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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4614 Introduced , by Rep. Adam Brown SYNOPSIS AS INTRODUCED:
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| 20 ILCS 1205/16 | from Ch. 17, par. 117 | 205 ILCS 405/14 | from Ch. 17, par. 4823 |
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Amends the Financial Institutions Code. Creates a Supervisor of Consumer Credit and a Supervisor of Title Insurance. Removes the Supervisor of Consumer Finance Business and the Supervisor of Sales Finance Agencies. Amends the Currency Exchange Act. Removes language requiring a licensee to file an annual report, annual bonds, and insurance policies at the same time the licensee pays his or her annual license fees. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB4614 | | LRB099 15957 SMS 40274 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Financial Institutions Code is amended by |
| 5 | | changing Section 16 as follows:
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| 6 | | (20 ILCS 1205/16) (from Ch. 17, par. 117)
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| 7 | | Sec. 16.
There shall be a Supervisor of Consumer Credit , a |
| 8 | | Supervisor of Consumer Finance Businesses, a
Supervisor of |
| 9 | | Sales Finance Agencies, a Supervisor of Currency Exchanges, a |
| 10 | | Supervisor of Title Insurance,
and a Supervisor of Credit |
| 11 | | Unions. The respective Supervisors Supervisor shall be |
| 12 | | appointed by and
responsible to the Director and shall be |
| 13 | | administratively responsible
within the Department for the |
| 14 | | financial institutions and title insurance entities to which |
| 15 | | their
appointments pertain.
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| 16 | | (Source: Laws 1967, p. 2211.)
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| 17 | | Section 10. The Currency Exchange Act is amended by |
| 18 | | changing Section 14 as follows:
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| 19 | | (205 ILCS 405/14) (from Ch. 17, par. 4823)
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| 20 | | Sec. 14.
Every licensee, shall, on or before November 15, |
| 21 | | pay to the
Secretary the annual license fee or fees for the |