All Roll Calls
Yes: 186 • No: 0
IllinoisHB3467104th General Assembly (2025–2026)HouseWALLET
BANKING-VARIOUS
Sponsored By: Dagmara Avelar (Democratic)
Became Law
financial institutions and licensingassignmentsfinancial institutions
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Bill Overview
Analyzed Economic Effects
12 provisions identified: 8 benefits, 0 costs, 4 mixed.
Penalties and bans for unsafe banking
The Secretary can remove or bar people who harm bank safety. Civil fines can reach up to $100,000 per violation. Missing exam report items can be fined up to $100 for a first failure and up to $200 after that. Banks cannot hire people convicted of a felony or crimes of dishonesty without written consent. For savings banks, convicted persons cannot own over 0.001% or take part without consent; willful violations can be a Class 3 felony with fines up to $10,000 per day. These steps protect depositors and the system.
Faster bank records for Medicaid cases
Banks and credit unions can share your records with the Department to decide Medicaid long‑term care only with a notarized, witnessed consent that limits disclosure. They should deliver records within 10 days and may delay delivery until you reimburse reasonable search and copy costs. Records go to the Department, not to the care facility. Institutions are protected for good‑faith disclosures under this consent.
Broader powers and interstate banking
A State bank can offer any product allowed to an insured savings association or an out‑of‑state bank, under the same limits. The bank must give the Secretary 30 days' written notice and cite the rule it relies on. This does not let a bank act as a real estate broker or open a branch. State banks may open branches in other states, following that state's limits. Commonly owned banks may process transactions for each other at affiliate locations after a 30‑day notice.
Protecting banks that serve cannabis
The Secretary cannot take adverse action against a State bank only because it serves a legal cannabis business. This protects banking access for those businesses.
Stronger bank exams and safety powers
The Secretary examines every State bank at least every 18 months. Banks must file statements at least once each quarter. The Secretary can make rules, issue orders, and subpoena records. Contracted service providers are examined like the bank, and banks must report those contracts on the next statement. The Secretary can enter corrective agreements, set conditions on approvals, and appoint hearing officers. Employee benefit plans of banks are also examined. All duties now refer to the Secretary as the responsible official.
Bank charters and governance updates
The Secretary issues a bank charter after a full exam and paid‑in capital, with surplus of at least 50% of capital. For two years, changes to top managers or directors need written approval. A charter may be revoked if the bank does not start business within one year, unless extended. Shareholders can attend and vote at meetings by phone or online if not barred by bylaws, with at least seven days' instructions. Small, long‑standing banks under $20 million in assets may have as few as three directors with approval; if under five, at least one is independent. An old asset‑transfer authority ended on May 31, 1997.
Regulator fees and emergency fund rules
Fees the Secretary collects go into the Bank and Trust Company Fund. Each year, after costs, money builds a cash‑flow reserve; extra may be credited back to banks based on Call Report fees. The Secretary can charge reasonable fees to recover costs and to certify records. Out‑of‑state bank branches may be charged exam fees. Banks without FDIC insurance may be charged receivership fees. In a certified banking emergency, the Secretary can borrow from the General Revenue Fund, up to last year’s agency funding, and must repay within three years.
Faster help against elder financial abuse
Credit unions may quickly share records to fight financial abuse of seniors (60+) or people with disabilities. For urgent threats, a manager must approve and law enforcement must send a brief written request explaining the threat. This helps stop losses and gives the credit union legal protections.
No extra cosigner for single women
Banks cannot require single women of legal age to get a cosigner if single men would not in the same case. "Single" means not currently married.
See your savings bank records
If you are a savings bank member, you can see records that relate to your account. The bank may share records without consent in listed cases, like with regulators, for taxes, law enforcement, unclaimed property, or Medicaid determinations with proper consent.
Banks can run public agency funds
Banks may run investment funds for public agencies and others. Public agency money must follow the same investment limits as public funds and be tracked on a separate ledger for each agency.
Cap on community development investments
A bank’s total community development investments are capped at 10% of unimpaired capital plus unimpaired surplus. A bank may ask the Secretary to approve a higher amount if safety and soundness are not harmed.
Sponsors & Cosponsors
Sponsor
Dagmara Avelar
Democratic • House
Cosponsors
Jason Plummer
Republican • Senate
Robert F. Martwick
Democratic • Senate
Roll Call Votes
Senate vote • 5/22/2025
Third Reading - Passed;
Yes: 58 • No: 0
Senate vote • 4/30/2025
Do Pass Financial Institutions;
Yes: 5 • No: 0
House vote • 4/8/2025
Third Reading - Short Debate - Passed
Yes: 113 • No: 0
House vote • 3/18/2025
Do Pass / Short Debate Financial Institutions and Licensing Committee;
Yes: 10 • No: 0
Actions Timeline
Public Act . . . . . . . . . 104-0310
8/15/2025HouseEffective Date August 15, 2025
8/15/2025HouseGovernor Approved
8/15/2025HouseSent to the Governor
6/20/2025HousePassed Both Houses
5/22/2025HouseThird Reading - Passed; 058-000-000
5/22/2025SenateAdded as Alternate Chief Co-Sponsor Sen. Jason Plummer
5/21/2025SenatePlaced on Calendar Order of 3rd Reading **
5/20/2025SenatePlaced on Calendar Order of 3rd Reading May 8, 2025
5/7/2025SenateSecond Reading
5/7/2025SenatePlaced on Calendar Order of 2nd Reading May 1, 2025
4/30/2025SenateDo Pass Financial Institutions; 005-000-000
4/30/2025SenateAssigned to Financial Institutions
4/23/2025SenateReferred to Assignments
4/9/2025SenateFirst Reading
4/9/2025SenateChief Senate Sponsor Sen. Robert F. Martwick
4/9/2025SenatePlaced on Calendar Order of First Reading
4/9/2025SenateArrive in Senate
4/9/2025SenateThird Reading - Short Debate - Passed 113-000-000
4/8/2025HousePlaced on Calendar Order of 3rd Reading - Short Debate
3/25/2025HouseSecond Reading - Short Debate
3/25/2025HousePlaced on Calendar 2nd Reading - Short Debate
3/19/2025HouseDo Pass / Short Debate Financial Institutions and Licensing Committee; 010-000-000
3/18/2025HouseAssigned to Financial Institutions and Licensing Committee
3/11/2025HouseReferred to Rules Committee
2/18/2025House
Bill Text
Engrossed
Enrolled
Introduced