Bill Status of SB2318  104th General Assembly

Short Description:  MISLEADING PRACTICES PENALTY

Senate Sponsors
Sen. Laura Ellman and Mark L. Walker

House Sponsors
(Rep. Margaret Croke)

Last Action
DateChamber Action
  4/17/2025HouseAssigned to Financial Institutions and Licensing Committee

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 
DateChamber Action
  2/7/2025SenateFiled with Secretary by Sen. Laura Ellman
  2/7/2025SenateFirst Reading
  2/7/2025SenateReferred to Assignments
  3/4/2025SenateAssigned to Financial Institutions
  3/4/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Laura Ellman
  3/4/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/5/2025SenateAdded as Co-Sponsor Sen. Mark L. Walker
  3/12/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  3/19/2025SenateSenate Committee Amendment No. 1 Adopted
  3/19/2025SenateDo Pass as Amended Financial Institutions; 008-000-000
  3/19/2025SenatePlaced on Calendar Order of 2nd Reading March 20, 2025
  3/20/2025SenateSecond Reading
  3/20/2025SenatePlaced on Calendar Order of 3rd Reading April 1, 2025
  4/3/2025SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Laura Ellman
  4/3/2025SenateSenate Floor Amendment No. 2 Referred to Assignments
  4/8/2025SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  4/10/2025SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 008-000-000
  4/10/2025SenateRecalled to Second Reading
  4/10/2025SenateSenate Floor Amendment No. 2 Adopted; Ellman
  4/10/2025SenatePlaced on Calendar Order of 3rd Reading
  4/10/2025SenateThird Reading - Passed; 055-000-000
  4/10/2025HouseArrived in House
  4/10/2025HouseChief House Sponsor Rep. Margaret Croke
  4/11/2025HouseFirst Reading
  4/11/2025HouseReferred to Rules Committee
  4/17/2025HouseAssigned to Financial Institutions and Licensing Committee