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SB2318 - 104th General Assembly
MISLEADING PRACTICES PENALTY
Last Action
Senate Sponsors
Sen. Laura Ellman, Mark L. Walker and Chris BalkemaHouse Sponsors
(Rep. Margaret Croke - Christopher "C.D." Davidsmeyer - Jawaharial Williams - Eva-Dina Delgado - Dan Ugaste and Anthony DeLuca)Statutes Amended In Order of Appearance
205 ILCS 5/46from Ch. 17, par. 357
Synopsis As Introduced
Amends the Illinois Banking Act. In provisions concerning the penalty for misleading practices and names, changes the civil penalty that may be imposed to the maximum amount otherwise permitted under specified provisions, $100,000 for each violation (rather than $10,000 for each violation). Provides that the remedies provided in those provisions are in addition to, not to the exclusion of, any other remedies available under the law. Defines terms. Makes other changes.
Senate Committee Amendment No. 1
Provides that an existing bank (instead of a State bank) may report an alleged violation to the Commissioner of Banks and Real Estate in provisions concerning soliciting business. Provides that "bank" means a State bank or an entity whose deposits are insured, to the applicable limit, by the Federal Deposit Insurance Corporation or any successors thereto (instead of a State bank or an entity of which a substantial portion of its operations is the business of accepting deposits and which such deposits are insured, to the applicable limit, by the Federal Deposit Insurance Corporation or any successors thereto). Makes other changes in provisions concerning defined terms. Makes a grammatical correction.
Senate Floor Amendment No. 2
Replaces everything after the enacting clause. Amends the Illinois Banking Act. In provisions concerning misleading practices and names prohibited, provides that, if a person, firm, partnership, or corporation that does not accept insured deposits as a substantial portion of its operations and is not chartered by a State or the United States violates specified provisions of the Act, the Secretary of Financial and Professional Regulation (as successor to the Commissioner of Banks and Real Estate) may impose a civil penalty of up to the maximum amount provided for each violation.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/07/2025 | Senate | Filed with Secretary by Sen. Laura Ellman |
| 2/07/2025 | Senate | First Reading |
| 2/07/2025 | Senate | Referred to Assignments |
| 3/04/2025 | Senate | Assigned to Financial Institutions |
| 3/04/2025 | Senate | Senate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman |
| 3/04/2025 | Senate | Senate Committee Amendment No. 1 Referred to Assignments |
| 3/05/2025 | Senate | Added as Co-Sponsor Sen. Mark L. Walker |
| 3/12/2025 | Senate | Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions |
| 3/19/2025 | Senate | Senate Committee Amendment No. 1 Adopted |
| 3/19/2025 | Senate | Do Pass as Amended Financial Institutions; 008-000-000 |
| 3/19/2025 | Senate | Placed on Calendar Order of 2nd Reading March 20, 2025 |
| 3/20/2025 | Senate | Second Reading |
| 3/20/2025 | Senate | Placed on Calendar Order of 3rd Reading April 1, 2025 |
| 4/03/2025 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman |
| 4/03/2025 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 4/08/2025 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Financial Institutions |
| 4/10/2025 | Senate | Senate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 008-000-000 |
| 4/10/2025 | Senate | Recalled to Second Reading |
| 4/10/2025 | Senate | Senate Floor Amendment No. 2 Adopted; Ellman |
| 4/10/2025 | Senate | Placed on Calendar Order of 3rd Reading |
| 4/10/2025 | Senate | Third Reading - Passed; 055-000-000 |
| 4/10/2025 | House | Arrived in House |
| 4/10/2025 | House | Chief House Sponsor Rep. Margaret Croke |
| 4/11/2025 | House | First Reading |
| 4/11/2025 | House | Referred to Rules Committee |
| 4/17/2025 | House | Assigned to Financial Institutions and Licensing Committee |
| 4/29/2025 | House | Do Pass / Short Debate Financial Institutions and Licensing Committee; 012-000-000 |
| 4/30/2025 | House | Placed on Calendar 2nd Reading - Short Debate |
| 5/14/2025 | House | Second Reading - Short Debate |
| 5/14/2025 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 5/21/2025 | House | Added Alternate Chief Co-Sponsor Rep. Christopher "C.D." Davidsmeyer |
| 5/21/2025 | House | Added Alternate Chief Co-Sponsor Rep. Jawaharial Williams |
| 5/21/2025 | House | Added Alternate Chief Co-Sponsor Rep. Eva-Dina Delgado |
| 5/21/2025 | House | Added Alternate Chief Co-Sponsor Rep. Dan Ugaste |
| 5/22/2025 | House | Added Alternate Co-Sponsor Rep. Anthony DeLuca |
| 5/22/2025 | House | Third Reading - Short Debate - Passed 114-000-000 |
| 5/22/2025 | Senate | Passed Both Houses |
| 5/28/2025 | Senate | Added as Co-Sponsor Sen. Chris Balkema |
| 6/20/2025 | Senate | Sent to the Governor |
| 8/01/2025 | Senate | Governor Approved |
| 8/01/2025 | Senate | Effective Date January 1, 2026 |
| 8/01/2025 | Senate | Public Act . . . . . . . . . 104-0144 |