Financial Institutions Legislation - Illinois

MINORITY FILM SUPPORT FUND Amends the State Finance Act. Creates a non-appropriated Fund, the Minority Film Support Fund, to be administered by the State Treasurer to help collateralize loans from financial institutions to minority film makers producing films or building or maintaining minority film and television studios when the institution's credit standards would not otherwise be met. House Amendment No. 1 Adds reference to: New Act20 ILCS 1705/18.430 ILCS 105/6z-32

show full description

SHORT-TERM & TITLE LOANS Creates the Title Loan Regulation Act. Provides that the Department of Financial and Professional Regulation shall license and regulate entities that offer title loans. Establishes requirements and restrictions applicable to license applications and licensing. Sets forth limitations, requirements, and disclosures applicable to loan agreements, terms of loans, finance charges, and renewal of loans. Provides for: revocation, suspension, and surrender of licenses; information to be available to the public; complaint handling; hearings; books and records; reports; advertising; prohibited acts; requirements and restrictions applicable to vehicle and boat titles; liens; penalties; enforcement; bonding; administrative rules; and other matters. Amends the Financial Institutions Code to provide that the Department of Financial and Professional Regulation shall administer the Title Loan Regulation Act. Amends the Consumer Installment Loan Act to provide that the [...]

show full description

ST GROUP INS-PREMIUM FUND Amends the State Employees Group Insurance Act of 1971. Redefines "Director" to include the director of any successor agency designated to administer the Act. Authorizes the Department of Central Management Services to establish funds and accounts outside the State treasury to receive transfers from the Teacher Health Insurance Security Fund, the Local Government Health Insurance Reserve Fund, and the Health Insurance Reserve Fund and to be used for transfers to administrative service organizations or their financial institutions for the payment of claims by claimants or providers under the self-insurance health plan. Requires the segregation of surpluses from the group life insurance program and the group health insurance program and the uses of those surpluses. Effective immediately. House Amendment No. 1 Deletes everything after the enacting clause. Reinserts the bill as introduced with the following change: Authorizes the Department [...]

show full description

BANKING-REGULATIONS Amends the Illinois Banking Act. Provides that a state bank and its subsidiaries in compliance with Regulation W promulgated by the Board of Governors of the Federal Reserve shall be deemed to be in compliance with certain provisions of the Act concerning limitations on investments in and loans to affiliates. Amends the Banking Emergencies Act. Provides that, whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in the State and to remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. Amends the Financial Institutions Electronic Documents and Digital Signature Act. For purposes of the Act, defines "financial institution" to include subsidiaries and affiliates of banks, savings and loan associations, savings banks, and [...]

show full description

CREDIT UNION-REGULATIONS Amends the Illinois Credit Union Act. Provides that a credit union organized under the laws of Illinois may elect to adopt an assumed corporate name that is not impermissible under applicable law. Establishes the requirements for a credit union to operate under an assumed corporate name. Provides additional criteria that the Director of the Illinois Department of Financial Institutions may use to direct and supervise all the administrative and technical activities of the Illinois Department of Financial Institutions. Contains provisions concerning the rules of office for Directors. Allows a credit union to purchase certain instruments that evidence an indebtedness of its members or of members of another credit union (now, a credit union may only purchase certain instruments of its members). Prohibits those other than an authorized user, without permission, from using the name of or a name similar to the name of an existing credit union when marketing [...]

show full description

FINANCIAL INSTITUTIONS-FEES Amends the State Finance Act. Excludes moneys received under the Illinois Credit Union Act from those moneys required to be deposited into the Financial Institution Fund. Makes certain provisions concerning transfers to the General Revenue Fund inapplicable to (i) any fund established under the Illinois Credit Union Act, the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and (ii) the Professions Indirect Cost Fund. Prohibits the allocation or transfer of additional amounts generated by certain fee increases with respect to or from the Credit Union Fund. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, and the Residential Mortgage License Act of 1987. With respect to the moneys in each of the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund, exempts those moneys from assignment [...]

show full description

DEBT SETTLEMENT ACT Creates the Debt Settlement Act. Provides that no person shall engage in the business of debt settlement in the State without a license. Provides that an applicant for a license to engage in the business of debt settlement shall file an application with the Director of Financial Institutions that contains specified provisions. Contains provisions concerning the renewal of licenses. Requires a licensee to create, maintain, and preserve accurate and complete books relating to the licensee's business. Contains provisions concerning contract fees. Provides for debt settlement contract requirements. Specifies the functions required to be performed and acts that are prohibited by a debt settlement provider. Provides that without limiting the generality of the Act and other applicable laws, the debt settlement provider, manager, or an employee of the debt settlement provider (except a licensed attorney who provides legal services in an attorney-client relationship [...]

show full description

BANKING-FEES/FUND TRANSFERS Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, and the Residential Mortgage License Act of 1987. Defines "Secretary" as the Secretary of Financial and Professional Regulation, or a person authorized by the Secretary or by the Acts to act in the Secretary's stead and changes some provisions to reference the Secretary instead of the Commissioner of Banks and Real Estate or the Director of Financial Institutions. Allows the Secretary to adopt emergency and general rules to adjust regulatory rates in some Acts and decreases regulatory fees in other Acts. Provides that (1) the specified sum shall be transferred from the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund to the General Revenue Fund on the effective date of the amendatory Act; (2) the Governor may, during any fiscal year through January 10, 2011, from [...]

show full description

IL BANKING-SHAREHOLDER LIST Amends the Illinois Banking Act. Provides that the president and any other officer designated by the board of directors (rather than the president and cashier) of every State bank shall cause to be kept at all times a full and correct list of the names and residences of all the shareholders in the State bank and the number of shares held by each in the office where its business is transacted. Effective immediately. House Amendment No. 1 Adds reference to: 205 ILCS 5/2from Ch. 17, par. 302205 ILCS 5/5cfrom Ch. 17, par. 312.2

show full description

EXEC ORDER 2004-6 IMPLMNTATION Creates the Department of Financial and Professional Regulation Act and amends various Acts. Implements and supersedes Executive Order 6 (2004). Abolishes the Department of Financial Institutions, the Department of Insurance, the Department of Professional Regulation, and the Office of Banks and Real Estate and transfers all of the functions of those agencies to the Department of Financial and Professional Regulation, which is created. Provides that the Secretary of Financial and Professional Regulation is the head of the new agency, and provides for 4 Directors, each of whom shall report to the Secretary and shall oversee the functions transferred from one of the abolished agencies to the new agency. Transfers the staffs, records, and unexpended funds of the abolished agencies to the Department of Financial and Professional Regulation. Makes conforming changes in other Acts. Authorizes transfers of moneys to the Professions Indirect Cost Fund from [...]

show full description

DEBT SETTLEMENT ACT Creates the Debt Settlement Act. Provides that no person shall engage in the business of debt settlement in the State without a license. Provides that an applicant for a license to engage in the business of debt settlement shall file an application with the Director of Financial Institutions that contains specified provisions. Contains provisions concerning the renewal of licenses. Requires a licensee to create, maintain, and preserve accurate and complete books relating to the licensee's business. Contains provisions concerning contract fees. Provides for debt settlement contract requirements. Specifies the functions required to be performed and acts that are prohibited by a debt settlement provider. Provides that without limiting the generality of the Act and other applicable laws, the debt settlement provider, manager, or an employee of the debt settlement provider (except a licensed attorney who provides legal services in an attorney-client relationship [...]

show full description

FINANCIAL INSTITUTIONS-FEES Amends the State Finance Act. Excludes moneys received under the Illinois Credit Union Act from those moneys required to be deposited into the Financial Institution Fund. Makes certain provisions concerning transfers to the General Revenue Fund inapplicable to (i) any fund established under the Illinois Credit Union Act, the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, or the Savings Bank Act and (ii) the Professions Indirect Cost Fund. Prohibits the allocation or transfer of additional amounts generated by certain fee increases with respect to or from the Credit Union Fund. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, the Illinois Credit Union Act, and the Residential Mortgage License Act of 1987. With respect to the moneys in each of the Bank and Trust Company Fund, the Savings and Residential Finance Regulatory Fund, and the Credit Union Fund, exempts those moneys from assignment [...]

show full description