|
|
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.
|