Chapter 205, FINANCIAL REGULATION

(205 ILCS 740/2.5) (was 225 ILCS 425/2.5) Sec. 2.5. Address of record; email address of record. All applicants and licensees shall: (1) provide a valid address and email address to the Department, which shall serve as the address of record and email address or record, respectivel…

(205 ILCS 670/2.5) Sec. 2.5. Fees. (a) The expenses of administering this Act, including licensing, investigations, and examinations provided for in this Act, shall be borne by and assessed against persons and entities regulated by this Act in such proportions and in such manner …

(205 ILCS 670/2.6) Sec. 2.6. Annual meeting between the consumer installment lending industry and the Department. The Department shall, if requested to do so by at least 20 interested persons currently licensed under this Act or an association representing at least 20 interested …

(205 ILCS 5/2.6) (from Ch. 17, par. 308) Sec. 2.6. Transfer of powers. There is transferred to the Commissioner all the powers and authorities and all duties and responsibilities heretofore vested in the Director of Financial Institutions under this Act. This transfer shall not a…

(205 ILCS 645/20) Sec. 20. Enforcement of child support. (a) Any foreign banking corporation governed by this Act shall encumber or surrender accounts or assets held by the foreign banking corporation on behalf of any responsible relative who is subject to a child support lien, u…

(205 ILCS 665/20) (from Ch. 17, par. 5323) Sec. 20. Cease and desist orders. (a) The Secretary may issue a cease and desist order to any licensee, or other person doing business without the required license, when in the opinion of the Secretary, the licensee, or other person, is …

(205 ILCS 670/20) (from Ch. 17, par. 5426) Sec. 20. Penalties for violation. (a) Any person who engages in business as a Consumer Installment Loan lender without the license required by this Act shall be guilty of a Class 4 felony. (b) The obligor, prior to the expiration of 2 ye…

(205 ILCS 660/20) Sec. 20. Conformance with Department rule does not violate Act. No provision of this Act imposing any civil liability shall apply to any act done or omitted in conformity with any rule promulgated under this Act by the Department of Financial Institutions, notwi…

(205 ILCS 695/20) Sec. 20. Procedures for evaluating safety of automated teller machines. On or before July 1, 1998, with respect to all existing installed automated teller machines in the State of Illinois and any automated teller machines installed in the State of Illinois afte…

(205 ILCS 700/20) Sec. 20. Requirement of court order or indemnity bond. (a) A financial institution shall recognize an adverse claim to, or an adverse claim of authority to control, a deposit account if the person making the claim obtains and serves upon the financial institutio…

(205 ILCS 305/20) (from Ch. 17, par. 4421) Sec. 20. Election or appointment of officials. (1) The credit union shall be directed by a board of directors consisting of no less than 7 in number, to be elected at the annual meeting by and from the members. Directors shall hold offic…

(205 ILCS 730/20) Sec. 20. Local government restrictions. (a) A unit of local government shall not: (1) impose any tax or fee on the use of a blockchain or smart contract by any person or entity; (2) require any person or entity to obtain from the unit of local government any cer…

(205 ILCS 5/20) (from Ch. 17, par. 327) Sec. 20. Resulting national bank or insured savings association. Nothing in this Act shall be construed to require the approval of any Illinois State authority as a condition to the right of a State bank, pursuant to the laws of the United …

(205 ILCS 405/20) (from Ch. 17, par. 4840) Sec. 20. Every person having taken an oath in any proceeding or matter wherein an oath is required by this Act, who shall swear willfully, corruptly or falsely in a matter material to the issue or point in question, or shall suborn any o…

(205 ILCS 740/20) (was 225 ILCS 425/20) Sec. 20. Rehearing. At the conclusion of the hearing, a copy of the hearing officer's report shall be served upon the applicant or licensee by the Department, either personally or as provided in this Act for the service of the notice of hea…

(205 ILCS 745/20) Sec. 20. Existing facilities. Notwithstanding any other provision of law, an application may be submitted by a local government in conjunction with a depository institution that has already opened a branch within the area of the proposed district. In considering…

(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 511/20-5) Sec. 20-5. Enforcement; Consumer Fraud and Deceptive Business Practices Act. The Attorney General may enforce a violation of Article 15 of this Act as an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. (Source: P.A. 103-585, ef…

(205 ILCS 665/20.5) Sec. 20.5. Receivership. (a) If the Secretary determines that a licensee is insolvent or is violating this Act, he or she may appoint a receiver. Under the direction of the Secretary, the receiver shall, for the purpose of receivership, take possession of and …

(205 ILCS 670/20.5) Sec. 20.5. Cease and desist. (a) The Director may issue a cease and desist order to any licensee, or other person or entity doing business without the required license, when in the opinion of the Director, the licensee, or other person or entity, has violated,…

(205 ILCS 305/20.5) Sec. 20.5. Appointment of associate directors. (a) The board of directors of a credit union may, in its discretion, appoint one or more associate directors to serve in an advisory capacity. The board shall prescribe the duties of an associate director and the …

(205 ILCS 670/20.7) Sec. 20.7. Civil action. A claim of violation of this Act may be asserted in a civil action. (Source: P.A. 90-437, eff. 1-1-98.)

(205 ILCS 670/20.8) (This Section may contain text from a Public Act with a delayed effective date) Sec. 20.8. Coerced debt. (a) In this Section, "coerced debt" means any debt incurred through a loan subject to this Act or a portion of the debt, except for debt secured by real pr…

(205 ILCS 645/21) Sec. 21. Reliance on Commissioner. No foreign banking corporation or other 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…

(205 ILCS 5/21) (from Ch. 17, par. 328) Sec. 21. Resulting State bank. (a) Upon approval by the Commissioner, banks may be merged to result in a State bank, and a national bank or insured savings association may convert into a State bank as prescribed by this Act, except that the…

(205 ILCS 740/21) (was 225 ILCS 425/21) Sec. 21. Secretary; rehearing. Whenever the Secretary is not satisfied that substantial justice has been done in the revocation, suspension, or refusal to issue, restore, or renew a license, or other discipline of an applicant or licensee, …

(205 ILCS 405/21) (from Ch. 17, par. 4841) Sec. 21. Except as otherwise provided for in this Act, whenever the Secretary is required to give notice to any applicant or licensee, such requirement shall be complied with if, within the time fixed herein, such notice shall be enclose…

(205 ILCS 670/21) (from Ch. 17, par. 5427) Sec. 21. Application of Act. This Act does not apply to any person, partnership, association, limited liability company, or corporation doing business under and as permitted by any law of this State or of the United States relating to ba…

(205 ILCS 665/21) (from Ch. 17, par. 5324) Sec. 21. Effective date. This Act shall become effective on the first day of January 1958. (Source: Laws 1957, p. 2164.)

(205 ILCS 305/21) (from Ch. 17, par. 4422) Sec. 21. Record of board and committee members. Within 30 days after election or appointment, the names and addresses of the members of the board of directors, committees and all officers of the credit union shall be filed with the Depar…

(205 ILCS 5/21.1) Sec. 21.1. Application for certificate of authority. (a) On or after June 1, 1997, an out-of-state bank may merge with a State bank after executing and filing not less than 60 days before the proposed effective date of the merger an application therefor with the…

(205 ILCS 5/21.2) Sec. 21.2. Interstate mergers; minimum age requirement. (a) No out of state bank and no national bank whose main banking premises is located in a state other than Illinois shall merge with or into, or shall acquire all or substantially all of the assets of an Il…

(205 ILCS 5/21.3) Sec. 21.3. Mergers; deposit concentration limits. (a) Except as otherwise expressly provided in this Section, no bank shall merge with or into or acquire control of, or acquire all or substantially all of the assets of, a State bank or a national bank whose main…

(205 ILCS 5/21.4) Sec. 21.4. Out-of-state banks establishing branches. (a) No out-of-state bank and no national bank whose main banking premises is located in a state other than Illinois shall establish a branch in this State, other than a branch authorized pursuant to Section 21…

(205 ILCS 5/21.5) Sec. 21.5. Prohibition against establishment of branches on or near the premises of certain affiliates. (a) For purposes of this Section: "Affiliate" has the meaning ascribed to that term in item (1) of subsection (b) of Section 35.2 of this Act, except that for…

(205 ILCS 740/22) (was 225 ILCS 425/22) Sec. 22. Appointment of a hearing officer. The Secretary has the authority to appoint any attorney duly licensed to practice law in the State of Illinois to serve as the hearing officer in any action for refusal to issue, restore, or renew …

(205 ILCS 670/22) (from Ch. 17, par. 5428) Sec. 22. Rules and regulations. The Department may make and enforce such reasonable rules, regulations, directions, orders, decisions, and findings as the execution and enforcement of the provisions of this Act require, and as are not in…

(205 ILCS 5/22) (from Ch. 17, par. 329) Sec. 22. Merger procedure; resulting State bank. The merger procedure required of a State bank where there is to be a resulting State bank by consolidation or merger shall be: (1) The board of directors of each merging bank or insured savin…

(205 ILCS 305/22) (from Ch. 17, par. 4423) Sec. 22. Vacancies. (a) The board of directors shall, by appointment from among the credit union members, fill any vacancies occurring on the board for the remainder of the director's unexpired term or until a successor is elected and qu…

(205 ILCS 665/22) (from Ch. 17, par. 5325) Sec. 22. Title of Act. This Act may be cited as the Debt Management Service Act. (Source: P.A. 90-545, eff. 1-1-98.)

(205 ILCS 405/22.01) (from Ch. 17, par. 4843) Sec. 22.01. 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 ado…

(205 ILCS 740/23) (was 225 ILCS 425/23) Sec. 23. Order or certified copy; prima facie proof. An order or a certified copy thereof, over the seal of the Department and purporting to be signed by the Secretary, shall be prima facie proof that: (1) the signature is the genuine signa…

(205 ILCS 305/23) (from Ch. 17, par. 4424) Sec. 23. Compensation of officials. (1) Directors and committee members may receive reasonable compensation for their service as such, the amount of which shall be set by the board of directors, in accordance with written policies and pr…

(205 ILCS 405/23) (from Ch. 17, par. 4846) Sec. 23. If any licensee, or agent or employee of a licensee, fraudulently takes and secretes any money, note, bill, bond or other property belonging to another and in the possession and custody of such licensee as agent or otherwise, he…

(205 ILCS 5/23) (from Ch. 17, par. 330) Sec. 23. Merger; approval by stockholders. To be effective, even though approved by the Commissioner, a merger that is to result in a State bank must be approved by the affirmative vote of the holders of at least two-thirds of the outstandi…

(205 ILCS 670/23) (from Ch. 17, par. 5429) Sec. 23. Judicial review. All final administrative decisions of the Department hereunder shall be subject to judicial review pursuant to the provisions of the Administrative Review Law, and all amendments and modifications thereof, and a…

(205 ILCS 740/24) (was 225 ILCS 425/24) Sec. 24. Restoration of license from discipline. At any time after the successful completion of a term of indefinite probation, suspension, or revocation of any license, the Department may restore the license to the licensee unless after an…

(205 ILCS 305/24) (from Ch. 17, par. 4425) Sec. 24. Conflicts of interest. No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affectin…

(205 ILCS 5/24) (from Ch. 17, par. 331) Sec. 24. Effective date of merger; filing. The executed merger agreement together with copies of the resolutions of the stockholders of each merging bank or insured savings association approving it, certified by the bank's or insured saving…

(205 ILCS 405/24) (from Ch. 17, par. 4847) Sec. 24. Violations. Any person, firm, association, partnership, limited liability company, or corporation who or which shall violate any provision of this Act for which no other penalty is herein prescribed shall be guilty of a petty of…