural Provisions

Section 20-5. Confidential supervisory information.

(a) Information or documents obtained by employees, agents, or representatives of the Department in the course of any examination, investigation, audit, visit, registration, certification, review, licensing, investigation, or any other regulatory activity pursuant this Act and any record prepared or obtained by the Department to the extent that the record summarizes or contains information derived from any report, document, or record described in this Section shall, unless made a matter of public record, be deemed confidential and not subject to disclosure under the Freedom of Information Act, and only subject to disclosure pursuant to subpoena or court order as provided in subsection (e).

(b) All records of communications or summaries of communications between employees, agents, or representatives of the Department and employees, agents, or representatives of other governmental agencies, a provider of any multi-state licensing system, or associations or organizations representing federal, State, or local law enforcement or regulatory agencies or providers of any multi-state licensing system, pursuant to any regulatory or supervision activity under this Act and any other financial law under the jurisdiction of or enforceable by the Department, are confidential to the extent they contain confidential supervisory information and not subject to disclosure under the Freedom of Information Act.

(c) All confidential supervisory information received from other governmental agencies, a multi-state licensing system provider, or associations or organizations consisting of employees, agents, or representatives of such agencies or providers, shall not be subject to disclosure under the Freedom of Information Act, and only subject to disclosure pursuant to subpoena or court order as provided in subsection (e).

(d) The sharing of any confidential supervisory information under this Act with governmental agencies, providers of any multi-state licensing system, or associations or organizations consisting of employees, agents, or representatives of such federal, State, or local law enforcement or regulatory agencies, shall not result in the loss of privilege arising under federal or State law, or the loss of confidentiality protections provided by federal law or State law, and are only subject to disclosure pursuant to subpoena or court order as provided in subsection (e).

(e) Confidential supervisory information may not be disclosed to anyone other than the regulated person, law enforcement officials or other regulatory agencies that have an appropriate regulatory interest as determined by the Secretary, or to a party presenting a lawful subpoena, order, or other judicial or administrative process to the Secretary. The Secretary may immediately appeal to the court of jurisdiction the disclosure of such confidential supervisory information and seek a stay of the subpoena pending the outcome of the appeal. Reports required of regulated persons by the Secretary under this Act and results of examinations performed by the Secretary under this Act shall be the property of only the Secretary but may be shared with the regulated person. Access under this Act to the books and records of each regulated person shall be limited to the Secretary and his or her agents as provided in this Act and to the regulated person and its authorized agents and designees. No other person shall have access to the books and records of a regulated person under this Act. Any person upon whom a demand for production of confidential supervisory information is made, whether by subpoena, order, or other judicial or administrative process, must withhold production of the confidential supervisory information and must notify the Secretary of the demand, at which time the Secretary is authorized to intervene for the purpose of enforcing the limitations of this Section or seeking the withdrawal or termination of the attempt to compel production of the confidential supervisory information. The Secretary may impose any conditions and limitations on the disclosure of confidential supervisory information that are necessary to protect the confidentiality of such information. Except as authorized by the Secretary, no person obtaining access to confidential supervisory information may make a copy of the confidential supervisory information. The Secretary may condition a decision to disclose confidential supervisory information on entry of a protective order by the court or administrative tribunal presiding in the particular case or on a written agreement of confidentiality. In a case in which a protective order or agreement has already been entered between parties other than the Secretary, the Secretary may nevertheless condition approval for release of confidential supervisory information upon the inclusion of additional or amended provisions in the protective order. The Secretary may authorize a party who obtained the records for use in one case to provide them to another party in another case, subject to any conditions that the Secretary may impose on either or both parties. The requester shall promptly notify other parties to a case of the release of confidential supervisory information obtained and, upon entry of a protective order, shall provide copies of confidential supervisory information to the other parties.

(f) The Secretary is authorized to enter agreements or sharing arrangements with other governmental agencies, providers of any multi-state licensing system, or associations or organizations representing governmental agencies or providers of any multi-state licensing system. Notwithstanding the foregoing, the provisions of this Section shall apply regardless of the existence of any such agreement or sharing arrangement.

(g) This Section in no way limits any right, privilege, or authority that the Department has pursuant to any other applicable law. This Section does not in any way limit any privilege arising under federal or State law or other exemption from disclosure pursuant to the Freedom of Information Act.

(h) Notwithstanding the foregoing, whenever the Secretary determines, in his or her sole discretion, that it is in the public's interest, he or she may publicly disclose information or documents obtained under this Act and any other financial law under the jurisdiction of or enforceable by the Department, unless otherwise prohibited by law.

Section 20-10. Additional rulemaking authority.

(a) In addition to such powers and rulemaking authority as may be prescribed elsewhere in this Act or other financial laws under the jurisdiction of or enforceable by the Department, the Secretary is hereby authorized and empowered to adopt rules consistent with the purposes of this Act, including, but not limited to:

(1) rules in connection with the activities of regulated persons as may be necessary and appropriate for the protection of consumers in this State;

(2) rules to define the terms used in this Act and as may be necessary and appropriate to interpret and implement the provisions of this Act;

(3) rules as may be necessary for the administration and enforcement of this Act;

(4) rules to set and collect fees necessary to administer and enforce this Act; and

(5) rules in connection with the activities of regulated persons as may be necessary and appropriate for the safety and soundness of such regulated persons and the stability of the financial system in this State.

(b) The Secretary is hereby authorized and empowered to make specific rulings, demands, and findings that he or she deems necessary for the proper conduct of the regulated persons.

(c) The Secretary may adopt rules pursuant to this Act upon this Act becoming law with such rules not to take effect earlier than January 1, 2024.

Article 90.

Section 90-5. The Freedom of Information Act is amended by changing Section 7.5 as follows:

(5 ILCS 140/7.5)

Sec. 7.5. Statutory exemptions. To the extent provided for by the statutes referenced below, the following shall be exempt from inspection and copying:

(a) All information determined to be confidential under Section 4002 of the Technology Advancement and Development Act.

(b) Library circulation and order records identifying library users with specific materials under the Library Records Confidentiality Act.

(c) Applications, related documents, and medical records received by the Experimental Organ Transplantation Procedures Board and any and all documents or other records prepared by the Experimental Organ Transplantation Procedures Board or its staff relating to applications it has received.

(d) Information and records held by the Department of Public Health and its authorized representatives relating to known or suspected cases of sexually transmissible disease or any information the disclosure of which is restricted under the Illinois Sexually Transmissible Disease Control Act.

(e) Information the disclosure of which is exempted under Section 30 of the Radon Industry Licensing Act.

(f) Firm performance evaluations under Section 55 of the Architectural, Engineering, and Land Surveying Qualifications Based Selection Act.

(g) Information the disclosure of which is restricted and exempted under Section 50 of the Illinois Prepaid Tuition Act.

(h) Information the disclosure of which is exempted under the State Officials and Employees Ethics Act, and records of any lawfully created State or local inspector general's office that would be exempt if created or obtained by an Executive Inspector General's office under that Act.

(i) Information contained in a local emergency energy plan submitted to a municipality in accordance with a local emergency energy plan ordinance that is adopted under Section 11-21.5-5 of the Illinois Municipal Code.

(j) Information and data concerning the distribution of surcharge moneys collected and remitted by carriers under the Emergency Telephone System Act.

(k) Law enforcement officer identification information or driver identification information compiled by a law enforcement agency or the Department of Transportation under Section 11-212 of the Illinois Vehicle Code.

(l) Records and information provided to a residential health care facility resident sexual assault and death review team or the Executive Council under the Abuse Prevention Review Team Act.

(m) Information provided to the predatory lending database created pursuant to Article 3 of the Residential Real Property Disclosure Act, except to the extent authorized under that Article.

(n) Defense budgets and petitions for certification of compensation and expenses for court appointed trial counsel as provided under Sections 10 and 15 of the Capital Crimes Litigation Act. This subsection (n) shall apply until the conclusion of the trial of the case, even if the prosecution chooses not to pursue the death penalty prior to trial or sentencing.

(o) Information that is prohibited from being disclosed under Section 4 of the Illinois Health and Hazardous Substances Registry Act.

(p) Security portions of system safety program plans, investigation reports, surveys, schedules, lists, data, or information compiled, collected, or prepared by or for the Department of Transportation under Sections 2705-300 and 2705-616 of the Department of Transportation Law of the Civil Administrative Code of Illinois, the Regional Transportation Authority under Section 2.11 of the Regional Transportation Authority Act, or the St. Clair County Transit District under the Bi-State Transit Safety Act.

(q) Information prohibited from being disclosed by the Personnel Record Review Act.

(r) Information prohibited from being disclosed by the Illinois School Student Records Act.

(s) Information the disclosure of which is restricted under Section 5-108 of the Public Utilities Act.

(t) All identified or deidentified health information in the form of health data or medical records contained in, stored in, submitted to, transferred by, or released from the Illinois Health Information Exchange, and identified or deidentified health information in the form of health data and medical records of the Illinois Health Information Exchange in the possession of the Illinois Health Information Exchange Office due to its administration of the Illinois Health Information Exchange. The terms "identified" and "deidentified" shall be given the same meaning as in the Health Insurance Portability and Accountability Act of 1996, Public Law 104-191, or any subsequent amendments thereto, and any regulations promulgated thereunder.

(u) Records and information provided to an independent team of experts under the Developmental Disability and Mental Health Safety Act (also known as Brian's Law).

(v) Names and information of people who have applied for or received Firearm Owner's Identification Cards under the Firearm Owners Identification Card Act or applied for or received a concealed carry license under the Firearm Concealed Carry Act, unless otherwise authorized by the Firearm Concealed Carry Act; and databases under the Firearm Concealed Carry Act, records of the Concealed Carry Licensing Review Board under the Firearm Concealed Carry Act, and law enforcement agency objections under the Firearm Concealed Carry Act.

(v-5) Records of the Firearm Owner's Identification Card Review Board that are exempted from disclosure under Section 10 of the Firearm Owners Identification Card Act.

(w) Personally identifiable information which is exempted from disclosure under subsection (g) of Section 19.1 of the Toll Highway Act.

(x) Information which is exempted from disclosure under Section 5-1014.3 of the Counties Code or Section 8-11-21 of the Illinois Municipal Code.

(y) Confidential information under the Adult Protective Services Act and its predecessor enabling statute, the Elder Abuse and Neglect Act, including information about the identity and administrative finding against any caregiver of a verified and substantiated decision of abuse, neglect, or financial exploitation of an eligible adult maintained in the Registry established under Section 7.5 of the Adult Protective Services Act.

(z) Records and information provided to a fatality review team or the Illinois Fatality Review Team Advisory Council under Section 15 of the Adult Protective Services Act.

(aa) Information which is exempted from disclosure under Section 2.37 of the Wildlife Code.

(bb) Information which is or was prohibited from disclosure by the Juvenile Court Act of 1987.

(cc) Recordings made under the Law Enforcement Officer-Worn Body Camera Act, except to the extent authorized under that Act.

(dd) Information that is prohibited from being disclosed under Section 45 of the Condominium and Common Interest Community Ombudsperson Act.

(ee) Information that is exempted from disclosure under Section 30.1 of the Pharmacy Practice Act.

(ff) Information that is exempted from disclosure under the Revised Uniform Unclaimed Property Act.

(gg) Information that is prohibited from being disclosed under Section 7-603.5 of the Illinois Vehicle Code.

(hh) Records that are exempt from disclosure under Section 1A-16.7 of the Election Code.

(ii) Information which is exempted from disclosure under Section 2505-800 of the Department of Revenue Law of the Civil Administrative Code of Illinois.

(jj) Information and reports that are required to be submitted to the Department of Labor by registering day and temporary labor service agencies but are exempt from disclosure under subsection (a-1) of Section 45 of the Day and Temporary Labor Services Act.

(kk) Information prohibited from disclosure under the Seizure and Forfeiture Reporting Act.

(ll) Information the disclosure of which is restricted and exempted under Section 5-30.8 of the Illinois Public Aid Code.

(mm) Records that are exempt from disclosure under Section 4.2 of the Crime Victims Compensation Act.

(nn) Information that is exempt from disclosure under Section 70 of the Higher Education Student Assistance Act.

(oo) Communications, notes, records, and reports arising out of a peer support counseling session prohibited from disclosure under the First Responders Suicide Prevention Act.

(pp) Names and all identifying information relating to an employee of an emergency services provider or law enforcement agency under the First Responders Suicide Prevention Act.

(qq) Information and records held by the Department of Public Health and its authorized representatives collected under the Reproductive Health Act.

(rr) Information that is exempt from disclosure under the Cannabis Regulation and Tax Act.

(ss) Data reported by an employer to the Department of Human Rights pursuant to Section 2-108 of the Illinois Human Rights Act.

(tt) Recordings made under the Children's Advocacy Center Act, except to the extent authorized under that Act.

(uu) Information that is exempt from disclosure under Section 50 of the Sexual Assault Evidence Submission Act.

(vv) Information that is exempt from disclosure under subsections (f) and (j) of Section 5-36 of the Illinois Public Aid Code.

(ww) Information that is exempt from disclosure under Section 16.8 of the State Treasurer Act.

(xx) Information that is exempt from disclosure or information that shall not be made public under the Illinois Insurance Code.

(yy) Information prohibited from being disclosed under the Illinois Educational Labor Relations Act.

(zz) Information prohibited from being disclosed under the Illinois Public Labor Relations Act.

(aaa) Information prohibited from being disclosed under Section 1-167 of the Illinois Pension Code.

(bbb) Information that is prohibited from disclosure by the Illinois Police Training Act and the Illinois State Police Act.

(ccc) Records exempt from disclosure under Section 2605-304 of the Illinois State Police Law of the Civil Administrative Code of Illinois.

(ddd) Information prohibited from being disclosed under Section 35 of the Address Confidentiality for Victims of Domestic Violence, Sexual Assault, Human Trafficking, or Stalking Act.

(eee) Information prohibited from being disclosed under subsection (b) of Section 75 of the Domestic Violence Fatality Review Act.

(fff) Images from cameras under the Expressway Camera Act. This subsection (fff) is inoperative on and after July 1, 2023.

(ggg) Information prohibited from disclosure under paragraph (3) of subsection (a) of Section 14 of the Nurse Agency Licensing Act.

(hhh) Information submitted to the Department of State Police in an affidavit or application for an assault weapon endorsement, assault weapon attachment endorsement, .50 caliber rifle endorsement, or .50 caliber cartridge endorsement under the Firearm Owners Identification Card Act.

(iii) Information prohibited from being disclosed under Section 20-5 of the Consumer Financial Protection Law.

(Source: P.A. 101-13, eff. 6-12-19; 101-27, eff. 6-25-19; 101-81, eff. 7-12-19; 101-221, eff. 1-1-20; 101-236, eff. 1-1-20; 101-375, eff. 8-16-19; 101-377, eff. 8-16-19; 101-452, eff. 1-1-20; 101-466, eff. 1-1-20; 101-600, eff. 12-6-19; 101-620, eff 12-20-19; 101-649, eff. 7-7-20; 101-652, eff. 1-1-22; 101-656, eff. 3-23-21; 102-36, eff. 6-25-21; 102-237, eff. 1-1-22; 102-292, eff. 1-1-22; 102-520, eff. 8-20-21; 102-559, eff. 8-20-21; 102-813, eff. 5-13-22; 102-946, eff. 7-1-22; 102-1042, eff. 6-3-22; 102-1116, eff. 1-10-23.)

Section 90-10. The Financial Institutions Code is amended by changing Sections 1, 2, 4, 6, 6a, 7, 8, 15, 16, 17, and 18 and by adding Sections 2.5, 18.2, 18.3, 18.4, and 18.5 as follows:

(20 ILCS 1205/1) (from Ch. 17, par. 101)

Sec. 1. Short title. This Act may shall be known and shall be cited as the "Financial Institutions Act Code."

(Source: Laws 1957, p. 369.)

(20 ILCS 1205/2) (from Ch. 17, par. 102)

Sec. 2. The purpose of the Financial Institutions Act Code is to provide under the Governor for the orderly administration and enforcement of laws relating to financial institutions under the authority of the Governor.

(Source: Laws 1957, p. 369.)

(20 ILCS 1205/2.5 new)

Sec. 2.5. References to the Department of Financial Institutions. All references to the Department of Financial Institutions in Illinois law shall be construed as a reference to the Division of Financial Institutions of the Department of Financial and Professional Regulation. All references to the Director of the Department of Financial Institutions in Illinois law shall be construed as a reference to the Secretary of Financial and Professional Regulation. All references to the Financial Institutions Code shall be construed as a reference to this Act.

(20 ILCS 1205/4) (from Ch. 17, par. 104)

Sec. 4. As used in this Act:

"Address of record" means the designated address recorded by the Division in the applicant's application file or the licensee's license file, as maintained by the Division.

"Department" means the Department of Financial and Professional Regulation.

"Director" means the Director or acting Director of the Division of Financial Institutions and any authorized representative of the Director.

"Division" means the Division of Financial Institutions of the Department.

"Financial institutions" means ambulatory and community currency exchanges, credit unions, guaranteed credit unions, money transmitters, title insuring or guaranteeing companies, and their agents, consumer installment lenders, payday lenders, sales finance agencies, consumer legal funders, collections agencies, and any other person industry or business that offers services or products that are regulated under any Act administered by the Director.

"License" means any certificate or authorization issued to any person, party, or entity pursuant to any Act administered by the Division.

"Licensee" means any person, party, or entity who is or comes to be certified, chartered, registered, licensed, or otherwise authorized by the Division pursuant to any Act administered by the Division.

"Payday loan" has the meaning ascribed to that term in the Payday Loan Reform Act.

"Person" means any individual, partnership, joint venture, trust, estate, firm, corporation, cooperative society or association, or any other form of business association or legal entity.

"Regulated person" is a person whose activities are subject to an Act or rule that is administered by the Division. "Regulated person" includes licensees as well as persons who are lawfully or unlawfully unlicensed.

"Secretary" means the Secretary or acting Secretary of Financial and Professional Regulation and any authorized representative of the Secretary.

(Source: P.A. 102-975, eff. 1-1-23.)

(20 ILCS 1205/6)

Sec. 6. General powers and duties. In addition to the powers and duties provided by law and imposed elsewhere in this Act, the Division has the following powers and duties:

(1) To administer and enforce the Consumer Installment Loan Act and its implementing rules.

(2) To administer and enforce the Currency Exchange Act and its implementing rules. the Currency Exchange Act

(3) To administer and enforce the Debt Management Service Act and its implementing rules.

(4) To administer and enforce the Debt Settlement Consumer Protection Act and its implementing rules.

(5) To administer and enforce the Illinois Development Credit Corporation Act and its implementing rules.

(6) To administer and enforce the Payday Loan Reform Act and its implementing rules. the Safety Deposit License Act

(7) To administer and enforce the Safety Deposit License Act and its implementing rules.

(8) To administer and enforce the Sales Finance Agency Act and its implementing rules.

(9) To administer and enforce the Title Insurance Act and its implementing rules.

(10) To administer and enforce the Transmitters of Money Act and its implementing rules.

(11) To administer and enforce the Predatory Loan Prevention Act and its implementing rules.

(12) To administer and enforce the Motor Vehicle Retail Installment Sales Act and its implementing rules.

(13) To administer and enforce the Retail Installment Sales Act and its implementing rules.

(14) To administer and enforce the Illinois Credit Union Act and its implementing rules.

(15) To administer and enforce the Collection Agency Act and its implementing rules.

(16) To administer and enforce the Consumer Legal Funding Act and its implementing rules.

(17) (16) To administer and enforce this Act and any other Act administered by the Director or Division.

(18) (17) Whenever If the Division is authorized or required by law to consider some aspect of criminal history record information for the purpose of carrying out its statutory powers and responsibilities, then, upon request and payment of fees in conformance with the requirements of Section 2605-400 of the Illinois State Police Law, the Illinois State Police is authorized to furnish, pursuant to positive identification, the information contained in State files that is necessary to fulfill the request to obtain from the Illinois State Police, upon request and payment of the fees required by the Illinois State Police Law of the Civil Administrative Code of Illinois, pursuant to positive identification, such information contained in State files as is necessary to carry out the duties of the Division.

(19) (18) To authorize and administer examinations to ascertain the qualifications of applicants and licensees for which the examination is held.

(20) (19) To conduct hearings in proceedings to revoke, suspend, refuse to renew, or take other disciplinary action regarding licenses, charters, certifications, registrations, or authorities of persons as authorized in any Act administered by the Division.

(21) To receive, consider, investigate, and act upon complaints made by any person relating to a regulated person.

(22) To keep records of all licenses, registrations, charters, or other authorizations.

(23) To issue orders against any person:

(A) if the Secretary has reasonable cause to believe that an unsafe, unsound, unfit, or unlawful practice has occurred, is occurring, or is likely to occur;

(B) if any person has violated, is violating, or is about to violate any law, rule, or written agreement with the Secretary; or

(C) for the purpose of administering the provisions of this Act or other law and any rule adopted in accordance with this Act or other law administered by the Division.

(24) To require information or reports from any regulated person at any time the Secretary chooses.

(25) To examine the activities, books, and records of every regulated person.

(26) To enforce the provisions of this Act, Illinois laws administered by the Division, and the federal laws applicable to persons regulated by the Division.

(27) To levy fees, fines, civil penalties, charges for services, and assessments to defray operating expenses, including direct and indirect costs, of administering this Act and other laws administered by the Division.

(28) To enter into cooperative agreements with federal and State regulatory authorities and to accept reports of examinations from federal and State regulatory authorities.

(29) To exercise visitorial power over regulated persons.

(30) To prescribe the forms of and receive (A) applications for licenses, registrations, charters, or other authorizations; and (B) all reports, books, and records required to be made by any licensee.

(31) To subpoena documents and witnesses and compel their attendance and production, to administer oaths, and to require the production of any books, papers, or other materials relevant to any inquiry authorized by this Act or other law administered by the Division.

(32) To appoint examiners, supervisors, experts, and special assistants as needed to administer this Act and other laws administered by the Division.

(33) To assign an examiner or examiners to monitor the affairs of a regulated person with whatever frequency the Secretary determines appropriate and to charge the regulated person for reasonable and necessary expenses of the Secretary.

(34) To investigate unlicensed activity and take any actions reasonably necessary to prohibit and stop unlicensed activity.

(35) To perform any other lawful acts necessary or desirable to carry out the purposes and provisions of this Act and other laws administered by the Division.

(Source: P.A. 101-658, eff. 3-23-21; 102-538, eff. 8-20-21; 102-813, eff. 5-13-22; 102-975, eff. 1-1-23; revised 12-13-22.)

(20 ILCS 1205/6a) (from Ch. 17, par. 107)

Sec. 6a. Department rulemaking.

(a) In addition to such powers and rulemaking authority as may be prescribed elsewhere in this Act or other laws administered by the Division, the Department is authorized and empowered to adopt rules consistent with the purposes of this Act applicable to regulated persons, including, but not limited to:

(1) rules in connection with the activities of regulated person as may be necessary and appropriate for the protection of consumers in this State;

(2) rules to define the terms used in this Act and as may be necessary and appropriate to interpret and implement the provisions of this Act and any other law administered by the Division;

(3) rules as may be necessary for the implementation, administration, and enforcement of this Act and any other law administered by the Division;

(4) rules to set and collect fees necessary to administer and enforce this Act and any other law administered by the Division, including, but not limited to, fees relating to:

(i) investigation of licensees and license applicant fees;

(ii) examination fees;

(iii) contingent fees; and

(iv) such other categories as may be required to administer this Act and any other law administered by the Division; and

(5) rules relating to confidential supervisory information.

(b) The Secretary is authorized and empowered to make specific rulings, demands, and findings that the Secretary deems necessary for the proper conduct of regulated persons. The Director may, in accordance with The Illinois Administrative Procedure Act, adopt reasonable rules with respect to the administration and enforcement of any Act the administration of which is vested in the Director or the Department.

(Source: P.A. 81-205.)

(20 ILCS 1205/7) (from Ch. 17, par. 108)

Sec. 7. The provisions of "The Illinois Administrative Procedure Act", as now or hereafter amended, are hereby expressly adopted and incorporated herein as though a part of this Act, and shall apply to all administrative rules and procedures of the Division Director and the Department of Financial Institutions under this Act, except that the provisions of the Administrative Procedure Act regarding contested cases shall not apply to actions of the Director under Section 15.1 of "An Act in relation to the definition, licensing and regulation of community currency exchanges and ambulatory currency exchanges, and the operators and employees thereof, and to make an appropriation therefor, and to provide penalties and remedies for the violation thereof", approved June 30, 1943, as amended, or Sections 8 and 61 of "The Illinois Credit Union Act".

(Source: P.A. 100-22, eff. 1-1-18.)

(20 ILCS 1205/8) (from Ch. 17, par. 109)

Sec. 8. The Secretary Director shall direct and supervise all Department administrative and technical activities, in addition to the duties imposed upon the Secretary him elsewhere in this Act Code, and shall:

(1) Apply and carry out this Act Code and the laws and all rules adopted in pursuance thereof.

(2) Appoint, subject to the provisions of the Personnel Code, such employees of the Division Department and such experts and special assistants as may be necessary to carry out effectively the provisions of this Act Code.

(3) Foster and develop programs with financial institutions, for the best interests of these institutions, their services and the people of the State of Illinois.

(4) Attend meetings of the Advisory Boards created by laws relating to financial institutions.

(5) (Blank). Make continuous studies and report his recommendations to the Governor for the improvement of the Department.

(6) (Blank). Make an annual report regarding the work of the Department and such special reports as he may consider desirable to the Governor, or as the Governor may request.

(7) Perform any other lawful acts which the Secretary he may consider necessary or desirable to carry out the purposes and provisions of this Act Law.

(Source: Laws 1957, p. 369.)

(20 ILCS 1205/15) (from Ch. 17, par. 116)

Sec. 15. This Act shall not affect any act done, ratified or confirmed or any right accrued or established, or affect or abate any action or proceeding had or commenced in a civil or criminal cause before this Act takes effect; but such actions or proceedings may be prosecuted and continued by the Division Department of Financial Institutions.

(Source: Laws 1957, p. 369.)

(20 ILCS 1205/16) (from Ch. 17, par. 117)

Sec. 16. The Governor shall appoint a Director of the Division, who shall oversee the Division and who shall report to the Secretary. There shall be a Supervisor of Consumer Credit, a Supervisor of Currency Exchanges, a Supervisor of Title Insurance, and a Supervisor of Credit Unions. The respective supervisors Supervisors shall be appointed by and responsible to the Director and shall be administratively responsible within the Department for the financial institutions and title insurance entities to which their appointments pertain. The Secretary may appoint other supervisory staff as deemed necessary to implement any Act that the Division administers.

(Source: P.A. 99-549, eff. 7-15-16.)

(20 ILCS 1205/17) (from Ch. 17, par. 118)

Sec. 17. Neither the Secretary, the Director, nor any supervisor in the Division, nor any examiner in the Division shall be an officer, director, owner, or shareholder of, or a partner in, or have any proprietary interest, direct or indirect, in any financial institution under the jurisdiction of the Division. However, ; provided, however, that ownership of withdrawable capital accounts or shares in credit unions and ownership of diversified investment funds, employee benefit plans, pensions, retirement and thrift saving plans, or similar financial instruments in which the employee has no ability to exercise control over or selection of the financial interests held by the fund are permitted shall not be deemed to be prevented hereby. If the Secretary, Director, or any supervisor, or examiner within the Division is a , shall be a shareholder, or partner in, or an owner of, or has have any interest, direct or indirect, in any such financial institution under the jurisdiction of the Division at the time of their his appointment, they he shall dispose of their his shares of stock or other evidences of ownership or property within 120 days after from the date of their his appointment. It is unlawful for the Secretary, Director, or any supervisor or examiner within the Division to obtain or repay any loan, product, or service from a financial institution subject to the jurisdiction of the Division on terms more favorable than those offered to the general public. The Department is authorized to adopt rules to implement or interpret this Section. It is unlawful for the Director, any supervisor or examiner to obtain any loan or gratuity from a financial institution subject to the jurisdiction of the Department as herein provided. If any other employee of the Department borrows from or becomes indebted in an aggregate amount of $2,500 or more to any financial institution subject to the jurisdiction of the Department, he shall make a written report to the Director stating the date and amount of such loan or indebtedness, the security therefor, if any, and the purpose or purposes for which proceeds have been or are to be used.

(Source: P.A. 91-357, eff. 7-29-99.)

(20 ILCS 1205/18) (from Ch. 17, par. 119)

Sec. 18. Oaths; subpoenas; penalty.

(a) At any time during the course of any investigation or hearing conducted pursuant to any Act administered by the Division, the Secretary The Director shall have the power to administer oaths, subpoena witnesses, take evidence, and compel the production of any books, records, or any other documents that the Secretary deems relevant or pertinent and papers pertinent to any investigation or hearing regarding the operation of any financial institution. Witnesses in investigations or hearings conducted under this Section are entitled to the same fees and mileage, and in the same manner, as prescribed by law in judicial proceedings in civil cases of this State.

(b) Any person who fails to appear in response to a subpoena, or to answer any question, to or produce any books, and papers, records, or any documents deemed relevant or pertinent to such investigation or hearing, or who knowingly gives false testimony therein, is guilty of a Class A misdemeanor. Each violation shall constitute a separate and distinct offense. In addition to initiating criminal proceedings, the Division, through the Attorney General, may seek enforcement of any such subpoena in any circuit court of this State.

(Source: P.A. 77-2594.)

(20 ILCS 1205/18.2 new)

Sec. 18.2. Court order requiring attendance of witnesses or production of materials. Upon application by the Division, any Illinois circuit court may enter an order to enforce a subpoena issued by the Division for the attendance of witnesses and the production of relevant books and papers before the Division in any hearing relative to the denial of an application, refusal to renew, suspension, revocation, placing on probationary status, reprimand, fine, or the taking of any other disciplinary action as may be authorized in any Act administered by the Division. The court may compel obedience to its order through proceedings for contempt.

(20 ILCS 1205/18.3 new)

Sec. 18.3. Perjury; penalty. The Secretary may require any document filed under any Act administered or rule adopted by the Division to be verified or contain a written affirmation that it is signed under the penalties of perjury. Any person who knowingly signs a fraudulent document commits perjury as defined in Section 32-2 of the Criminal Code of 2012 and for the purpose of this Section shall be guilty of a Class A misdemeanor.

(20 ILCS 1205/18.4 new)

Sec. 18.4. Character and fitness. To receive and maintain any license for any Act administered by the Division, a regulated person shall at all times have the character and general fitness as to justify the confidence of the public and be fit, willing, and able to carry on the proposed business in a lawful and fair manner.

(20 ILCS 1205/18.5 new)

Sec. 18.5. Consent orders and settlement agreements. The Secretary may enter into a consent order or settlement agreement at any time with a regulated person to resolve a matter arising under this Act or any other Act under the jurisdiction of the Division. A consent order or settlement agreement need not constitute an admission by a regulated person that this Act or a rule or order issued or adopted under this Act or any Act under the jurisdiction of the Division has been violated, nor need it constitute a finding by the Secretary that the person has violated this Act or a rule or order adopted under this Act or any Act under the jurisdiction of the Division.

(20 ILCS 1205/9 rep.)

(20 ILCS 1205/10 rep.)

(20 ILCS 1205/11 rep.)

(20 ILCS 1205/12 rep.)

(20 ILCS 1205/13 rep.)

(20 ILCS 1205/13.5 rep.)

(20 ILCS 1205/14 rep.)

Section 90-15. The Financial Institutions Code is amended by repealing Sections 9, 10, 11, 12, 13, 13.5, and 14.

Section 90-20. The State Finance Act is amended by adding Section 5.990 as follows:

(30 ILCS 105/5.990 new)

Sec. 5.990. The Financial Protection Fund.

Section 90-25. The Collection Agency Act is amended by changing Section 13.2 as follows:

(205 ILCS 740/13.2) (was 225 ILCS 425/13.2)

(Section scheduled to be repealed on January 1, 2026)

Sec. 13.2. Powers and duties of Department. The Department shall exercise the powers and duties prescribed by the Financial Institutions Act Code for the administration of licensing Acts and shall exercise such other powers and duties necessary for effectuating the purposes of this Act.

Subject to the provisions of this Act, the Department may:

(1) Conduct hearings on proceedings to refuse to issue or renew or to revoke licenses or suspend, place on probation, or reprimand persons licensed under this Act.

(2) To adopt rules consistent with the purposes of this Act, including, but not limited to: (i) rules in connection with the activities of collection agencies as may be necessary and appropriate for the protection of consumers in this State; (ii) rules as may be necessary and appropriate to define and enforce against improper or fraudulent business practices in connection with the activities of collection agencies; (iii) rules that define the terms used in this Act and as may be necessary and appropriate to interpret and implement the provisions of this Act; and (iv) rules as may be necessary for the enforcement of this Act.

(3) Obtain written recommendations from the Board regarding standards of professional conduct, formal disciplinary actions and the formulation of rules affecting these matters. Notice of proposed rulemaking shall be transmitted to the Board and the Department shall review the response of the Board and any recommendations made in the response. The Department may solicit the advice of the Board on any matter relating to the administration and enforcement of this Act.

(4) (Blank).

(Source: P.A. 102-975, eff. 1-1-23.)

Article 95.

Section 95-5. The Currency Exchange Act is amended by changing Sections 4, 14, and 16 as follows:

(205 ILCS 405/4) (from Ch. 17, par. 4808)

Sec. 4. License application; contents; fees. A licensee shall obtain a separate license for each licensed location. Application for such license shall be in writing under oath and in the form prescribed and furnished by the Secretary. Each application shall contain the following:

(a) The applicant's full name and address (both of residence and place of business) if the applicant is a natural person, and if the applicant is a partnership, limited liability company, or association, of every member thereof, and the name and principal office if the applicant is a corporation;

(b) The county and municipality, with street and number, if any, where the community currency exchange is to be conducted, if the application is for a community currency exchange license;

(c) If the application is for an ambulatory currency exchange license, the name and address of the employer at each location to be served by it; and

(d) In the case of a licensee's initial license application, the applicant's occupation or profession; a detailed statement of the applicant's business experience for the 10 years immediately preceding the application; a detailed statement of the applicant's finances; the applicant's present or previous connection with any other currency exchange; whether the applicant has ever been involved in any civil or criminal litigation, and the material facts pertaining thereto; whether the applicant has ever been committed to any penal institution or admitted to an institution for the care and treatment of mentally ill persons; and the nature of applicant's occupancy of the premises to be licensed where the application is for a community currency exchange license. If the applicant is a partnership, the information specified herein shall be required of each partner. If the applicant is a corporation or limited liability company, the said information shall be required of each controlling person thereof along with disclosure of their ownership interests.

A licensee's initial community currency exchange license application shall be accompanied by a fee of $2,500 $1,000 for the cost of investigating the applicant. A licensee's application for licenses for additional licensed locations shall be accompanied by a fee of $1,000 for each additional license. If the ownership of a licensee or licensed location changes, in whole or in part, a new application must be filed pursuant to this Section along with a $500 fee if the licensee's ownership interests have been transferred or sold to a new person or entity or a fee of $300 if the licensee's ownership interests have been transferred or sold to a current holder or holders of the licensee's ownership interests. When the application for a community currency exchange license has been approved by the Secretary and the applicant so advised, an additional sum of $1,000 $400 as an annual license fee for a period terminating on the last day of the current calendar year shall be paid to the Secretary by the applicant; provided, that the license fee for an applicant applying for such a license after July 1st of any year shall be $500 $200 for the balance of such year. Upon receipt of a community currency exchange license application, the Secretary shall examine the application for completeness and notify the applicant in writing of any defect within 20 days after receipt. The applicant must remedy the defect within 10 days after the mailing of the notification of the defect by the Secretary. Failure to timely remedy the defect will void the application. Once the Secretary determines that the application is complete, the Secretary shall have 90 business days to approve or deny the application. If the application is denied, the Secretary shall send by United States mail notice of the denial to the applicant at the address set forth in the application. If an application is denied, the applicant may, within 10 days after the date of the notice of denial, make a written request to the Secretary for a hearing on the application. The hearing shall be set for a date after the receipt by the Secretary of the request for a hearing, and written notice of the time and place of the hearing shall be mailed to the applicant no later than 15 days before the date of the hearing. The hearing shall be scheduled for a date within 56 days after the date of the receipt of the request for a hearing. The applicant shall pay the actual cost of making the transcript of the hearing prior to the Secretary's issuing his or her decision. The Secretary's decision is subject to review as provided in Section 22.01 of this Act.

An application for an ambulatory currency exchange license shall be accompanied by a fee of $3,000 $100, which fee shall be for the cost of investigating the applicant. An approved applicant shall not be required to pay the initial investigation fee of $1,000 $100 more than once. When the application for an ambulatory currency exchange license has been approved by the Secretary, and such applicant so advised, such applicant shall pay an annual license fee of $3,000 $25 for each and every location to be served by such applicant; provided that such license fee for an approved applicant applying for such a license after July 1st of any year shall be $1,500 $12 for the balance of such year for each and every location to be served by such applicant. Such an approved applicant for an ambulatory currency exchange license, when applying for a license with respect to a particular location, shall file with the Secretary, at the time of filing an application, a letter of memorandum, which shall be in writing and under oath, signed by the owner or authorized representative of the business whose employees are to be served; such letter or memorandum shall contain a statement that such service is desired, and that the person signing the same is authorized so to do. The Secretary shall thereupon verify the authenticity of the letter or memorandum and the authority of the person who executed it, to do so.

The Department shall have 45 business days to approve or deny a licensee's request to purchase another currency exchange.

(Source: P.A. 99-445, eff. 1-1-16.)

(205 ILCS 405/14) (from Ch. 17, par. 4823)

Sec. 14. Every licensee, shall, on or before November 15, pay to the Secretary the annual license fee or fees for the next succeeding calendar year and shall at the same time file with the Secretary the annual bond or bonds and the insurance policy or policies as and if required by this Act. The annual license fee for each community currency exchange shall be $3,000 $400 for each licensee and $3,000 $400 for each additional licensed location. The annual license fee for each location served by an ambulatory currency exchange shall be $3,000 $25.

(Source: P.A. 99-445, eff. 1-1-16; 99-549, eff. 7-15-16.)

(205 ILCS 405/16) (from Ch. 17, par. 4832)

Sec. 16. Annual report; investigation; costs.

(a) Each licensee shall annually, on or before the 1st day of March, file a report with the Secretary for the calendar year period from January 1st through December 31st, giving such relevant information as the Secretary may reasonably require concerning, and for the purpose of examining, the business and operations during the preceding fiscal year period of each licensed currency exchange conducted by such licensee within the State. Such report shall be made under oath and shall be in the form prescribed by the Secretary. The Secretary may at any time, and shall at least once in each year, investigate the currency exchange business of any licensee and of every person, partnership, association, limited liability company, and corporation who or which shall be engaged in the business of operating a currency exchange. For that purpose, the Secretary shall have free access to the offices and places of business and to such records of all such persons, firms, partnerships, associations, limited liability companies and members thereof, and corporations and to the officers and directors thereof that shall relate to such currency exchange business. The investigation may be conducted in conjunction with representatives of other State agencies or agencies of another state or of the United States as determined by the Secretary. The Secretary may at any time inspect the locations served by an ambulatory currency exchange, for the purpose of determining whether such currency exchange is complying with the provisions of this Act at each location served. The Secretary may require by subpoena the attendance of and examine under oath all persons whose testimony he may require relative to such business, and in such cases the Secretary, or any qualified representative of the Secretary whom the Secretary may designate, may administer oaths to all such persons called as witnesses, and the Secretary, or any such qualified representative of the Secretary, may conduct such examinations, and there shall be paid to the Secretary for each such examination a fee of $1,200 $250 for each day or part thereof for each qualified representative designated and required to conduct the examination; provided, however, that in the case of an ambulatory currency exchange, such fee shall be $1,200 $150 for each day or part thereof.

(b) Confidentiality. All information collected by the Department in the course of an examination or investigation of an ambulatory or community currency exchange or applicant, including, by not limited to, any complaint against an ambulatory or community currency exchange filed with the Department, and information collected to investigate any such complaint shall be maintained for the confidential use of the Department and shall not be disclosed. The Department may not disclose such information to anyone other than law enforcement officials, other regulatory agencies that have an appropriate regulatory interest as determined by the Secretary, or to a party presenting a lawful subpoena to the Department. Information and documents disclosed to a federal, State, county, or local law enforcement agency shall not be disclosed by the agency for any purpose to any other agency or person. A formal complaint filed against a licensee by the Department or any order issued by the Department against a licensee shall be a public record, except as otherwise prohibited by law.

(Source: P.A. 97-315, eff. 1-1-12.)

Section 95-10. The Sales Finance Agency Act is amended by changing Section 6 as follows:

(205 ILCS 660/6) (from Ch. 17, par. 5206)

Sec. 6. For each application for a license, the applicant shall pay a nonrefundable license fee of $3,000. A license fee of $300 for the applicant's principal place of business and $100 for each additional place of business for which a license is sought must be submitted with an application for license made before July 1 of any year. If application for a license is made on July 1 or thereafter, a license fee of $150 for the principal place of business and of $50 for each additional place of business must accompany the application. Each license remains in force until surrendered, suspended, or revoked. If the application for license is denied, the original license fee shall be retained by the State in reimbursement of its costs of investigating that application.

Before the license is granted, the applicant shall prove in form satisfactory to the Director, that the applicant has a positive net worth of a minimum of $30,000.

A licensee must pay to the Department, and the Department must receive, by December 1 of each year, the renewal license application on forms prescribed by the Director and a nonrefundable license fee of $3,000 for each $300 for the license for his principal place of business and $100 for each additional license held as a renewal license fee for the succeeding calendar year.

(Source: P.A. 92-398, eff. 1-1-02.)

Section 95-15. The Debt Management Service Act is amended by changing Sections 4 and 6 as follows:

(205 ILCS 665/4) (from Ch. 17, par. 5304)

Sec. 4. Application for license. Application for a license to engage in the debt management service business in this State shall be made to the Secretary and shall be in writing, under oath, and in the form prescribed by the Secretary.

Each applicant, at the time of making such application, shall pay to the Secretary the sum of $30.00 as a fee for investigation of the applicant, and the additional sum of $1,000 $100.00 as a license fee.

Every applicant shall submit to the Secretary, at the time of the application for a license, a bond to be approved by the Secretary in which the applicant shall be the obligor, in the sum of $25,000 or such additional amount as required by the Secretary based on the amount of disbursements made by the licensee in the previous year, and in which an insurance company, which is duly authorized by the State of Illinois, to transact the business of fidelity and surety insurance shall be a surety.

The bond shall run to the Secretary for the use of the Department or of any person or persons who may have a cause of action against the obligor in said bond arising out of any violation of this Act or rules by a license. Such bond shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this Act and of all rules, regulations and directions lawfully made by the Secretary and will pay to the Secretary or to any person or persons any and all money that may become due or owing to the State or to such person or persons, from said obligor under and by virtue of the provisions of this Act.

(Source: P.A. 96-1420, eff. 8-3-10.)

(205 ILCS 665/6) (from Ch. 17, par. 5306)

Sec. 6. Renewal of license. Each debt management service provider under the provisions of this Act may make application to the Secretary for renewal of its license, which application for renewal shall be on the form prescribed by the Secretary and shall be accompanied by a fee of $1,000 $100.00 together with a bond or other surety as required, in a minimum amount of $25,000 or such an amount as required by the Secretary based on the amount of disbursements made by the licensee in the previous year. The application must be received by the Department no later than December 1 of the year preceding the year for which the application applies.

(Source: P.A. 96-1420, eff. 8-3-10.)

Section 95-20. The Consumer Installment Loan Act is amended by changing Sections 2, 4, and 12.5 as follows:

(205 ILCS 670/2) (from Ch. 17, par. 5402)

Sec. 2. Application; fees; positive net worth. Application for such license shall be in writing, and in the form prescribed by the Director. For each application for a license, the applicant shall pay a nonrefundable license fee of $3,000 Such applicant at the time of making such application shall pay to the Director the sum of $300 as an application fee and the additional sum of $450 as an annual license fee, for a period terminating on the last day of the current calendar year; provided that if the application is filed after June 30th in any year, such license fee shall be 1/2 of the annual license fee for such year.

Before the license is granted, every applicant shall prove in form satisfactory to the Director that the applicant has and will maintain a positive net worth of a minimum of $30,000. Every applicant and licensee shall maintain a surety bond in the principal sum of $25,000 issued by a bonding company authorized to do business in this State and which shall be approved by the Director. Such bond shall run to the Director and shall be for the benefit of any consumer who incurs damages as a result of any violation of the Act or rules by a licensee. If the Director finds at any time that a bond is of insufficient size, is insecure, exhausted, or otherwise doubtful, an additional bond in such amount as determined by the Director shall be filed by the licensee within 30 days after written demand therefor by the Director. "Net worth" means total assets minus total liabilities.

(Source: P.A. 92-398, eff. 1-1-02; 93-32, eff. 7-1-03.)

(205 ILCS 670/4) (from Ch. 17, par. 5404)

Sec. 4. Investigation to determine whether license shall be issued. Upon the filing of an application and the payment of the fee, the Director shall investigate to determine (1) that the reputation of the applicant, including managers of a limited liability company, partners, owners, officers or directors thereof is such as to warrant belief that the business will be operated honestly and fairly within the purposes of this Act and (2) that the applicant meets the positive net worth requirement set forth in Section 2 of this Act. Unless the Director makes findings hereinabove enumerated, he or she shall not issue a license and shall notify the applicant of the denial and return to the applicant the sum paid by the applicant as a license fee, but shall retain the $300 application fee. The Director shall approve or deny every application for license hereunder within 60 days from the filing of a complete application thereof with the fee.

(Source: P.A. 90-437, eff. 1-1-98; 90-575, eff. 3-20-98.)

(205 ILCS 670/12.5)

Sec. 12.5. Limited purpose branch.

(a) Upon the written approval of the Director, a licensee may maintain a limited purpose branch for the sole purpose of making loans as permitted by this Act. A limited purpose branch may include an automatic loan machine. No other activity shall be conducted at the site, including but not limited to, accepting payments, servicing the accounts, or collections.

(b) The licensee must submit an application for a limited purpose branch to the Director on forms prescribed by the Director with an application fee of $3,000 $300. The approval for the limited purpose branch must be renewed concurrently with the renewal of the licensee's license along with a renewal fee of $3,000 $300 for the limited purpose branch.

(c) The books, accounts, records, and files of the limited purpose branch's transactions shall be maintained at the licensee's licensed location. The licensee shall notify the Director of the licensed location at which the books, accounts, records, and files shall be maintained.

(d) The licensee shall prominently display at the limited purpose branch the address and telephone number of the licensee's licensed location.

(e) No other business shall be conducted at the site of the limited purpose branch unless authorized by the Director.

(f) The Director shall make and enforce reasonable rules for the conduct of a limited purpose branch.

(g) A limited purpose branch may not be located within 1,000 feet of a facility operated by an inter-track wagering licensee or an organization licensee subject to the Illinois Horse Racing Act of 1975, on a riverboat or in a casino subject to the Illinois Gambling Act, or within 1,000 feet of the location at which the riverboat docks or within 1,000 feet of a casino.

(Source: P.A. 101-31, eff. 6-28-19.)

Section 95-25. The Debt Settlement Consumer Protection Act is amended by changing Section 30 as follows:

(225 ILCS 429/30)

Sec. 30. Renewal of license. Each debt settlement provider under the provisions of this Act may make application to the Secretary for renewal of its license, which application for renewal shall be on the form prescribed by the Secretary and shall be accompanied by a fee of $3,000 $1,000 together with a bond or other surety as required, in a minimum amount of $100,000 or an amount as required by the Secretary based on the amount of disbursements made by the licensee in the previous year. The application must be received by the Department no later than December 1 of the year preceding the year for which the application applies.

(Source: P.A. 96-1420, eff. 8-3-10; 97-333, eff. 8-12-11.)

Article 999. Miscellaneous Provisions; Effective Date

Section 999-95. Construction; severability.

(a) The provisions of this Act shall be liberally construed to effectuate its purposes.

(b) The provisions of this Act are severable under Section 1.31 of the Statute on Statutes.

(c) To the extent that any provision of this Act is preempted by federal law, the provision shall not apply and shall not be enforced solely as to the extent of the preemption and not as to other circumstances, persons, or applications.

Section 999-99. Effective date. This Act takes effect January 1, 2024.