Chapter 205, FINANCIAL REGULATION

(205 ILCS 670/24.5) Sec. 24.5. Injunction; civil penalty; costs. If it appears to the Director that a person or any entity has committed or is about to commit a violation of this Act, a rule promulgated under this Act, or an order of the Director, the Director may apply to the ci…

(205 ILCS 745/25) Sec. 25. Deposits of public funds. When investing or depositing State funds, the State Treasurer and local governments may give preference to depository institutions that have an approved banking development district application. (Source: P.A. 102-802, eff. 1-1-…

(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 5/25) (from Ch. 17, par. 332) Sec. 25. Conversion of national bank or insured savings association into State bank. A national bank or insured savings association located in this State which follows the procedure prescribed by the laws of the United States or of the Stat…

(205 ILCS 732/25) Sec. 25. Daily transaction limit. (a) A digital asset kiosk operator shall not accept or dispense more than $2,500 or equivalent monetary value in a day from or to the same new customer through a digital asset kiosk. (b) A digital asset kiosk operator shall not …

(205 ILCS 695/25) Sec. 25. Terminals to which Act not applicable. This Act does not apply to any automated teller machine that: (1) is located inside a building, unless it is a freestanding installation that exists for the sole purpose of providing an enclosure for the automated …

(205 ILCS 700/25) Sec. 25. Other rights. This Act shall not displace or otherwise preclude any other rights or remedies, whether at law or in equity, available to a financial institution. (Source: P.A. 89-601, eff. 8-2-96.)

(205 ILCS 670/25) (from Ch. 17, par. 5431) Sec. 25. Partial invalidity. If any clause, sentence, 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 inv…

(205 ILCS 305/25) (from Ch. 17, par. 4426) Sec. 25. Indemnification. A credit union may indemnify any and all of its directors, committee members, officers or employees or former directors, committee members, officers or employees against expenses actually and necessarily incurre…

(205 ILCS 511/25-5) Sec. 25-5. Savings provisions. (a) This Act is intended to replace the Pawnbroker Regulation Act in all respects. (b) Beginning on the effective date of this Act, the rights, powers, and duties exercised by the Department of Financial and Professional Regulati…

(205 ILCS 305/26) (from Ch. 17, par. 4427) Sec. 26. Executive officers. (1) At their first meeting, the board of directors shall elect from among their own number executive officers consisting of a chairman of the board and one or more vice chairmen, a secretary, and a treasurer.…

(205 ILCS 740/26) (was 225 ILCS 425/26) Sec. 26. Administrative review; venue. (a) All final administrative decisions of the Department are subject to judicial review under the Administrative Review Law and its rules. The term "administrative decision" is defined as in Section 3-…

(205 ILCS 5/26) (from Ch. 17, par. 333) Sec. 26. Converting national banks or insured savings association; issuance of charter to resulting State bank. After receipt by the Commissioner of the papers specified in Section 25, he shall approve or disapprove the plan of conversion. …

(205 ILCS 670/26) (from Ch. 17, par. 5432) Sec. 26. Title of act. This Act shall be known and may be cited as the Consumer Installment Loan Act. (Source: Laws 1963, p. 3526.)

(205 ILCS 5/27) (from Ch. 17, par. 334) Sec. 27. Commissioner's expenses. The expenses of any examination made by the Commissioner or at his direction in connection with a proposed merger or a proposed conversion shall be paid by the merging banks or insured savings association o…

(205 ILCS 740/27) (was 225 ILCS 425/27) Sec. 27. Certifications of record; costs. The Department shall not be required to certify any record to the court or file any answer in court or otherwise appear in any court in a judicial review proceeding, unless and until the Department …

(205 ILCS 305/27) (from Ch. 17, par. 4428) Sec. 27. Authority of directors. (1) The board of directors shall be charged with and have control over the general management of the operations, funds and records of the credit union. (2) In discharging the duties of their respective po…

(205 ILCS 670/27) (from Ch. 17, par. 5433) Sec. 27. Effective date. This Act shall take effect September 1, 1963. During the first 90 days after the effective date of this Act, any person who has applied for a license under this Act, or filed written notice of intention to apply …

(205 ILCS 405/27) (from Ch. 17, par. 4849) Sec. 27. Nothing contained in this Act shall be construed so as to limit the power of municipalities, to license and tax community currency exchanges, and to regulate their location and operation in a manner not inconsistent with this Ac…

(205 ILCS 305/28) (from Ch. 17, par. 4429) Sec. 28. Executive committee. From the persons elected to the board, the board may appoint an executive committee of not less than 3 directors who may be authorized to act for the board in all respects, subject to such conditions and lim…

(205 ILCS 405/28) (from Ch. 17, par. 4850) Sec. 28. Unless an ambulatory currency exchange shall engage in the business of selling or issuing money orders under his, their or its name, or any money orders other than those excepted in Section 1 of this Act, Sections 5, 6, 7, 15.1 …

(205 ILCS 5/28) (from Ch. 17, par. 335) Sec. 28. Continuation of corporate entity. A resulting State bank, national bank or, after May 31, 1997, out-of-state bank shall be considered the same business and corporate entity as each merging bank or insured savings association or as …

(205 ILCS 405/29) (from Ch. 17, par. 4851) Sec. 29. The operation of any unlicensed community or ambulatory currency exchange, or the unlawful conduct or operation of any licensed community or ambulatory currency exchange, is hereby declared to constitute unfair competition with …

(205 ILCS 305/29) (from Ch. 17, par. 4430) Sec. 29. Meetings of directors. (1) The board of directors and the executive committee shall meet as often as necessary, but one body must meet at least monthly and the other at least quarterly, as prescribed in the bylaws. Unless a grea…

(205 ILCS 5/29) (from Ch. 17, par. 336) Sec. 29. Dissenting stockholders.) If a stockholder of a state bank which is a party to a merger other than a merger which is to result in a national bank, shall file with such bank prior to or at the meeting of stockholders at which the pl…

(205 ILCS 405/29.5) Sec. 29.5. Cease and desist. The Secretary may issue a cease and desist order to any currency exchange or other person doing business without the required license, when in the opinion of the Secretary, the currency exchange or other person is violating or is a…

(205 ILCS 620/2A-1) Sec. 2A-1. Purpose. The General Assembly finds that corporate fiduciaries perform a vital service in the custody, safekeeping, and management of physical assets, traditional electronic assets, and emerging digital assets for customers; that it is in the public…

(205 ILCS 620/2A-2) Sec. 2A-2. Special purpose trust company. Any corporation that 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 special purpose of p…

(205 ILCS 620/2A-3) Sec. 2A-3. Certificate of authority. (a) It shall be lawful for any person to engage in the activity of a special purpose trust company after the effective date of this amendatory Act of the 104th General Assembly upon filing an application for and procuring f…

(205 ILCS 620/2A-4) Sec. 2A-4. Rulemaking and organization. (a) The Department shall adopt rules for the administration of this Article, including, but not limited to: rules for defining statutory terms; applying for a certificate of authority; review, investigation, and approval…

(205 ILCS 610/3) (from Ch. 17, par. 1003) Sec. 3. Notice to Commissioner and the public. A bank closing an office or offices under Section 2 of this Act shall give as prompt notice of its action as conditions will permit and by any means available, to the Commissioner, or in the …

(205 ILCS 5/3) (from Ch. 17, par. 309) Sec. 3. Formation and primary powers. It shall be lawful to form banks, as herein provided, for the purpose of discount and deposit, buying and selling exchange and doing a general banking business, excepting the issuing of bills to circulat…

(205 ILCS 645/3) (from Ch. 17, par. 2710) Sec. 3. Certificates of authority; qualifications; rights; supervision. A foreign banking corporation, upon receipt of a certificate of authority from the Commissioner, may establish and maintain an Illinois banking office to conduct ther…

(205 ILCS 675/3) Sec. 3. As used in this Section: (a) "Financial institution" means any bank with its main office or, after May 31, 1997, a branch in this State, any state or federal savings and loan association or savings bank with its main office or branch in this State, any st…

(205 ILCS 665/3) (from Ch. 17, par. 5303) Sec. 3. Requirement of license. It shall be unlawful for any person to operate a debt management service or engage in that business as herein defined except as authorized by this Act and without first having obtained a license as hereinaf…

(205 ILCS 650/3) (from Ch. 17, par. 2853) Sec. 3. No person, copartnership, association, corporation or other entity shall establish or maintain a representative office in this State on behalf of one or more foreign banks unless the foreign bank to be represented has obtained a l…

(205 ILCS 605/3) (from Ch. 17, par. 503) Sec. 3. Disclosure statements. (a) Every financial institution shall provide a disclosure statement for each consumer-deposit account offered by the institution containing the following information: (1) a description of the consumer-deposi…

(205 ILCS 660/3) (from Ch. 17, par. 5203) Sec. 3. No person may engage in the business of a sales finance agency in this State without first obtaining a license as provided in this Act. A licensee under the Consumer Installment Loan Act may engage in the business of a sales finan…

(205 ILCS 115/3) (from Ch. 17, par. 3603) Sec. 3. Any savings and loan or Federal savings and loan association may issue shares, share accounts or accounts in the name of any administrator, executor, guardian, trustee or other fiduciary, in trust for a named beneficiary or benefi…

(205 ILCS 685/3) (from Ch. 17, par. 7353) Sec. 3. As used in this Act, the term: (a) "Currency" means currency and coin of the United States; (b) (Blank); (c) "Director" means Director of the Illinois State Police; (d) "Financial Institution" means any: (1) National or state bank…

(205 ILCS 670/3) (from Ch. 17, par. 5403) Sec. 3. Appointment of attorney-in-fact for service of process. Every licensee shall appoint, in writing, the Director of Financial Institutions (hereinafter called Director) and his successors in office or any official who shall hereafte…

(205 ILCS 405/3) (from Ch. 17, par. 4804) Sec. 3. Powers of community currency exchanges. No community or ambulatory currency exchange shall be permitted to accept money or evidences of money as a deposit to be returned to the depositor or upon the depositor's order. No community…

(205 ILCS 625/3) (from Ch. 17, par. 2133) Sec. 3. Trust Account Incidents. If one or more persons opening or holding an account sign an agreement with the institution providing that the account shall be held in the name of a person or persons designated as trustee or trustees for…

(205 ILCS 305/3) (from Ch. 17, par. 4404) Sec. 3. Form of articles and bylaws. The Secretary shall provide, at no charge, a form of articles of incorporation and a form of bylaws which may be used by credit union incorporators for their guidance. (Source: P.A. 97-133, eff. 1-1-12…

(205 ILCS 620/3-1) (from Ch. 17, par. 1553-1) Sec. 3-1. Merger. The merger procedure required of a trust company where there is to be a resulting trust company by consolidation or merger shall be: (1) The board of directors of each party to the merger shall, by a majority of the …

(205 ILCS 635/3-1) (from Ch. 17, par. 2323-1) Sec. 3-1. Bonds of licensees. (a) Every licensee, with respect to any person appointed or elected to any position requiring the receipt of payment, management, or use of money belonging to a residential mortgage licensee engaged in th…

(205 ILCS 658/3-1) Sec. 3-1. Exemptions. This Act does not apply to: (1) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this Section or licensees, in connection with wire transfers,…

(205 ILCS 635/3-11) Sec. 3-11. Remote location operations. Licensees may allow mortgage loan originators to work from a remote location if: (1) the licensee has written policies and procedures for the supervision of mortgage loan originators working from a remote location; (2) ac…

(205 ILCS 658/3-2) Sec. 3-2. Authority to require demonstration of exemption. The Secretary may require that any person or entity claiming to be exempt from licensing pursuant to Section 3-1 provide information and documentation to the Secretary demonstrating that it qualifies fo…

(205 ILCS 620/3-2) (from Ch. 17, par. 1553-2) Sec. 3-2. Change in control. (a) Before a change may occur in the ownership of outstanding stock or membership interests of any trust company whether by sale and purchase, gift, bequest or inheritance, or any other means, which will r…