Illinois General Assembly - Bill Status for SB3550
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 Bill Status of SB3550  103rd General Assembly


Short Description:  DIVISION OF FIN INST-VARIOUS

Senate Sponsors
Sen. Sara Feigenholtz and Laura M. Murphy

House Sponsors
(Rep. Mark L. Walker)

Last Action
DateChamber Action
  4/15/2024HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
20 ILCS 1205/1from Ch. 17, par. 101
20 ILCS 1205/2from Ch. 17, par. 102
20 ILCS 1205/4from Ch. 17, par. 104
20 ILCS 1205/6
20 ILCS 1205/6afrom Ch. 17, par. 107
20 ILCS 1205/7from Ch. 17, par. 108
20 ILCS 1205/8from Ch. 17, par. 109
20 ILCS 1205/15from Ch. 17, par. 116
20 ILCS 1205/16from Ch. 17, par. 117
20 ILCS 1205/17from Ch. 17, par. 118
20 ILCS 1205/18from Ch. 17, par. 119
20 ILCS 1205/18.2 new
20 ILCS 1205/18.3 new
20 ILCS 1205/18.4 new
20 ILCS 1205/18.5 new
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.
205 ILCS 405/19from Ch. 17, par. 4835
205 ILCS 660/8from Ch. 17, par. 5208
205 ILCS 670/9from Ch. 17, par. 5409
205 ILCS 670/15from Ch. 17, par. 5415
205 ILCS 670/20.5
205 ILCS 740/13.2was 225 ILCS 425/13.2
815 ILCS 122/4-10


Synopsis As Introduced
Amends the Financial Institutions Code. Changes the name of the Code to the Financial Institutions Act. Makes conforming changes, including in the Collection Agency Act. Provides that the Division of Financial Institutions is authorized to receive and investigate complaints made about regulated persons; to keep records of all registrations or other authorizations; to issue orders and fines, to require information or reports from regulated persons; to examine activities, books, and records of regulated persons; to defray operating and implementation expenses of administering the Act and other laws; to enter into cooperative agreements; to prescribe the forms of and receive applications or other authorizations and all reports, books, and records required to be made by regulated persons; to subpoena documents and witnesses and administer oaths; to appoint examiners, supervisors, experts, and special assistants; and to investigate and take actions reasonably necessary to prohibit and stop unlicensed activity. Provides for the Division to make and implement rules. Repeals provisions relating to the transfer of powers, rights, and duties from various former Departments to the Department of Financial and Professional Regulation. Provides for a Director of the Division appointed by the Governor to report to the Secretary of Financial and Professional Regulation. Provides that any Illinois circuit court may enter an order to enforce subpoenas issued by the Division. Requires regulated persons to maintain character and fitness to justify confidence of the public. Provides for the Secretary to enter into consent orders or settlement agreements with regulated persons. Provides exceptions for some forms of financial interest in any financial institutions under the Division's jurisdiction. Makes other changes. Amends the Consumer Installment Loan Act and the Payday Loan Reform Act. Provides that the Director may fine a person doing business without the required license. Makes other changes. Effective immediately.

Senate Committee Amendment No. 1
Deletes reference to:
20 ILCS 1205/18.4 new

In provisions concerning general powers and duties, removes language that provides certain powers and duties to the Division of Financial Institutions of the Department of Financial and Professional Regulation. Provides that the Secretary 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 Division (rather than providing the Division and the Secretary of the Department of Financial and Professional Regulation with certain rulemaking authority). In provisions requiring the Governor to appoint a Director of the Division, adds language requiring the advice and consent of the Senate. Deletes provisions concerning character and fitness. In provisions concerning charges permitted, provides that every licensee may lend a principal amount not exceeding $40,000 and may charge, contract for and receive thereon an annual percentage rate of no more than 36% (rather than charges at an annual percentage rate of no more than 36%), subject to the provisions of the Act.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Sara Feigenholtz
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/28/2024SenateAssigned to Financial Institutions
  3/8/2024SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz
  3/8/2024SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/12/2024SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/12/2024SenateSenate Committee Amendment No. 1 Adopted
  3/13/2024SenateDo Pass as Amended Financial Institutions; 007-000-000
  3/13/2024SenatePlaced on Calendar Order of 2nd Reading March 14, 2024
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  4/10/2024SenatePlaced on Calendar Order of 3rd Reading **
  4/10/2024SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  4/12/2024SenateThird Reading - Passed; 059-000-000
  4/12/2024HouseArrived in House
  4/12/2024HouseAlternate Chief Sponsor Changed to Rep. Mark L. Walker
  4/15/2024HouseFirst Reading
  4/15/2024HouseReferred to Rules Committee

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