Chapter 205, FINANCIAL REGULATION

(205 ILCS 635/4-8) (from Ch. 17, par. 2324-8) Sec. 4-8. Delinquency; examination. (a) (Blank). (b) The Secretary shall conduct as part of an examination of each licensee a review of the licensee's loan delinquency data. This subsection shall not be construed as a limitation of th…

(205 ILCS 635/4-8.1) Sec. 4-8.1. Confidential information. In hearings conducted under this Act, information presented into evidence that was acquired by the licensee when serving any individual in connection with a residential mortgage, including all financial information of the…

(205 ILCS 635/4-8.1A) Sec. 4-8.1A. Confidentiality. (a) In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, except as otherwise provided in federal Public Law 110-289, Section 1512, the requirements under any federal…

(205 ILCS 635/4-8.2) Sec. 4-8.2. Reports of violations. Any person licensed under this Act or any other person may report to the Commissioner any information to show that a person subject to this Act is or may be in violation of this Act. A licensee who files a report with the De…

(205 ILCS 635/4-8.3) Sec. 4-8.3. Annual report. On or before March 1 of each year or the date selected for Mortgage Call Reports under Section 4-9.1 of this Act, each licensee shall file a report with the Secretary that discloses such information as the Secretary requires. A lice…

(205 ILCS 635/4-9.1) Sec. 4-9.1. Mortgage call reports. Each residential mortgage licensee shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which shall be in the form and shall contain the information that the Nationwide Multistate Lic…

(205 ILCS 405/4.1) (from Ch. 17, par. 4809) Sec. 4.1. Application; investigation; community need. (a) The General Assembly finds and declares that community currency exchanges provide important and vital services to Illinois citizens, that the number of community currency exchang…

(205 ILCS 660/4.1) Sec. 4.1. Licensee name. No person, partnership, association, corporation, limited liability company, or other entity engaged in a business regulated by this Act shall operate the business under a name other than the real names of the entity and individuals con…

(205 ILCS 405/4.1B) Sec. 4.1B. Anti-money laundering requirements. (a) Every licensee shall comply with all State and federal laws, rules, and regulations relating to the detection and prevention of money laundering, including, as applicable, 31 C.F.R. 103.20, 103.22, 103.23, 103…

(205 ILCS 660/4.2) Sec. 4.2. License application process; investigation. (a) The Secretary may issue a license upon completion of all of the following: (1) the filing of an application for a license with the Secretary or the Nationwide Multistate Licensing System and Registry as …

(205 ILCS 405/4.2) (from Ch. 17, par. 4810) Sec. 4.2. Whensoever the ownership of any Currency Exchange, theretofore licensed under the provisions of this Act, shall be held or contained in any estate subject to the control and supervision of any Administrator, Executor or Guardi…

(205 ILCS 405/4.3) (from Ch. 17, par. 4811) Sec. 4.3. Upon receipt of an application from an ambulatory currency exchange for the conduct of its business at a location to be served by it, the Secretary shall cause an investigation to be made to determine whether to issue said lic…

(205 ILCS 660/4.3) Sec. 4.3. License application form. (a) An application for a sales finance agency license must be made in accordance with Section 4.2 and, if applicable, in accordance with requirements of the Nationwide Multistate Licensing System and Registry. The application…

(205 ILCS 660/4.4) Sec. 4.4. Averments of applicant. Each application for license shall be accompanied by the following averments stating that the applicant: (1) will file with the Secretary or Nationwide Multistate Licensing System and Registry, as applicable, any report or repo…

(205 ILCS 660/4.5) Sec. 4.5. Refusal to issue license. The Secretary may refuse to issue or renew a license if: (1) it is determined that the applicant is not in compliance with any provisions of this Act; (2) there is substantial continuity between the applicant and any violator…

(205 ILCS 740/4.5) (was 225 ILCS 425/4.5) Sec. 4.5. Unlicensed practice; violation; civil penalty. (a) Any person who practices, offers to practice, attempts to practice, or holds oneself out to practice as a collection agency without being licensed under this Act shall, in addit…

(205 ILCS 740/4.6) (was 225 ILCS 425/4.6) Sec. 4.6. Multi-state licensing system. The Secretary may require participation in a third-party, multi-state licensing system for licensing under this Act. The multi-state licensing system may share regulatory information and maintain re…

(205 ILCS 660/4.6) Sec. 4.6. License renewal; fees. (a) Licenses shall be renewed every year using the common renewal date of the Nationwide Multistate Licensing System and Registry, as required by the Secretary. Properly completed renewal application forms and filing fees may be…

(205 ILCS 695/40) Sec. 40. Home rule. The regulation of customer safety at automated teller machines located in the State of Illinois and the regulation and licensing of operators of automated teller machines, issuers of access devices, and persons who control an access area or d…

(205 ILCS 732/40) Sec. 40. Reporting physical addresses. (a) A digital asset kiosk operator shall provide to the Department a list of all physical addresses of digital asset kiosks that the digital asset kiosk operator owns, operates, or manages in this State, in a form prescribe…

(205 ILCS 305/40) (from Ch. 17, par. 4441) Sec. 40. Shares to minors. Shares may be issued in the name of a minor or in the name of a custodian under the Illinois Uniform Transfers to Minors Act, as amended. If shares are issued in the name of a minor, redemption of any part or a…

(205 ILCS 5/40) (from Ch. 17, par. 350) Sec. 40. Prohibited activities. The Commissioner, deputy commissioners, and employees of the Office of Banks and Real Estate shall be subject to the restrictions provided in Section 2.5 of the Division of Banking Act including, without limi…

(205 ILCS 740/40) (was 225 ILCS 425/40) Sec. 40. Unlicensed practice; cease and desist. Whenever, in the opinion of the Department, a person violates any provision of this Act, the Department may issue a rule to show cause why an order to cease and desist should not be entered ag…

(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 305/41) (from Ch. 17, par. 4442) Sec. 41. Joint accounts. Shares shall be issued in the name of the owner and may be issued in the name of 2 or more persons in joint tenancy, or in survivorship, in which case payment may be made, in whole or in part, to any of the named…

(205 ILCS 732/41) Sec. 41. Customer service. All digital asset kiosk operators performing business in this State must provide live customer service during kiosk operating hours. The customer service toll-free number must be displayed on the digital asset kiosk or on the digital a…

(205 ILCS 305/42) (from Ch. 17, par. 4443) Sec. 42. Shares in trust. (1) Shares may be issued in trust to a member as trustee or to an individual or corporate trustee. If a corporate trustee is a bank or trust company, shares may be issued to the corporate trustee only if such ba…

(205 ILCS 732/42) Sec. 42. Prevention of fraudulent activity. All digital asset kiosk operators must take reasonable steps to detect and prevent fraud, including establishing and maintaining a written anti-fraud policy. (Source: P.A. 104-429, eff. 8-18-25.)

(205 ILCS 305/42.5) Sec. 42.5. Marketing of services. For purposes of promoting its services to persons eligible for membership, a credit union may sell to persons within its field of membership negotiable checks, including travelers checks, money orders, and similar money transf…

(205 ILCS 305/42.7) Sec. 42.7. Savings promotion raffle. (a) As used in this Section, "savings promotion raffle" means a raffle conducted by a credit union where the sole consideration required for a chance of winning designated prizes is the deposit of at least a specified amoun…

(205 ILCS 305/43) (from Ch. 17, par. 4444) Sec. 43. Liens. Without being required to take any action to perfect the same, a credit union shall have a lien on the shares, accumulated dividends or interest of a member in his individual, joint or trust account, for any sum due the c…

(205 ILCS 5/43) (from Ch. 17, par. 353) Sec. 43. Waivers; corporate action by unanimously signed writing. When a notice is required to be given to stockholders or directors under this Act, or by the charter or by-laws of any state bank, a waiver thereof in writing, signed by the …

(205 ILCS 732/43) Sec. 43. Blockchain analytics. All digital asset kiosk operators must use blockchain analytics software to help prevent transactions to wallets known to be affiliated with fraudulent activity at the time of a transaction and to detect transaction patterns indica…

(205 ILCS 305/43.1) Sec. 43.1. Enforcement of child support. (a) Any credit union governed by this Act shall encumber or surrender accounts or assets held by the credit union on behalf of any responsible relative who is subject to a child support lien, upon notice of the lien or …

(205 ILCS 305/44) (from Ch. 17, par. 4445) Sec. 44. Share accounts; garnishment. A credit union may be subject to garnishment proceedings concerning the share accounts of its members. (Source: P.A. 97-133, eff. 1-1-12.)

(205 ILCS 5/44) (from Ch. 17, par. 354) Sec. 44. School or institutional deposits. Subject to such regulations as the Commissioner may prescribe for the protection of depositors, a bank may contract with the proper authorities of any elementary or secondary school, or of any inst…

(205 ILCS 732/44) Sec. 44. Law enforcement access to investigative information. All digital asset kiosk operators performing business in this State must provide a dedicated communications line for relevant government agencies through a posted U.S. phone number or email address. T…

(205 ILCS 305/44.1) Sec. 44.1. Unclaimed property; dormancy or escheat fee. A credit union may deduct a dormancy charge or an escheat fee from property required to be paid or delivered to the administrator under the Revised Uniform Unclaimed Property Act, provided the amount of t…

(205 ILCS 5/44.1) (from Ch. 17, par. 354.1) Sec. 44.1. Services at care facilities. Subject to reasonable regulations the Commissioner may prescribe for the protection of depositors, a bank may take any action necessary for the provision of banking services to persons residing in…

(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 740/45) (was 225 ILCS 425/45) Sec. 45. Summary suspension of license. The Secretary may summarily suspend the license of a licensed collection agency without a hearing, simultaneously with the institution of proceedings for a hearing provided for in Section 16 of this A…

(205 ILCS 305/45) (from Ch. 17, par. 4446) Sec. 45. Reduction in shares. Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its ass…

(205 ILCS 732/45) Sec. 45. Refunds. (a) A digital asset kiosk operator must issue a refund to a new customer for the full amount for up to 3 fraudulent transactions made within the new customer period, upon request of the customer. To receive a refund under this subsection, a new…

(205 ILCS 5/45.1) (from Ch. 17, par. 356) Sec. 45.1. Accounts for minors. A state bank may accept deposits made by a minor and may open an account in the name of such minor and the rules and regulations of such bank with respect to each such deposit and account shall be as bindin…

(205 ILCS 305/46) (from Ch. 17, par. 4447) Sec. 46. Loans and interest rate. (1) A credit union may make loans to its members for such purpose and upon such security and terms, including rates of interest, as the credit committee, credit manager, or loan officer approves. Notwith…

(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 5/46) (from Ch. 17, par. 357) Sec. 46. Misleading practices and names prohibited; penalty. (a) No person, firm, partnership, or corporation that is not a bank shall transact business in this State in a manner which has a substantial likelihood of misleading the public b…

(205 ILCS 305/47) (from Ch. 17, par. 4448) Sec. 47. Loan applications. Every application for a loan shall be made in the manner prescribed by the credit committee, credit manager, or loan officer. The application shall state the purpose for which the loan is desired, and the secu…

(205 ILCS 5/47) (from Ch. 17, par. 358) Sec. 47. Reports to Commissioner. (a) All State banks shall make a full and accurate statement of their affairs at least 1 time during each calendar quarter which shall be certified to, under oath by the president, a vice-president or the c…

(205 ILCS 5/48) Sec. 48. Secretary's powers; duties. The Secretary shall have the powers and authority, and is charged with the duties and responsibilities designated in this Act, and a State bank shall not be subject to any other visitorial power other than as authorized by this…