Chapter 205 — FINANCIAL REGULATION

(205 ILCS 305/49) (from Ch. 17, par. 4450) Sec. 49. Security. In addition to generally accepted types of security, the endorsement of a note by a surety, comaker or guarantor, or assignment of shares or wages, in a manner consistent with the laws of this State, shall be deemed se…

(205 ILCS 305/5) (from Ch. 17, par. 4406) Sec. 5. Place of business. (1) A credit union may change its principal place of business within this State upon 45 days prior written notice to the Department, provided that a credit union with a neighborhood or community common bond may …

(205 ILCS 305/50) (from Ch. 17, par. 4451) Sec. 50. Line of credit. (1) A credit union may grant a self-replenishing line of credit to a member up to a stated maximum amount. The terms and conditions upon which a line of credit is extended to any member may be different from the …

(205 ILCS 305/51) (from Ch. 17, par. 4452) Sec. 51. Other loan programs. (1) Subject to such rules and regulations as the Secretary may promulgate, a credit union may participate in loans to credit union members jointly with other credit unions, corporations, or financial institu…

(205 ILCS 305/52) (from Ch. 17, par. 4453) Sec. 52. Loans to directors, officers, credit committee, and supervisory committee members. A credit union may make loans to its directors, officers, credit committee members, and supervisory committee members, provided that the loan com…

(205 ILCS 305/53) (from Ch. 17, par. 4454) Sec. 53. Loans to credit unions. A credit union may make loans to other credit unions if so provided and within the limits set forth in a policy adopted by the board of directors. (Source: P.A. 100-361, eff. 8-25-17.)

(205 ILCS 305/54) (from Ch. 17, par. 4455) Sec. 54. Loans to associations. A credit union may make loans to any credit union association or corporation, of which the credit union is a member or shareholder, except that the aggregate of all such loans shall not exceed 5% of the as…

(205 ILCS 305/55) (from Ch. 17, par. 4456) Sec. 55. Insurance for members. (1) A credit union may purchase or make available insurance for its members. (2) A credit union may enter into cooperative marketing arrangements to facilitate its members' voluntary purchase of insurance …

(205 ILCS 305/56) (from Ch. 17, par. 4457) Sec. 56. Liability insurance for directors and officers. A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, committee member, employee or agent of the credit union as a director,…

(205 ILCS 305/57) (from Ch. 17, par. 4458) Sec. 57. Group purchasing and marketing. (a) A credit union may, consistent with rules and regulations promulgated by the Secretary, enter into cooperative marketing arrangements to facilitate its members' voluntary purchase of such good…

(205 ILCS 305/57.1) Sec. 57.1. Services to other credit unions. A credit union may act as a representative of and enter into an agreement with credit unions or other organizations for the purposes of: (1) sharing, utilizing, renting, leasing, purchasing, selling, and joint owners…

(205 ILCS 305/58) (from Ch. 17, par. 4459) Sec. 58. Share insurance. (1) Each credit union operating in this State shall insure its share accounts with the NCUA, under 12 U.S.C. 1781 to 1790 or with such other insurers as may be jointly approved by the Secretary of Financial and …

(205 ILCS 305/59) (from Ch. 17, par. 4460) Sec. 59. Investment of funds. (a) Funds not used in loans to members may be invested, pursuant to subsection (7) of Section 30 of this Act, and subject to Departmental rules and regulations: (1) In securities, obligations or other instru…

(205 ILCS 305/6) (from Ch. 17, par. 4407) Sec. 6. Fiscal Year. The fiscal year of each credit union organized under this Act shall end on December 31 of each year. (Source: P.A. 81-329.)

(205 ILCS 305/60) (from Ch. 17, par. 4461) Sec. 60. Reserves. (A) At the end of each accounting period the gross income shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and risk assets sums in accordance with the follow…

(205 ILCS 305/61) (from Ch. 17, par. 4462) Sec. 61. Suspension. (1) If the Secretary determines that any credit union is bankrupt, insolvent, impaired or that it has violated this Act, or is operating in an unsafe or unsound manner, he shall issue an order temporarily suspending …

(205 ILCS 305/62) (from Ch. 17, par. 4463) Sec. 62. Liquidation. (1) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this Section. (2) The board of directors shall adopt a resolution recommending the credit union be dissolved…

(205 ILCS 305/63) (from Ch. 17, par. 4464) Sec. 63. Merger and consolidation. (1) Any two or more credit unions, regardless of whether or not they have the same common bond, may merge or consolidate into a single credit union. A merger or consolidation may be with a credit union …

(205 ILCS 305/64) (from Ch. 17, par. 4465) Sec. 64. Conversion of charter. A credit union chartered under the laws of this State may be converted to a credit union chartered under the laws of any other state or under the laws of the United States. A credit union chartered under t…

(205 ILCS 305/64.5) Sec. 64.5. Continuation of corporate entity. (a) For purposes of this Section, a "resulting credit union" means an Illinois-chartered credit union that is the surviving credit union in a merger of 2 or more credit unions, a new credit union resulting from a co…

(205 ILCS 305/64.7) Sec. 64.7. Network credit unions. (a) Two or more credit unions merging pursuant to Section 63 of this Act may elect to request a network credit union designation for the surviving credit union from the Secretary. The request shall be set forth in the plan of …

(205 ILCS 305/65) (from Ch. 17, par. 4466) Sec. 65. Conformity with Federal Credit Union Act. After the effective date of this Act, any credit union incorporated under the laws of this State shall have all of the rights, privileges and benefits which may be exercised by a federal…

(205 ILCS 305/66) (from Ch. 17, par. 4467) Sec. 66. Illegal loans. (1) Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a nonmember of the credit union, is guilty of a Class A Misdemeanor and is …

(205 ILCS 305/67) (from Ch. 17, par. 4468) Sec. 67. Use of public property. Any credit union, the membership of which consists primarily of employees of this State or of any county, city, village, incorporated town or school district, or of any department, agency or instrumentali…

(205 ILCS 305/68) (from Ch. 17, par. 4469) Sec. 68. Interest, fines, not usurious-shares and loans not to be taxed. Reasonable fines may be levied as provided in the bylaws of each credit union and may be deducted from the share balance or added to the loan balance of a member up…

(205 ILCS 305/69) (from Ch. 17, par. 4470) Sec. 69. Effect of invalidity of part of this Act. If a court of competent jurisdiction shall adjudge to be invalid or unconstitutional any clause, sentence, paragraph, section or part of this Act, such judgment shall not affect, impair,…

(205 ILCS 305/69.1) (from Ch. 17, par. 4470.1) Sec. 69.1. Review under Administrative Review Law. The provisions of the Administrative Review Law, and all amendments and modifications thereof and the rules adopted pursuant thereto, shall apply to and govern all proceedings for th…

(205 ILCS 305/7) (from Ch. 17, par. 4408) Sec. 7. Reciprocity; out-of-state credit unions. (1) A credit union organized and duly chartered as a credit union in another state shall be permitted to conduct business as a credit union in this State if and so long as a credit union ch…

(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 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 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 305/9) (from Ch. 17, par. 4410) Sec. 9. Reports and examinations. (1) Credit unions shall report to the Department on forms supplied by the Department, in accordance with a schedule published by the Department. A recapitulation of the annual reports shall be compiled an…

(205 ILCS 305/9.1) Sec. 9.1. Disclosures of reports of examinations and confidential supervisory information; limitations. (1) Any report of examination, visitation, or investigation prepared by the Secretary under this Act or by the state regulatory authority charged with enforc…

(205 ILCS 405/0.1) Sec. 0.1. Short Title. This Act shall be known and may be cited as the Currency Exchange Act. (Source: P.A. 91-533, eff. 8-13-99.)

(205 ILCS 405/1) (from Ch. 17, par. 4802) Sec. 1. Definitions; application of Act. (a) For the purposes of this Act: "Community currency exchange" means any person, firm, association, partnership, limited liability company, or corporation, except an ambulatory currency exchange a…

(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 405/10.1) Sec. 10.1. (Repealed). (Source: Laws 1957, p. 320. Repealed by P.A. 97-315, eff. 1-1-12.)

(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 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 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 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 405/14) (from Ch. 17, par. 4823) Sec. 14. Every licensee, shall, on or before November 15, pay to the Secretary the annual license fee or fees for the next succeeding calendar year and shall at the same time file with the Secretary the annual bond or bonds and the insur…

(205 ILCS 405/14.1) Sec. 14.1. All moneys received by the Department under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act. (Source: P.A. 97-315, eff. 1-1-12; 98-463, eff. 8-16-13.)

(205 ILCS 405/15) (from Ch. 17, par. 4824) Sec. 15. Fines; suspension; revocation. The Secretary may, after 15 business days' notice by registered or certified mail to the licensee at the address set forth in the license, or by email or facsimile transmission if such other method…

(205 ILCS 405/15.1) (from Ch. 17, par. 4825) Sec. 15.1. If the Secretary determines that any licensee is insolvent or is violating this Act, or if the owner, executor, or successor in interest of a currency exchange abandons the currency exchange, he or she shall appoint a receiv…

(205 ILCS 405/15.1a) (from Ch. 17, par. 4826) Sec. 15.1a. If the Secretary determines that a business in receivership should be liquidated, he shall direct the Attorney General to file a complaint in the Circuit Court of the county in which such community currency exchange is loc…

(205 ILCS 405/15.1b) (from Ch. 17, par. 4827) Sec. 15.1b. Liquidation; distribution; priority. The General Assembly finds and declares that community currency exchanges provide important and vital services to Illinois citizens. The General Assembly also finds that in providing su…

(205 ILCS 405/15.1c) (from Ch. 17, par. 4828) Sec. 15.1c. Powers of receiver. Upon the order of the circuit court of the county wherein the community currency exchange being liquidated is located, the receiver may sell or compound any bad or doubtful debt, and on like order may s…

(205 ILCS 405/15.1d) (from Ch. 17, par. 4829) Sec. 15.1d. At the close of a receivership, the receiver shall turn over to the Secretary all books of account and ledgers of such currency exchange for preservation. All records of such receiverships heretofore and hereafter received…