Chapter 205, FINANCIAL REGULATION

(205 ILCS 732/100) Sec. 100. Rulemaking. (a) The Department may adopt rules to implement the provisions of this Act, including, but not limited to: (1) rules in connection with the activities of digital asset kiosk operators as may be necessary and appropriate for the protection …

(205 ILCS 670/11) (from Ch. 17, par. 5411) Sec. 11. Books and records - Reports. (a) Every licensee shall retain and use in his business or at another location approved by the Director such records as are required by the Director to enable the Director to determine whether the li…

(205 ILCS 5/11) (from Ch. 17, par. 318) Sec. 11. Stock subscription. As soon as may be after receipt of a permit to organize, books of subscription to the capital stock and to the preferred stock, if any, may be opened, and when the capital stock and the preferred stock shall hav…

(205 ILCS 675/11) (from Ch. 17, par. 7011) Sec. 11. Any amendment of a revolving credit plan which violates the conditions or limitations of Section 8 of this Act shall not be enforceable, but such plan shall remain enforceable according to its original terms. Any borrower whose …

(205 ILCS 405/11) (from Ch. 17, par. 4819) Sec. 11. Such license, if issued for a community currency exchange, shall state the name of the licensee and the address of the licensed location. Such license, or its annual renewal, shall be kept conspicuously posted in the licensed lo…

(205 ILCS 740/11) (was 225 ILCS 425/11) Sec. 11. Consent orders. Notwithstanding any provisions concerning the conduct of hearings and recommendations for disciplinary actions, the Department has the authority to negotiate agreements with licensees and applicants resulting in dis…

(205 ILCS 685/11) (from Ch. 17, par. 7361) Sec. 11. This Act takes effect on July 1, 1991. (Source: P.A. 87-619.)

(205 ILCS 665/11) (from Ch. 17, par. 5311) Sec. 11. Contracts, books, records and contract cancellation. Each debt management service provider shall furnish to the Secretary, when requested, a copy of the contract entered into between the debt management service provider and the …

(205 ILCS 305/11) (from Ch. 17, par. 4412) Sec. 11. Board of credit union advisors. (1) There shall be a board of credit union advisors who shall consult with, advise, and make recommendations to the Governor and to the Secretary on matters pertaining to credit unions. The board …

(205 ILCS 645/11) (from Ch. 17, par. 2718) Sec. 11. Pledging requirements; discretion of Commissioner. A foreign banking corporation holding a certificate of authority issued pursuant to this Act may be required, when deemed necessary and appropriate in the opinion of the Commiss…

(205 ILCS 658/11-1) Sec. 11-1. Prohibited acts and practices for licensees. It is a violation of this Act for a licensee, or other person subject to this Act to: (1) directly or indirectly employ any scheme, device, or artifice to defraud or mislead any person, including, but not…

(205 ILCS 658/11-2) Sec. 11-2. Suspension and revocation of licenses. (a) The Secretary may issue an order to suspend or revoke a license of a licensee or order a licensee to revoke the designation of an authorized delegate if: (1) the licensee has failed to comply with any provi…

(205 ILCS 658/11-3) Sec. 11-3. Suspension and revocation of authorized delegates. (a) The Secretary may issue an order to suspend or revoke the designation of an authorized delegate, if the Secretary finds that: (1) the authorized delegate has failed to comply with any provision …

(205 ILCS 658/11-4) Sec. 11-4. Orders to cease and desist and civil penalties. (a) If the Secretary determines that a licensee, an authorized delegate, or any other person has engaged or is engaged in practices contrary to this Act, the rules adopted under this Act, or an order i…

(205 ILCS 658/11-5) Sec. 11-5. Consent orders; settlements. (a) The Secretary may enter into a consent order or settlement agreement at any time with a person to resolve a matter arising under this Act, the rules adopted under this Act, or order issued under this Act. A consent o…

(205 ILCS 658/11-6) Sec. 11-6. Criminal penalties. A person who engages in conduct requiring a license under this Act and fails to obtain a license from the Secretary or knowingly makes a false statement, misrepresentation, or false certification in an application, financial stat…

(205 ILCS 658/11-7) Sec. 11-7. Civil penalties. The Secretary may assess a civil penalty against a person that violates this Act, a rule adopted or an order issued under this Act in an amount not to exceed $1,000 per day for each day the violation is outstanding, plus this State'…

(205 ILCS 658/11-8) Sec. 11-8. Unlicensed persons. Any person who, without the required license, engages in conduct requiring a license under this Act shall be liable to the Department in an amount equal to the greater of (1) $5,000 or (2) an amount of money accepted for transmis…

(205 ILCS 658/11-9) Sec. 11-9. Judicial review. All final administrative decisions of the Department under this Act are subject to judicial review under the Administrative Review Law and any rules adopted under the Administrative Review Law. (Source: P.A. 103-991, eff. 8-9-24.)…

(205 ILCS 665/11.5) Sec. 11.5. Examination of debt management service provider. The Secretary at any time, either in person or through an appointed representative, may examine the condition and affairs of a debt management service provider. In connection with any examination, the…

(205 ILCS 732/110) Sec. 110. Evasion. An agreement, contract, or transaction that is structured to evade the scope of this Act shall be deemed to fall within the scope of this Act. (Source: P.A. 104-429, eff. 8-18-25.)

(205 ILCS 5/12) (from Ch. 17, par. 319) Sec. 12. Organization. (a) The directors so elected shall proceed to organize in conformity with this Act and as follows: (1) To qualify themselves as directors. (2) To elect one of their number as president. (3) To make and adopt by-laws n…

(205 ILCS 660/12) (from Ch. 17, par. 5230) Sec. 12. Every licensee shall retain such records as are required by the Department. Every licensee shall preserve the records of each of its transactions for at least 2 years after making the final entry for that transaction. With the S…

(205 ILCS 645/12) (from Ch. 17, par. 2719) Sec. 12. Control by Commissioner. (a) Upon the Commissioner's taking possession, pursuant to Section 53 of the Illinois Banking Act, of the business and property in this State of the banking office of a foreign banking corporation whose …

(205 ILCS 405/12) (from Ch. 17, par. 4820) Sec. 12. If the Secretary shall find at any time that the bond required by Section 5 is insecure or exhausted or otherwise doubtful, an additional bond in like amount to be approved by the Secretary shall be filed by the licensee within …

(205 ILCS 670/12) (from Ch. 17, par. 5412) Sec. 12. Other business. (a) Upon application by the licensee, and approval by the Director, the Director may approve the conduct of other businesses not specifically permitted by this Act in the licensee's place of business, unless the …

(205 ILCS 665/12) (from Ch. 17, par. 5312) Sec. 12. Fees and charges of debt management service providers. A debt management service provider may not charge a debtor any fees or penalties except the following: (1) an initial counseling fee not to exceed $50 per debtor counseled; …

(205 ILCS 305/12) (from Ch. 17, par. 4413) Sec. 12. Regulatory fees. (1) For the fiscal year beginning July 1, 2007, a credit union regulated by the Department shall pay a regulatory fee to the Department based upon its total assets as shown by its Year-end Call Report at the fol…

(205 ILCS 658/12-1) Sec. 12-1. Uniformity of application and construction. In applying and construing this Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Source: P.A. 103-991, eff. 8-9-…

(205 ILCS 658/12-2) Sec. 12-2. Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 103-991, eff. 8-9-24.)

(205 ILCS 658/12-3) Sec. 12-3. Transition period. (a) Licensees pursuant to the Transmitters of Money Act in good standing on the effective date of this Act shall be licensed under this Act upon the filing of and approval by the Department of a renewal application in accordance w…

(205 ILCS 658/12-4) Sec. 12-4. TOMA Consumer Protection Fund. (a) The special income-earning fund in the State treasury is known as the TOMA Consumer Protection Fund. (b) All moneys paid into the fund together with all accumulated undistributed income thereon shall be held as a s…

(205 ILCS 658/12-5) (This Section may contain text from a Public Act with a delayed effective date) Sec. 12-5. Donations; Illinois DREAM Fund. (a) Licensees may offer every customer who transmits money internationally the option to make a voluntary donation to the Illinois DREAM …

(205 ILCS 665/12.1) Sec. 12.1. All moneys received by the Department of Financial Institutions under this Act, except moneys received for the Debt Management Service Consumer Protection Fund, shall be deposited in the Financial Institution Fund created under Section 6z-26 of the …

(205 ILCS 670/12.5) Sec. 12.5. Limited purpose branch. (a) Upon the written approval of the Director, a licensee may maintain a limited purpose branch for the sole purpose of making loans as permitted by this Act. A limited purpose branch may include an automatic loan machine. No…

(205 ILCS 660/13) (from Ch. 17, par. 5231) Sec. 13. Rules. (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 conne…

(205 ILCS 645/13) (from Ch. 17, par. 2720) Sec. 13. Each such foreign banking corporation shall hold, in this State, currency, bonds, notes, debentures, drafts, bills of exchange or other evidences of indebtedness or other obligations payable in the United States or in United Sta…

(205 ILCS 670/13) (from Ch. 17, par. 5413) Sec. 13. Prohibition against taking power of attorney. No licensee shall take any power of attorney except to cancel any policies of insurance financed by the licensee as permitted by this Act and to receive either rebate of unearned pre…

(205 ILCS 405/13) (from Ch. 17, par. 4821) Sec. 13. No more than one place of business shall be maintained under the same community currency exchange license, but the Secretary may issue more than one license to the same licensee upon compliance with the provisions of this Act go…

(205 ILCS 305/13) (from Ch. 17, par. 4414) Sec. 13. General powers. A credit union may: (1) Make contracts; sue and be sued; and adopt and use a common seal and alter the same; (2) Acquire, lease (either as lessee or lessor), hold, pledge, mortgage, sell and dispose of real prope…

(205 ILCS 665/13) (from Ch. 17, par. 5313) Sec. 13. Prohibitions. (1) No licensee shall advertise, in any manner whatsoever, any statement or representation with regard to the rates, terms or conditions of debt management service which is false, misleading, or deceptive. (2) No l…

(205 ILCS 5/13) (from Ch. 17, par. 320) Sec. 13. Issuance of charter. (a) When the directors have organized as provided in Section 12 of this Act, and the capital stock and the preferred stock, if any, together with a surplus of not less than 50% of the capital, has been all full…

(205 ILCS 405/13.1) (from Ch. 17, par. 4822) Sec. 13.1. Consolidation of business locations. Whenever 2 or more licensees desire to consolidate their places of business, they shall make application for such consolidation to the Secretary upon a form provided by him or her. This a…

(205 ILCS 740/13.1) (was 225 ILCS 425/13.1) Sec. 13.1. Annual meeting between debt collection industry and the Department. The Department shall, if requested to do so by at least 20 interested persons or an association representing at least 20 interested persons, meet at least on…

(205 ILCS 740/13.2) (was 225 ILCS 425/13.2) Sec. 13.2. Powers and duties of Department. The Department shall exercise the powers and duties prescribed by the Financial Institutions Act for the administration of licensing Acts and shall exercise such other powers and duties necess…

(205 ILCS 5/13.5) Sec. 13.5. Formation and merger of interim banks. (a) An interim bank may be chartered as a State bank for the exclusive purpose of accomplishing a corporate restructuring through merger with an existing State bank, national bank, trust company, or an insured sa…

(205 ILCS 660/13.5) Sec. 13.5. Appeal and review. (a) The Department may, in accordance with the Illinois Administrative Procedure Act, adopt rules to provide for review within the Department of the Secretary's decisions affecting the rights of persons or entities under this Act.…

(205 ILCS 5/13.6) Sec. 13.6. Banks as limited liability companies. (a) A bank may be organized as a limited liability company, may convert to a limited liability company, or may merge with and into a limited liability company under the applicable laws of this State and of the Uni…

(205 ILCS 305/13a) Sec. 13a. Non-English language transactions. A credit union 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. 92-578, eff. 6-26-02.)…

(205 ILCS 5/14) (from Ch. 17, par. 321) Sec. 14. Stock. Unless otherwise provided for in this Act provisions of general application to stock of a state bank shall be as follows: (1) All banks shall have their capital divided into shares of a par value of not less than $1 each and…