Chapter 205, FINANCIAL REGULATION

(205 ILCS 635/7-2) Sec. 7-2. State license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Director and may be changed or up…

(205 ILCS 658/7-2) Sec. 7-2. Audited financials. (a) Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Secretary may prescribe, file with the Secretary: (1) an audited financial statement of the licensee for the fiscal year …

(205 ILCS 635/7-3) Sec. 7-3. Issuance of license. The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdic…

(205 ILCS 658/7-3) Sec. 7-3. Authorized delegate reporting. (a) Each licensee shall submit a report of authorized delegates within 45 days of the end of the calendar quarter. The Secretary is authorized and encouraged to use NMLS for the submission of the report required by this …

(205 ILCS 635/7-4) Sec. 7-4. Pre-licensing and education of mortgage loan originators. (a) In order to meet the pre-licensing education requirement referred to in item (4) of Section 7-3 of this Act an individual shall complete at least 20 hours of education approved in accordanc…

(205 ILCS 658/7-4) Sec. 7-4. Reports of certain events. (a) A licensee shall file a report with the Secretary within one business day after the licensee has reason to know of the occurrence of any of the following events: (1) the filing of a petition by or against the licensee un…

(205 ILCS 658/7-5) Sec. 7-5. Bank Secrecy Act reports. A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and St…

(205 ILCS 635/7-5) Sec. 7-5. Testing of mortgage loan originators. (a) In order to meet the written test requirement referred to in item (5) of Section 7-3, an individual shall pass, in accordance with the standards established under this subsection (a), a qualified written test …

(205 ILCS 635/7-6) Sec. 7-6. Standards for license renewal. (a) The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under Section 7-3. (2…

(205 ILCS 658/7-6) Sec. 7-6. Records. (a) Licensee shall maintain the following records, for determining its compliance with this Act, for at least 3 years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly containin…

(205 ILCS 635/7-7) Sec. 7-7. Continuing education for mortgage loan originators. (a) In order to meet the annual continuing education requirements referred to in Section 7-6, a licensed mortgage loan originator shall complete at least 8 hours of education approved in accordance w…

(205 ILCS 635/7-8) Sec. 7-8. Authority to require license. In addition to any other duties imposed upon the Director by law, the Director shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In orde…

(205 ILCS 635/7-9) Sec. 7-9. Report to Nationwide Multistate Licensing System and Registry. Subject to State privacy laws, the Director is required to report regularly violations of this Act, as well as enforcement actions and other relevant information, to the Nationwide Multist…

(205 ILCS 650/7.5) Sec. 7.5. Non-English language transactions. A foreign bank representative office may conduct transactions in a language other than English through an employee or agent acting as interpreter or through an interpreter provided by the customer. (Source: P.A. 92-5…

(205 ILCS 5/70) (from Ch. 17, par. 382) Sec. 70. Voluntary dissolution; Commissioner's payments. The Commissioner shall hold and pay out sums deposited with him either by the dissolving state bank or by the assuming bank in payment of the liabilities of the dissolving bank's liab…

(205 ILCS 305/70) (from Ch. 17, par. 4471) Sec. 70. Use of name, sentence. (a) No individual, firm, association, or body politic and corporate, including, without limitation, any corporation, limited liability company, general partnership, limited partnership, or joint venture th…

(205 ILCS 5/71) (from Ch. 17, par. 383) Sec. 71. Voluntary dissolution; fees and expenses. (a) Any bank that elects to dissolve voluntarily under this Act shall pay to the Secretary a fee, which shall be paid upon the Secretary's receipt of the bank's statement of intent. The Sec…

(205 ILCS 305/71) (from Ch. 17, par. 4472) Sec. 71. False statements. Any person who knowingly makes any false statement or report upon any application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment or loan or any change or extension of the sam…

(205 ILCS 305/72) (from Ch. 17, par. 4473) Sec. 72. Repeal. "An Act to revise the law in relation to credit unions and to repeal a certain act therein named", approved June 16, 1953, as amended, is repealed. The repeal of this Act or any parts of any act in relation to credit uni…

(205 ILCS 5/72) (from Ch. 17, par. 384) Sec. 72. Voluntary dissolution; dissolving bank. Upon and after the day on which the publication provided for in Section 68(8) was first made: (1) The dissolving bank shall cease to carry on its business, except insofar as may be necessary …

(205 ILCS 5/73) (from Ch. 17, par. 385) Sec. 73. Voluntary dissolution; limitation on claims. The publication by the Commissioner of a resolution for dissolution shall not impair any right of a depositor or creditor to payment in full of his lawful claims nor impair any right or …

(205 ILCS 5/74) (from Ch. 17, par. 386) Sec. 74. Voluntary dissolution; termination of charter. Upon being satisfied that the affairs of a state bank have been wound up pursuant to a resolution of dissolution and after 6 years from the first day on which publication of a resoluti…

(205 ILCS 5/74.5) Sec. 74.5. Voluntary dissolution of less active bank. Upon being satisfied that the affairs of a State bank that had originally transferred substantially all its assets and liabilities pursuant to Section 13 of this Act have been wound up, and that the bank has …

(205 ILCS 5/75) (from Ch. 17, par. 387) Sec. 75. Separability. If any provision, clause or phrase of this Act or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or application of this Act which can be given…

(205 ILCS 5/76) (from Ch. 17, par. 388) Sec. 76. Effective Date. The Secretary of State for this State shall submit this Act to a vote of the people for their approval in accordance with Section 5 of Article XI of the Constitution of this State at the next general election. In ac…

(205 ILCS 5/77) (from Ch. 17, par. 389) Sec. 77. Repealer. (1) "An Act to revise the law with relation to banks and banking" approved June 23, 1919, and all Acts amendatory thereof are hereby repealed as of the date this Act becomes effective. (2) "An Act concerning civil actions…

(205 ILCS 5/78) (from Ch. 17, par. 390) Sec. 78. Board of banks and trust companies; creation, members, appointment. There is created a Board which shall be known as the State Banking Board of Illinois which shall consist of the Director of Banking, who shall be its chairman, and…

(205 ILCS 5/79) (from Ch. 17, par. 391) Sec. 79. Board, terms of office. The terms of office of the State Banking Board of Illinois shall be 4 years, except that the initial Board appointments shall be staggered with the Governor initially appointing, with advice and consent of t…

(205 ILCS 675/8) (from Ch. 17, par. 7008) Sec. 8. Amendment of agreement governing revolving credit plans other than credit card accounts. (a) If the agreement governing a revolving credit plan other than a credit card account so provides or allows, a financial institution may at…

(205 ILCS 670/8) (from Ch. 17, par. 5408) Sec. 8. Annual license fee - Expenses. Before the 1st day of each December, a licensee must pay to the Director, and the Department must receive, the annual license fee required by Section 2 for the next succeeding calendar year. The lice…

(205 ILCS 305/8) (from Ch. 17, par. 4409) Sec. 8. Secretary's powers and duties. Credit unions are regulated by the Department. The Secretary in executing the powers and discharging the duties vested by law in the Department has the following powers and duties: (1) To exercise th…

(205 ILCS 650/8) Sec. 8. Powers of the Commissioner. The Commissioner shall have under this Act all of the powers granted to him under the Illinois Banking Act, including the authority to impose a reasonable charge to recover the cost of an examination conducted by the Commission…

(205 ILCS 405/8) (from Ch. 17, par. 4815) Sec. 8. A community or an ambulatory currency exchange shall not be conducted as a department of another business. It must be an entity, financed and conducted as a separate business unit. This shall not prevent a community or an ambulato…

(205 ILCS 740/8) (was 225 ILCS 425/8) Sec. 8. Bond requirement. A collection agency shall be required to file and maintain in force a surety bond, issued by an insurance company authorized to transact fidelity and surety business in the State of Illinois. The bond shall be for th…

(205 ILCS 645/8) (from Ch. 17, par. 2715) Sec. 8. A foreign banking corporation holding a certificate of authority issued pursuant to this Act, must secure an amended certificate of authority if it changes its corporate name, changes the duration of its corporate existence or des…

(205 ILCS 5/8) (from Ch. 17, par. 315) Sec. 8. Incorporators. A State bank may be organized on application by 5 or more incorporators who shall be individuals except that a bank holding company may be the sole incorporator of a State bank. (Source: P.A. 92-483, eff. 8-23-01.)…

(205 ILCS 685/8) (from Ch. 17, par. 7358) Sec. 8. When the Director believes a person has violated, is violating, or will violate this Act or a rule or regulation prescribed under this Act, the Director may request the Attorney General to bring a civil action in circuit court to …

(205 ILCS 620/8-1) (from Ch. 17, par. 1558-1) Sec. 8-1. False statements. It is unlawful for any officer, director, employee, or agent of any corporate fiduciary subject to examination by the Commissioner or any person filing an application or submitting information in connection…

(205 ILCS 658/8-1) Sec. 8-1. Relationship Between licensee and authorized delegate. (a) As used in this Section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by…

(205 ILCS 658/8-2) Sec. 8-2. Unauthorized activities. A person shall not engage in the business of money transmission on behalf of a person not licensed under this Act or not exempt pursuant to Article III of this Act. A person that engages in such activity provides money transmi…

(205 ILCS 620/8-2) Sec. 8-2. Reliance on Commissioner. No corporate fiduciary or other person shall be liable under this Act for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Commissioner of Banks and Real Estate, notw…

(205 ILCS 658/8-3) Sec. 8-3. Prohibited authorized delegates. (a) The circuit court in an action brought by a licensee shall have jurisdiction to grant appropriate equitable or legal relief, including, without limitation, prohibiting the authorized delegate from directly or indir…

(205 ILCS 670/8.1) Sec. 8.1. All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act. (Source: P.A. 98-463, eff. 8-16-13.)

(205 ILCS 675/8.5) Sec. 8.5. Amendment of agreement governing credit card accounts. (a) Amendment of terms. If the agreement governing a credit card account so provides or allows, then a financial institution may at any time or from time to time amend the terms of such agreement …

(205 ILCS 665/8.5) Sec. 8.5. Temporary location. The Secretary may approve a temporary additional business location for the purpose of allowing a debt management service provider to conduct business outside the licensed location. (Source: P.A. 96-1420, eff. 8-3-10.)

(205 ILCS 740/8.5) (was 225 ILCS 425/8.5) Sec. 8.5. Debt buyers. A debt buyer shall be subject to all of the terms, conditions, and requirements of this Act, except as otherwise provided for in subsection (b) of Section 8.6 of this Act. (Source: P.A. 97-1070, eff. 1-1-13.)

(205 ILCS 740/8.6) (was 225 ILCS 425/8.6) Sec. 8.6. Debt buyer activities. (a) Debt buyers initiating actions upon an obligation arising out of a consumer debt shall be commenced within the applicable statute of limitations period. (b) With respect to its activities as a debt buy…

(205 ILCS 5/80) (from Ch. 17, par. 392) Sec. 80. Board; powers. The Board shall have the following powers in addition to any others that may be granted to it by law: (a) (Blank). (b) To review, consider, and make recommendations to the Director of Banking upon any banking matters…

(205 ILCS 705/80) Sec. 80. (Amendatory provisions; text omitted). (Source: P.A. 90-575, eff. 3-20-98; text omitted.)

(205 ILCS 616/80) Sec. 80. Continuity of regulation. This Act is a successor Act to and a continuation of the regulation of electronic fund transfers pursuant to the Electronic Fund Transfer Transmission Facility Act. (Source: P.A. 89-310, eff. 1-1-96.)