reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart C - PAYDAY LOANS › Section 190.600 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Payday Loan" or "loan" means a loan with a finance charge
				  exceeding an annual percentage rate of 36% and with a term that does not exceed
				  120 days, including any transaction conducted via any medium whatsoever,
				  including, but not limited to, paper, facsimile, Internet or telephone, in
				  which:
A lender accepts one or more checks dated on the date written
				  and agrees to hold them for a period of days before deposit or presentment, or
				  accepts one or more checks dated subsequent to the date written and agrees to
				  hold them for deposit; or
A lender accepts one or more authorizations to debit a
				  consumer's bank account; or
A lender accepts an interest in a consumer's wages,
				  including, but not limited to, a wage assignment.
"PLRA" means the Payday Loan Reform Act [815 ILCS 122 ].
				  Credit Unions are expressly exempt from the provisions of the
				  PLRA.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart C - PAYDAY LOANS › Section 190.605 - Applicability of Rule

Current through Register Vol. 48, No. 28, July 12, 2024
This Subpart shall apply only to Payday Loans made by a
				  credit union. Products and services offered by a credit union that are not
				  offered by lenders governed by the PLRA shall not be subject to this
				  Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart C - PAYDAY LOANS › Section 190.610 - Issuance of Payday Loans by Credit Unions

Current through Register Vol. 48, No. 28, July 12, 2024
a) A credit union making a payday loan shall
				satisfactorily address all safety and soundness considerations identified by
				the Division in its examination and supervision of the credit union. Safety and
				soundness considerations include, without limitation:
1) Risk-management practices for payday loan
				activities, particularly with regard to concentrations of payday
				loans;
2) Capital adequacy,
				depending on the level and volatility of risk;
3) Allowance for loan losses to ensure the
				allowance is adequate to absorb estimated credit losses within the payday loan
				portfolio;
4) Classification of
				payday loans, given the unsecured nature of the credit and weakness of
				repayment capacity inherent in payday loans; and
5) The establishment and maintenance of
				extension, deferral, renewal and rewrite standards consistent with the
				PLRA.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart C - PAYDAY LOANS › Appendix B - Mortgage Ratio Worksheet (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
This is the percentage of your gross monthly income that
					 will be allocated to your mortgage expenses and other debt that you pay on a
					 monthly basis.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.700 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Subpart:
"Act" means the Illinois Credit Union Act [205 ILCS 305
				  ].
"Compelling need" means that no other non-confidential source
				  is available to obtain information of equal relevance.
"Complete request" means a request that provides all of the
				  information required in Section 190.710.
"Confidential supervisory information" shall have the same
				  meaning ascribed to that term in Section 9.1 of the Act.
"Credit union" means a credit union chartered under the
				  Illinois Credit Union Act, or, as the context permits, under the Federal Credit
				  Union Act (12 U.S.C. 1751-1795k) or the laws of any state.
"Department" means the Illinois Department of Financial and
				  Professional Regulation.
"Director" means the Director or Acting Director of the
				  Division of Financial Institutions or their authorized representatives.
"Secretary" means the Secretary of the Department of
				  Financial and Professional Regulation or a person authorized by the Secretary,
				  the Act, or this Part to act in the Secretary's stead. As provided in Section
				  8(1) of the Act, all references in the Act or this Part to the Secretary shall
				  be deemed to include the Director, as a person authorized by the Secretary or
				  the Act to assume responsibility for the oversight of the functions of the
				  Department relating to the regulatory supervision of credit unions under the
				  Act and this Part.
"Person" or "persons" means individuals and bodies politic
				  and corporate, including without limitation corporations, limited liability
				  companies, general partnerships, limited partnerships and joint ventures;
				  unless, from the context and facts, the intentions plainly apply only to
				  individuals. Persons who reside in or live in a geographical area include
				  non-natural persons located within the geographical area.
"Relevant" means the requested confidential supervisory
				  information could substantially contribute to the resolution of the issues
				  identified in the pleadings contained within the request.
"Requester" means any person who makes a request for the
				  discovery or disclosure of confidential supervisory information, whether by
				  subpoena, order, or other judicial or administrative process.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.701 - Purpose and Scope

Current through Register Vol. 48, No. 28, July 12, 2024
a) Purpose. The
				purpose of this Subpart D is to establish the procedures and standard by which
				the Secretary shall determine whether to disclose confidential supervisory
				information in response to a request for discovery or disclosure of such
				information.
b) Scope. This Part
				applies to requests, whether by subpoena, order, or other judicial or
				administrative process, for discovery or disclosure of confidential supervisory
				information prepared or obtained by the Secretary under the Act. This Subpart
				does not apply to:
1) a request made pursuant
				to the Freedom of Information Act (FOIA) [5 ILCS 140 ], provided that, if the
				information requested constitutes confidential supervisory information, it
				shall nonetheless be exempt from disclosure; or
2) a request made by a party to whom the
				Secretary may furnish confidential supervisory information as permitted in
				Section 9.1(3) of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.710 - Requests for Confidential Supervisory Information

Current through Register Vol. 48, No. 28, July 12, 2024
Pursuant to Section 9.1 of the Act, a request for
				  confidential supervisory information whether by subpoena, order, or other
				  judicial or administrative process, shall be made to the Secretary. If the
				  request is for a record, the requester must adequately describe the records
				  sought by type and date. The request shall be accompanied by:
a) a copy of the formal complaint or pleading
				setting forth the assertions of the adversarial matter;
b) the caption and docket number assigned to
				the proceeding, if any;
c) the
				name, address, telephone number, and email of designated legal counsel to each
				party to the proceeding;
d) a
				statement detailing the relevance of the requested confidential supervisory
				information;
e) a statement
				detailing a compelling need for the requested confidential supervisory
				information;
f) a statement
				describing any prior judicial decisions or pending motions in the case that may
				bear on the asserted relevance of the requested information; and
g) a statement detailing why the requester
				believes that disclosure is required for the benefit of the credit
				union.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.720 - Request Submission

Current through Register Vol. 48, No. 28, July 12, 2024
A person requesting discovery or disclosure of confidential
				  supervisory information under this Part shall mail or hand deliver the request
				  to:
320 West Washington Street
Attn: Credit Union Section
3rd Floor
Springfield, IL 62786
and shall email the request to:
FPR. DFI.Director@Illinois.gov
FPR. CreditUnion@Illinois.gov
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.730 - Consideration of Requests

Current through Register Vol. 48, No. 28, July 12, 2024
a) Standards for
				the Disclosure of Confidential Supervisory Information.
1) When making a determination with respect
				to the disclosure of confidential supervisory information, the Secretary will
				consider the following standards:
A) the
				confidential supervisory information identified in the request is
				relevant;
B) a compelling need
				exists;
C) if the requested
				confidential supervisory information is to be used in connection with an
				adversarial matter (filed lawsuit or administrative action) has been
				filed;
D) the production and
				disclosure of the confidential supervisory information is not unduly burdensome
				to the Department; and
E) whether
				disclosure will benefit the credit union.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.740 - Disclosure of Confidential Supervisory Information

Current through Register Vol. 48, No. 28, July 12, 2024
a) Conditions and Limitations. The Secretary
				may impose any conditions and limitations on the disclosure of confidential
				supervisory information that are necessary to protect the confidentiality of
				such information. Except as authorized by the Secretary, no person obtaining
				access, whether physically or electronically, to confidential supervisory
				information under this Subpart may further disseminate the confidential
				supervisory information.
b)
				Restrictions on Dissemination of Confidential Supervisory Information. The
				Secretary may condition a decision to disclose confidential supervisory
				information on entry of a protective order by the court or administrative
				tribunal presiding in the particular case or on a written agreement of
				confidentiality. In a case in which a protective order or agreement has already
				been entered between parties other than the Secretary, the Secretary may
				nevertheless condition approval for release of confidential supervisory
				information upon the inclusion of additional or amended provisions in the
				protective order. The Secretary may authorize a party who obtained the records
				for use in one case to provide them to another party in another case, subject
				to any conditions that the Secretary may impose on either or both
				parties.
c) Notification of Parties
				and Procedures for Sharing and Using Confidential Supervisory Information in
				Litigation. The requester shall promptly notify other parties to a case of the
				release of confidential supervisory information obtained pursuant to this
				Subpart and, upon entry of a protective order, shall provide copies of
				confidential supervisory information to the other parties.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.750 - Retrieval and Destruction of Previously Disclosed Confidential Supervisory Information Used in Litigation

Current through Register Vol. 48, No. 28, July 12, 2024
At the conclusion of an action:
a) the requester, and each party who may have
				subsequently received confidential supervisory information pursuant to a
				protective order, shall destroy, permanently erase or otherwise make
				permanently inaccessible the disclosed confidential supervisory information
				covered by the protective order; and
b) each party shall certify to the Secretary
				that the disclosed confidential supervisory information covered by the
				protective order has been destroyed, permanently erased or made permanently
				inaccessible.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 190 - ILLINOIS CREDIT UNION ACT › Subpart D - DISCLOSURE OF CONFIDENTIAL SUPERVISORY INFORMATION › Section 190.760 - Fees for Services

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Secretary, in their sole discretion, may charge the following fees for any
				record search or copying performed by the Secretary:
1) Reproduction costs incurred in making
				copies of documents, including photocopies or converting physical documents
				into electronic or digital format, shall be reimbursed at $0.25 per
				page.
2) All other costs incurred
				in searching for and transporting data pursuant to a request for confidential
				supervisory information shall be reimbursed at actual costs.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT › Section 195.100 - General

Current through Register Vol. 48, No. 28, July 12, 2024
The provisions of Article 1 through Article 16 of the Business
				Corporation Act of 1983 (Ill. Rev. Stat. 1987, ch. 32, par. 1.01 et seq.) shall
				apply to Development Credit Corporations providing that in the event of a
				conflict the provision of the Illinois Development Credit Corporation Act (the
				"Act") (Ill. Rev. Stat. 1987, ch. 32, par. 1001 et seq.) shall
				apply.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT › Section 195.120 - Articles of Incorporation

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
			 statement of the purpose for which a Development Credit Corporation is formed,
			 as required in the Articles of Incorporation, will include the boundaries of
			 the region within which that corporation intends to pursue that purpose. The
			 initial corporation to be approved will operate throughout the State of
			 Illinois in order to maximize the availability of financing and business
			 expertise.
1) Subsequent corporations may be
			 approved to operate within a specific region of the State of Illinois providing
			 the Director of Financial Institutions is satisfied of the need and the
			 availability of adequate financing and business expertise in accordance with
			 the purposes set forth in Section 4 of the Act.
2) The statement of purpose will further
			 include the intention to pursue that purpose throughout the entire region
			 defined and without prejudice or discrimination.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT › Section 195.140 - Member Obligations

Current through Register Vol. 48, No. 28, July 12, 2024
a) When
			 called upon by a development credit corporation, a member shall make a
			 reasonable loan to further the purpose of the corporation and subject to the
			 maximum amount specified in Section 15 of the Act, but the corporation may not
			 require a member to lend that maximum amount.
b) In accordance with Section 19 of the Act,
			 a development credit corporation is required to maintain an earned surplus
			 equal to the total of the outstanding capital and paid in capital. An increase
			 in earned surplus may only be derived from net earnings and not by contribution
			 from members or others.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT › Section 195.160 - State Funds

Current through Register Vol. 48, No. 28, July 12, 2024
The Board of Directors of a development credit corporation may
				accept grants or loans from, or sell non-voting stock to, a State agency but
				such agency will not become a voting stock holder or member of the corporation.
				The Director of the Department of Commerce and Community Affairs or its
				successor shall be given advance notice of all meetings of the Board of
				Directors for the purpose of suggesting prospects deserving financial help
				consistent with the purpose of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT › Section 195.180 - Reports and Examinations

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
			 Development Credit Corporation shall submit to the Director annually, on or
			 before May 1, a complete statement of its financial condition in accordance
			 with generally accepted accounting principles under the accounting standards of
			 the Financial Accounting Standard Board of the American Institute of Certified
			 Public Accountants, Stamford, Connecticut (1989, no later amendments or
			 editions included), as of the preceding December 31, as audited by a certified
			 public accountant, and attach to the statement a brief summary of the status of
			 each active project with outstanding loans, including but not limited to the
			 following:
1) information on the cost and
			 sources of funds and capital and the total allowable maximum amount available
			 from members, the maximum amount committed by each individual member, and the
			 corporation's outstanding liabilities to members;
2) classification of firms in the
			 corporation's portfolio by standard industrial code, including a breakdown of:
A) size of firms by sales and number of
			 employees;
B) number and percentage
			 of loans to manufacturing, service and wholesale businesses; and
C) number and percentage of loans to
			 traditional industries and to high technology firms within the manufacturing
			 sector;
3) information
			 on the types of financing provided by the corporation, including guaranteed
			 loans, the size and term of loans, and a breakdown of investments by senior
			 debt, subordinated debt and equity financings;
4) information on interest rates of loans,
			 including percentage of fixed rate and variable rate loans;
5) information on the use of capital provided
			 by the corporation, including number of working capital loans, loans to assist
			 leveraged buyouts by employees, management or others, and secured mortgages for
			 plant expansion or new production facilities;
6) information on resources and actions taken
			 to advance the corporation's marketing program; and
7) information on the corporation's regional
			 offices, including a description of the volume of business and the nature of
			 loan activity at each office.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart A - DEFINITIONS › Section 200.100 - Definition of Terms Used in this Part

Current through Register Vol. 48, No. 28, July 12, 2024
As used in this Part, unless the context otherwise requires,
				  the term:
"Act" means any Act the administration of which is vested in
				  the Director or the Division, and the rules in this Part.
"Application" as used in this Part shall mean a request in
				  writing and in the form required by the Department containing all the relevant
				  facts upon which a decision can be made, and the specific relief or decision
				  requested.
"Department" means the Illinois Department of Financial and
				  Professional Regulation.
"Division" means the Department of Financial and Professional
				  Regulation - Division of Financial Institutions.
"Director" means the Director of the Department of Financial
				  and Professional Regulation - Division of Financial Institutions or any person
				  employed by or on behalf of the Department to whom the Director has delegated
				  verbally or in writing authority to act on the Director's behalf.
"License" means any certificate or authorization issued to
				  any person, party or entity pursuant to any Act administered by the
				  Division.
"Licensee" means any person, party or entity certified,
				  registered, licensed or authorized by the Department pursuant to any Act
				  administered by the Division.
"Notice" as used in this Part shall include, but not be
				  limited to, a communication accomplished by telephone, United States Postal
				  Service, private mail service, computer transaction or facsimile
				  transmission.
"Party" as used in this Part shall include, but not be
				  limited to, all holders of or applicants for any license, their agents,
				  servants, and employees, whether they are natural persons, corporations,
				  partnerships, associations, cooperatives, trusts or any other legal
				  entities.
"Person" as used in this Part shall include, but not be
				  limited to, all holders of or applicants for any license, their agents,
				  servants and employees, whether they are natural person, corporations,
				  partnership, associations, cooperatives, trusts or other legal entities.
"Summary action" means any order or notification issued by
				  the Director, prior to the initiation of an administrative hearing, which is
				  effective upon service.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.200 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
This Part shall apply to all Acts under the jurisdiction of
				  the Division unless otherwise provided in an Act, or in a rule adopted pursuant
				  to an Act which is more specific.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.202 - Notice of Summary Action

Current through Register Vol. 48, No. 28, July 12, 2024
An order imposing summary action affecting any license or
				  licensee is effective upon completion of service pursuant to the provisions
				  prescribed in the specific Act. Where service is made by registered or
				  certified mail, the Director will, if possible, notify by telephone, email, or
				  by facsimile transmission the affected person or party of the suspension or
				  revocation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.205 - Notification of Noncompliance or Material Change

Current through Register Vol. 48, No. 28, July 12, 2024
All holders of or applicants for any license issued pursuant
				  to the Act shall submit written notification to the Director within 10 business
				  days after becoming aware of any noncompliance with the provisions of the Act
				  or this Part and any material change in condition (such as bankruptcy,
				  regulatory order having been issued by another regulatory body having
				  jurisdiction, loss of authority to do business by regulatory agency having
				  jurisdiction) which places or tends to place any consumer or policyholder in
				  jeopardy.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.210 - Display of Certificates or Registrations

Current through Register Vol. 48, No. 28, July 12, 2024
Each holder of a license issued pursuant to the Act shall
				  display it in a manner conspicuous to the public or maintain it at its
				  principal place of business for inspection upon request by the
				  public.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.215 - Prohibition on Filing Application

Current through Register Vol. 48, No. 28, July 12, 2024
No person or party whose application has been denied or
				  refused or whose license has been revoked for a violation of the Act shall be
				  entitled to file another application within one year from the effective date of
				  such denial, refusal or revocation, or if judicial review of such denial,
				  refusal or revocation is sought, within one year from the date of final court
				  order or decree affirming such action unless the Director or Director's
				  authorized representative has issued a variance as provided by Section
				  200.290
				  of this Part. Such application, when filed after one year, may be refused by
				  the Director unless the person or party shows change(s) in condition or
				  situation to establish why the denial, refusal or revocation of the license
				  shall not be deemed a bar to the issuance of a new license.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.220 - Computation of Time

Current through Register Vol. 48, No. 28, July 12, 2024
The time within which an action required by the Act shall be
				  done shall be computed by excluding the first day and including the last,
				  unless the last day is a Saturday, Sunday or legal holiday, and then it shall
				  also be excluded. If the date succeeding such Saturday, Sunday or legal holiday
				  is also a Saturday, Sunday or legal holiday, then such succeeding day shall
				  also be excluded.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.221 - Requirements as to Proper Form

Current through Register Vol. 48, No. 28, July 12, 2024
Any document filed with the Department pursuant to the Act
				  shall be prepared in accordance with the form, if any, prescribed therefor by
				  the Director. Any such document shall, after review by the Department, be
				  deemed to be filed on the proper form, unless objection to the form is made in
				  writing by the Department.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.225 - Place of Filing

Current through Register Vol. 48, No. 28, July 12, 2024
Unless otherwise specified applications and other papers may
				  be filed with the office of the Department of Financial Institutions located in
				  Chicago, Illinois or Springfield, Illinois. Such material may be filed by
				  delivery to the Department, through the mails or otherwise.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.230 - Additional Information

Current through Register Vol. 48, No. 28, July 12, 2024
In addition to the information expressly required to be
				  included in an application, there shall be added such further material
				  information, if any, as may be necessary to make the required statements, in
				  the light of the circumstances under which they are made, not misleading (see
				  also Section
				  200.428
				  ).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.235 - Additional Exhibits

Current through Register Vol. 48, No. 28, July 12, 2024
Any licensee or applicant may file such exhibits as it may
				  desire in addition to those required by the appropriate form. The exhibits
				  shall be so marked as to indicate clearly the subject matters to which they
				  refer.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.240 - Information Unknown or Not Reasonably Available

Current through Register Vol. 48, No. 28, July 12, 2024
Information required need be given only insofar as it is
				  known or reasonably available to the licensee or applicant. If any required
				  information is unknown and not reasonably available to it, either because the
				  obtaining thereof would involve unreasonable effort or expense, or because it
				  rests peculiarly within the knowledge of another person not affiliated with the
				  licensee or applicant, the information may be omitted, subject to the following
				  conditions:
a) The licensee or
				applicant shall give such information on the subject as it possesses or can
				acquire without unreasonable effort or expense, together with the sources
				thereof.
b) The licensee or
				applicant shall include a statement either showing that unreasonable effort or
				expense would be involved or indicating the absence of any affiliation with the
				person within whose knowledge the information rests and stating the result of a
				request made to the person for the information.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.245 - Requirements as to Paper, Printing and Language

Current through Register Vol. 48, No. 28, July 12, 2024
a) Applications shall be filed on good
				quality, unglazed, white paper, 81/2 by 11 inches in size, insofar as
				practicable. However, tables, charts, maps and financial statements may be on
				larger paper, if folded to that size, and the prospectus may be on smaller
				paper, if the registrant so desires, but not less than 71/2 by 9 inches in
				size.
b) The application and,
				insofar as practicable, all papers and documents filed as a part thereof, shall
				be printed, lithographed, mimeographed or typewritten. However, the application
				or any portion thereof may be prepared by any similar process which in the
				opinion of the Department produces copies suitable for permanent record.
				Irrespective of the process used, all copies of the material shall be clear,
				easily readable and suitable for repeated photocopying. Debits in credit
				categories and credits in debit categories shall be designated so as to be
				clearly distinguishable as such on photocopies.
c) The application shall be in the English
				language. If any exhibit or other paper or document filed with the application
				is in a foreign language, it shall be accompanied by a translation into the
				English language.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.250 - Number of Copies - Signatures

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				One copy of the completed application, manually signed by the applicant,
				including exhibits and all other papers and documents filed as a part of the
				application, shall be filed with the Department.
b) If any name is signed to the application
				pursuant to a power of attorney, copies of the power of attorney shall be filed
				with the application for registration. In addition, if the name of any officer
				signing on behalf of the applicant, or attesting the applicant's seal, is
				signed pursuant to a power of attorney, certified copies of a resolution of the
				applicant's board of directors authorizing the signature shall be filed with
				the application for registration.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.270 - Extension of Date for Filing

Current through Register Vol. 48, No. 28, July 12, 2024
The Director, for good cause, may, upon receipt of a written
				  application, extend any filing deadline set forth in this Part or any Act under
				  the jurisdiction of the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.275 - Complete Application

Current through Register Vol. 48, No. 28, July 12, 2024
Any time period for the Division to respond to any
				  application shall commence only when the application is complete. An
				  application shall be deemed complete when the person has provided all
				  application fees, information, and documents required to be produced under
				  applicable law or reasonably requested by the Division.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.276 - Non-Sufficient Fund Fee

Current through Register Vol. 48, No. 28, July 12, 2024
Any person who delivers a check or other payment to the
				  Division that is returned to the Division unpaid by the financial institution
				  upon which it is drawn shall pay to the Division, in addition to the amount
				  already owed to the Division, a fee of $50.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.277 - Release of Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Secretary, in their sole discretion, may charge the following fees for any
				record search or copying performed by the Secretary:
1) Reproduction costs incurred in making
				copies of documents, including photocopies or converting physical documents
				into electronic or digital format, shall be reimbursed at $0.25 per page.
2) All other costs incurred in searching for
				and transporting data pursuant to a request for records shall be reimbursed at
				actual costs.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.278 - Multi-State Licensing System

Current through Register Vol. 48, No. 28, July 12, 2024
The Director may require participation in a third-party,
				  multi-state licensing system for licensing and/or examinations under any Act
				  regulated by the Division. The multi-state licensing system may share
				  regulatory information and maintain records in compliance with the provisions
				  of the Act at issue. Licensees and applicants shall be responsible for any fees
				  charged by the multi-state licensing system.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.280 - Non-Public Distribution of Information

Current through Register Vol. 48, No. 28, July 12, 2024
Information or documents obtained by employees of the
				  Department in the course of any examination, audit, visit, registration,
				  certification, review, licensing, investigation, or any other regulatory
				  activity pursuant to any Act and any record prepared or obtained by the
				  Director to the extent that the record summarizes or contains information
				  derived from any report, document, or record described in this Section shall,
				  unless made a matter of public record, be deemed confidential. Employees are
				  hereby prohibited from making disclosure of such confidential information or
				  production of documents or any other non-public records of the Department or
				  other governmental agency, unless the Director or the Director's authorized
				  representative authorizes the disclosure of such information or the production
				  of such documents as not being contrary to the public interest. Disclosure of
				  information or documents to other federal or state regulatory or law
				  enforcement agencies shall not be deemed disclosure or production pursuant to
				  this Section and shall not impact the confidentiality of any such information
				  or documents pursuant to this Section.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart B - RULES OF GENERAL APPLICATION › Section 200.290 - Provisions for Granting of Variance from Rules

Current through Register Vol. 48, No. 28, July 12, 2024
The Director may grant variances from this Part or any other
				  Part promulgated pursuant to any Act under the jurisdiction of the Division in
				  individual cases where it is determined that:
a) the provision from which the variance is
				granted is not statutorily mandated;
b) no party will be injured by granting the
				variance; and
c) the Rule from
				which the variance is granted would, in the particular case, be unnecessarily
				burdensome or there is other good cause to grant the variance.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 200 - FINANCIAL INSTITUTIONS CODE › Subpart C - NON-BINDING STATEMENTS AND DECLARATORY RULINGS › Section 200.310 - Request for Non-Binding Statements

Current through Register Vol. 48, No. 28, July 12, 2024
a) Required information and format
1) All requests for non-binding statements
				shall be in writing. The request shall be filed with the Department and shall
				contain the following:
A) a brief summary of
				the Sections of the Act and of the Sections of this Part to which the request
				pertains;
B) a detailed factual
				representation concerning every relevant aspect of the proposed transaction,
				event or circumstance. Requests should be limited to the particular situation
				and should not attempt to include every possible type of situation which may
				arise in the future;
C) a
				discussion of current statutes, rules and legal principles relevant to the
				facts set forth;
D) a statement by
				the person requesting the non-binding statement which states the person's own
				opinion in the matter and the basis for such opinion;
E) a representation that the transaction in
				question has not been commenced or, if it has commenced, the present status of
				the transaction; and
F) at the
				option of the submitting party, a request for confidential treatment, such as
				alteration of listed monetary amounts and identity in the public index
				maintained by the Department under subsection (c)(1).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 205 - TRANSMITTERS OF MONEY ACT › Section 205.10 - Average Daily Balance

Current through Register Vol. 48, No. 28, July 12, 2024
The average daily balance of payment instruments shall be
				calculated by averaging the balance of outstanding payment instruments as of
				the last day of each month for the previous 12 months or operational history,
				whichever is shorter.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 205 - TRANSMITTERS OF MONEY ACT › Section 205.20 - Authorized Sellers

Current through Register Vol. 48, No. 28, July 12, 2024
a) A licensee
			 shall report to the Director, on a quarterly basis, the addition, removal or
			 termination of operations of an authorized seller location on forms presented
			 by the Director.
b) This report
			 must be accompanied by $10.00 for each authorized seller added during the
			 respective quarter and sample of the written contract entered into between the
			 licensee and authorized seller.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 205 - TRANSMITTERS OF MONEY ACT › Section 205.30 - Examinations

Current through Register Vol. 48, No. 28, July 12, 2024
a) Examination
			 Reports
1) The following definitions apply to
			 this Section.
A) "Safety and soundness
			 examination" means an examination that includes, but is not limited to, a
			 determination of the financial condition of the licensee based on generally
			 accepted accounting principles.
B)
			 "Banking authority of the United States, of this State or of any other state"
			 means the Federal Reserve Board, Federal Deposit Insurance Corporation, Office
			 of Thrift Supervision, Office of the Comptroller of the Currency, National
			 Credit Union Administration or any other supervisory agency of the United
			 States, of this State or of any other state responsible for regulating
			 financial institutions, including, but not limited to, banks, savings
			 associations, saving banks, and credit unions.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 205 - TRANSMITTERS OF MONEY ACT › Section 205.35 - Fees

Current through Register Vol. 48, No. 28, July 12, 2024
a) Pursuant to
			 Section 45(b) of the Transmitters of Money Act [205 ILCS 657 ] (Act), the fees
			 outlined in Section 45(a) of the Act are amended as follows:
1) Application Fee. For applying for a
			 license, an application fee of $2,500 and a license fee of $0.
2) Renewal Fee. For renewal of a license, a
			 fee will be calculated based on the total dollar volume of transactions,
			 including transactions by authorized sellers, reported, pursuant to Section
			 40(4) of the Act, by the licensee in its annual renewal application. The
			 renewal fee shall be calculated in the following manner based on the licensee's
			 reported Illinois volume:
Transactions of $1,000,000 or less
$1,000 renewal fee
Transactions over $1,000,000 but less than
						  $10,000,000
$1,000 plus an additional amount equal to a rate of
						  .0004 for each dollar in volume more than $1,000,000 but less than
						  $10,000,000
Transactions over $10,000,000 but less than
						  $100,000,000
$4,600 plus an additional amount equal to a rate of
						  .0002 for each dollar in volume more than $10,000,000 but less than
						  $100,000,000
Transactions over $100,000,000
$22,600 plus an additional amount equal to a rate of
						  .0001 for each dollar in volume more than $100,000,000 up to a maximum fee of
						  $50,000
3) For
			 process or other notice served upon the Director as provided by Section 100 of
			 the Act, a fee of $10.
4) For an
			 application for renewal of a license received by the Department after December
			 1, a penalty fee of $50 per day for each day after December 1, in addition to
			 any other fees required under this Section, unless an extension of time has
			 been applied for and approved prior to December 1.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 205 - TRANSMITTERS OF MONEY ACT › Section 205.40 - Revocation or Suspension of License

Current through Register Vol. 48, No. 28, July 12, 2024
If it is determined that the Director had the authority to
				issue the suspension or revocation of a license pursuant to Section 80 of the
				Act, he or she may issue orders as may be reasonably necessary to correct,
				eliminate or remedy the situation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 205 - TRANSMITTERS OF MONEY ACT › Section 205.60 - Permissible Investments

Current through Register Vol. 48, No. 28, July 12, 2024
Digital currency shall not constitute a permissible investment
				for purposes of Section 50(a) of the Act. For the purposes of this Section,
				"digital currency" means a digital representation of value that:
a) is used as a medium of exchange, unit of
			 account, or store of value; and
b)
			 is not "money" as the term is defined in Section 5 of the Act, whether or not
			 denominated in money.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.2 - Rate Cap Disclosure Notices

Current through Register Vol. 48, No. 28, July 12, 2024
All loan contracts or agreements must include a separate
				disclosure signed by the consumer that states: "A lender shall not contract for
				or receive charges exceeding a 36% annual percentage rate on the unpaid balance
				of the amount financed for a loan, as calculated under the Illinois Predatory
				Loan Prevention Act (PLPA APR). Any loan with a PLPA APR over 36% is null and
				void, such that no person or entity shall have any right to collect, attempt to
				collect, receive, or retain any principal, fee, interest, or charges related to
				the loan. The annual percentage rate disclosed in any loan contract may be
				lower than the PLPA APR." This disclosure shall be clear and conspicuous and
				shall be substantially similar to the form in Appendix A. A lender shall
				provide all disclosures required by this section in English and in the same
				language as the loan agreement.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.10 - Minimum Requirements for Office Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) Every licensee shall keep the following
			 records at the licensed location in any medium or format that accurately
			 reproduces original documents or papers:
1)
			 Loan register.
2) Individual
			 account records, including transaction histories of consumers.
3) File of all original papers.
4) Cash book.
5) Alphabetical record of all co-makers,
			 consumers or sureties.
6) Permanent
			 file.
7) Information required by
			 Section 2-55 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.16 - Dual Licensure Limitation

Current through Register Vol. 48, No. 28, July 12, 2024
In accordance with Section 3-5(g) of the Act, a licensee may
				obtain a license under the Consumer Installment Loan Act (CILA) for the
				exclusive purpose and use of making title secured loans, as defined in Section
				15(a) of CILA and governed by 38 Ill. Adm. Code
				110.300.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.20 - Loan Register

Current through Register Vol. 48, No. 28, July 12, 2024
a) The loan
			 register shall contain the original entry and be a permanent record, and shall
			 show for every loan the account number, date of loan, name of consumer, nature
			 of security, amount of fees, and total loan amount.
b) The loan register shall be kept
			 numerically by number of loans in order made, and shall have headings for each
			 of the items required by subsection (a).
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.30 - Individual Account Records

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
			 individual account record, that may be maintained in electronic form, shall be
			 kept for each consumer. The account record shall show the name and address of
			 the consumer, co-makers, or sureties, loan number, date of loan, the number of
			 payments, the amount of payments and payment due dates, nature of security by
			 type, and name of the financial institution if the loan agreement is
			 hypothecated.
b) If payment is made
			 in any other way than in the ordinary course of business, it shall be so
			 designated. (For example, payment by a third party.)
c) If loan receivables are sold to another
			 person, the individual account record for receivables shall show the name of
			 the authorized person to whom sold and the date of sale.
d) No erasures whatsoever shall be made in
			 the payment and charge sections of any account record. In case of error, a line
			 shall be drawn in ink through the improper entry and the correct entry made on
			 the following line. The entries on the record shall correspond with the
			 receipts given the consumer.
e)
			 Every licensee shall preserve the records of all loans, including the account
			 record, for at least two years after making the final entry for the
			 loan.