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HB4345 Enrolled |
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LRB094 15657 MKM 50866 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Savings and Loan Act of 1985 is |
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| amended by adding Section 1-1.5 and by changing Section 1-5 as |
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| follows:
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| (205 ILCS 105/1-1.5 new) |
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| Sec. 1-1.5. References to Office or Commissioner of Banks |
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| and Real Estate. On and after the effective date of this |
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| amendatory Act of the 94th General Assembly, unless the context |
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| requires otherwise: |
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| (1) References in this Act to the Office of Banks and |
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| Real Estate or "the Office" mean the Department of |
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| Financial and Professional Regulation. |
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| (2) References in this Act to the Commissioner of Banks |
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| and Real Estate or "the Commissioner" mean the Secretary of |
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| Financial and Professional Regulation.
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| (205 ILCS 105/1-5) (from Ch. 17, par. 3301-5)
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| Sec. 1-5. Prohibitions. |
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| (a) No person or group of persons, except an association |
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| duly
incorporated under this Act or a prior Act or a Federal |
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| association or a
foreign association duly authorized to do |
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| business in this State, shall
transact business within the |
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| scope of this Act or do any business under any
name or title or |
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| circulate or use any advertising or make any
representation or |
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| give any information to any person which indicates or
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| reasonably implies the operation of a business which is within |
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| the scope of
this Act.
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| (b) A circuit court may issue an injunction to restrain any |
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| person from
violating or continuing to violate subsection (a)
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| any of the foregoing provisions of this Section.
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HB4345 Enrolled |
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LRB094 15657 MKM 50866 b |
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| (b-5) Except as otherwise expressly permitted by law or |
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| with the written consent of the association, no person or group |
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| of persons may use the name of or a name similar to the name of |
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| an existing association when marketing or soliciting business |
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| from customers or prospective customers if the name or similar |
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| name is used in a manner that would cause a reasonable person |
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| to believe that the marketing material or solicitation |
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| originated from or is endorsed by the existing association or |
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| that the existing association is in any other way responsible |
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| for the marketing material or solicitation.
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| (c) Any person or group of persons who violates subsection |
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| (a) of
any provision of this Section commits a
business offense |
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| and shall be fined not to exceed $5,000. |
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| (d) In addition to any other available remedies, an |
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| existing association may report an alleged violation of any |
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| provision of this Section to the Secretary. If the Secretary of |
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| Financial and Professional Regulation finds that any person or |
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| group of persons is in violation of any provision of this |
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| Section, then the Secretary may direct that person or group of |
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| persons to cease and desist from that violation. If the |
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| Secretary issues a cease and desist order against any person or |
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| group of persons for violation of subsection (b-5), then the |
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| order must require that person or group of persons to cease and |
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| desist from using the offending marketing material or |
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| solicitation in Illinois. |
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| If the person or group of persons against whom the |
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| Secretary issued the cease and desist order persists in the |
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| violation, then the Secretary may impose a civil penalty of up |
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| to $10,000 for each violation. Each day that a person or group |
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| of persons is in violation of this Section constitutes a |
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| separate violation of this Section and each instance in which |
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| marketing material or a solicitation is sent in violation of |
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| subsection (b-5) constitutes a separate violation of this |
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| Section. |
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| (e) The Department of Financial and Professional |
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| Regulation may adopt rules to administer the provisions of this |
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HB4345 Enrolled |
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LRB094 15657 MKM 50866 b |
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| Section.
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| (Source: P.A. 84-543.)
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| Section 10. The Savings Bank Act is amended by adding |
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| Section 1001.5 and by changing Section 1004 as follows:
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| (205 ILCS 205/1001.5 new) |
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| Sec. 1001.5. References to Office or Commissioner of Banks |
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| and Real Estate. On and after the effective date of this |
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| amendatory Act of the 94th General Assembly, unless the context |
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| requires otherwise: |
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| (1) References in this Act to the Office of Banks and |
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| Real Estate or "the Office" mean the Department of |
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| Financial and Professional Regulation. |
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| (2) References in this Act to the Commissioner of Banks |
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| and Real Estate or "the Commissioner" mean the Secretary of |
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| Financial and Professional Regulation.
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| (205 ILCS 205/1004) (from Ch. 17, par. 7301-4)
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| Sec. 1004. Applicability.
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| (a) This Act shall apply to all financial institutions no
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| matter how named or chartered, if they comply with the
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| provisions of this Act and with the rules of the Commissioner
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| promulgated pursuant to this Act.
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| (b) No person or group of persons, except a savings bank |
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| duly organized
or authorized under this Act, a predecessor Act, |
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| or a federal Act may
transact business within the scope of this |
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| Act or do business under any
name or title or circulate or use |
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| any advertising or make any
representations or give any |
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| information to anyone using any media,
including electronic |
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| media, that indicates or implies the operation of a
business |
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| within the scope of this Act. Nothing herein
shall prohibit the |
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| continued use of the name or title "savings bank" by any
bank |
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| or savings and loan association if the use of that name or |
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| title was
in effect before January 1, 1990.
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| (c) Except as otherwise expressly permitted by law or with |
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HB4345 Enrolled |
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LRB094 15657 MKM 50866 b |
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| the written consent of the savings bank, no person or group of |
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| persons may use the name of or a name similar to the name of an |
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| existing savings bank when marketing or soliciting business |
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| from customers or prospective customers if the name or similar |
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| name is used in a manner that would cause a reasonable person |
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| to believe that the marketing material or solicitation |
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| originated from or is endorsed by the existing savings bank or |
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| that the existing savings bank is in any other way responsible |
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| for the marketing material or solicitation.
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| (d) Any person who violates subsection (b) of this Section |
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| commits a business offense and shall be fined in an amount not |
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| to exceed $5,000.
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| (e) In addition to any other available remedies, any |
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| existing savings bank may report an alleged violation of any |
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| provision of this Section to the Secretary of Financial and |
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| Professional Regulation. If the Secretary finds that any person |
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| or group of persons is in violation of any provision of this |
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| Section, then the Secretary may direct that person or group of |
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| persons to cease and desist from that violation. If the |
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| Secretary issues a cease and desist order against any person or |
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| group of persons for violation of subsection (c), then the |
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| order must require that person or group of persons to cease and |
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| desist from using the offending marketing material or |
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| solicitation in Illinois. |
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| If the person or group of persons against whom the |
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| Secretary issued the cease and desist order persists in the |
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| violation, then the Secretary may impose a civil penalty of up |
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| to $10,000 for each violation. Each day that a person or group |
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| of persons is in violation of this Section constitutes a |
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| separate violation of this Section and each instance in which |
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| marketing material or a solicitation is sent in violation of |
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| subsection (c) constitutes a separate violation of this |
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| Section. |
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| (f) The Department of Financial and Professional |
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| Regulation may adopt rules to administer the provisions of this |
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| Section.
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