IllinoisSB2318104th General Assembly (2025–2026)SenateWALLET

MISLEADING PRACTICES PENALTY

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Stop misleading ads using bank names

Marketers and solicitors cannot use a bank’s name without that bank’s consent, unless another law clearly allows it. Using a similar name in a way that could make a reasonable person think the bank sent or endorsed it is also banned. Banks can report suspected violations to the Commissioner. If a violation is found, the Commissioner can order it to stop and fine up to $10,000 per violation. Each sent or posted item can count as a separate violation, and the Commissioner can issue rules to enforce these protections.

Stronger penalties for fake banks

Non-banks cannot act or advertise in ways that make people think they are a bank, or use “bank,” “banker,” or “banking.” Violations are a Class A misdemeanor. The Attorney General or a State’s Attorney can ask a court to stop the conduct. The Commissioner can order the conduct to stop and fine up to $10,000 per violation, with each day counting separately. For unchartered firms that do not take insured deposits, the Commissioner can levy higher fines up to the maximum allowed under the Act.

When non-banks can use 'bank'

A non-bank can apply to the Commissioner for permission to use the words “bank,” “banker,” or “banking.” Permission is granted only if the use is not likely to mislead the public. The Commissioner can set conditions on the permission to prevent confusion.

Sponsors & Cosponsors

Sponsor

Laura Ellman
Democratic • Senate

Cosponsors

Anthony DeLuca
Democratic • House
Chris Balkema
Republican • Senate
Christopher "C.D." Davidsmeyer
Republican • House
Dan Ugaste
Republican • House
Eva-Dina Delgado
Democratic • House
Jawaharial Williams
Democratic • House
Margaret Croke
Democratic • House
Mark L. Walker
Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 197 • No: 0

House vote • 5/22/2025

Third Reading - Short Debate - Passed

Yes: 114 • No: 0

House vote • 4/29/2025

Do Pass / Short Debate Financial Institutions and Licensing Committee;

Yes: 12 • No: 0

Senate vote • 4/10/2025

Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions;

Yes: 8 • No: 0

Senate vote • 4/10/2025

Third Reading - Passed;

Yes: 55 • No: 0

Senate vote • 3/19/2025

Do Pass as Amended Financial Institutions;