Chapter 205, FINANCIAL REGULATION

(205 ILCS 635/3-2) (from Ch. 17, par. 2323-2) Sec. 3-2. Annual audit. (a) At the licensee's fiscal year-end, but in no case more than 12 months after the last audit conducted pursuant to this Section, except as otherwise provided in this Section, it shall be mandatory for each re…

(205 ILCS 620/3-3) (from Ch. 17, par. 1553-3) Sec. 3-3. Successor trustee. (a) If any corporate fiduciary merges into, or becomes consolidated with, another corporate fiduciary qualified to administer trusts or is succeeded in its trust business by any corporate fiduciary by purc…

(205 ILCS 635/3-3) (from Ch. 17, par. 2323-3) Sec. 3-3. Advertising. In addition to such other rules and policies as the Secretary may adopt to effectuate the purpose of this Act, the Secretary shall adopt rules governing the advertising of mortgage loans, including without limit…

(205 ILCS 635/3-4) (from Ch. 17, par. 2323-4) Sec. 3-4. Office and staff within the State. (a) A licensee whose principal place of business is located in the State of Illinois shall maintain at least one full service office with staff reasonably adequate to handle efficiently com…

(205 ILCS 635/3-5) (from Ch. 17, par. 2323-5) Sec. 3-5. Net worth requirement. A licensee that holds a license on the effective date of this amendatory Act of the 93rd General Assembly shall have and maintain a net worth of not less than $100,000; however, no later than 2 years a…

(205 ILCS 635/3-7) (from Ch. 17, par. 2323-7) Sec. 3-7. Transfer of Servicing; Notices. Whenever the servicing of a residential mortgage is transferred or sold by a licensee, notice shall be given to the mortgagor simultaneous with such transfer and shall include, at the minimum,…

(205 ILCS 635/3-8) (from Ch. 17, par. 2323-8) Sec. 3-8. Discrimination and redlining prohibited. It shall be considered discriminatory to refuse to grant loans or to vary the terms of loans or the application procedures for loans because of: (i) in the case of the proposed borrow…

(205 ILCS 635/3-9) (from Ch. 17, par. 2323-9) Sec. 3-9. Escrow Funds. The Commissioner may promulgate rules with respect to placement in escrow accounts by any licensee of any money, fund, deposit, check or draft entrusted to it by any persons dealing with it as a residential mor…

(205 ILCS 10/3.02) (from Ch. 17, par. 2505) Sec. 3.02. Unlawful acts; exceptions. (a) Except as otherwise provided in this Act, it shall be unlawful: (1) for any action to be taken that causes any company to become a bank holding company as defined in this Act with respect to any…

(205 ILCS 10/3.061) (from Ch. 17, par. 2509.01) Sec. 3.061. Any bank holding company which was registered with the Federal Reserve Board as a bank holding company as of December 31, 1981, and as of that date lawfully owned or controlled at least two Illinois banks or any Illinois…

(205 ILCS 10/3.07) (from Ch. 17, par. 2510) Sec. 3.07. Except as authorized under Section 3.061 of this Act, no bank holding company other than an Illinois bank holding company, may control any Illinois bank or own more than 5% of the voting shares of any Illinois bank, unless: (…

(205 ILCS 10/3.071) (from Ch. 17, par. 2510.01) Sec. 3.071. Out of state bank holding companies. (a) An out of state bank holding company may acquire ownership of more than 5% of the voting shares of or control of one or more Illinois banks or Illinois bank holding companies purs…

(205 ILCS 10/3.072) (from Ch. 17, par. 2510.02) Sec. 3.072. The Commissioner shall have the authority to examine an out of state bank holding company which has an application pending under paragraph (2) of subsection (a) of Section 3.071 and all of its bank subsidiaries and any o…

(205 ILCS 10/3.074) Sec. 3.074. Powers; administrative review. (a) The Secretary shall have the power and authority: (1) to promulgate reasonable rules for the purposes of administering the provisions of this Act. The Secretary shall specify the form of any application, report or…

(205 ILCS 10/3.075) Sec. 3.075. Reliance on Commissioner. No bank holding company 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 10/3.08) (from Ch. 17, par. 2510a) Sec. 3.08. Acquisition of trust companies. Any bank holding company may own, acquire or control, directly or indirectly, a corporation which has been or shall be incorporated under the general corporation laws of this State for the pur…

(205 ILCS 10/3.09) Sec. 3.09. Acquisition; deposit concentration limits. (a) Except as otherwise expressly provided in this Section, no bank holding company shall acquire control of, or acquire all or substantially all of the assets of a State bank or a national bank whose main b…

(205 ILCS 405/3.1) (from Ch. 17, par. 4805) Sec. 3.1. Nothing in this Act shall prevent a currency exchange from rendering State or Federal income tax service; nor shall the rendering of such service be considered a violation of this Act if such service be rendered either by the …

(205 ILCS 10/3.1) (from Ch. 17, par. 2510.1) Sec. 3.1. The Commissioner may appoint a suitable person or persons to make an examination of the affairs of any company that directly or indirectly owns or controls 25% or more of the voting shares of a State bank. A person so appoint…

(205 ILCS 10/3.10) Sec. 3.10. Non-English language transactions. A bank holding company 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 405/3.3) (from Ch. 17, par. 4807) Sec. 3.3. Additional public services. (a) Nothing in this Act shall prevent the Secretary from authorizing a currency exchange, group of currency exchanges, or association of currency exchanges to render additional services to the publi…

(205 ILCS 660/3.5) Sec. 3.5. License application; Nationwide Multistate Licensing System and Registry. (a) Applicants for a license shall apply in a form prescribed by the Secretary. Each form shall contain content as set forth by rule, instruction, or procedure of the Department…

(205 ILCS 645/3.5) Sec. 3.5. Non-English language transactions. A foreign banking corporation 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…

(205 ILCS 605/3.5) Sec. 3.5. Notification to consumer of invalidated routing number. At least 30 days before a financial institution invalidates a routing number on a consumer deposit account, whether as a result of a merger, purchase and acquisition, or other transaction, the in…

(205 ILCS 5/30) (from Ch. 17, par. 337) Sec. 30. Conversion; merger with trust company or special purpose trust company. Upon approval by the Commissioner a trust company having power so to do under the law under which it is organized may convert into a state bank or may merge in…

(205 ILCS 732/30) Sec. 30. Customer charges limit. A digital asset kiosk operator may not, directly or indirectly, collect charges from a customer related to a single digital asset kiosk transaction that exceeds the greater of the following: (1) $5; or (2) 18% of digital assets i…

(205 ILCS 695/30) Sec. 30. Inapplicability to persons or entities that are not financial institutions or operators. The provisions of this Act shall not be construed to create any duty, responsibility, or obligation for any network or switch as defined under the Electronic Fund T…

(205 ILCS 405/30) (from Ch. 17, par. 4852) Sec. 30. If any part or provision of this Act shall be declared unconstitutional, the unconstitutionality of such part or provision shall not invalidate the constitutional provisions of this Act. (Source: Laws 1951, p. 562.)

(205 ILCS 305/30) (from Ch. 17, par. 4431) Sec. 30. Duties of directors. (a) It shall be the duty of the directors to: (1) Review actions on applications for membership. A record of the membership committee's approval or denial of membership or management's approval or denial of …

(205 ILCS 740/30) (was 225 ILCS 425/30) Sec. 30. Expiration, renewal, and restoration of license. The expiration date and renewal period for each license shall be set by rule. A collection agency whose license has expired may restore its license at any time within one year after …

(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 745/30) Sec. 30. Limitations. Nothing in this Act shall be construed as authorizing the State Treasurer or local governments to conduct an examination or investigation of a depository institution or to receive information that is not publicly available and the disclosur…

(205 ILCS 5/30.5) Sec. 30.5. Mid-tier bank holding company merger with State bank. Upon approval by the Commissioner, a mid-tier bank holding company having power so to do under the law under which it is organized may merge into its subsidiary State bank as prescribed by this Act…

(205 ILCS 305/31) (from Ch. 17, par. 4432) Sec. 31. Supervision of loans. The credit committee shall have the general supervision of all loans and lines of credit to members. If no credit committee has been appointed, the credit manager shall have the general supervision of all l…

(205 ILCS 5/31) (from Ch. 17, par. 338) Sec. 31. Emergency sale of assets, change in control, or merger. (a) With the prior written approval of the Commissioner, any State bank in danger of default may, by vote of a majority of its board of directors, and without a vote of its sh…

(205 ILCS 5/31.1) (from Ch. 17, par. 338.1) Sec. 31.1. Savings association branch; bank branch. (a) A State bank that purchases an Illinois branch of an insured savings association that is not an eligible depository institution may establish and maintain that branch as a branch o…

(205 ILCS 305/32) (from Ch. 17, par. 4433) Sec. 32. Meetings of credit committee. If a credit committee has been appointed by the board, the provisions of this Section shall apply. The credit committee shall meet as often as the operations of the credit union require and not less…

(205 ILCS 5/32) (from Ch. 17, par. 339) Sec. 32. Basic loaning limits. The liabilities outstanding at one time to a state bank of a person for money borrowed, including the liabilities of a partnership or joint venture in the liabilities of the several members thereof, shall not …

(205 ILCS 5/32.1) (from Ch. 17, par. 340) Sec. 32.1. Loans to single individuals. (a) For purposes of this Section, "single" means not currently married. (b) No State bank shall require that single individuals who have reached the age of majority to whom loans are made have cosig…

(205 ILCS 5/33) (from Ch. 17, par. 341) Sec. 33. Marketable investment securities limit. Any State bank may purchase for its own account marketable investment securities without regard to any other liability to the bank of the issuer, maker, obligor, or guarantor of any marketabl…

(205 ILCS 305/33) (from Ch. 17, par. 4434) Sec. 33. Credit manager. (1) The credit committee, board of directors, or chief management official may or, if no credit committee has been appointed, the board of directors or chief management official shall appoint a credit manager who…

(205 ILCS 5/34) (from Ch. 17, par. 342) Sec. 34. Exceptions to loans and investment limits. The limitations in Sections 32, 33, and 35.1 of this Act upon the liabilities of any one person and upon the purchase and holding of marketable investment securities shall not apply: (1) T…

(205 ILCS 305/34) (from Ch. 17, par. 4435) Sec. 34. Duties of supervisory committee. (1) The supervisory committee shall make or cause to be made an annual internal audit of the books and affairs of the credit union to determine that the credit union's accounting records and repo…

(205 ILCS 305/34.1) Sec. 34.1. Compliance review. (a) As used in this Section: "Affiliate" means an organization established to serve the needs of credit unions, the business of which relates to the daily operations of credit unions. "Compliance review committee" means: (1) one o…

(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 740/35) (was 225 ILCS 425/35) Sec. 35. Returned checks; fines. Any person who delivers a check or other payment to the Department that is returned to the Department unpaid by the financial institution upon which it is drawn shall pay to the Department, in addition to th…

(205 ILCS 305/35) (from Ch. 17, par. 4436) Sec. 35. Suspension and removal of officials. (1) The supervisory committee, by a unanimous vote of the whole committee, may suspend any member of the credit committee or the credit manager if no credit committee has been appointed. The …

(205 ILCS 732/35) Sec. 35. Customer disclosures. (a) Before engaging in each digital asset kiosk transaction with a customer, a digital asset kiosk operator shall provide written disclosure, in English and in the same language principally used by the digital asset kiosk operator …

(205 ILCS 5/35) (from Ch. 17, par. 343) Sec. 35. Exemptions from loan and investment limits. The limitations in Sections 32, 33, 34, and 35.1 upon the liabilities of any one person and upon the purchase or holding of marketable investment securities shall not apply to the followi…

(205 ILCS 745/35) Sec. 35. Rulemaking. In addition to such powers as may be prescribed by this Act, the Department, in consultation with the State Treasurer, may adopt rules consistent with the purposes of this Act, including, but not limited to: (1) rules that define the terms u…