Chapter 205, FINANCIAL REGULATION

(205 ILCS 620/1-8) (from Ch. 17, par. 1551-8) Sec. 1-8. Change of name or location. A corporate fiduciary holding a certificate of authority issued pursuant to this Act must notify and receive written approval from the Commissioner before changing its name or changing the locatio…

(205 ILCS 620/1-9) Sec. 1-9. Name indicating fiduciary capacity; limitation. No corporation that is not a corporate fiduciary as defined in Section 1-5.05 of this Act or a foreign corporation having received a certificate of authority under Section 4-5 of this Act shall be allowe…

(205 ILCS 305/1.1) (from Ch. 17, par. 4402) Sec. 1.1. Definitions. Credit Union - The term "credit union" means a cooperative, non-profit association, incorporated under this Act, under the laws of the United States of America or under the laws of another state, for the purposes …

(205 ILCS 665/1.5) Sec. 1.5. Purpose and construction. The purpose of this Act is to protect consumers who enter into agreements with debt management service providers and to regulate debt management service providers. This Act shall be construed as a consumer protection law for …

(205 ILCS 715/10) Sec. 10. Interface between independent data processing servicers. (a) Whenever a financial institution contracts with an independent data processing servicer for any product or service that requires an interface of communications, data, or systems with a second …

(205 ILCS 405/10) (from Ch. 17, par. 4817) Sec. 10. Qualifications of applicant; denial of license; review. The applicant or its controlling persons shall be vouched for by 2 reputable citizens of this State setting forth that the individual mentioned is (a) personally known to t…

(205 ILCS 5/10) (from Ch. 17, par. 317) Sec. 10. Permit to organize. (a) Upon the filing of an application for a permit to organize, the Commissioner shall investigate the truth of the statements therein and shall consider the proposed bank's capital structure, its future earning…

(205 ILCS 710/10) Sec. 10. Purpose. The purpose of this Act is to encourage and provide a favorable environment in Illinois for the chartering and operating of banks that locate and maintain main banking offices in this State. (Source: P.A. 91-330, eff. 7-29-99.)

(205 ILCS 645/10) (from Ch. 17, par. 2717) Sec. 10. Service of process in any suit, action or proceeding or service of any notice or demand required or permitted by law to be served on a foreign corporation may be made on a foreign banking corporation holding a certificate of aut…

(205 ILCS 705/10) Sec. 10. Electronic documents; digital signatures; electronic notices. (a) Electronic documents. If in the regular course of business, a financial institution possesses, records, or generates any document, representation, image, substitute check, reproduction, o…

(205 ILCS 732/10) Sec. 10. Definitions. As used in this Act: "Affiliate" means any person that controls, is controlled by, or is under common control with another person. As used in this paragraph, "control" means the possession, direct or indirect, of the power to direct or caus…

(205 ILCS 665/10) (from Ch. 17, par. 5310) Sec. 10. Revocation, suspension, or refusal to renew license. (a) The Secretary may revoke or suspend or refuse to renew any license if he finds that: (1) any licensee has failed to pay the annual license fee, or to maintain in effect th…

(205 ILCS 730/10) Sec. 10. Permitted use of blockchain. (a) A smart contract, record, or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store, or verify the smart contract, record, or signature. (b) In a proceeding, evid…

(205 ILCS 616/10) Sec. 10. Definitions. For purposes of this Act, the words and phrases defined in this Section shall have the meanings ascribed to them unless the context requires otherwise. Whenever the terms "network" and "switch" are used, they shall be deemed interchangeable…

(205 ILCS 625/10) Sec. 10. Distribution by institution. Upon the death of the last surviving trustee or holder of the account, the institution that maintains the account shall distribute the proceeds to the beneficiary or beneficiaries designated in the agreement controlling the …

(205 ILCS 695/10) Sec. 10. Date of compliance; provision of adequate lighting. (a) An operator of an automated teller machine installed on or after July 1, 1997 shall comply with the provisions of subsection (c) of this Section commencing on the date the automated teller machine …

(205 ILCS 700/10) Sec. 10. Application of Act. This Act shall not preempt: (1) the Revised Uniform Unclaimed Property Act, nor shall any provision of this Act be construed to relieve any holder, including a financial institution, from reporting and remitting all unclaimed propert…

(205 ILCS 305/10) (from Ch. 17, par. 4411) (Text of Section before amendment by P.A. 104-662) Sec. 10. Credit union records; member financial records. (1) A credit union shall establish and maintain books, records, accounting systems, and procedures which accurately reflect its o…

(205 ILCS 745/10) Sec. 10. Banking development district program. (a) There is hereby created a banking development district program, the purpose of which is to encourage the establishment of banking branches for banking services in geographic locations where there are the greates…

(205 ILCS 675/10) (from Ch. 17, par. 7010) Sec. 10. A revolving credit plan between a financial institution and a borrower shall be governed by the laws of this State. All terms, conditions and other provisions of and relating to a plan, including, without limitation, provisions …

(205 ILCS 670/10) (from Ch. 17, par. 5410) Sec. 10. Investigation of conduct of business. For the purpose of discovering violations of this Act or securing information lawfully required by it, the Director may at any time investigate the loans and business and examine the books, …

(205 ILCS 685/10) (from Ch. 17, par. 7360) Sec. 10. A person who knowingly violates this Act or a rule or regulation prescribed thereunder, other than Section 7 of this Act, is guilty of a Class A misdemeanor for a first offense and Class 4 felony for a second or subsequent offen…

(205 ILCS 658/10-1) Sec. 10-1. Net worth. (a) A licensee under this Act shall maintain at all times a tangible net worth of the greater of $100,000 or 3% of total assets for the first $100,000,000, 2% of additional assets for $100,000,000 to $1,000,000,000, and 0.5% of additional…

(205 ILCS 511/10-10) Sec. 10-10. Pawnbroker Regulation Fund. The Pawnbroker Regulation Fund, which was established by Public Act 90-477, shall continue to be a special fund in the State treasury. All moneys received by the Secretary under this Act in conjunction with the provisio…

(205 ILCS 511/10-15) Sec. 10-15. Examination; prohibited activities. (a) The business affairs of a licensee under this Act shall be examined for compliance with this Act as often as the Secretary deems necessary and proper. The Department may adopt rules with respect to the frequ…

(205 ILCS 658/10-2) Sec. 10-2. Surety bond. (a) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the Secretary. The bond shall run to the State of Illinois for the…

(205 ILCS 511/10-20) Sec. 10-20. Subpoena power of the Secretary. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and mat…

(205 ILCS 511/10-25) Sec. 10-25. Inspection of records and reports required of licensee. (a) Inspection of records. (1) The book or computer records, as well as every article or other thing of value so pawned or pledged, shall at all times be open to the inspection of the Secreta…

(205 ILCS 658/10-3) Sec. 10-3. Maintenance of permissible investments. (a) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amo…

(205 ILCS 511/10-30) Sec. 10-30. Suspension; revocation of licenses; fines. (a) Upon written notice to a licensee, the Secretary may suspend or revoke any license issued pursuant to this Act if, in the notice, he or she makes a finding of one or more of the following: (1) that th…

(205 ILCS 511/10-35) Sec. 10-35. Investigation of complaints. The Secretary shall maintain staff and facilities adequate to receive, record, and investigate complaints and inquiries made by any person concerning this Act and any licensees under this Act. Each licensee shall open …

(205 ILCS 658/10-4) Sec. 10-4. Types of permissible investments. (a) The following investments are permissible under Section 10-3: (1) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in an insured depo…

(205 ILCS 511/10-40) Sec. 10-40. Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license r…

(205 ILCS 511/10-45) Sec. 10-45. Confidential information. In hearings conducted under this Act, information presented into evidence that was acquired by the licensee when serving any individual in connection with a pawn transaction, including all financial information of the ind…

(205 ILCS 511/10-5) Sec. 10-5. Functions; powers; duties. The functions, powers, and duties of the Secretary shall include the following: (1) to issue or refuse to issue any license as provided by this Act; (2) to revoke or suspend for cause any license issued under this Act; (3)…

(205 ILCS 511/10-50) Sec. 10-50. Confidentiality. (a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, except as otherwise provided in 12 U.S.C. Section 5111, the requirements under any federal law or State law re…

(205 ILCS 511/10-55) Sec. 10-55. Reports of violations. Any person licensed under this Act or any other person may report to the Secretary any information to show that a person subject to this Act is or may be in violation of this Act. A licensee who files a report with the Depar…

(205 ILCS 511/10-60) Sec. 10-60. Pawnbroker annual report. (a) The Department shall, in conjunction with advice from a professional association that represents 50 or more licensees, issue an annual report, via an Internet-based program, of aggregate pawnbroker activity within 180…

(205 ILCS 511/10-65) Sec. 10-65. Responsible pawnbroker training; pawnbroker managers and employees. (a) A person who manages or is an employee of a pawnbroker that provides pawnbroker services and related functions shall complete, within 90 days after commencing employment, a mi…

(205 ILCS 511/10-70) Sec. 10-70. Rules and regulations. (a) In addition to such powers as may be prescribed by this Act, the Department is hereby authorized and empowered to adopt rules consistent with the purposes of this Act, including, but not limited to: (1) rules in connecti…

(205 ILCS 511/10-75) Sec. 10-75. Appeal and review. (a) Any person or entity affected by a decision of the Secretary under any provision of this Act may obtain review of that decision within the Department. (b) The Department may, in accordance with the Illinois Administrative Pr…

(205 ILCS 511/10-80) Sec. 10-80. Violations of this Act; Secretary's orders. (a) If the Secretary finds, as the result of examination, investigation, or review of reports submitted by a licensee, that the business and affairs of a licensee are not being conducted in accordance wi…

(205 ILCS 511/10-85) Sec. 10-85. Collection of compensation. Unless exempt from licensure under this Act, no person engaged in or offering to engage in any act or service for which a license under this Act is required may bring or maintain any action in any court of this State to…

(205 ILCS 511/10-90) Sec. 10-90. Injunction. The Secretary, through the Attorney General, may maintain an action in the name of the People of the State of Illinois and may apply for an injunction in the circuit court to enjoin a person from engaging in unlicensed pawnbroker activ…

(205 ILCS 305/10.1) Sec. 10.1. Retention of records. (a) Each credit union shall retain its records in a manner consistent with prudent business practices and in accordance with this Act and applicable State or federal laws, rules, and regulations. The record retention system uti…

(205 ILCS 660/10.2) (from Ch. 17, par. 5225) Sec. 10.2. Closing of business; surrender of license. At least 10 days prior to a licensee ceasing operations, closing business, or filing for bankruptcy, the licensee shall: (a) Notify the Department of its action in writing. (b) With…

(205 ILCS 305/10.2) Sec. 10.2. Electronic records. (a) As used in this Section, "electronic" and "electronic record" have the meanings given to those terms in the Uniform Electronic Transactions Act. (b) If a provision of this Act requires information to be written or delivered i…

(205 ILCS 660/10.6) Sec. 10.6. Companion animals. (a) No sales finance agency shall purchase: (1) a retail installment contract for the sale of a canine or feline; (2) a retail charge agreement for the sale of a canine or feline; or (3) the outstanding balance under a retail inst…

(205 ILCS 660/10.7) Sec. 10.7. Subpoenas; other remedies. (a) The Secretary shall have the power to issue and to serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and materials r…

(205 ILCS 660/10.8) Sec. 10.8. Suspension; revocation of licenses; fines. (a) If the Secretary finds any person in violation of the grounds set forth in this Section, the Secretary may enter an order imposing one or more of the following penalties: (1) revocation of license; (2) …