Illinois Administrative Code

Section 210.240 Consumer Written Verification of Compliance with Act a) Prior to the implementation of a certified database and in the absence of the availability of a certified database, a consumer written verification form must be completed to verify that a proposed loan agreem…

Section 210.250 Gross Monthly Income Verification a) Prior to making a loan under the Act, the licensee must obtain from the consumer one or more of the following types of documentation to verify the gross monthly income of the consumer as required by Section 2-5(e) of the Act. 1…

Section 210.260 Certified Database/Commercially Reasonable Method of Verification a) Certified Database. In order to certify a consumer reporting service as a commercially reasonable database pursuant to the Act, the provider must comply with the following provisions: 1) Single, …

Section 210.270 Violation of Federal Law – Section 670 of the John Warner National Defense Authorization Act Payday Loans to Covered Military Members and Covered Dependents The following requirements are substantially taken from Section 670 of the Warner Act, with the Warner Act'…

Section 210.30 Individual Account Records a) An individual account record, that may be maintained in electronic form, shall be kept for each consumer. The account record shall show the name and address of the consumer, co-makers, or sureties, loan number, date of loan, the number…

Section 210.40 File of Original Papers a) Files 1) A separate file shall be maintained for each consumer and shall contain the loan agreement, security agreement, wage assignment, acknowledged copy of the disclosure statement of loan, a separately signed statement indicating the …

Section 210.50 Cash Book a) All receipts and disbursements of any amount whatsoever shall be entered on the day they occur in the cash book or equivalent record. Separate headings shall be provided for payments on principal and for fees collected from consumers. b) The cash book …

Section 210.60 Alphabetical Record of Co-Makers, Consumers or Guarantors The alphabetical record shall show the account number and the name of each co-maker, consumer or guarantor who is currently indebted to the licensee, together with sufficient information to locate the accoun…

Section 210.65 Permanent File Each licensee must maintain a permanent file that includes the following: a) A copy of all correspondence sent to or received from the Division within the past 24 months. b) A copy of the last two examination exception reports and any related corresp…

Section 210.70 Payments and Refunds a) All payments shall be credited on the account record as of the date received. b) When a payment is made in cash, the licensee shall give a receipt to the consumer. A receipt is not required for payment by check or money order unless requeste…

Section 210.72 Loan Terms a) No lender may make a payday loan to a consumer if the total of all payday loan payments coming due within the first calendar month of the loan, when combined with the payment amount of all of the consumer's other outstanding payday loans coming due wi…

Section 210.75 Installment Payday Loans (Repealed) (Source: Repealed at 46 Ill. Reg. 6550, effective August 1, 2022)

Section 210.80 Cancellation and Return of Documents The loan agreement executed by the consumer bearing evidence of indebtedness shall be cancelled and returned to the consumer promptly following the paid in full date or upon cancellation of future payment obligations pursuant to…

Section 210.90 Hypothecation at the Time of the Sale of Consumer's Loan Agreement a) A licensee may pledge, hypothecate or sell a loan agreement made under the provisions of the Act under the following conditions: 1) the licensee notifies the Division in writing within 10 days af…

Section 210.APPENDIX A Disclosure of 36% Rate Cap DISCLOSURE OF 36% RATE CAP A lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a loan, as calculated under the Illinois Predatory Loan Preventi…

Section 215.10 Definitions "Act" means the Predatory Loan Prevention Act [815 ILCS 123]. "Billing cycle" means the interval between the days or dates of regular periodic statements. Intervals are equal and no longer than a quarter of a year and are considered equal if the number …

Section 215.20 Terms of Loans Extended to Consumers a) General conditions. A lender who extends a loan to a consumer may not require the consumer to pay a PLPA APR for the loan with respect to the extension of a loan, except as: 1) Agreed to under the terms of the loan agreement …

Section 216.100 Rate Cap Disclosure Notices All retail installment contracts or agreements must include a separate disclosure signed by the consumer that states: "A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of …

Section 216.APPENDIX A Disclosure of 36% Rate Cap DISCLOSURE OF 36% RATE CAP A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a retail installment contract, as calculated under the Illinoi…

Section 217.100 Rate Cap Disclosure Notices All retail installment contracts or agreements must include a separate disclosure signed by the consumer that states: "A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of …

Section 217.APPENDIX A Disclosure of 36% Rate Cap DISCLOSURE OF 36% RATE CAP A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a retail installment contract, as calculated under the Illinoi…

Section 302.10 Scope This Part is promulgated pursuant to Section 6(e) of the Office of Banks and Real Estate Act [20 ILCS 3205/6(e)] and applies to all state banks.

Section 302.20 Definitions For purposes of this Part the following definitions shall apply: "Act" means the Illinois Banking Act [205 ILCS 5]. "Blacklist" means a list of persons marked by those who prepare the list or those among whom the list is intended to circulate with the i…

Section 302.30 Guidelines No state bank shall discriminate against any person because that person appears upon a blacklist issued by any domestic or foreign corporate or government entity.

Section 302.40 Implementation All state banks shall forbid discrimination by bank directors, officers or employees against any person because that person appears upon a blacklist.

Section 320.10 Purpose The powers of a state bank in Illinois are established and governed by the provisions of the Illinois Banking Act (the "Act") [205 ILCS 5]. Section 3 of the Act authorizes the establishment of banks for the purpose of doing a general banking business. Secti…

Section 320.20 General Banking Business A state bank has the power to do a general banking business and the power to engage in activities which are incidental and germane to carrying on a general banking business (Corbett v. Devon Bank, 299 N.E. 2d 521, 529 (1973)).

Section 320.30 Factors to be Considered a) The following factors are relevant, if applicable, in determining whether an activity is incidental and germane to carrying on a general banking business. 1) Is the activity convenient or useful in connection with the performance of one …

Section 320.40 Procedure A state bank may request a declaratory ruling pursuant to Section 5-150(a) of the Illinois Administrative Procedure Act [5 ILCS 100/5-150(a)] from this Agency that an activity is incidental and germane to carrying on a general banking business by submitti…

Section 325.10 Definitions For purposes of this Part: "Act" means the Illinois Banking Act [205 ILCS 5]. "Commissioner" means the Commissioner of Banks and Real Estate, or a person authorized by the Commissioner to act in the Commissioner's stead. "Compelling need" means that no …

Section 325.20 Purpose and Scope a) Purpose. The purpose of this Part is to establish the procedures and standards by which the Commissioner shall determine whether to disclose confidential supervisory information in response to a request for discovery or disclosure of such infor…

Section 325.30 Requests for Confidential Supervisory Information Pursuant to Section 48.3 of the Act [205 ILCS 5/48.3], a request for confidential supervisory information arising from an adversarial matter, whether by subpoena, order, or other judicial or administrative process, …

Section 325.40 Where to Submit a Request A person requesting discovery or disclosure of confidential supervisory information under this Part shall mail, or hand deliver, the request to: Office of Banks and Real Estate Bureau of Banks and Trust Companies 500 East Monroe Street Spr…

Section 325.50 Consideration of Requests a) Standards for the Disclosure of Confidential Supervisory Information. When making a determination with respect to the disclosure of confidential supervisory information, the Commissioner shall consider the following standards: 1) the co…

Section 325.60 Disclosure of Confidential Supervisory Information a) Conditions and Limitations. The Commissioner may impose any conditions and limitations on the disclosure of confidential supervisory information that are necessary to protect the confidentiality of such informat…

Section 325.70 Retrieval and Destruction of Previously Disclosed Confidential Supervisory Information Used in Litigation At the conclusion of an action: a) the requester shall retrieve the disclosed confidential supervisory information from the judicial or administrative file as …

Section 325.80 Fees for Services The Commissioner may charge the following fees for any record search or copying performed by the Commissioner: a) Reproduction costs incurred in making photocopies of documents shall be reimbursed at $.25 per exposure. b) All other costs, includin…

Section 335.10 Purpose Section 2 of the Illinois Banking Act defines "unimpaired capital and unimpaired surplus" as including a bank's "Tier 1 Capital and Tier 2 Capital plus such other shareholder equity as may be included by regulation of the Commissioner." "Unimpaired capital …

Section 335.20 Definitions "Allowance for loan and lease losses" are reserves that have been established through a charge against earnings to absorb future losses on loans or lease financing receivables. Allowance for loan and lease losses exclude allocated transfer risk reserves…

Section 335.30 General Rule For the purposes of Section 2 of the Illinois Banking Act, "unimpaired capital and unimpaired surplus" shall include the balance of the state bank's allowance for loan and lease losses not included in the state bank's Tier 1 Capital and Tier 2 Capital.

Section 340.10 Scope and Authority The Illinois Commissioner of Banks and Real Estate is responsible for the administration of the Illinois Banking Act (the Act) [205 ILCS 5]. Section 37(1) of the Act requires the Commissioner to prescribe by rule limits on loans made by a state …

Section 340.20 Definitions For purposes of this Part: "actively engaged" means direct involvement in the policies of a corporation or firm; "control" means: the ownership of or the power to vote 10% or more of any class of voting securities of a corporation; or the ability to dir…

Section 340.30 Limits Any loan or extension of credit by a state bank to any of its officers, employees, directors or to corporations or firms controlled by them or in the management of which any of them are actively engaged must receive the prior approval of the board of directo…

Section 346.10 Authority for Rulemaking The authority for adoption of these rules is provided by Section 35 of the Illinois Banking Development District Act [205 ILCS 745].

Section 346.20 Definitions For the purposes of this Part: "Act" shall mean Public Act 102-0802, the Banking Development District Act. "Banking branch" shall mean a full-service branch of a depository institution that provides most or all banking services at a physical location an…

Section 346.30 Application for Creation of a Banking Development District The governing board of a local government, in conjunction with a depository institution, may submit an application to the Department for the designation of a banking development district. Each application s…

Section 346.35 Mandatory Pre-Application Conference An application for approval and creation of a banking development district shall be preceded by a pre-application conference to be attended by representatives of the municipal corporation and the depository institution applicant…

Section 346.40 Review and Disposition of Applications a) In determining whether to approve an application for the designation of a proposed banking development district, the Secretary, in consultation with the State Treasurer, which consultation may include sending a copy of the …

Section 346.45 Availability of Illinois Community Reinvestment Act Credit An approved and operational banking development district shall be considered by the Department under any assessment of the depository institution's performance in meeting its obligations under the Illinois …

Section 346.60 Reporting Requirements The local government applicant and the depository institution shall submit a report of the operations of the banking development district to the Secretary and the Treasurer each year on the anniversary of the banking development district bein…