SB 3550

Abstract

Amends the Financial Institutions Code. Changes the name of the Code to the Financial Institutions Act. Makes conforming changes, including in the Collection Agency Act. Provides that the Division of Financial Institutions is authorized to receive and investigate complaints made about regulated persons; to keep records of all registrations or other authorizations; to issue orders and fines, to require information or reports from regulated persons; to examine activities, books, and records of regulated persons; to defray operating and implementation expenses of administering the Act and other laws; to enter into cooperative agreements; to prescribe the forms of and receive applications or other authorizations and all reports, books, and records required to be made by regulated persons; to subpoena documents and witnesses and administer oaths; to appoint examiners, supervisors, experts, and special assistants; and to investigate and take actions reasonably necessary to prohibit and stop unlicensed activity. Provides for the Division to make and implement rules. Repeals provisions relating to the transfer of powers, rights, and duties from various former Departments to the Department of Financial and Professional Regulation. Provides for a Director of the Division appointed by the Governor to report to the Secretary of Financial and Professional Regulation. Provides that any Illinois circuit court may enter an order to enforce subpoenas issued by the Division. Requires regulated persons to maintain character and fitness to justify confidence of the public. Provides for the Secretary to enter into consent orders or settlement agreements with regulated persons. Provides exceptions for some forms of financial interest in any financial institutions under the Division's jurisdiction. Makes other changes. Amends the Consumer Installment Loan Act and the Payday Loan Reform Act. Provides that the Director may fine a person doing business without the required license. Makes other changes. Effective immediately. Senate Committee Amendment No. 1 Deletes reference to: 20 ILCS 1205/18.4 new In provisions concerning general powers and duties, removes language that provides certain powers and duties to the Division of Financial Institutions of the Department of Financial and Professional Regulation. Provides that the Secretary may, in accordance with the Illinois Administrative Procedure Act, adopt reasonable rules with respect to the administration and enforcement of any Act the administration of which is vested in the Division (rather than providing the Division and the Secretary of the Department of Financial and Professional Regulation with certain rulemaking authority). In provisions requiring the Governor to appoint a Director of the Division, adds language requiring the advice and consent of the Senate. Deletes provisions concerning character and fitness. In provisions concerning charges permitted, provides that every licensee may lend a principal amount not exceeding $40,000 and may charge, contract for and receive thereon an annual percentage rate of no more than 36% (rather than charges at an annual percentage rate of no more than 36%), subject to the provisions of the Act.