Chapter 205 — FINANCIAL REGULATION

(205 ILCS 635/7-12) Sec. 7-12. Surety bond required. (a) Each mortgage loan originator shall be covered by a surety bond in accordance with this Section. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Act, the surety b…

(205 ILCS 635/7-13) Sec. 7-13. Prohibited acts and practices for mortgage loan originators. It is a violation of this Act for an individual subject to this Act to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to d…

(205 ILCS 635/7-14) Sec. 7-14. Unique identifier shown. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, and advertisements, including business cards and websites,…

(205 ILCS 635/7-15) Sec. 7-15. Examination and investigation of certain mortgage loan originators. The activities requiring a licensee of a mortgage loan originator that are sponsored by an exempt entity under subsection (a-1) of Section 1-3 of this Act are subject to examination…

(205 ILCS 635/7-1A) Sec. 7-1A. Mortgage loan originator license. (a) It is unlawful for any individual to act or assume to act as a mortgage loan originator, as defined in subsection (jj) of Section 1-4 of this Act, without obtaining a license from the Director, unless the indivi…

(205 ILCS 635/7-2) Sec. 7-2. State license application and issuance. (a) Applicants for a license shall apply in a form prescribed by the Director. Each form shall contain content as set forth by rule, regulation, instruction, or procedure of the Director and may be changed or up…

(205 ILCS 635/7-3) Sec. 7-3. Issuance of license. The Director shall not issue a mortgage loan originator license unless the Director makes at a minimum the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdic…

(205 ILCS 635/7-4) Sec. 7-4. Pre-licensing and education of mortgage loan originators. (a) In order to meet the pre-licensing education requirement referred to in item (4) of Section 7-3 of this Act an individual shall complete at least 20 hours of education approved in accordanc…

(205 ILCS 635/7-5) Sec. 7-5. Testing of mortgage loan originators. (a) In order to meet the written test requirement referred to in item (5) of Section 7-3, an individual shall pass, in accordance with the standards established under this subsection (a), a qualified written test …

(205 ILCS 635/7-6) Sec. 7-6. Standards for license renewal. (a) The minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under Section 7-3. (2…

(205 ILCS 635/7-7) Sec. 7-7. Continuing education for mortgage loan originators. (a) In order to meet the annual continuing education requirements referred to in Section 7-6, a licensed mortgage loan originator shall complete at least 8 hours of education approved in accordance w…

(205 ILCS 635/7-8) Sec. 7-8. Authority to require license. In addition to any other duties imposed upon the Director by law, the Director shall require mortgage loan originators to be licensed and registered through the Nationwide Multistate Licensing System and Registry. In orde…

(205 ILCS 635/7-9) Sec. 7-9. Report to Nationwide Multistate Licensing System and Registry. Subject to State privacy laws, the Director is required to report regularly violations of this Act, as well as enforcement actions and other relevant information, to the Nationwide Multist…

(205 ILCS 645/1) (from Ch. 17, par. 2701) Sec. 1. This Act may be cited as the "Foreign Banking Office Act". (Source: P.A. 78-346.)

(205 ILCS 645/10) (from Ch. 17, par. 2717) Sec. 10. Service of process in any suit, action or proceeding or service of any notice or demand required or permitted by law to be served on a foreign corporation may be made on a foreign banking corporation holding a certificate of aut…

(205 ILCS 645/11) (from Ch. 17, par. 2718) Sec. 11. Pledging requirements; discretion of Commissioner. A foreign banking corporation holding a certificate of authority issued pursuant to this Act may be required, when deemed necessary and appropriate in the opinion of the Commiss…

(205 ILCS 645/12) (from Ch. 17, par. 2719) Sec. 12. Control by Commissioner. (a) Upon the Commissioner's taking possession, pursuant to Section 53 of the Illinois Banking Act, of the business and property in this State of the banking office of a foreign banking corporation whose …

(205 ILCS 645/13) (from Ch. 17, par. 2720) Sec. 13. Each such foreign banking corporation shall hold, in this State, currency, bonds, notes, debentures, drafts, bills of exchange or other evidences of indebtedness or other obligations payable in the United States or in United Sta…

(205 ILCS 645/14) (from Ch. 17, par. 2721) Sec. 14. The assets held to satisfy the assets to liabilities relationship, prescribed by the Commissioner, pursuant to Section 13 of this Act shall include obligations of any person for money borrowed from a foreign banking corporation …

(205 ILCS 645/15) (from Ch. 17, par. 2722) Sec. 15. (Repealed). (Source: P.A. 82-257. Repealed by P.A. 89-208, eff. 6-1-97.)

(205 ILCS 645/16) (from Ch. 17, par. 2723) Sec. 16. A foreign banking corporation holding a certificate of authority issued pursuant to this Act shall be subject to the same limitations with respect to the payment of interest on deposits as a State bank which is a member of the F…

(205 ILCS 645/17) (from Ch. 17, par. 2724) Sec. 17. Fees; examination; receivership. Upon applying for a certificate of authority to open and maintain a banking office, a foreign banking corporation shall pay to the Commissioner an application fee equivalent to the reasonable exp…

(205 ILCS 645/18) (from Ch. 17, par. 2725) Sec. 18. Powers of the Commissioner. The Commissioner shall have all of the powers granted to him under the Illinois Banking Act, to the extent appropriate to enable him to supervise a banking office of a foreign banking corporation hold…

(205 ILCS 645/19) (from Ch. 17, par. 2726) Sec. 19. Revocation of certificate of authority; grounds. A certificate of authority issued to a foreign banking corporation shall be revoked when voluntarily surrendered by the holder thereof or when such foreign banking corporation is …

(205 ILCS 645/2) (from Ch. 17, par. 2702) Sec. 2. As used in this Act unless the context otherwise requires, the words and phrases defined in Sections 2.01 through 2.07 have the meanings ascribed to them in those Sections. (Source: P.A. 85-858.)

(205 ILCS 645/2.01) (from Ch. 17, par. 2703) Sec. 2.01. "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. (Source: P.A. 96-1365, eff. 7-28-…

(205 ILCS 645/2.02) (from Ch. 17, par. 2704) Sec. 2.02. "State bank" means a banking corporation organized under the Illinois Banking Act. (Source: P.A. 78-346.)

(205 ILCS 645/2.03) (from Ch. 17, par. 2705) Sec. 2.03. "National Bank" means a national banking association located in the State of Illinois. (Source: P.A. 78-346.)

(205 ILCS 645/2.04) (from Ch. 17, par. 2706) Sec. 2.04. (Repealed). (Source: P.A. 86-1374. Repealed by P.A. 89-208, eff. 6-1-97.)

(205 ILCS 645/2.05) (from Ch. 17, par. 2707) Sec. 2.05. "Foreign banking corporation" means a bank organized and operating under the laws of a country other than the United States of America and not directly or indirectly owned or controlled by United States citizens or by a corp…

(205 ILCS 645/2.06) (from Ch. 17, par. 2708) Sec. 2.06. "Banking office" has the same meaning as "banking house" as defined in Section 2 of the Illinois Banking Act. (Source: P.A. 78-346.)

(205 ILCS 645/2.07) (from Ch. 17, par. 2709) Sec. 2.07. "Person" means an individual, corporation, partnership, joint venture, trust, estate or incorporated association. (Source: P.A. 78-346.)

(205 ILCS 645/2.08) Sec. 2.08. Division. "Division" means the Division of Banking within the Department of Financial and Professional Regulation. (Source: P.A. 96-1365, eff. 7-28-10.)

(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 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 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 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 645/4) (from Ch. 17, par. 2711) Sec. 4. Application for certificate of authority; contents. A foreign banking corporation, in order to procure a certificate of authority to establish and maintain a banking office and to conduct thereat a general banking business shall m…

(205 ILCS 645/5) (from Ch. 17, par. 2712) Sec. 5. Documents required by the Commissioner. There shall be delivered to the Commissioner (1) duplicate originals of the application of the foreign banking corporation for a certificate of authority and (2) a copy of its charter or art…

(205 ILCS 645/6) (from Ch. 17, par. 2713) Sec. 6. Establishment and maintenance of banking office. Upon the issuance of a certificate of authority by the Commissioner, the foreign banking corporation may, subject to this Act, establish and maintain a banking office and may conduc…

(205 ILCS 645/7) (from Ch. 17, par. 2714) Sec. 7. A foreign banking corporation holding a certificate of authority issued pursuant to this Act, whenever its articles of incorporation are amended, shall forthwith file in the office of the Commissioner a copy of such amendment duly…

(205 ILCS 645/8) (from Ch. 17, par. 2715) Sec. 8. A foreign banking corporation holding a certificate of authority issued pursuant to this Act, must secure an amended certificate of authority if it changes its corporate name, changes the duration of its corporate existence or des…

(205 ILCS 645/9) (from Ch. 17, par. 2716) Sec. 9. Registered office and agent. Each foreign banking corporation authorized to establish and maintain a banking office shall have and continuously maintain: (a) a registered office in Illinois which may be, but need not be, the same …

(205 ILCS 650/1) (from Ch. 17, par. 2851) Sec. 1. This Act shall be known and may be cited as the "Foreign Bank Representative Office Act". (Source: P.A. 83-267.)

(205 ILCS 650/2) (from Ch. 17, par. 2852) Sec. 2. Definitions. As used in this Act, unless the context requires otherwise: (a) "Commissioner" means the Secretary of Financial and Professional Regulation or a person authorized by the Secretary, the Division of Banking Act, or this…

(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 650/4) (from Ch. 17, par. 2854) Sec. 4. Application; fees. (a) The application for a license shall contain information and be accompanied by a reasonable fee as determined, by rule, by the Commissioner. (b) The Commissioner shall issue a license to a foreign bank to est…

(205 ILCS 650/5) (from Ch. 17, par. 2855) Sec. 5. (a) Each foreign bank which is licensed to establish and maintain a representative office shall make, keep, and preserve at such office or at such other place as determined by the Commissioner, such books, accounts, and other reco…

(205 ILCS 650/6) (from Ch. 17, par. 2856) Sec. 6. Revocation of license. If the Commissioner finds: (a) the licensee or its representative has violated any provision of this Act or other law, rule, or regulation of this State; or (b) any fact or condition exists which, if it had …

(205 ILCS 650/7) Sec. 7. Reliance on Commissioner. No foreign bank 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, notwithstanding…