Chapter 205, FINANCIAL REGULATION

(205 ILCS 205/9018) (from Ch. 17, par. 7309-18) Sec. 9018. Administrative review. Except as provided in Article 10 and as otherwise specifically provided by this Act, any person aggrieved by a decision of the Secretary under this Act may receive a hearing before the Secretary und…

(205 ILCS 205/9018.1) Sec. 9018.1. Hearing upon verified complaint. The Secretary shall, upon receiving the verified complaint in writing of any aggrieved person setting forth facts that, if proved, would constitute grounds for reversal or change of any decision, order, or action…

(205 ILCS 205/9018.2) Sec. 9018.2. Record of proceedings; expenses. The Secretary, at his or her expense, unless otherwise provided in this Act, shall provide a stenographer to take down the testimony and preserve a record of all proceedings at the hearing. The notice of hearing,…

(205 ILCS 205/9018.3) Sec. 9018.3. Subpoena; deposition. All subpoenas issued under the laws of this State pertaining to or concerning savings banks may be served by any person who is not a minor. The fees of witnesses for attendance and travel shall be the same as fees of witnes…

(205 ILCS 205/9018.4) Sec. 9018.4. Review under Administrative Review Law. Except as provided in Article 10, any person affected by a final administrative decision of the Secretary may have the decision reviewed only under and in accordance with the Administrative Review Law. The…

(205 ILCS 205/9019) Sec. 9019. Reliance on the Commissioner. (a) The Commissioner may issue an opinion in response to a specific request from a member of the public or the banking or thrift industry or on his own initiative. The opinion may be in the form of an interpretive lette…

(205 ILCS 731/10-10) Sec. 10-10. Required policies and procedures. (a) An applicant, before submitting an application, shall create and a registrant, during registration, shall maintain, implement, update, and enforce, written compliance policies and procedures for all of the fol…

(205 ILCS 731/10-5) Sec. 10-5. General requirements. (a) Each registrant is required to comply with the provisions of this Act, any lawful order, rule, or regulation made or issued under the provisions of this Act, and all applicable federal and State laws, rules, and regulations…

(205 ILCS 205/10011) Sec. 10011. Appointment of a receiver following taking of custody. If, following the taking of custody of a savings bank, the Secretary determines that the appointment of a receiver is appropriate, then the provisions of this Article shall apply. (Source: P.A…

(205 ILCS 205/10015) Sec. 10015. Secretary's proceedings exclusive. Except by the authority of the Secretary, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act, no complaint shall be filed or proceeding…

(205 ILCS 205/10020) Sec. 10020. Capital impairment; correction. (a) If the Secretary, with respect to a savings bank, shall find: (1) its capital is impaired or it is otherwise in an unsound condition; (2) its business is being conducted in an unlawful manner, including, without…

(205 ILCS 205/10025) Sec. 10025. Capital impairment; emergency. If, in addition to a finding as provided in Section 10020 of this Act, the Secretary is of the opinion and finds that an emergency exists that may result in serious losses to the depositors or the inability of the sa…

(205 ILCS 205/10030) Sec. 10030. Secretary's possession; power. The Secretary may take possession and control of a savings bank and its assets by posting upon the premises a notice reciting that the Secretary is assuming possession pursuant to this Act and the time when his or he…

(205 ILCS 205/10035) Sec. 10035. Secretary's possession; limitation of actions. Except when the Federal Deposit Insurance Corporation has taken possession of the savings bank or is acting as receiver, if the Secretary has taken possession and control of a savings bank and its ass…

(205 ILCS 205/10040) Sec. 10040. Reorganization. The Secretary, while in possession and control of a savings bank and its assets, after according a hearing to interested parties as he or she may determine and upon the order of the court, may propose a reorganization plan. The reo…

(205 ILCS 205/10045) Sec. 10045. Requirements of reorganization plan. A plan of reorganization for a savings bank shall not be proposed under this Act unless all of the following are met: (1) the plan is feasible and fair to all classes of depositors, creditors and stockholders; …

(205 ILCS 205/10050) Sec. 10050. Reorganization; emergency. Whenever, in the course of reorganization, supervening conditions render the plan of reorganization unfair or its execution impractical, the Secretary may modify the plan, provided the modification is with the written co…

(205 ILCS 205/10055) Sec. 10055. Appointment of receiver; court proceeding. (a) If the Secretary determines, which determination may be made at the time of or any time subsequent to his or her taking possession and control of a savings bank and its assets, that no practical possi…

(205 ILCS 205/10060) Sec. 10060. Notice of receivership. Upon appointing a receiver, other than the Federal Deposit Insurance Corporation, and upon the filing of a complaint for the dissolution or winding up of the affairs of a savings bank, the Secretary shall cause notice to be…

(205 ILCS 205/10065) Sec. 10065. Receiver's powers; duties. Other than the Federal Deposit Insurance Corporation, which shall derive its powers and perform its duties pursuant to the Federal Deposit Insurance Act and regulations promulgated thereunder, the receiver for a savings …

(205 ILCS 205/10070) Sec. 10070. Receiver's powers; court directions. Upon the order of the court wherein the Secretary's complaint for the dissolution or winding up of the affairs of the savings bank was filed, the receiver for the savings bank shall have the power and authority…

(205 ILCS 205/10075) Sec. 10075. Change of receiver. At any time after a receiver, other than the Federal Deposit Insurance Corporation, is appointed by the Secretary, whenever two-thirds of the creditors of a savings bank petition the Secretary for the appointment of any person …

(205 ILCS 205/10080) Sec. 10080. Insured deposits; subrogation. The right of an agency of the United States insuring deposits to be subrogated to the rights of depositors upon payment of their claim shall not be less extensive than the law of the United States requires as a condi…

(205 ILCS 205/10085) Sec. 10085. Expenses and fees. (a) In addition to the fees authorized in this Act, the Secretary may assess reasonable receivership fees against any savings bank operating under this Act that does not maintain insurance with the Federal Deposit Insurance Corp…

(205 ILCS 205/10090) Sec. 10090. Dividends; dissolution. From time to time during a receivership other than a receivership conducted by the Federal Deposit Insurance Corporation, the Secretary shall make and pay from moneys of the savings bank a ratable dividend on all claims as …

(205 ILCS 205/10095) Sec. 10095. Validation of dividends; destruction of records. In all cases where the Secretary, prior to this Section taking effect, has made ratable dividends of money on claims that have been proven to the satisfaction of the Secretary or adjudicated in any …

(205 ILCS 205/10100) Sec. 10100. Judicial review. Whenever the Secretary shall have taken possession and control of a savings bank and its assets for the purpose of examination, reorganization, or liquidation through receivership, or whenever the Secretary shall have appointed a …

(205 ILCS 205/11001) (from Ch. 17, par. 7311-1) Sec. 11001. Affirmative action to correct conditions resulting from violations of law, regulations, or orders or from practices. The Commissioner is hereby granted authority to issue orders under this Act that require a savings bank…

(205 ILCS 205/11002) (from Ch. 17, par. 7311-2) Sec. 11002. Cease and desist orders; books and records. (a) If the notice of charges and orders under Section 11001 specifies that the books and records of a savings bank are so incomplete and inaccurate that the Commissioner is una…

(205 ILCS 205/11003) (from Ch. 17, par. 7311-3) Sec. 11003. Removal and prohibition authority. (a) In addition to other provisions of this Act concerning officers and directors, the Commissioner may remove or suspend from any savings bank operating under this Act any officer, dir…

(205 ILCS 205/11004) (from Ch. 17, par. 7311-4) Sec. 11004. Industrywide prohibition. (a) Except as provided in regulations of the Commissioner, any person who has been removed or suspended from office in a savings bank operating under this Act or prohibited from participating in…

(205 ILCS 205/11005) (from Ch. 17, par. 7311-5) Sec. 11005. Institution affiliated party. As used in this Act, the term "institution affiliated party" shall mean a director, officer, employee, agent, or controlling stockholder of a savings bank operating under this Act; a person …

(205 ILCS 205/11006) (from Ch. 17, par. 7311-6) Sec. 11006. Civil penalties. The Commissioner, in addition to any other powers granted in this Act, shall have the power and authority to: (1) Impose civil penalties of up to $100,000 against any person for each violation of any pro…

(205 ILCS 205/11007) (from Ch. 17, par. 7311-7) Sec. 11007. Effect of termination or resignation of an institution-affiliated party. The resignation, termination of employment, or separation of an institution-affiliated party from the savings bank affected by the party's activiti…

(205 ILCS 205/11008) (from Ch. 17, par. 7311-8) Sec. 11008. Unauthorized participation by convicted individual. (a) Except with the prior written consent of the Commissioner, no person who has been convicted of any criminal offense involving dishonesty or a breach of trust may ow…

(205 ILCS 205/11009) (from Ch. 17, par. 7311-9) Sec. 11009. Perjury; false statements. (a) Any person who knowingly makes, causes, or allows someone else to make or cause to be made, a false statement, either under oath as required by this Act or on any report or statement requir…

(205 ILCS 205/11010) (from Ch. 17, par. 7311-10) Sec. 11010. Slander. Any person who knowingly makes, utters, circulates, or transmits to another or others any statement untrue in fact, derogatory to the financial condition of any savings bank subject to this Act with intent to i…

(205 ILCS 205/12001) Sec. 12001. Compliance review. (a) As used in this Section: "Affiliate" means a corporation whose stock is at least 80% owned by the depository institution or a corporation that directly or indirectly owns at least 80% of the depository institution. "Deposito…

(205 ILCS 205/13001) (from Ch. 17, par. 7313-1) Sec. 13001. Effective Date. This Act takes effect July 1, 1990. (Source: P.A. 86-1213.)

(205 ILCS 731/15-10) Sec. 15-10. Application. (a) An application for a registration under this Act shall meet all of the following requirements: (1) The application shall be in a form and medium prescribed by the Department. The Department may require the filing of the applicatio…

(205 ILCS 731/15-15) Sec. 15-15. Renewal. (a) Registrations shall be subject to renewal every year using a common renewal period as established by the Department by rule. A registrant may apply for renewal of the registration by submitting a renewal application under subsection (…

(205 ILCS 731/15-20) Sec. 15-20. Nontransferable registration. A registration under this Act is not transferable or assignable. (Source: P.A. 104-428, eff. 8-18-25.)

(205 ILCS 731/15-5) Sec. 15-5. Registration required. A person shall not engage in digital asset business activity, or hold itself out as being able to engage in digital asset business activity, with or on behalf of a resident unless the person is registered in this State by the …

(205 ILCS 731/20-10) Sec. 20-10. Examination. (a)(1)(A) The Department may, at any time and from time to time, examine the business and any office, within or outside this State, of any covered person, or any agent of a covered person, in order to ascertain (i) the financial condi…

(205 ILCS 731/20-15) Sec. 20-15. Books and records. (a) A registrant shall maintain, for all digital asset business activity with or on behalf of a resident for 5 years after the date of the activity, a record of all of the following: (1) Any transaction of the registrant with or…

(205 ILCS 731/20-20) Sec. 20-20. Regulatory cooperation. The Department may cooperate, coordinate, jointly examine, consult, and share records and other information with the appropriate regulatory agency of another state, a self-regulatory organization, federal or state regulator…

(205 ILCS 731/20-25) Sec. 20-25. Material business changes. (a) A registrant shall file with the Department a report of the following, as may be applicable: (1) A material change in information in the application for a registration under this Act or the most recent renewal report…

(205 ILCS 731/20-30) Sec. 20-30. Change in control. (a) As used in this Section, "proposed person to be in control" means the person that would control a registrant after a proposed transaction that would result in a change in control of the registrant. (b) The following rules ap…

(205 ILCS 731/20-35) Sec. 20-35. Mergers. (a) Before a proposed merger or consolidation of a registrant with another person, the registrant shall submit all of the following, as applicable, to the Department: (1) An application in a form and medium prescribed by the Department. (…

(205 ILCS 731/20-40) Sec. 20-40. Investigation of complaints. The Secretary shall be authorized at all times to maintain staff and facilities adequate to receive, record, and investigate complaints and inquiries made by any person concerning this Act and any covered persons, affi…