Chapter 205 — FINANCIAL REGULATION

(205 ILCS 616/20) Sec. 20. Powers and duties of Commissioner. The Commissioner shall have the following powers and duties: (1) to promulgate reasonable rules in accordance with the Illinois Administrative Procedure Act for the administration of this Act; (2) to issue orders for t…

(205 ILCS 616/25) Sec. 25. Examination authority. The Commissioner or examiners appointed by the Commissioner have the authority to examine any network and any switch, including leased equipment and services furnished by a subcontractor or other party, as to any transaction by, w…

(205 ILCS 616/30) Sec. 30. Acceptance of deposits. (A) No terminal that accepts deposits of funds to an account may be established or owned in this State except by (a) a bank established under the laws of this or any other state or established under the laws of the United States …

(205 ILCS 616/35) Sec. 35. Limit on switch connections. No main office or branch of a financial institution shall at the same time be directly connected to more than one switch; provided, however, that (a) no financial institution shall be deemed to be directly connected to a swi…

(205 ILCS 616/40) Sec. 40. Transmission through a network. All electronic fund transfers that (i) are interchange transactions and (ii) are initiated at a terminal in connection with payment for goods and services shall be transmitted to a financial institution through a network.…

(205 ILCS 616/45) Sec. 45. Nondiscriminatory access. (a) Subject to the provisions of Section 35 of this Act, use of a terminal through access to a switch and use of any switch shall be available on a nondiscriminatory basis to any switch or financial institution that has its pri…

(205 ILCS 616/46) Sec. 46. Disclosure requirements for general use reloadable cards. (a) The issuer of a general use reloadable card shall make the disclosures required under this Section in accordance with the following standards: (1) The disclosures shall be clear and conspicuo…

(205 ILCS 616/5) Sec. 5. Findings and purpose. (a) The General Assembly finds: (1) that communications networks linking financial institutions and their customers, through which transfers of funds are effected electronically, provide the people of this State with substantial bene…

(205 ILCS 616/50) Sec. 50. Terminal requirements. (a) To assure maximum safety and security against malfunction, fraud, theft, and other accidents or abuses and to assure that all access devices will have the capability of activating all terminals established in this State, no te…

(205 ILCS 616/55) Sec. 55. Applicability of federal law. (a) The provisions of the federal Electronic Fund Transfer Act (15 U.S.C. 1693a et seq.), amendments to that Act, and any regulations issued or that may be issued under that Act, except for those provisions, amendments, or …

(205 ILCS 616/60) Sec. 60. Judicial review. All final administrative decisions of the Commissioner under this Act shall be subject to judicial review pursuant to the provisions of the Administrative Review Law and the rules adopted pursuant to that Law. For matters involving admi…

(205 ILCS 616/65) Sec. 65. Inseverability and severability. If any provision of this Act or its application to any person or circumstance is held invalid, this Act shall be invalid in its entirety, provided, however, that if any provision of this Act or its application is held in…

(205 ILCS 616/70) Sec. 70. (Repealed). (Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 616/75) Sec. 75. (Repealed). (Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 616/80) Sec. 80. Continuity of regulation. This Act is a successor Act to and a continuation of the regulation of electronic fund transfers pursuant to the Electronic Fund Transfer Transmission Facility Act. (Source: P.A. 89-310, eff. 1-1-96.)

(205 ILCS 616/85) Sec. 85. Reliance on Commissioner. No person shall be liable under this Act for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Commissioner of Banks and Real Estate, notwithstanding that after the act …

(205 ILCS 616/89) Sec. 89. The Electronic Fund Transfer Transmission Facility Act is repealed. (Source: P.A. 89-310, eff. 1-1-96.)

(205 ILCS 616/91) Sec. 91. (Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)

(205 ILCS 616/93) Sec. 93. (Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)

(205 ILCS 616/94) Sec. 94. (Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)

(205 ILCS 616/95) Sec. 95. (Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)

(205 ILCS 616/96) Sec. 96. (Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)

(205 ILCS 616/97) Sec. 97. (Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)

(205 ILCS 620/1-1) (from Ch. 17, par. 1551-1) Sec. 1-1. Short Title. This Act shall be known and may be cited as the "Corporate Fiduciary Act". (Source: P.A. 85-858.)

(205 ILCS 620/1-2) (from Ch. 17, par. 1551-2) Sec. 1-2. Policy of Act. The General Assembly finds that corporate fiduciaries perform a vital service in the administration of trusts, guardianship, receiverships, estates and other fiduciary capacities; that it is in the public inte…

(205 ILCS 620/1-3) (from Ch. 17, par. 1551-3) Sec. 1-3. Scope of Act; application to national banks, federally chartered savings and loan associations or federally chartered savings banks. After January 1, 1988, no national bank chartered by the Comptroller of the Currency and ha…

(205 ILCS 620/1-4) (from Ch. 17, par. 1551-4) Sec. 1-4. Effect on existing corporate fiduciaries. With respect to any existing corporate fiduciary: (a) any existing certificate of authority shall continue in full force and effect except as provided in Section 1-3 of this Act; (b)…

(205 ILCS 620/1-5) (from Ch. 17, par. 1551-5) Sec. 1-5. Definitions. The words and phrases defined in Sections following this Section and preceding Section 1-6 have the meanings ascribed to them in those Sections, except to the extent that any such word or phrase is specifically …

(205 ILCS 620/1-5.01) (from Ch. 17, par. 1551-5.01) Sec. 1-5.01. "Bank" shall have the same meaning ascribed to the term in Section 2 of the Illinois Banking Act. (Source: P.A. 85-858.)

(205 ILCS 620/1-5.02) (from Ch. 17, par. 1551-5.02) Sec. 1-5.02. "Capital" shall have the meaning ascribed to the term "capital" or "paid-in capital" in the particular Act under which the corporate fiduciary was organized and received its charter or certificate of incorporation. …

(205 ILCS 620/1-5.03) (from Ch. 17, par. 1551-5.03) Sec. 1-5.03. "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, and, beginning on Januar…

(205 ILCS 620/1-5.04) Sec. 1-5.04. (Repealed). (Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)

(205 ILCS 620/1-5.05) (from Ch. 17, par. 1551-5.05) Sec. 1-5.05. Corporate fiduciary. "Corporate fiduciary" means a trust company; the trust department of a bank, savings bank, savings and loan association, or foreign banking corporation issued a certificate of authority pursuant…

(205 ILCS 620/1-5.06) (from Ch. 17, par. 1551-5.06) Sec. 1-5.06. "Court" means a court of competent jurisdiction. (Source: P.A. 85-858.)

(205 ILCS 620/1-5.07) (from Ch. 17, par. 1551-5.07) Sec. 1-5.07. "Depository institution" includes banks, savings and loan associations, savings banks, and credit unions. (Source: P.A. 91-97, eff. 7-9-99.)

(205 ILCS 620/1-5.075) (This Section was renumbered as Section 1-5.07b by P.A. 97-333.) Sec. 1-5.075. (Renumbered). (Source: P.A. 96-1365, eff. 7-28-10. Renumbered by P.A. 97-333, eff. 8-12-11.)

(205 ILCS 620/1-5.07a) Sec. 1-5.07a. Division of Banking. "Division of Banking" means the Division of Banking of the Department of Financial and Professional Regulation. (Source: P.A. 96-1163, eff. 1-1-11.)

(205 ILCS 620/1-5.07b) Sec. 1-5.07b. Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation. (Source: P.A. 96-1365, eff. 7-28-10; 97-333, eff. 8-12-11.)

(205 ILCS 620/1-5.08) (from Ch. 17, par. 1551-5.08) Sec. 1-5.08. "Foreign corporation" means: (a) any bank, savings and loan association, savings bank, or other corporation, limited liability company, or other entity now or hereafter organized under the laws of any state or terri…

(205 ILCS 620/1-5.09) (from Ch. 17, par. 1551-5.09) Sec. 1-5.09. "Person" means an individual, corporation, partnership, joint venture, trust estate, limited liability company, or unincorporated association. (Source: P.A. 90-424, eff. 1-1-98.)

(205 ILCS 620/1-5.09a) Sec. 1-5.09a. Secretary. "Secretary" means the Secretary of Financial and Professional Regulation, or a person authorized by the Secretary or by this Act to act in the Secretary's stead. (Source: P.A. 96-1163, eff. 1-1-11.)

(205 ILCS 620/1-5.10) (from Ch. 17, par. 1551-5.10) Sec. 1-5.10. "Surplus" means the aggregate of (i) amounts paid in excess of the par value of capital stock and preferred stock; (ii) amounts contributed other than for capital stock and preferred stock and allocated to the surpl…

(205 ILCS 620/1-5.11) (from Ch. 17, par. 1551-5.11) Sec. 1-5.11. Trust company. "Trust company" means a corporation incorporated or a limited liability company organized in this State that holds a certificate of authority issued pursuant to this Act. (Source: P.A. 89-364, eff. 8-…

(205 ILCS 620/1-5.12) Sec. 1-5.12. Fiduciary. "Fiduciary" means trustee, executor, administrator, receiver, guardian, assignee for the benefit of creditors, or any holder of a similar position of trust. (Source: P.A. 89-364, eff. 8-18-95.)

(205 ILCS 620/1-5.13) Sec. 1-5.13. Trust business. "Trust business" means the holding out by a person to the public by advertising, solicitation, or other means that the person is available to act as a fiduciary in this State, or the accepting or undertaking to perform the duties…

(205 ILCS 620/1-5.14) Sec. 1-5.14. Compliance period. A person who becomes a fiduciary or who becomes engaged in the trust business and thereby is required to obtain a certificate of authority from the Commissioner either by the coming into force of this amendatory Act of 1995 or…

(205 ILCS 620/1-6) (from Ch. 17, par. 1551-6) Sec. 1-6. General corporate powers. A corporate fiduciary shall have the powers: (a) if it is a State bank, those powers granted under Sections 3 and 5 of the Illinois Banking Act; and (b) if it is a State savings and loan association…

(205 ILCS 620/1-6a) Sec. 1-6a. Non-English language transactions. A corporate fiduciary 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…

(205 ILCS 620/1-7) (from Ch. 17, par. 1551-7) Sec. 1-7. Office locations; corporate fiduciaries. (a) Any corporate fiduciary may establish branch offices at any location. Any corporate fiduciary that seeks to establish a branch office shall, if it is a trust company, apply for an…

(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…