Bill > SB2318

This bill amends the Illinois Banking Act to strengthen penalties for entities that misleadingly represent themselves as banks. Specifically, the bill adds a new provision that allows the Commissioner of Financial and Professional Regulation to impose civil penalties on entities that are not banks and do not primarily accept insured deposits, when they violate existing provisions about misusing bank-related terminology or attempting to mislead the public about their banking status. Under the new provision, such entities can be fined up to the maximum amount permitted under another section of the Act for each violation, which provides an additional deterrent against misleading business practices. The bill maintains existing prohibitions against non-bank entities using the words "bank", "banker", or "banking" in a way that could confuse consumers, and it continues to allow the Commissioner to issue cease and desist orders and impose penalties for such violations. The changes aim to protect consumers by preventing businesses from falsely implying they are legitimate banks or financial institutions.

Budget and Finance, Business and Industry

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2318&GAID=18&DocTypeID=SB&SessionID=114&GA=104