IL SB3550 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1014
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 4-0)
Status: Passed on August 9 2024 - 100% progression
Action: 2024-08-09 - Public Act . . . . . . . . . 103-1014
Text: Latest bill text (Chaptered) [HTML]
Summary
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.
Title
DIVISION OF FIN INST-VARIOUS
Sponsors
Roll Calls
2024-05-23 - House - Third Reading in House (Y: 111 N: 0 NV: 0 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 59 N: 0 NV: 0 Abs: 0) [PASS]
2024-04-12 - Senate - Third Reading in Senate (Y: 59 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-08-09 | Senate | Public Act . . . . . . . . . 103-1014 |
| 2024-08-09 | Senate | Effective Date August 9, 2024 |
| 2024-08-09 | Senate | Governor Approved |
| 2024-06-21 | Senate | Sent to the Governor |
| 2024-05-23 | Senate | Passed Both Houses |
| 2024-05-23 | House | Third Reading - Short Debate - Passed 111-000-000 |
| 2024-05-17 | House | Third Reading/Final Action Deadline Extended-9(b) May 24, 2024 |
| 2024-05-09 | House | Added Alternate Chief Co-Sponsor Rep. Margaret Croke |
| 2024-05-08 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 2024-05-08 | House | Second Reading - Short Debate |
| 2024-05-01 | House | Placed on Calendar 2nd Reading - Short Debate |
| 2024-04-30 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 2024-04-24 | House | Assigned to Financial Institutions and Licensing Committee |
| 2024-04-15 | House | Referred to Rules Committee |
| 2024-04-15 | House | First Reading |
| 2024-04-12 | House | Alternate Chief Sponsor Changed to Rep. Mark L. Walker |
| 2024-04-12 | House | Arrived in House |
| 2024-04-12 | Senate | Third Reading - Passed; 059-000-000 |
| 2024-04-10 | Senate | Added as Co-Sponsor Sen. Laura M. Murphy |
| 2024-04-10 | Senate | Placed on Calendar Order of 3rd Reading ** |
| 2024-03-14 | Senate | Placed on Calendar Order of 3rd Reading March 20, 2024 |
| 2024-03-14 | Senate | Second Reading |
| 2024-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2024 |
| 2024-03-13 | Senate | Do Pass as Amended Financial Institutions; 007-000-000 |
| 2024-03-12 | Senate | Senate Committee Amendment No. 1 Adopted |
| 2024-03-12 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions |
| 2024-03-08 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 2024-03-08 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz |
| 2024-02-28 | Senate | Assigned to Financial Institutions |
| 2024-02-09 | Senate | Referred to Assignments |
| 2024-02-09 | Senate | First Reading |
| 2024-02-09 | Senate | Filed with Secretary by Sen. Sara Feigenholtz |
