Chapter 205, FINANCIAL REGULATION

(205 ILCS 650/2) (from Ch. 17, par. 2852) Sec. 2. Definitions. As used in this Act, unless the context requires otherwise: (a) "Commissioner" means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary, the Division of Banking Act, or this…

(205 ILCS 670/2) (from Ch. 17, par. 5402) Sec. 2. Application; fees; positive net worth. Application for such license shall be in writing, and in the form prescribed by the Director. Such applicant at the time of making such application shall pay to the Director the sum of $300 a…

(205 ILCS 605/2) (from Ch. 17, par. 502) Sec. 2. Identification and numbering of consumer - deposit account. For all consumer-deposit accounts opened after January 1, 1982, all new checks, drafts, or orders drawn on financial institution accounts shall clearly display on the face…

(205 ILCS 10/2) Sec. 2. Unless the context requires otherwise: (a) "Bank" means any national banking association or any bank, banking association or savings bank, whether organized under the laws of Illinois, another state, the United States, the District of Columbia, any territo…

(205 ILCS 665/2) (from Ch. 17, par. 5302) Sec. 2. Definitions. As used in this Act: "Credit counselor" means an individual, corporation, or other entity that is not a debt management service that provides (1) guidance, educational programs, or advice for the purpose of addressing…

(205 ILCS 660/2) (from Ch. 17, par. 5202) Sec. 2. Definitions. In this Act, unless the context otherwise requires: "Department" means the Department of Financial and Professional Regulation. "Holder" of a retail installment contract or a retail charge agreement means the retail s…

(205 ILCS 5/2) (from Ch. 17, par. 302) Sec. 2. General definitions. In this Act, unless the context otherwise requires, the following words and phrases shall have the following meanings: "Accommodation party" shall have the meaning ascribed to that term in Section 3-419 of the Un…

(205 ILCS 405/2) (from Ch. 17, par. 4803) Sec. 2. License required; violation; injunction. No person, firm, association, partnership, limited liability company, or corporation shall engage in the business of a community currency exchange or in the business of an ambulatory curren…

(205 ILCS 645/2) (from Ch. 17, par. 2702) Sec. 2. As used in this Act unless the context otherwise requires, the words and phrases defined in Sections 2.01 through 2.07 have the meanings ascribed to them in those Sections. (Source: P.A. 85-858.)

(205 ILCS 115/2) (from Ch. 17, par. 3602) Sec. 2. Any savings and loan or Federal savings and loan association may issue shares, share accounts or accounts in the joint names of two or more persons or their survivor, in which event any of such persons shall have power to act in a…

(205 ILCS 740/2) Sec. 2. Definitions. In this Act: "Address of record" means the designated address recorded by the Department in the applicant's or licensee's application file or license file as maintained by the Department. "Charge-off balance" means an account principal and ot…

(205 ILCS 675/2) (from Ch. 17, par. 7002) Sec. 2. Findings and Declarations of Policy. The General Assembly hereby finds, determines and declares: (a) That the economic strength of Illinois requires strong and effective financial institutions in Illinois; (b) That in order to cul…

(205 ILCS 685/2) (from Ch. 17, par. 7352) Sec. 2. It is the purpose of this Act to require the keeping and submission to the Director of the Illinois State Police of certain reports and records of transactions involving United States currency when such reports and records have a …

(205 ILCS 305/2) (from Ch. 17, par. 4403) Sec. 2. Organization procedure. (1) Any 9 or more persons of legal age, the majority of whom shall be residents of the State of Illinois, who have a common bond referred to in Section 1.1 may organize a credit union or a central credit un…

(205 ILCS 610/2) (from Ch. 17, par. 1002) Sec. 2. Power of Commissioner. (a) Whenever the Commissioner is notified by any officer of a bank or by any other means becomes aware that an emergency exists, or is impending, he may, by proclamation, authorize all banks in the State of …

(205 ILCS 658/2-1) Sec. 2-1. Definitions. As used in this Act: "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. "Authorized delegate" means a person a license…

(205 ILCS 635/2-1) (from Ch. 17, par. 2322-1) Sec. 2-1. Licensee name. (a) No person, partnership, association, corporation, limited liability company, or other entity engaged in the business regulated by this Act shall operate such business under a name other than the real names…

(205 ILCS 620/2-1) (from Ch. 17, par. 1552-1) Sec. 2-1. (a) Any corporation which has been or shall be incorporated under the general corporation laws of this State and any limited liability company established under the Limited Liability Company Act for the purpose of accepting …

(205 ILCS 620/2-10) (from Ch. 17, par. 1552-10) Sec. 2-10. Every company may receive, by gift, legacy or otherwise, moneys or real or personal property, or the income or avails of such moneys or property, in trust, in perpetuity, for the improvement, maintenance, ornamentation, r…

(205 ILCS 635/2-11) (from Ch. 17, par. 2322-11) Sec. 2-11. Miscellaneous fees. In addition to any license fee collected under this Act, the Commissioner shall by rule and regulation establish a schedule to apply to assessment and collection of necessary contingent and miscellaneo…

(205 ILCS 620/2-11) Sec. 2-11. Retention of agents and advisors. A corporate fiduciary may hire and compensate, as an additional expense of the trust or estate, agents, advisors (including financial, investment, and other advisors), and brokers (including brokers for the sale or …

(205 ILCS 620/2-12) Sec. 2-12. Reproductions of documents. Notwithstanding any other provision of law, if a corporate fiduciary possesses, records, or creates any document, memorandum, writing, entry, representation, or combination thereof, of any act, transaction, occurrence, ev…

(205 ILCS 620/2-13) Sec. 2-13. Employment of persons with convictions. Except with the prior written consent of the Commissioner, no person having a certificate of authority under this Act shall knowingly employ or otherwise permit an individual to serve as an officer, director, …

(205 ILCS 635/2-2) Sec. 2-2. Application process; investigation; fee. (a) The Secretary shall issue a license upon completion of all of the following: (1) The filing of an application for license with the Director or the Nationwide Multistate Licensing System and Registry as appr…

(205 ILCS 620/2-2) (from Ch. 17, par. 1552-2) Sec. 2-2. (a) Whenever application shall be made to any court in this State for the appointment of any receiver, assignee, guardian, executor, administrator or other trustee or fiduciary appointed by the court, it shall be lawful for …

(205 ILCS 635/2-3) (from Ch. 17, par. 2322-3) Sec. 2-3. Application form. (a) Application for a residential mortgage license must be made in accordance with Section 2-6 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry.…

(205 ILCS 620/2-3) (from Ch. 17, par. 1552-3) Sec. 2-3. Corporate fiduciaries shall be entitled to and shall be allowed reasonable compensation for all the services performed by them under the provisions of this Act and the corporate fiduciary shall be reimbursed for all proper e…

(205 ILCS 635/2-3A) Sec. 2-3A. Residential mortgage license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Director and may…

(205 ILCS 635/2-4) (from Ch. 17, par. 2322-4) Sec. 2-4. Prohibited acts and practices for licensees. It is a violation of this Act for a licensee subject to this Act to: (a) fail to maintain at least one full service office within the State of Illinois if required to do so pursua…

(205 ILCS 620/2-4) (from Ch. 17, par. 1552-4) Sec. 2-4. Certificate of authority. (a) It shall not be lawful for any person to engage in the trust business, after the effective date of this amendatory Act of 1995, without first filing an application for and procuring from the Com…

(205 ILCS 620/2-4.5) Sec. 2-4.5. Exemptions. For the purposes of this Act, a person does not engage in the trust business by: (1) the rendering of fiduciary services by an attorney-at-law admitted to the practice of law in this State; (2) rendering services as a certified or regi…

(205 ILCS 620/2-5) (from Ch. 17, par. 1552-5) Sec. 2-5. The application for a certificate of authority shall be filed with the Commissioner, signed by the president or vice president and attested by the corporate secretary or cashier and acknowledged before some officer authorize…

(205 ILCS 635/2-5) (from Ch. 17, par. 2322-5) Sec. 2-5. Refusal to Issue License. The Commissioner shall refuse to license or renew a license if: (1) it is determined that the applicant is not in compliance with any provisions of the Act; or (2) there is substantial continuity be…

(205 ILCS 635/2-6) Sec. 2-6. License issuance and renewal; fee. (a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry as adopted by the Director. Properly completed renewal application forms and filing fe…

(205 ILCS 620/2-6) (from Ch. 17, par. 1552-6) Sec. 2-6. Upon the filing of an application for a certificate of authority, the Commissioner shall cause to be made an investigation of the truth of the statements therein and the background of the management and controlling sharehold…

(205 ILCS 620/2-6.5) Sec. 2-6.5. Directors. (a) The business and affairs of a corporate fiduciary shall be managed by its board of directors, which shall exercise its powers in accordance with this Section. (b) The directors shall be elected as provided in this Act. Any omission …

(205 ILCS 635/2-7) (from Ch. 17, par. 2322-7) Sec. 2-7. Waiver of licensing fee. The Commissioner may waive the licensing fee upon receipt of: (a) an application for a residential mortgage license in Illinois, (b) an addendum requesting waiver of the fee stating the grounds in su…

(205 ILCS 620/2-7) (from Ch. 17, par. 1552-7) Sec. 2-7. A corporate fiduciary so incorporated or authorized after January 1, 1988, shall have minimum capital as determined by the Commissioner as necessary for safe and sound operation of a corporate fiduciary. The Commissioner sha…

(205 ILCS 635/2-8) (from Ch. 17, par. 2322-8) Sec. 2-8. Additional Full-service Offices. (a) A licensee may apply for authority to open and maintain additional full-service offices by: (1) Giving the Commissioner prior notice of its intention in such form as shall be prescribed b…

(205 ILCS 620/2-8) (from Ch. 17, par. 1552-8) Sec. 2-8. Collateralizing fiduciary assets. (a) A corporate fiduciary shall not be required and shall not have the power to collateralize or secure fiduciary funds except as provided in this Section. (b) All funds, both principal and …

(205 ILCS 635/2-9) (from Ch. 17, par. 2322-9) Sec. 2-9. Posting of license. The license of a licensee whose home office is within the State of Illinois or of an out-of-state licensee shall be conspicuously posted in every office of the licensee located in Illinois. Out-of-state l…

(205 ILCS 645/2.01) (from Ch. 17, par. 2703) Sec. 2.01. "Commissioner" means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary, the Division of Banking Act, or this Act to act in the Secretary's stead. (Source: P.A. 96-1365, eff. 7-28-…

(205 ILCS 645/2.02) (from Ch. 17, par. 2704) Sec. 2.02. "State bank" means a banking corporation organized under the Illinois Banking Act. (Source: P.A. 78-346.)

(205 ILCS 645/2.03) (from Ch. 17, par. 2705) Sec. 2.03. "National Bank" means a national banking association located in the State of Illinois. (Source: P.A. 78-346.)

(205 ILCS 740/2.03) (was 225 ILCS 425/2.03) Sec. 2.03. Exemptions. This Act does not apply to the following: 1. Banks, including trust departments, affiliates, and subsidiaries thereof, and fiduciaries (except those who own or operate collection agencies); 2. Abstract companies d…

(205 ILCS 740/2.04) (was 225 ILCS 425/2.04) Sec. 2.04. Child support debt. (a) Collection agencies engaged in the business of collecting child support debt owing under a court order as provided under the Illinois Public Aid Code, the Illinois Marriage and Dissolution of Marriage …

(205 ILCS 645/2.05) (from Ch. 17, par. 2707) Sec. 2.05. "Foreign banking corporation" means a bank organized and operating under the laws of a country other than the United States of America and not directly or indirectly owned or controlled by United States citizens or by a corp…

(205 ILCS 645/2.06) (from Ch. 17, par. 2708) Sec. 2.06. "Banking office" has the same meaning as "banking house" as defined in Section 2 of the Illinois Banking Act. (Source: P.A. 78-346.)

(205 ILCS 645/2.07) (from Ch. 17, par. 2709) Sec. 2.07. "Person" means an individual, corporation, partnership, joint venture, trust, estate or incorporated association. (Source: P.A. 78-346.)

(205 ILCS 645/2.08) Sec. 2.08. Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation. (Source: P.A. 96-1365, eff. 7-28-10.)