Chapter 205, FINANCIAL REGULATION

(205 ILCS 5/56) (from Ch. 17, par. 368) Sec. 56. Requirements of reorganization plan. A plan of reorganization for a state bank shall not be proposed under this Act unless: (1) The plan is feasible and fair to all classes of depositors, creditors and stockholders. (2) The face am…

(205 ILCS 305/57) (from Ch. 17, par. 4458) Sec. 57. Group purchasing and marketing. (a) A credit union may, consistent with rules and regulations promulgated by the Secretary, enter into cooperative marketing arrangements to facilitate its members' voluntary purchase of such good…

(205 ILCS 5/57) (from Ch. 17, par. 369) Sec. 57. Reorganization; emergency. Whenever in the course of reorganization supervening conditions render the plan of reorganization unfair or its execution impractical, the Commissioner may modify the plan (provided the modification is wi…

(205 ILCS 305/57.1) Sec. 57.1. Services to other credit unions. A credit union may act as a representative of and enter into an agreement with credit unions or other organizations for the purposes of: (1) sharing, utilizing, renting, leasing, purchasing, selling, and joint owners…

(205 ILCS 305/57.3) Sec. 57.3. Digital asset services. (a) For purposes of this Section, the terms "covered person", "digital asset", "digital asset business activity", and "service provider" have the meanings given to those terms in the Digital Assets and Consumer Protection Act…

(205 ILCS 305/58) (from Ch. 17, par. 4459) Sec. 58. Share insurance. (1) Each credit union operating in this State shall insure its share accounts with the NCUA, under 12 U.S.C. 1781 to 1790 or with such other insurers as may be jointly approved by the Secretary of Financial and …

(205 ILCS 5/58) (from Ch. 17, par. 370) Sec. 58. Appointment of receiver; court proceeding. (a) If the Commissioner determines (which determination may be made at the time, or any time subsequent to his taking possession and control of a bank and its assets) that no practical pos…

(205 ILCS 305/59) (from Ch. 17, par. 4460) Sec. 59. Investment of funds. (a) Funds not used in loans to members may be invested, pursuant to subsection (7) of Section 30 of this Act, and subject to Departmental rules and regulations: (1) In securities, obligations or other instru…

(205 ILCS 5/59) (from Ch. 17, par. 371) Sec. 59. Notice of receivership. Upon appointing a receiver, other than the Federal Deposit Insurance Corporation, and upon the filing of a complaint for the dissolution or winding up of the affairs of a state bank, the Commissioner shall c…

(205 ILCS 5/5b) (from Ch. 17, par. 312.1) Sec. 5b. Deposits in outside depository. (a) Except as provided in subsection (b), every bank is liable for deposits made in an outside depository from the time the deposit is made. (b) A bank may adopt a policy that its liability for dep…

(205 ILCS 5/5c) (from Ch. 17, par. 312.2) Sec. 5c. Ownership of a bankers' bank. A bank may acquire shares of stock of a bank or holding company which owns or controls such bank if the stock of such bank or company is owned exclusively (except to the extent directors' qualifying …

(205 ILCS 5/5d) (from Ch. 17, par. 312.3) Sec. 5d. Notwithstanding any other provision of this Act, a bank may engage in making revolving credit loans secured by mortgages or deeds of trust on real property or by security assignments of beneficial interests in land trusts. For pu…

(205 ILCS 5/5e) Sec. 5e. Lending and account authority. (a) Notwithstanding the provisions of any other law in connection with extensions of credit, a State bank may elect to contract for and receive interest, fees, and other charges for extensions of credit subject only to the p…

(205 ILCS 5/5f) Sec. 5f. Non-English language transactions. A bank 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. 6-26-02.)

(205 ILCS 5/5g) Sec. 5g. Savings promotion raffle. (a) As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 20 of the Federal Deposit Insurance Act (12 U.S.C. 1829a). (b) If authorized by its board of directors, a State bank ma…

(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 665/6) (from Ch. 17, par. 5306) Sec. 6. Renewal of license. Each debt management service provider under the provisions of this Act may make application to the Secretary for renewal of its license, which application for renewal shall be on the form prescribed by the Secr…

(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 305/6) (from Ch. 17, par. 4407) Sec. 6. Fiscal Year. The fiscal year of each credit union organized under this Act shall end on December 31 of each year. (Source: P.A. 81-329.)

(205 ILCS 685/6) (from Ch. 17, par. 7356) Sec. 6. Authorized representatives of the Illinois State Police, the Illinois Attorney General, the Illinois Department of Revenue, the State's Attorney's Office or Sheriff's Department of any county of this State, the police department o…

(205 ILCS 675/6) (from Ch. 17, par. 7006) Sec. 6. In addition to or in lieu of interest at a periodic rate or rates as provided in Section 5, and without limitation of the foregoing Section 4, a financial institution may, if the agreement governing the revolving credit plan so pr…

(205 ILCS 405/6) (from Ch. 17, par. 4813) Sec. 6. Insurance against loss. (a) Every applicant for a license hereunder shall, after his application for a license has been approved, file with and have approved by the Secretary, a policy or policies of insurance issued by an insuran…

(205 ILCS 610/6) Sec. 6. Rulemaking. The Department of Financial and Professional Regulation may adopt rules to address the closing or alteration of hours by banks at one or more of their offices when affected by an emergency or impending emergency. (Source: P.A. 102-553, eff. 1-…

(205 ILCS 658/6-1) Sec. 6-1. Acquisition of control. (a) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Secretary before acquiring control. An individual is not deemed to acquire control of a li…

(205 ILCS 620/6-1) (from Ch. 17, par. 1556-1) Sec. 6-1. Exclusive remedy. The proceedings pursuant to this Article 6 shall be the exclusive remedy and the only proceedings commenced in any court for the dissolution or for the winding up of the affairs or for the appointment of a …

(205 ILCS 635/6-1) (from Ch. 17, par. 2326-1) Sec. 6-1. Powers not exclusive. The powers granted by this Article shall be in addition to all others granted to the Commissioner by this Act. The powers granted by this Article shall not preclude the Commissioner from exercising such…

(205 ILCS 620/6-10) (from Ch. 17, par. 1556-10) Sec. 6-10. The receiver for a corporate fiduciary, under the direction of the Commissioner, shall have the power and authority and is charged with the duties and responsibilities as follows: (1) To take possession of, and for the pu…

(205 ILCS 620/6-11) (from Ch. 17, par. 1556-11) Sec. 6-11. Upon the order of the court wherein the Commissioner's complaint for the dissolution or winding up of the affairs of the corporate fiduciary was filed, the receiver for the corporate fiduciary shall have the power and aut…

(205 ILCS 620/6-12) (from Ch. 17, par. 1556-12) Sec. 6-12. The receiver shall serve at the pleasure of the Commissioner and upon the death, inability to act, resignation or removal by the Commissioner of a receiver, the Commissioner may appoint a successor and upon such appointme…

(205 ILCS 620/6-13) (from Ch. 17, par. 1556-13) Sec. 6-13. All expenses of a receivership, including reasonable receiver's and attorney's fees, approved by the Commissioner, shall be paid out of the assets of the corporate fiduciary. All expenses of any preliminary or other exami…

(205 ILCS 620/6-13.5) Sec. 6-13.5. Pledging requirements. (a) The Commissioner may require a trust company holding a certificate of authority under this Act to pledge to the Commissioner securities or a surety bond which shall run to the Commissioner in an amount, not to exceed $…

(205 ILCS 620/6-14) (from Ch. 17, par. 1556-14) Sec. 6-14. From time to time during receivership the Commissioner shall make and pay from monies of the corporate fiduciary a ratable dividend on all claims as may be proved to his or her satisfaction or adjudicated by the court. Af…

(205 ILCS 620/6-15) (from Ch. 17, par. 1556-15) Sec. 6-15. Whenever the Commissioner shall have taken possession and control of a corporate fiduciary and its assets for the purpose of examination, reorganization or liquidation through receivership, or whenever the Commissioner sh…

(205 ILCS 658/6-2) Sec. 6-2. Notice and information requirements for a change of key individuals. (a) A licensee adding or replacing any key individual shall: (1) provide notice in a manner prescribed by the Secretary within 15 days after the effective date of the key individual'…

(205 ILCS 635/6-2) (from Ch. 17, par. 2326-2) Sec. 6-2. Removal and prohibition. (a) Upon making any one or more of the following findings, the Commissioner may issue a notice of intent to issue an order of removal or prohibition, or an order of removal and prohibition, which ord…

(205 ILCS 620/6-2) (from Ch. 17, par. 1556-2) Sec. 6-2. Control by Commissioner. (a) If the Commissioner with respect to a corporate fiduciary shall find: (1) Its capital is impaired or it is otherwise in an unsound condition; or (2) Its business is being conducted in an unlawful…

(205 ILCS 635/6-3) (from Ch. 17, par. 2326-3) Sec. 6-3. Appointment of receiver or conservator. When the Commissioner makes a finding that a receivership or conservatorship is necessary to protect consumers of a licensee from the consequences of the licensee's failures to comply …

(205 ILCS 620/6-3) (from Ch. 17, par. 1556-3) Sec. 6-3. The Commissioner may take possession and control of a corporate fiduciary, its assets, and assets held for the beneficiaries of its fiduciary obligations by posting upon the premises of each office at which it transacts its …

(205 ILCS 620/6-4) (from Ch. 17, par. 1556-4) Sec. 6-4. Judicial proceedings; examination. (a) Promptly after taking possession and control of a corporate fiduciary, the Commissioner shall file a copy of the notice posted upon the premises in the circuit court in the county in wh…

(205 ILCS 620/6-5) (from Ch. 17, par. 1556-5) Sec. 6-5. When the Commissioner has taken possession and control of a corporate fiduciary and its assets, he shall be vested with the full powers of management and control, including but not limited to, the following: (1) The power to…

(205 ILCS 620/6-6) (from Ch. 17, par. 1556-6) Sec. 6-6. Upon taking possession, the Commissioner shall make an examination of the condition of the corporate fiduciary, an inventory of the assets and unless the time shall be extended by order of the court or, unless the Commission…

(205 ILCS 620/6-7) (from Ch. 17, par. 1556-7) Sec. 6-7. If the Commissioner takes possession and control of a corporate fiduciary and its assets, or appoints a receiver which may be the Office of the Commissioner, a corporate fiduciary or another suitable person for the purpose o…

(205 ILCS 620/6-7.1) (from Ch. 17, par. 1556-7.1) Sec. 6-7.1. If the Commissioner appoints a receiver to take possession and control of the assets of the beneficiaries of such fiduciary relations, for the purpose of holding such assets as fiduciary for the benefit of such benefic…

(205 ILCS 620/6-8) (from Ch. 17, par. 1556-8) Sec. 6-8. The Commissioner, while in possession and control of a corporate fiduciary may propose a reorganization plan, which plan may be amended from time to time because of changes in circumstances, if he finds: (1) The plan is feas…

(205 ILCS 620/6-9) (from Ch. 17, par. 1556-9) Sec. 6-9. If the Commissioner determines at any time that no reasonable possibility exists for the corporate fiduciary to be reorganized after reasonable efforts have been made, and that it should be liquidated through receivership, h…

(205 ILCS 660/6.1) Sec. 6.1. Financial Institution Fund. All moneys received by the Secretary under this Act in conjunction with the provisions relating to sales finance agencies shall be paid into the Financial Institution Fund, and all expenses incurred by the Secretary under t…

(205 ILCS 660/6.2) (Text of Section from P.A. 104-516) Sec. 6.2. Secretary of Financial and Professional Regulation; functions and powers. The functions and powers of the Secretary shall include the following: (1) to issue or refuse to issue any license as provided by this Act; (…

(205 ILCS 660/6.3) (Text of Section from P.A. 104-516) Sec. 6.3. Examination; prohibited activities. (a) The business affairs of a licensee under this Act shall be examined for compliance with this Act as often as the Secretary deems necessary and proper. The Department may adopt…

(205 ILCS 660/6.4) Sec. 6.4. Retail Installment Sales Act; Motor Vehicle Retail Installment Sales Act. (a) A sales finance agency may not aid or seek to aid any person in the violation of the Retail Installment Sales Act or the Motor Vehicle Retail Installment Sales Act. (b) A sa…

(205 ILCS 660/6.5) Sec. 6.5. Investigation of complaints. The Secretary may receive, record, and investigate complaints and inquiries made by any person concerning this Act and any licensees under this Act. Each licensee shall open its books, records, documents, and offices where…