Illinois General Assembly - Full Text of Public Act 094-0833
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Public Act 094-0833


 

Public Act 0833 94TH GENERAL ASSEMBLY



 


 
Public Act 094-0833
 
HB4345 Enrolled LRB094 15657 MKM 50866 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Savings and Loan Act of 1985 is
amended by adding Section 1-1.5 and by changing Section 1-5 as
follows:
 
    (205 ILCS 105/1-1.5 new)
    Sec. 1-1.5. References to Office or Commissioner of Banks
and Real Estate. On and after the effective date of this
amendatory Act of the 94th General Assembly, unless the context
requires otherwise:
        (1) References in this Act to the Office of Banks and
    Real Estate or "the Office" mean the Department of
    Financial and Professional Regulation.
        (2) References in this Act to the Commissioner of Banks
    and Real Estate or "the Commissioner" mean the Secretary of
    Financial and Professional Regulation.
 
    (205 ILCS 105/1-5)  (from Ch. 17, par. 3301-5)
    Sec. 1-5. Prohibitions.
    (a) No person or group of persons, except an association
duly incorporated under this Act or a prior Act or a Federal
association or a foreign association duly authorized to do
business in this State, shall transact business within the
scope of this Act or do any business under any name or title or
circulate or use any advertising or make any representation or
give any information to any person which indicates or
reasonably implies the operation of a business which is within
the scope of this Act.
    (b) A circuit court may issue an injunction to restrain any
person from violating or continuing to violate subsection (a)
any of the foregoing provisions of this Section.
    (b-5) Except as otherwise expressly permitted by law or
with the written consent of the association, no person or group
of persons may use the name of or a name similar to the name of
an existing association when marketing or soliciting business
from customers or prospective customers if the name or similar
name is used in a manner that would cause a reasonable person
to believe that the marketing material or solicitation
originated from or is endorsed by the existing association or
that the existing association is in any other way responsible
for the marketing material or solicitation.
    (c) Any person or group of persons who violates subsection
(a) of any provision of this Section commits a business offense
and shall be fined not to exceed $5,000.
    (d) In addition to any other available remedies, an
existing association may report an alleged violation of any
provision of this Section to the Secretary. If the Secretary of
Financial and Professional Regulation finds that any person or
group of persons is in violation of any provision of this
Section, then the Secretary may direct that person or group of
persons to cease and desist from that violation. If the
Secretary issues a cease and desist order against any person or
group of persons for violation of subsection (b-5), then the
order must require that person or group of persons to cease and
desist from using the offending marketing material or
solicitation in Illinois.
    If the person or group of persons against whom the
Secretary issued the cease and desist order persists in the
violation, then the Secretary may impose a civil penalty of up
to $10,000 for each violation. Each day that a person or group
of persons is in violation of this Section constitutes a
separate violation of this Section and each instance in which
marketing material or a solicitation is sent in violation of
subsection (b-5) constitutes a separate violation of this
Section.
    (e) The Department of Financial and Professional
Regulation may adopt rules to administer the provisions of this
Section.
(Source: P.A. 84-543.)
 
    Section 10. The Savings Bank Act is amended by adding
Section 1001.5 and by changing Section 1004 as follows:
 
    (205 ILCS 205/1001.5 new)
    Sec. 1001.5. References to Office or Commissioner of Banks
and Real Estate. On and after the effective date of this
amendatory Act of the 94th General Assembly, unless the context
requires otherwise:
        (1) References in this Act to the Office of Banks and
    Real Estate or "the Office" mean the Department of
    Financial and Professional Regulation.
        (2) References in this Act to the Commissioner of Banks
    and Real Estate or "the Commissioner" mean the Secretary of
    Financial and Professional Regulation.
 
    (205 ILCS 205/1004)  (from Ch. 17, par. 7301-4)
    Sec. 1004. Applicability.
    (a) This Act shall apply to all financial institutions no
matter how named or chartered, if they comply with the
provisions of this Act and with the rules of the Commissioner
promulgated pursuant to this Act.
    (b) No person or group of persons, except a savings bank
duly organized or authorized under this Act, a predecessor Act,
or a federal Act may transact business within the scope of this
Act or do business under any name or title or circulate or use
any advertising or make any representations or give any
information to anyone using any media, including electronic
media, that indicates or implies the operation of a business
within the scope of this Act. Nothing herein shall prohibit the
continued use of the name or title "savings bank" by any bank
or savings and loan association if the use of that name or
title was in effect before January 1, 1990.
    (c) Except as otherwise expressly permitted by law or with
the written consent of the savings bank, no person or group of
persons may use the name of or a name similar to the name of an
existing savings bank when marketing or soliciting business
from customers or prospective customers if the name or similar
name is used in a manner that would cause a reasonable person
to believe that the marketing material or solicitation
originated from or is endorsed by the existing savings bank or
that the existing savings bank is in any other way responsible
for the marketing material or solicitation.
    (d) Any person who violates subsection (b) of this Section
commits a business offense and shall be fined in an amount not
to exceed $5,000.
    (e) In addition to any other available remedies, any
existing savings bank may report an alleged violation of any
provision of this Section to the Secretary of Financial and
Professional Regulation. If the Secretary finds that any person
or group of persons is in violation of any provision of this
Section, then the Secretary may direct that person or group of
persons to cease and desist from that violation. If the
Secretary issues a cease and desist order against any person or
group of persons for violation of subsection (c), then the
order must require that person or group of persons to cease and
desist from using the offending marketing material or
solicitation in Illinois.
    If the person or group of persons against whom the
Secretary issued the cease and desist order persists in the
violation, then the Secretary may impose a civil penalty of up
to $10,000 for each violation. Each day that a person or group
of persons is in violation of this Section constitutes a
separate violation of this Section and each instance in which
marketing material or a solicitation is sent in violation of
subsection (c) constitutes a separate violation of this
Section.
    (f) The Department of Financial and Professional
Regulation may adopt rules to administer the provisions of this
Section.
(Source: P.A. 86-1213.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 6/6/2006