Chapter 205, FINANCIAL REGULATION

(205 ILCS 665/6.5) Sec. 6.5. Fees. (a) The expenses of administering this Act, including licensing, investigations, and examinations provided for in this Act, shall be borne by and assessed against persons and entities regulated by this Act in such proportions and in such manner …

(205 ILCS 660/6.6) Sec. 6.6. Additional investigation and examination authority. In addition to any authority allowed under this Act, the Secretary shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renew…

(205 ILCS 660/6.7) Sec. 6.7. 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 sales finance agency activity, including all financial information of …

(205 ILCS 660/6.8) Sec. 6.8. Information sharing. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in any federal law or State law regarding the privacy or confidentiality of any i…

(205 ILCS 305/60) (from Ch. 17, par. 4461) Sec. 60. Reserves. (A) At the end of each accounting period the gross income shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and risk assets sums in accordance with the follow…

(205 ILCS 5/60) (from Ch. 17, par. 372) Sec. 60. Receiver's powers; duties. Other than the Federal Deposit Insurance Corporation, which shall derive its powers and perform its duties pursuant to the Federal Deposit Insurance Act and regulations promulgated thereunder, the receive…

(205 ILCS 740/60) (was 225 ILCS 425/60) Sec. 60. Liability; federal compliance. A collection agency or a debt buyer shall not be subject to civil liability for its failure to comply with Section 2, 9.1, 9.2, or 9.3 of this Act, as amended by Public Act 99-227, if the collection a…

(205 ILCS 616/60) Sec. 60. Judicial review. All final administrative decisions of the Commissioner under this Act shall be subject to judicial review pursuant to the provisions of the Administrative Review Law and the rules adopted pursuant to that Law. For matters involving admi…

(205 ILCS 5/61) (from Ch. 17, par. 373) Sec. 61. Receiver's powers; court directions. Upon the order of the court wherein the Commissioner's complaint for the dissolution or winding up of the affairs of the state bank was filed, the receiver for the bank shall have the power and …

(205 ILCS 305/61) (from Ch. 17, par. 4462) Sec. 61. Suspension. (1) If the Secretary determines that any credit union is bankrupt, insolvent, impaired or that it has violated this Act, or is operating in an unsafe or unsound manner, he shall issue an order temporarily suspending …

(205 ILCS 5/62) (from Ch. 17, par. 374) Sec. 62. Change of receiver. At any time, whenever two-thirds in amount of the creditors of a state bank, after a receiver, other than the Federal Deposit Insurance Corporation, shall have been appointed by the Commissioner, shall petition …

(205 ILCS 305/62) (from Ch. 17, par. 4463) Sec. 62. Liquidation. (1) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this Section. (2) The board of directors shall adopt a resolution recommending the credit union be dissolved…

(205 ILCS 5/63) (from Ch. 17, par. 375) Sec. 63. Insured deposits; subrogation. The right of an agency of the United States insuring deposits to be subrogated to the rights of depositors upon payment of their claim shall not be less extensive than the law of the United States req…

(205 ILCS 305/63) (from Ch. 17, par. 4464) Sec. 63. Merger and consolidation. (1) Any two or more credit unions, regardless of whether or not they have the same common bond, may merge or consolidate into a single credit union. A merger or consolidation may be with a credit union …

(205 ILCS 305/64) (from Ch. 17, par. 4465) Sec. 64. Conversion of charter. A credit union chartered under the laws of this State may be converted to a credit union chartered under the laws of any other state or under the laws of the United States. A credit union chartered under t…

(205 ILCS 5/64) (from Ch. 17, par. 376) Sec. 64. Expenses and fees. 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 state bank. All expenses of any preliminary or other exami…

(205 ILCS 305/64.5) Sec. 64.5. Continuation of corporate entity. (a) For purposes of this Section, a "resulting credit union" means an Illinois-chartered credit union that is the surviving credit union in a merger of 2 or more credit unions, a new credit union resulting from a co…

(205 ILCS 305/64.7) Sec. 64.7. Network credit unions. (a) Two or more credit unions merging pursuant to Section 63 of this Act may elect to request a network credit union designation for the surviving credit union from the Secretary. The request shall be set forth in the plan of …

(205 ILCS 616/65) Sec. 65. Inseverability and severability. If any provision of this Act or its application to any person or circumstance is held invalid, this Act shall be invalid in its entirety, provided, however, that if any provision of this Act or its application is held in…

(205 ILCS 5/65) (from Ch. 17, par. 377) Sec. 65. Dividends; dissolution. From time to time during a receivership other than a receivership conducted by the Federal Deposit Insurance Corporation, the Commissioner shall make and pay from monies of the bank a ratable dividend on all…

(205 ILCS 305/65) (from Ch. 17, par. 4466) Sec. 65. Conformity with Federal Credit Union Act. After the effective date of this Act, any credit union incorporated under the laws of this State shall have all of the rights, privileges and benefits which may be exercised by a federal…

(205 ILCS 305/66) (from Ch. 17, par. 4467) Sec. 66. Illegal loans. (1) Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a nonmember of the credit union, is guilty of a Class A Misdemeanor and is …

(205 ILCS 5/66) (from Ch. 17, par. 378) Sec. 66. Validation of dividends; destruction of records. In all cases where the Commissioner prior to the taking effect of this Act has made ratable dividends of money on claims which have been proven to the satisfaction of the Commissione…

(205 ILCS 305/67) (from Ch. 17, par. 4468) Sec. 67. Use of public property. Any credit union, the membership of which consists primarily of employees of this State or of any county, city, village, incorporated town or school district, or of any department, agency or instrumentali…

(205 ILCS 5/67) (from Ch. 17, par. 379) Sec. 67. Judicial review. Whenever the Commissioner shall have taken possession and control of a state bank and its assets for the purpose of examination, reorganization or liquidation through receivership, or whenever the Commissioner shal…

(205 ILCS 5/68) (from Ch. 17, par. 380) Sec. 68. Voluntary dissolution. A state bank may elect to dissolve voluntarily and wind up its affairs by the act of the bank in the following manner: (1) The board of directors shall adopt a resolution recommending that the bank be dissolv…

(205 ILCS 305/68) (from Ch. 17, par. 4469) Sec. 68. Interest, fines, not usurious-shares and loans not to be taxed. Reasonable fines may be levied as provided in the bylaws of each credit union and may be deducted from the share balance or added to the loan balance of a member up…

(205 ILCS 5/69) (from Ch. 17, par. 381) Sec. 69. Voluntary dissolution; deposit with Commissioner. If any of the liabilities of the dissolving state bank as shown by its records which have been assumed by another bank are not presented or are not satisfied within one year from th…

(205 ILCS 305/69) (from Ch. 17, par. 4470) Sec. 69. Effect of invalidity of part of this Act. If a court of competent jurisdiction shall adjudge to be invalid or unconstitutional any clause, sentence, paragraph, section or part of this Act, such judgment shall not affect, impair,…

(205 ILCS 305/69.1) (from Ch. 17, par. 4470.1) Sec. 69.1. Review under Administrative Review Law. The provisions of the Administrative Review Law, and all amendments and modifications thereof and the rules adopted pursuant thereto, shall apply to and govern all proceedings for th…

(205 ILCS 665/7) (from Ch. 17, par. 5307) Sec. 7. License, display and location. Each license issued shall be kept conspicuously posted in the place of business of the debt management service provider. The business location may be changed by any licensee upon 10 days prior writte…

(205 ILCS 10/7) (from Ch. 17, par. 2513) Sec. 7. This Act may be cited as the Illinois Bank Holding Company Act of 1957. (Source: P.A. 86-1475.)

(205 ILCS 5/7) (from Ch. 17, par. 314) Sec. 7. Organization capital requirements. A bank may be organized to exercise the powers conferred by this Act with minimum capital and surplus as determined by the Commissioner. (Source: P.A. 92-483, eff. 8-23-01.)

(205 ILCS 405/7) (from Ch. 17, par. 4814) Sec. 7. Available funds; minimum amount. Each licensee shall have, at all times, a minimum of $5,000 for each currency exchange license it holds of its own cash funds available for the uses and purposes of its currency exchange business a…

(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…

(205 ILCS 305/7) (from Ch. 17, par. 4408) Sec. 7. Reciprocity; out-of-state credit unions. (1) A credit union organized and duly chartered as a credit union in another state shall be permitted to conduct business as a credit union in this State if and so long as a credit union ch…

(205 ILCS 740/7) (was 225 ILCS 425/7) Sec. 7. Qualifications for license. In order to be qualified to obtain a license or a renewal license under this Act, a collection agency's owners or officers shall: (a) have the financial responsibility, financial condition, business experie…

(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 675/7) (from Ch. 17, par. 7007) Sec. 7. (a) At or before the date a billing statement is first rendered to the borrower under a revolving credit plan, the financial institution must mail or deliver to the borrower a written description of the conditions under which a ch…

(205 ILCS 685/7) (from Ch. 17, par. 7357) Sec. 7. (a) No person shall for the purpose of evading the recording or reporting requirements of Sections 4 and 5 of this Act: (1) Cause or attempt to cause a financial institution to fail to file a report or make a record required under…

(205 ILCS 670/7) (from Ch. 17, par. 5407) Sec. 7. More than one license to same licensee - Changing place of business. (a) Not more than one place of business shall be maintained under the same license, but the Director may issue more than one license to the same licensee upon co…

(205 ILCS 658/7-1) Sec. 7-1. Report of condition. (a) Each licensee, under penalty of perjury, shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the Secretary may prescribe. (b) The report of condition shall inclu…

(205 ILCS 620/7-1) (from Ch. 17, par. 1557-1) Sec. 7-1. Voluntary liquidation; procedure. Any corporate fiduciary which desires to retire from business under this Act, shall furnish to the Commissioner satisfactory evidence of its release and discharge from all the obligations an…

(205 ILCS 635/7-10) Sec. 7-10. Nationwide Multistate Licensing System and Registry information challenge process. The Director shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Multistate Licensing System and Registr…

(205 ILCS 635/7-11) Sec. 7-11. Mortgage loan originator suspension or revocation of registration; refusal to renew; fines. (a) In addition to any other action authorized by this Act or any other applicable law, rule or regulation, the Director may do the following: (1) Suspend, r…

(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…