Chapter 205, FINANCIAL REGULATION

(205 ILCS 405/16) (from Ch. 17, par. 4832) Sec. 16. Annual report; investigation; costs. (a) Each licensee shall annually, on or before the 1st day of March, file a report with the Secretary for the calendar year period from January 1st through December 31st, giving such relevant…

(205 ILCS 670/16) (from Ch. 17, par. 5420) Sec. 16. Disclosure of Terms of Contract. In any loan transaction under this Act, the licensee must disclose the following items to the obligor of the loan before the transaction is consummated: (a) The amount and date of the loan contra…

(205 ILCS 645/16) (from Ch. 17, par. 2723) Sec. 16. A foreign banking corporation holding a certificate of authority issued pursuant to this Act shall be subject to the same limitations with respect to the payment of interest on deposits as a State bank which is a member of the F…

(205 ILCS 305/16) (from Ch. 17, par. 4417) Sec. 16. Societies and associations. Societies, associations, clubs, partnerships, corporations, and limited liability companies in which one or more of the members, partners, or shareholders are individuals who are eligible for credit u…

(205 ILCS 740/16) (was 225 ILCS 425/16) Sec. 16. Investigation; notice and hearing. The Department may investigate and conduct periodic examinations of the actions or qualifications of any applicant or of any person rendering or offering to render collection agency services or an…

(205 ILCS 5/16) (from Ch. 17, par. 323) Sec. 16. Directors. The business and affairs of a State bank shall be managed by its board of directors that shall exercise its powers as follows: (1) Directors shall be elected as provided in this Act. Any omission to elect a director or d…

(205 ILCS 665/16) (from Ch. 17, par. 5319) Sec. 16. Penalties. (a) Any person who engages in the business of debt management service without a license shall be guilty of a Class 4 felony. (b) Any contract of debt management service as defined in this Act, made by an unlicensed pe…

(205 ILCS 5/16.1) (from Ch. 17, par. 323.1) Sec. 16.1. One or more of the directors may be removed, with or without cause, at a meeting of shareholders by the affirmative vote of the holders of a majority of the outstanding shares then entitled to vote at an election of directors…

(205 ILCS 305/16.1) Sec. 16.1. Service to the economically disadvantaged. (a) Persons who reside in investment areas as defined in the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702) and identified by the U.S. Department of the Treasury may b…

(205 ILCS 5/16.5) Sec. 16.5. Employment of persons with convictions. Except with the prior written consent of the Commissioner, no State bank shall knowingly employ or otherwise permit an individual to serve as an officer, director, employee, or agent of the State bank if the ind…

(205 ILCS 665/16.5) Sec. 16.5. Additional liability for unlicensed activity. 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) $1,000 or (2) an amount equ…

(205 ILCS 660/16.5) Sec. 16.5. Cease and desist orders. (a) The Secretary may issue a cease and desist order to a sales finance agency or other person doing business without the required license when, in the opinion of the Secretary, the licensee or other person is violating or i…

(205 ILCS 305/16.5) Sec. 16.5. Service to target markets. (a) As used in this Section: "Target market" means an investment area or a targeted population, or both, as defined in the Community Development Banking and Financial Institutions Act of 1994, 12 U.S.C. 4702, and regulatio…

(205 ILCS 665/16.6) Sec. 16.6. Debt Management Service Consumer Protection Fund. (a) A special non-appropriated income-earning fund is hereby created in the State Treasury, known as the Debt Management Service Consumer Protection Fund. This Fund is not subject to appropriation by…

(205 ILCS 670/16b) (from Ch. 17, par. 5422) Sec. 16b. No real estate security in certain cases. For loans with an original principal amount of $3,000 or less, a licensee shall not take any security interest in real estate, except such lien as results from obtaining a judgment. (S…

(205 ILCS 670/16c) Sec. 16c. Non-English language transactions. A licensee 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 5/17) (from Ch. 17, par. 324) Sec. 17. Changes in charter. (a) By compliance with the provisions of this Act a State bank may: (1) (blank); (2) increase, decrease or change its capital stock, whether issued or unissued, provided that in no case shall the capital be dimi…

(205 ILCS 740/17) (was 225 ILCS 425/17) Sec. 17. Record of hearing; transcript. The Department, at its expense, shall preserve a record of all proceedings at the formal hearing of any case. The notice of hearing, complaint, all other documents in the nature of pleadings, written …

(205 ILCS 670/17) (from Ch. 17, par. 5423) Sec. 17. Maximum term and amount. The loan contract shall provide for repayment of the principal and charges within 181 months from the date of the loan contract or the last advance, if any, required by the loan contract. No licensee sha…

(205 ILCS 660/17) (from Ch. 17, par. 5235) Sec. 17. Application of Act. (a) This Act does not apply to any credit union, bank, banking association, trust company, savings bank, or savings and loan association authorized to do business under the laws of this State, any other state…

(205 ILCS 405/17) (from Ch. 17, par. 4833) Sec. 17. Every licensee shall keep and use in his business such books, accounts and records as will enable the Secretary to determine whether such licensee is complying with the provisions of this Act and with the rules, regulations and …

(205 ILCS 715/17) Sec. 17. Ownership of financial institution data. If a financial institution transfers or otherwise makes available to an independent data processing servicer any data from the financial institution's records, such data shall at all times remain the property of …

(205 ILCS 630/17) (from Ch. 17, par. 2201) Sec. 17. Holidays. (a) The following days shall be legal holidays in the State of Illinois upon which day a bank may, but is not required to, remain closed: the first day of January (New Year's Day); the third Monday in January (observan…

(205 ILCS 645/17) (from Ch. 17, par. 2724) Sec. 17. Fees; examination; receivership. Upon applying for a certificate of authority to open and maintain a banking office, a foreign banking corporation shall pay to the Commissioner an application fee equivalent to the reasonable exp…

(205 ILCS 665/17) (from Ch. 17, par. 5320) Sec. 17. Injunction. To engage in debt management service, render financial service, or accept debtors' funds, as defined in this Act, without a valid license so to do, is hereby declared to be inimical to the public welfare and to const…

(205 ILCS 305/17) (from Ch. 17, par. 4418) Sec. 17. Members who leave field. Nothing in this Act shall be construed to impair the charter of an existing credit union, prevent the merger of credit unions as otherwise provided for in this Act or prevent a credit union from retainin…

(205 ILCS 670/17.5) Sec. 17.5. Consumer reporting service. (a) For the purpose of this Section, "certified database" means the consumer reporting service database established pursuant to the Payday Loan Reform Act. "Title-secured loan" means a loan in which, at commencement, a co…

(205 ILCS 670/18) (from Ch. 17, par. 5424) Sec. 18. Advertising. Advertising for loans transacted under this Act may not be false, misleading or deceptive. That advertising, if it states a rate or amount of charge for a loan, must state the rate as an annual percentage rate. No l…

(205 ILCS 740/18) (was 225 ILCS 425/18) Sec. 18. Subpoenas; oaths; attendance of witnesses. (a) The Department has the power to subpoena documents, books, records, or other materials and to bring before it any person and to take testimony either orally or by deposition, or both, …

(205 ILCS 305/18) (from Ch. 17, par. 4419) Sec. 18. Liability of members. The members of the credit union shall not be personally or individually liable for the payment of its debts. A reduction in shares as provided for in Section 45 of this Act shall not be considered as imposi…

(205 ILCS 645/18) (from Ch. 17, par. 2725) Sec. 18. Powers of the Commissioner. The Commissioner shall have all of the powers granted to him under the Illinois Banking Act, to the extent appropriate to enable him to supervise a banking office of a foreign banking corporation hold…

(205 ILCS 665/18) (from Ch. 17, par. 5321) Sec. 18. Review. All final administrative decisions of the Secretary hereunder shall be subject to judicial review pursuant to the provisions of the Administrative Review Law, and all amendments and modifications thereof and the rules ad…

(205 ILCS 405/18) (from Ch. 17, par. 4834) Sec. 18. Proof of address. The applicant for a community currency exchange license shall have a permanent address as evidenced by a lease of at least 6 months duration or other suitable evidence of permanency, and the license issued, pur…

(205 ILCS 5/18) (from Ch. 17, par. 325) Sec. 18. Change in control. (a) Before any person, whether acting directly or indirectly or through or in concert with one or more persons, may cause (i) a change to occur in the ownership of outstanding stock of any State bank, whether by …

(205 ILCS 670/18.5) Sec. 18.5. Incentives. A licensee may pay money or any other thing of value to any person as an incentive or inducement to apply for a loan, to borrow money, or to refer potential borrowers to the licensee. The Department may by rule place reasonable limits on…

(205 ILCS 305/19) (from Ch. 17, par. 4420) Sec. 19. Meeting of members. (1)(a) The annual meeting shall be held each year during the months of January, February or March or such other month as may be approved by the Department. The meeting shall be held at the time, place and in …

(205 ILCS 660/19) Sec. 19. Injunction; civil penalty; costs. If it appears to the Secretary that a person has committed or is about to commit a violation of this Act, a rule promulgated under this Act, or an order of the Secretary, the Secretary may apply to the circuit court for…

(205 ILCS 645/19) (from Ch. 17, par. 2726) Sec. 19. Revocation of certificate of authority; grounds. A certificate of authority issued to a foreign banking corporation shall be revoked when voluntarily surrendered by the holder thereof or when such foreign banking corporation is …

(205 ILCS 665/19) (from Ch. 17, par. 5322) Sec. 19. If any clause, sentence, section, provision or part of this Act shall be adjudged to be unconstitutional or invalid for any reason by any court of competent jurisdiction, such judgment shall not impair, affect or invalidate the …

(205 ILCS 405/19) (from Ch. 17, par. 4835) Sec. 19. The Department may make and enforce such reasonable rules, directions, orders, decisions and findings as the execution and enforcement of the provisions of this Act require, and as are not inconsistent within this Act. All such …

(205 ILCS 740/19) (was 225 ILCS 425/19) Sec. 19. Findings and recommendations. At the conclusion of the hearing, the hearing officer shall present to the Secretary a written report of its findings of fact, conclusions of law, and recommendations. The report shall contain a findin…

(205 ILCS 670/19.1) (from Ch. 17, par. 5425.1) Sec. 19.1. Where the licensee repossesses a motor vehicle that was used as collateral and which is used primarily for the obligor's personal, family or household purposes, the licensee shall be subject to the requirements of and shal…

(205 ILCS 405/19.1) (from Ch. 17, par. 4836) Sec. 19.1. Whenever an ambulatory currency exchange shall be actively engaged in the cashing of checks other than from within an armored vehicle, such currency exchange shall provide armed guards as it deems necessary for the protectio…

(205 ILCS 5/19.1) (from Ch. 17, par. 326.1) Sec. 19.1. As used in Sections 20 through 30 both inclusive of this Act and for purposes of any Section of the Illinois Bank Holding Company Act of 1957, the existence of a bank converted from a State bank to a national bank or vice ver…

(205 ILCS 670/19.2) Sec. 19.2. Licensee; prohibition against accepting certain checks. At the time a loan is made or within 20 days after a loan is made, a licensee shall not (i) accept a check and agree to hold it for a period of days before deposit or presentment or (ii) accept…

(205 ILCS 5/19.2) Sec. 19.2. For purposes of Sections 20 through 30 both inclusive of this Act, a "stockholder" shall include, without limitation, a "member" or other designation of holders of ownership or voting interest in an insured savings association. (Source: P.A. 89-567, e…

(205 ILCS 405/19.3) (from Ch. 17, par. 4838) Sec. 19.3. (A) The General Assembly hereby finds and declares: community currency exchanges and ambulatory currency exchanges provide important and vital services to Illinois citizens. In so doing, they transact extensive business invo…

(205 ILCS 405/19.4) (from Ch. 17, par. 4839) Sec. 19.4. The fees charged by community and ambulatory currency exchanges for rendering any service authorized by this Act shall be prominently displayed on the premises of the community currency exchange or at the location served by …

(205 ILCS 740/1a) (was 225 ILCS 425/1a) Sec. 1a. Declaration of public policy. The practice as a collection agency by any entity in the State of Illinois is hereby declared to affect the public health, safety and welfare and to be subject to regulation and control in the public i…

(205 ILCS 625/2) (from Ch. 17, par. 2132) Sec. 2. Definitions. As used in this Act, the following words have the meanings ascribed to them as set forth herein: (a) "Institution" includes any bank as defined in Section 2 of the Illinois Banking Act, any association as defined in S…