Bill > HB3553

This bill amends the Illinois Banking Act to strengthen protections against misleading banking practices by increasing the civil penalty for violations from $10,000 to $100,000 for each occurrence. The bill clarifies that the Commissioner of Banking has the authority to impose these penalties on businesses that are not banks but attempt to mislead the public by using banking-related terminology or implying they are a bank. The legislation defines key terms such as "bank" (which includes entities with substantial deposit-taking operations insured by the FDIC), "State bank", and what constitutes "transacting business in Illinois". The bill explicitly states that the remedies provided in this section are supplemental to any other legal remedies available, and it authorizes the Commissioner to adopt rules to implement these provisions. The changes aim to protect consumers by preventing non-bank entities from using misleading marketing practices or names that could confuse customers about the nature of their financial services, with penalties that can be imposed for each day or instance of violation.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3553&GAID=18&DocTypeID=HB&SessionID=114&GA=104