20 ILCS 1205/ Financial Institutions Act.

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

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

(Source: P.A. 103-1014, eff. 8-9-24.)

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

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

(Source: P.A. 103-1014, eff. 8-9-24.)

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

Sec. 4. Definitions. 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 funding companies, collection agencies, and any other person who 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" means 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. "Regulated person" also includes managers and owners of the licensee.

"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; 103-1014, eff. 8-9-24.)

(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.

(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.

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

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

(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.

Whenever 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.

(Source: P.A. 102-538, eff. 8-20-21; 102-813, eff. 5-13-22; 102-975, eff. 1-1-23; 103-154, eff. 6-30-23; 103-1014, eff. 8-9-24.)

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

Sec. 6a. 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.

(Source: P.A. 103-1014, eff. 8-9-24.)

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

Sec. 7. Illinois Administrative Procedure Act. The provisions of the Illinois Administrative Procedure Act 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 under this Act.

(Source: P.A. 103-1014, eff. 8-9-24.)

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

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

(1) Apply and carry out this Act 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 and such experts and special assistants as may be necessary to carry out effectively the provisions of this Act.

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

(Source: P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/9)

Sec. 9. (Repealed).

(Source: Laws 1957, p. 369. Repealed by P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/10)

Sec. 10. (Repealed).

(Source: Laws 1965, p. 2125. Repealed by P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/11)

Sec. 11. (Repealed).

(Source: Laws 1957, p. 369. Repealed by P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/12)

Sec. 12. (Repealed).

(Source: Laws 1957, p. 369. Repealed by P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/13)

Sec. 13. (Repealed).

(Source: Laws 1957, p. 369. Repealed by P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/13.5)

Sec. 13.5. (Repealed).

(Source: P.A. 96-1166, eff. 1-1-11. Repealed by P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/14)

Sec. 14. (Repealed).

(Source: Laws 1957, p. 369. Repealed by P.A. 103-1014, eff. 8-9-24.)

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

Sec. 15. Pending actions and proceedings. 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.

(Source: P.A. 103-1014, eff. 8-9-24.)

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

Sec. 16. Director and supervisors. The Governor shall, by and with the advice and consent of the Senate, 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 shall be appointed by and responsible to the Director and shall be administratively responsible within the Department for the financial institutions to which their appointments pertain. The Secretary may appoint other supervisory staff as deemed necessary to implement Acts the Division administers.

(Source: P.A. 103-1014, eff. 8-9-24.)

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

Sec. 17. Prohibited interests. 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, 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. If the Secretary, Director, or any supervisor or examiner within the Division is a shareholder, partner in, or an owner of or has any interest, direct or indirect, in any such financial institution under the jurisdiction of the Division at the time of appointment, that person shall dispose of the shares of stock or other evidences of ownership or property within 120 days from the date of 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 Secretary is authorized to adopt rules to implement or interpret this Section.

(Source: P.A. 103-1014, eff. 8-9-24.)

(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 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 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, to answer any question, to produce any books, 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 through referral, the Division, through the Attorney General, may seek enforcement of any such subpoena in any circuit court of this State.

(Source: P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/18.1)

Sec. 18.1. Transfer of administration of Uniform Disposition of Unclaimed Property Act to State Treasurer. The rights, powers, duties, and functions vested in the Department of Financial Institutions to administer the Uniform Disposition of Unclaimed Property Act (superseded by the Revised Uniform Unclaimed Property Act) are transferred to the State Treasurer on July 1, 1999 in accordance with Sections 0.02 through 0.06 of the State Treasurer Act; provided, however, that the rights, powers, duties, and functions involving the examination of the records of any person that the State Treasurer has reason to believe has failed to report properly under this Act shall be transferred to the Office of Banks and Real Estate if the person is regulated by the Office of Banks and Real Estate under the Illinois Banking Act, the Corporate Fiduciary Act, the Foreign Banking Office Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and shall be retained by the Department of Financial Institutions if the person is doing business in the State under the supervision of the Department of Financial Institutions, the National Credit Union Administration, the Office of Thrift Supervision, or the Comptroller of the Currency.

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

(20 ILCS 1205/18.2)

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 or other documents deemed relevant or pertinent 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.

(Source: P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/18.3)

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 shall be guilty of a Class A misdemeanor.

(Source: P.A. 103-1014, eff. 8-9-24.)

(20 ILCS 1205/18.5)

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. Nothing in this Section shall be construed as requiring a regulated person to enter a consent order or settlement agreement with the Secretary.

(Source: P.A. 103-1014, eff. 8-9-24.)