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| Public Act 094-0833 |
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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 | ||||
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.
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(205 ILCS 105/1-5) (from Ch. 17, par. 3301-5)
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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
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reasonably implies the operation of a business which is within | ||||
the scope of
this Act.
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(b) A circuit court may issue an injunction to restrain any | ||||
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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(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.
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(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.
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(Source: P.A. 84-543.)
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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.
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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 | ||
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.
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(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.
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(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.
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(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.
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(Source: P.A. 86-1213.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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